Document:

Exhibit

Exhibit 10.28

CONTRACT OF SALE
THIS CONTRACT OF SALE (this “Agreement”) is made and entered into as of the 16th day of September, 2016 (the “Effective Date”), by and between CLP-SPF Rookwood Commons, LLC, a Delaware limited liability company (“Commons Seller”), and CLP-SPF Rookwood Pavilion, LLC, a Delaware limited liability company (“Pavilion Seller”, and together with Commons Seller, individually or collectively, as the context may require, “Seller”) and HGREIT II EDMONSON ROAD LLC, a Delaware limited liability company (“Commons Purchaser”) and HGREIT II MADISON ROAD LLC, a Delaware limited liability company (“Pavilion Purchaser”, and together with Commons Purchaser, individually or collectively, as the context may require, “Purchaser”).  
W I T N E S S E T H: 
A.    Commons Seller shall sell to Purchaser, and Purchaser shall purchase from Commons Seller, at the price and upon the terms and conditions set forth in this Agreement, (a) that certain parcel of land commonly known as Rookwood Commons, and more particularly described on Exhibit A-1 attached hereto and made a part hereof (the “Commons Land”), (b) the buildings, improvements, and structures located upon the Commons Land (collectively, the “Commons Improvements”), (c) all right, title and interest of Common Seller in, to and under all other easements and rights appurtenant to the Commons Land (collectively, the “Commons Appurtenant Rights”), (d) all right, title and interest of Commons Seller in, to and under the Commons Leases (as hereinafter defined) and, to the extent assignable, the Commons Contracts (as hereinafter defined), (e) all right, title and interest of Commons Seller in and to the fixtures, equipment and other tangible personal property owned by Commons Seller and attached or appurtenant to the Commons Land and the Commons Improvements (collectively, the “Commons Personal Property”) and (f) to the extent assignable, without consent or payment of any kind, all governmental permits, licenses and approvals, warranties and guarantees that Commons Seller has received in connection with any work or services performed with respect to, or equipment installed in, the Commons Improvements and all of Commons Seller’s right, title and interest in and to the name “Rookwood Commons”, any website and/or domain name exclusively used for the Commons Improvements, and any related trademarks and intellectual property (collectively, the “Commons Intangible Property”; the Commons Land, the Commons Appurtenant Rights, the Commons Improvements, the Commons Leases, the Commons Contracts, the Commons Personal Property and the Commons Intangible Property, collectively, the “Commons Property”).
B.    Pavilion Seller shall sell to Purchaser, and Purchaser shall purchase from Pavilion Seller, at the price and upon the terms and conditions set forth in this Agreement, (a) that certain parcel of land commonly known as Rookwood Pavilion, and more particularly described on Exhibit A-2 attached hereto and made a part hereof (the “Pavilion Land”; and together with the Commons Land, collectively, the “Land”), (b) the buildings, improvements, and structures located upon the Pavilion Land (collectively, the “Pavilion Improvements”; and together with the Commons Improvements, collectively, the “Improvements”), (c) all right, title and interest of Pavilion Seller in, to and under all other easements and rights appurtenant to the Pavilion Land (collectively, the “Pavilion Appurtenant Rights”; and together with the Commons Appurtenant Rights, collectively, the “Appurtenant Rights”), (d) all right, title and interest of Pavilion Seller in, to and under the 

Pavilion Leases (as hereinafter defined) and, to the extent assignable, the Pavilion Contracts (as hereinafter defined), (e) all right, title and interest of Pavilion Seller in and to the fixtures, equipment and other tangible personal property owned by Pavilion Seller and attached or appurtenant to the Pavilion Land and the Pavilion Improvements (collectively, the “Pavilion Personal Property”; and together with the Commons Personal Property, collectively, the “Personal Property”) and (f) to the extent assignable, without consent or payment of any kind, all governmental permits, licenses and approvals, warranties and guarantees that Pavilion Seller has received in connection with any work or services performed with respect to, or equipment installed in, the Pavilion Improvements and all of Pavilion Seller’s right, title and interest in and to the name “Rookwood Pavilion”, any website and/or domain name exclusively used for the Pavilion Improvements, and any related trademarks and intellectual property (collectively, the “Pavilion Intangible Property”; and together with the Commons Intangible Property, collectively, the “Intangible Property”; the Pavilion Land, the Pavilion Appurtenant Rights, the Pavilion Improvements, the Pavilion Leases, the Pavilion Contracts, the Pavilion Personal Property and the Pavilion Intangible Property, collectively, the “Pavilion Property”; the Pavilion Property and the Commons Property, collectively, the “Property”).
C.    Purchaser acknowledges that the Property is being sold on an “as is” “where is” and “with all faults” basis on the terms and conditions hereinafter set forth.
NOW, THEREFORE, for $10.00 in hand paid and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.    Purchase and Sale.  Upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser, and Purchaser shall purchase from Seller, the Property.
2.    Purchase Price.  The purchase price to be paid for (x) the Commons Property shall be One Hundred Twelve Million Dollars ($112,000,000) and (y) the Pavilion Property shall be Seventy-Eight Million Dollars ($78,000,000); for a total sum for all the properties of One Hundred Ninety Million Dollars ($190,000,000) (the “Purchase Price”).
3.    Payment of Purchase Price.  The Purchase Price shall be paid to Seller by Purchaser as follows:
3.1    Deposit.  Purchaser shall (a) within three (3) Business Days (as hereinafter defined) after the date this Agreement is executed and delivered by Seller and Purchaser, deposit with First American Title Insurance Company, Attn: Elvira Fuentes (“Escrowee”), by wire transfer of immediately available federal funds to an account designated by Escrowee, the sum of Five Million Dollars ($5,000,000) (together with all interest thereon, but excluding the Independent Consideration (as hereinafter defined), the “Initial Deposit”; the Initial Deposit (less the Independent Consideration) and the Extension Deposit (as hereinafter defined), to the extent deposited with Escrowee in accordance with Section 5 hereof, collectively, the “Deposit”), which Initial Deposit shall be held by Escrowee pursuant to the escrow agreement (the “Escrow Agreement”) attached hereto as Exhibit O and hereby made a part hereof.  If Purchaser shall fail to deposit the Initial Deposit with Escrowee within three (3) Business Days after the date this Agreement shall be executed 

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and delivered by Seller and Purchaser, at Seller’s election, this Agreement shall be null, void ab initio and of no force or effect.
3.2    Independent Consideration.  A portion of the amount deposited by Purchaser pursuant to Section 3.1, in the amount of One Hundred Dollars ($100) (the “Independent Consideration”) shall be earned by Seller upon execution and delivery of this Agreement by Seller and Purchaser.  Seller and Purchaser hereby mutually acknowledge and agree that the Independent Consideration represents adequate bargained for consideration for Seller’s execution and delivery of this Agreement and Purchaser’s right to have inspected the Property pursuant to the terms of this Agreement.  The Independent Consideration is in addition to and independent of any other consideration or payment provided for in this Agreement and is nonrefundable in all events.  Upon the Closing (as hereinafter defined) or earlier termination of this Agreement, the Independent Consideration shall be paid to Seller.
3.3    Closing Payment.  
(a)    The Purchase Price, as adjusted by the application of the Deposit and by the prorations and credits specified herein, and less an amount equal to One Million Nine Hundred Thousand Dollars ($1,900,000.00) (the "Liability Escrow”) which shall be held in escrow by Escrowee in accordance with the terms of this Section 3.3 and an escrow agreement (the “Liability Escrow Agreement”), in  form similar to the Escrow Agreement attached hereto as Exhibit O and executed by Buyer, Escrowee, Seller, shall be paid by Purchaser, by wire transfer of immediately available federal funds to an account or accounts designated in writing by Seller on the Closing Date (as hereinafter defined) (the amount being paid under this Section being herein called the “Closing Payment”).  
(b)    After the Closing, if Purchaser should file a suit for Seller’s breach of Section 7 of this Agreement in accordance with this Agreement, including, without limitation Sections 9.1 and 11.2 (and the limitations of the Liability Ceiling and Liability Floor), in the appropriate court of law in the State of Ohio, and Purchaser notifies Seller and Escrowee of such suit in writing, then Escrowee shall promptly deposit the Liability Escrow (together with any interest earned thereon) currently being held by Escrowee into the applicable court of law and interplead Purchaser and Seller.  
(c)    Provided Escrowee has not previously deposited the Liability Escrow into an applicable court of law in accordance with Section 3.3(c) above, on that date that is one hundred twenty (120)  days after the Closing, Escrowee shall release and deliver to Seller one half (1/2) of the Liability Escrow (the 1⁄2 of the Liability Escrow, together with 1⁄2 of any interest earned thereon, is herein after referred to as the “First Half”) to Seller, and from and after that 120th day Seller shall have no further liability or obligation to Purchaser with respect to the First Half.  Immediately upon the Claim Expiration Date, provided Escrowee has not previously deposited the Liability Escrow into an applicable court of law in accordance with Section 3.3(c) above, the remainder of the Liability Escrow (together with the interest earned thereon) held by Escrowee, shall be released and delivered to Seller, and from and after Claim Expiration Date Seller shall have no further liability or obligation to Purchaser with respect to any portion of the Liability Escrow.

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3.4    Assumption of Existing Mortgage Loan Contingency.
3.4.1    Prior to the execution of this Agreement, Purchaser has received copies of the documents and instruments listed on Exhibit V attached hereto executed or issued in connection with (i) that certain loan from Nationwide Life Insurance Company (“Existing Lender”) to Commons Seller, made April 1, 2015, in the amount of $67,000,000, and (ii) that certain loan from Existing Lender to Pavilion Seller, made on July 1, 2013, in the amount of $29,000,000 (collectively, the “Existing Financing”) and encumbering the Property (collectively, the “Existing Financing Documents”).  Purchaser acknowledges receipt of the Existing Financing Documents.
3.4.2    Within ten (10) days after the Effective Date, Purchaser shall provide Seller with all information and documents  necessary to apply, in good faith, to Existing Lender for approval of the assignment by Seller, and assumption by Purchaser, of Seller’s interest in the Existing Financing (the “Existing Financing Assumption”).  Purchaser agrees that it shall (i) diligently and continuously prosecute in all respects the request for approval of the Existing Financing Assumption (including, without limitation, promptly furnishing to Seller and/or Existing Lender all information and documents (financial and otherwise) which may be required or requested by Existing Lender and (ii) promptly provide Seller with copies of all material correspondence received or delivered in connection with the Existing Financing Assumption.  Seller shall pay when due (i) all of Existing Lender’s reasonable, out of pocket costs and expenses incurred in connection with the Existing Financing Assumption in an amount not to exceed $50,000.00, and (ii) an assumption fee in the amount of 0.5% of the then outstanding principal balance of the Existing Financing.  Purchaser shall pay all other costs and expenses relating to the Existing Financing Assumption including, without limitation, (i) Purchaser’s attorneys’ fees, consultants’ fees and title insurance fees in favor of Existing Lender and its servicer and other agents, and (ii) all of Existing Lender’s reasonable, out of pocket costs and expenses incurred in connection with the Existing Financing Assumption in excess of $50,000.00.  Seller shall, in good faith, cooperate with Purchaser in connection with the Existing Financing Assumption.  Notwithstanding anything to the contrary contained herein, in connection with the Existing Financing Assumption, Purchaser shall not request from Existing Lender any change or revision to the Existing Financing Documents as a condition to the Existing Financing Assumption other than (i) to reflect the change in borrower thereunder, (ii) to reflect Purchaser’s corporate structure, including, without limitation, transfers of direct and indirect ownership interests in Purchaser, subject to Hines Global REIT II, Inc. or its operating partnership remaining in control of and owning 51% of the direct or indirect interests of Purchaser, and changes that may be required due to Purchaser’s REIT status, and (iii) clean up changes to correct errors in the Existing Financing Documents.  Purchaser shall provide Purchaser’s requested transfer language for the initial assumption request to be sent to Existing Lender, and Purchaser shall have the right to reasonably approve such initial assumption request prior to its submission to Existing Lender.  Purchaser shall have the right to request other reasonable changes to the Existing Financing Documents related to Purchaser’s structure and the waiver of tax and insurance escrows,  provided however, (i) Purchaser agrees not to unreasonably delay the assumption process with such requests or negotiations, (ii) Purchaser shall provide Seller any such requested changes for inclusion in the initial assumption request to be sent to Existing Lender, and (iii) in no event shall Existing Lender’s approval of any such requested change be a condition precedent to Closing.

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3.4.3    If written approval of the Existing Financing Assumption shall not have been received by Seller and Purchaser from Existing Lender prior to 5:00 p.m. (Central Time) on the date which is one hundred twenty (120) days following the Effective Date, either Purchaser or Seller shall have the right and option to terminate this Agreement at any time thereafter, but in all events prior to the receipt of the approval of the Existing Financing Assumption from Existing Lender, and in the event of such termination, the Deposit shall be refunded to Purchaser, and Purchaser and Seller shall be relieved of all further liability and responsibility under this Agreement, except for any obligation expressly provided to survive such termination.  
3.5    Notwithstanding anything to the contrary contained herein, Seller’s obligations under this Agreement shall be contingent upon the Existing Lender’s release of Seller and any guarantor or indemnitor of Seller’s obligations from liability with respect to the Existing Financing and the return of all letters of credit held in connection with the Existing Financing.  Purchaser agrees at Closing (as hereinafter defined), as part of the Existing Financing Assumption, (i) to replace all guaranties and indemnities given by Seller in connection with the Existing Financing with, if requested by Existing Lender, an entity acceptable to Existing Lender, (ii) to replace all letters of credit, security, escrows and deposits held in connection with the Existing Financing, and (iii) to deliver to Existing Lender all legal opinions required by the Existing Lender in connection with the Existing Financing Assumption.
4.    Title Matters; Due Diligence Review; Estoppel Certificates; Conditions Precedent.  
4.1    Title Matters.
4.1.1    Title to the Property.  
(a)    As a condition to the Closing, Riverbend Commercial Title Agency Limited Partnership, as agent for First American Title Insurance Company (the “Title Company”) shall have committed to insure Purchaser as the fee owner of the Property in the amount of the Purchase Price by issuance of a single or two ALTA owner’s title insurance policies in the standard form issued by the Title Company in the State of Ohio, exclusive of any endorsement thereto (the “Owner’s Policy”) subject only to the Permitted Exceptions (as hereinafter defined).
(b)    Purchaser shall have ordered, at its sole cost and expense, on or before September 9, 2016, (i) a commitment for an owner’s fee title insurance policy or policies with respect to the Property (the “Title Commitment”) from the Title Company and (ii) a survey of the Property prepared by a surveyor registered in the State of Ohio, certified by said surveyor to Purchaser and Seller as having been prepared in accordance with the minimum detail requirements of the ALTA land survey requirements (the “Survey”), and shall cause the Title Commitment, together with true, legible and complete copies of all instruments giving rise to any defects or exceptions to title to the Property, and the Survey to be delivered to Seller’s attorneys concurrently with the delivery thereof to Purchaser or Purchaser’s attorneys.  If any exceptions(s) to title to the Property should appear in the Title Commitment other than the Permitted Exceptions (such exception(s) being herein called, collectively, the “Unpermitted Exceptions”), subject to which Purchaser is unwilling to accept title, and Purchaser shall provide Seller with written notice  (the “Title Objection Notice”) thereof by the earlier of (x) ten (10) days after receipt of the Title Commitment by 

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Purchaser’s attorneys, or (y) five (5) days prior to the expiration of the Due Diligence Period, Seller, in its sole and absolute discretion, may undertake to eliminate the same subject to the terms and conditions of this Section 4.1.  Purchaser hereby waives any right Purchaser may have to advance, as objections to title or as grounds for Purchaser’s refusal to close this transaction, any Unpermitted Exception of which Purchaser does not notify Seller within such five (5) day period unless (i) such Unpermitted Exception was first raised by the Title Company subsequent to the date of the Title Commitment, and (ii) Purchaser shall notify Seller of the same within five (5) days after the Title Company shall notify Purchaser of such Unpermitted Exception (failure to so notify Seller shall be deemed to be a waiver by Purchaser of its right to raise such Unpermitted Exception as an objection to title or as a ground for Purchaser’s refusal to close the transaction contemplated by this Agreement).  Notwithstanding anything to the contrary contained in this Agreement, Seller, in its sole discretion, shall have the right to adjourn the Closing for a period not to exceed ninety (90) days in order to endeavor to eliminate such Unpermitted Exceptions (such period of time being herein called the “Extension Period”), provided that Seller shall notify Purchaser, in writing, within five (5) days after receipt by Seller of the Title Objection Notice, whether or not it will endeavor to eliminate such Unpermitted Exceptions.  Notwithstanding the foregoing or anything to the contrary set forth in this Agreement, Seller shall not under any circumstance be required or obligated to cause the cure or removal of any Unpermitted Exception including, without limitation, to bring any action or proceeding, to make any payments or otherwise to incur any expense in order to eliminate any Unpermitted Exception or to arrange for title insurance insuring against enforcement of such Unpermitted Exception against, or collection of the same out of, the Property, notwithstanding that Seller may have attempted to do so, or may have adjourned the Scheduled Closing Date for such purpose; provided, however, Seller shall satisfy any mortgage or deed of trust or other monetary lien placed on the Property by, through or under Seller.  
(c)    In the event that Seller is unable, or elects not, to eliminate all Unpermitted Exceptions in accordance with the provisions of this Section 4.1.1, or to arrange for title insurance, without special premium to Purchaser, insuring against enforcement of such Unpermitted Exceptions against, or collection of the same out of, the Property, and to convey title to the Property in accordance with the terms of this Agreement on or before the Closing Date (whether or not the Closing is adjourned as provided in Section 4.1.1(b)), Seller shall notify Purchaser that it elects not to remove the same, in which event Purchaser shall have the right, as its sole remedy for such election of Seller, by delivery of written notice to Seller within three (3) Business Days following receipt of notice from Seller of its election not to remove such Unpermitted Exceptions, to either (i) terminate this Agreement by written notice delivered to Seller (in which event Escrowee shall, provided that Purchaser is not otherwise in default of its obligations pursuant to this Agreement, return the Deposit to the extent deposited with Escrowee, to Purchaser and no party hereto shall have any further obligations in connection herewith except under those provisions that expressly survive the Closing or a termination of this Agreement), or (ii) accept title to the Property subject to such Unpermitted Exception(s) without a reduction in, abatement of, or credit against, the Purchase Price.  The failure of Purchaser to deliver timely any written notice of election under this Section 4.1.1(c) shall be conclusively deemed to be an election under clause (ii) above.
(d)    If, on the Closing Date, there are any liens or encumbrances that Seller is obligated to discharge under this Agreement, Seller shall have the right (but not the obligation) to 

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either (i) arrange, at Seller’s cost and expense, for affirmative title insurance or special endorsements insuring against enforcement of such liens or encumbrances against, or collection of the same out of, the Property, or (ii) use any portion of the Purchase Price to pay and discharge the same, either by way of payment or by alternative manner reasonably satisfactory to the Title Company, and the same shall not be deemed to be Unpermitted Exceptions.
4.1.2    Permitted Exceptions to Title.  The Property shall be sold and conveyed subject to the following exceptions to title (the “Permitted Exceptions”):
(a)    any matters shown on the Survey and not objected to by Purchaser as an Unpermitted Exception;
(b)    the Existing Financing Documents and those matters specifically set forth on Exhibit B attached hereto, as it may be revised from time to time to include schedule B exceptions to coverage as set forth in the Purchaser’s pro-forma policy or policies of title insurance issued by the Title Company in the State of Ohio, and the final form of this Exhibit shall be included as part of Exhibit B to the Deed;
(c)    all laws, ordinances, rules and regulations of the United States, the State of Ohio, or any agency, department, commission, bureau or instrumentality of any of the foregoing having jurisdiction over the Property (each, a “Governmental Authority”), as the same may now exist or may be hereafter modified, supplemented or promulgated;
(d)    all presently existing and future liens of real estate taxes or assessments and water rates, water meter charges, and sewer taxes, rents and charges, if any, provided that such items are not yet due and payable and are apportioned at Closing as provided in this Agreement; 
(e)    any Unpermitted Exception affecting title to the Real Property that Purchaser shall have agreed or be deemed to have agreed to waive as provided in Section 4.1.1(b) above;
(f)    rights of the tenants under a Lease either identified in the Lease Exhibit (as hereinafter defined) or entered into after the Effective Date in accordance with the terms of this Agreement;
(g)    all utility easements of record which do not interfere with the present use of the Property; 
(h)    any other matter or thing affecting title to the Real Property that would have been discovered in the course of Purchaser’s Investigations but for any error, omission, or mistake made by Purchaser or Purchaser’s employees, agents, or contractors in conducting or interpreting the results of such Investigations (e.g. an encumbrance on title to the Real Property not reflected on Purchaser’s pro-forma title policy, a title matter not reflected on Purchaser’s Survey, etc.), it being the intention of the parties that Purchaser, not Seller, shall be responsible for any and all errors or omissions in Purchaser’s Investigations and evaluation of the Real Property; and

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(i)    the printed or standard exceptions which appear on Purchaser’s pro forma policy of title insurance issued by the Title Company in the State of Ohio and which cannot be removed or modified by delivery of a standard owner’s affidavit or any other standard commercial affidavit that may be reasonably required by the Title Company. 
4.2    Due Diligence Reviews.  Except for title and survey matters (which shall be governed by the provisions of Section 4.1 above), Purchaser shall have until 5:00 p.m. (Central time) on October 12, 2016, TIME BEING OF THE ESSENCE (the period of time commencing upon the date hereof and continuing through and including such time on such date being herein called the “Due Diligence Period”) within which to perform and complete Purchaser’s due diligence examinations, reviews and inspections of matters pertaining to the purchase of the Property, including all leases and service contracts, and physical, environmental entitlements, permitting and compliance matters and conditions respecting the Property (collectively, the “Investigations”), which Investigations shall at all times be subject to Purchaser’s compliance with the provisions of this Section 4.2.  During the Due Diligence Period, Seller shall provide Purchaser with reasonable access to the Property upon reasonable advance notice and shall also make available to Purchaser, at the offices of the property manager of the Property and via the on-line data room set up by Seller or its broker, access to all of the following (the “Seller Deliverables”):  leases, lease abstracts, service contracts, other contracts and agreements, environmental reports, as-built building and parking drawings, declarations, cross-easements, master covenants, and building and occupancy permits, with respect to the Property in Seller’s possession or the possession of Seller’s property manager and such other documents related to the Property as Purchaser shall reasonably request; provided, however, in no event shall Seller be obligated to make available, nor shall the Seller Deliverables include, (1) any document or correspondence which would be subject to the attorney- client privilege; (2) any document or item which Seller is contractually or otherwise bound to keep confidential; (3) any documents pertaining to the marketing of the Property for sale to prospective purchasers; (4) any internal memoranda, reports or assessments relating to the Property; (5) appraisals of the Property whether prepared internally by Seller or Seller's affiliates or externally; or (6) any documents which Seller considers confidential or proprietary.  Any entry upon the Property and all Investigations shall be made or performed during Seller’s normal business hours and at the sole risk and expense of Purchaser, and shall not interfere with the activities on or about the Property of Seller, its tenants and their employees and invitees.  Purchaser shall:
(a)    promptly repair any damage to the Property resulting from any such Investigations and replace, refill and regrade any holes made in, or excavations of, any portion of the Property used for such Investigations so that the Property shall be in substantially the same condition that it existed in prior to such Investigations;
(b)    fully comply with all laws applicable to the Investigations and all other activities undertaken in connection therewith;
(c)    permit Seller to have a representative present during all Investigations undertaken hereunder (Purchaser having no obligation to postpone or reschedule any Investigations to accommodate any Seller representative so long as such Investigations have been scheduled with Seller at least forty-eight (48) business hours in advance);

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(d)    take all actions and implement all protections necessary to ensure that the Investigations and the equipment, materials, and substances generated, used or brought onto the Property in connection with the Investigations, pose no threat to the safety or health of persons or the environment, and cause no damage to the Property or other property of Seller or other persons;
(e)    furnish to Seller without representation or warranty upon request by Seller, at no cost or expense to Seller, copies of all surveys, soil test results, engineering, asbestos, environmental and other studies and reports (other than internal analysis and proprietary information of the Purchaser) relating to the Investigations which Purchaser shall obtain with respect to the Property after Purchaser’s receipt of same;
(f)    maintain or cause to be maintained, at Purchaser’s expense, a policy of commercial general liability insurance, with a broad form contractual liability endorsement and with a combined single limit of not less than $1,000,000.00 per occurrence for bodily injury and property damage, automobile liability coverage including owned and hired vehicles with a combined single limit of $1,000,000.00 per occurrence for bodily injury and property damage, and an excess umbrella liability policy for bodily injury and property damage in the amount of $5,000,000.00, insuring Purchaser, Seller, J.P. Morgan Investment Management Inc., Casto Lifestyle Properties L.P. and JPMorgan Chase Bank, N.A., as additional insureds, against any injuries or damages to persons or property that may result from or are related to (i) Purchaser’s and/or Purchaser’s Representatives’ (as hereinafter defined) entry upon the Property, (ii) any Investigations or other activities conducted thereon, and/or (iii) any and all other activities undertaken by Purchaser and/or Purchaser’s Representatives, all of which insurance shall be on an “occurrence form” and otherwise in such forms acceptable to Seller and with an insurance company reasonably acceptable to Seller, and deliver a copy of an insurance certificate evidencing such insurance coverage to Seller prior to the first entry on the Property;
(g)    not permit the Investigations or any other activities undertaken by Purchaser or Purchaser’s Representatives to result in any liens, judgments or other encumbrances being filed or recorded against the Property, and Purchaser shall, at its sole cost and expense, promptly discharge of record any such liens or encumbrances that are so filed or recorded (including, without limitation, liens for services, labor or materials furnished); and
(h)    indemnify Seller and any agent, advisor, representative, affiliate, employee, director, partner, member, beneficiary, investor, servant, shareholder, trustee or other person or entity acting on Seller’s behalf or otherwise related to or affiliated with Seller (collectively, “Seller Related Parties”) and hold harmless Seller and Seller Related Parties  from and against any and all claims, demands, causes of action, losses, damages, liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements), suffered or incurred by Seller or any Seller Related Party and arising out of or in connection with (i) Purchaser’s and/or Purchaser’s Representatives’ entry upon the Property, (ii) any Investigations or other activities conducted thereon by Purchaser or Purchaser’s Representatives, (iii) any liens or encumbrances filed or recorded against the Property as a consequence of the Investigations and/or (iv) any and all other activities undertaken by Purchaser or Purchaser’s Representatives with respect to the Property.  The foregoing indemnity shall not include any claims, demands, causes of action, losses, damages, liabilities, costs 

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or expenses (including, without limitation, attorneys’ fees and disbursements) that result solely from the mere discovery, by Purchaser or Purchaser’s Representatives, of pre-existing conditions on the Property during Investigations conducted pursuant to, and in accordance with, the terms of this Agreement.
Without limiting the foregoing, in no event shall Purchaser or Purchaser’s Representatives, without the prior written consent of Seller which shall not be unreasonably withheld:  (x) make any intrusive physical testing (environmental, structural or otherwise) at the Property (such as soil borings, water samplings or the like) (which shall not include a standard Phase I environmental site assessment which is expressly permitted), and/or (y) contact any Governmental Authority having jurisdiction over the Property other than standard inquiries with respect to the existing zoning, permitting or entitlements of the Property; provided, however, Seller may withhold its approval in its sole discretion with respect to clause (x) above if such intrusive physical testing is not recommended in Purchaser’s environmental site assessment report.  
The foregoing obligations shall survive the Closing or a termination of this Agreement.
4.2.1    Property Information and Confidentiality.  All Information (as hereinafter defined) provided to Purchaser shall be subject to the following terms and conditions:
(a)    Any information provided or to be provided with respect to the Property is solely for Purchaser’s convenience and was or will be obtained from a variety of sources.  Neither Seller nor any Seller Related Party has made any independent investigation or verification of such information and, except as expressly set forth herein, makes no (and expressly disclaims all) representations and warranties as to the truth, accuracy or completeness of the Information, or any other studies, documents, reports or other information provided to Purchaser hereunder and expressly disclaims any implied representations as to any matter disclosed or omitted.  Neither Seller nor any Seller Related Party shall be liable for any mistakes, omissions, misrepresentations or any failure to investigate the Property nor shall Seller or any Seller Related Party be bound in any manner by any verbal or written statements, representations, appraisals, environmental assessment reports, or other information pertaining to the Property or the operation thereof, except as expressly set forth in this Agreement.
(b)    Purchaser agrees that neither Purchaser nor Purchaser’s Representatives shall, at any time or in any manner, either directly or indirectly, divulge, disclose or communicate to any person, entity or association the Information, or any other knowledge or information acquired by Purchaser or Purchaser’s Representatives from Seller, any Seller Related Party or by Purchaser’s own inspections and investigations, other than matters that were in the public domain at the time of receipt by Purchaser or Purchaser’s Representatives.  Without Seller’s prior written consent, Purchaser shall not disclose and Purchaser shall direct Purchaser’s Representatives not to disclose to any person, entity or association any of the terms, conditions or other facts with respect to this Agreement, including, without limitation, the status hereof, and shall not market or offer the Property for sale.  Notwithstanding the foregoing, Purchaser may disclose such of the Information and its other reports, studies, documents and other matters generated by it and the terms of this Agreement (i) as required by law or court order (provided prior written notice 

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of such disclosure shall be provided to Seller) and (ii) as Purchaser deems necessary or desirable to Purchaser’s Representatives in connection with Purchaser’s Investigation and the transaction contemplated hereby, provided that those to whom such Information is disclosed are informed of the confidential nature thereof and Purchaser shall be responsible for any breach of the terms and conditions hereof by any of Purchaser’s Representatives.  Notwithstanding the foregoing to the contrary, Seller recognizes that Hines Global REIT II, Inc., which indirectly owns equity interests in Purchaser, is a public non-traded company, and Seller acknowledges and agrees that Purchaser or Hines Global REIT II, Inc. may disclose after Closing in press releases, but prior to Closing in U.S. Securities and Exchange Commission (“SEC”) and other filings with governmental authorities, financial statements and/or other communications such information regarding the transactions contemplated hereby and any such information relating to the Property as may be necessary under federal or state securities law, rules or regulations (including SEC rules and regulations), “generally accepted accounting principles” or other accounting rules or procedures.
(c)    Purchaser shall indemnify and hold harmless Seller and all Seller Related Parties from and against any and all claims, demands, causes of action, losses, damages, liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by Seller or any Seller Related Party and arising out of or in connection with a breach by Purchaser or Purchaser’s Representatives of the provisions of this Section 4.2.1.
(d)    In the event this Agreement is terminated, upon written request from Seller, Purchaser and Purchaser’s Representatives shall promptly deliver to Seller all originals and copies of the Information in the possession of Purchaser and Purchaser’s Representatives, provided that no analyses prepared internally by Purchaser (as opposed to third party consultants) or electronic back-up copies of Information shall be required to be delivered to Seller pursuant to this paragraph.
(e)    As used in this Agreement, the term “Information” shall mean any of the following: (i) all Seller Deliverables and any other information and documents in any way relating to the Property, the operation thereof or the sale thereof, made available for review by, Purchaser or its directors, officers, employees, affiliates, partners, members, brokers, agents or other representatives, including, without limitation, attorneys, accountants, contractors, consultants, engineers and financial advisors (collectively, “Purchaser’s Representatives”), by Seller or any Seller Related Party or their agents or representatives, including, without limitation, their contractors, engineers, attorneys, accountants, consultants, brokers or advisors, and (ii) all analyses, compilations, data, studies, reports or other information or documents prepared or obtained by Purchaser or Purchaser’s Representatives containing or based on, in whole or in part, the information or documents described in the preceding clause (i), the Investigations, or otherwise reflecting their review or investigation of the Property.
(f)    In addition to any other remedies available to Seller, Seller shall have the right to seek equitable relief, including, without limitation, injunctive relief or specific performance, against Purchaser or Purchaser’s Representatives in order to enforce the provisions of this Section 4.2.1.  

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(g)    Notwithstanding any terms or conditions in this Agreement to the contrary, but subject to restrictions reasonably necessary to comply with federal or state securities laws, any person or entity (“Person”) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated herein and all materials of any kind (including opinions or other tax analyses) that are provided relating to such tax treatment and tax structure.  For the avoidance of doubt, this authorization is not intended to permit disclosure of the names of, or other identifying information regarding, the participants in the transactions contemplated herein, or of any information or the portion of any materials not relevant to the tax treatment or tax structure of such transactions.
(h)    The provisions of this Section 4.2.1 shall survive the Closing or a termination of this Agreement, provided that (i) Section 4.2.1(b) hereof shall not survive Closing except with respect to any Information related to Seller as an entity rather than the Property and (ii) Section 4.2.1 (c) shall not survive Closing with respect to a breach of 4.2.1(b), any Information related to the Property (and not the Seller as an entity) and first occurring after Closing.
4.2.2    Notice to Proceed.  If, on or before the expiration of the Due Diligence Period, based upon the Investigations and/or the Information, Purchaser shall determine that it intends to acquire the Property, then Purchaser shall promptly notify Seller of such determination in writing on or before 5:00 p.m. (Central time) no later than the date that the Due Diligence Period shall expire (such notice being herein called the “Notice to Proceed”).  If Purchaser fails to deliver a Notice to Proceed prior to the expiration of the Due Diligence Period, the Initial Deposit shall be promptly returned to Purchaser, and this Agreement and the obligations of the parties hereunder shall terminate (and no party hereto shall have any further obligations in connection herewith except under those provisions that expressly survive the Closing or a termination of this Agreement).  
4.2.3    Identified Contracts.  Upon the written request of Purchaser delivered prior to expiration of the Due Diligence Period (the “Termination List Notice”), Seller shall, on the Closing Date, deliver notices of termination to vendors under maintenance, service and supply contracts, and equipment leases with respect to the Property specified by Purchaser in the Termination List Notice (collectively, the “Identified Contracts”), terminating such Identified Contracts effective upon the earliest date that, pursuant to the terms of such Identified Contracts, such Identified Contracts may be terminated without the payment by Seller of any fee, premium, penalty or other form of early termination compensation (which date, if not so terminable, shall be the expiration date of the Identified Contract).  Purchaser understands and agrees that, at Closing, Purchaser shall assume the obligations of Seller under maintenance, service and supply contracts, and equipment leases with respect to the Property (x) that were not timely identified in the Termination List Notice, (y) for which notices of termination are delivered on the Closing Date but which are not effectively terminated until after the Closing Date, or (z) that were entered into after the expiration of the Due Diligence Period in accordance with the terms of this Agreement.  
4.3    Tenant Estoppel Certificates.  Receipt of estoppel certificates (each, a “Tenant Estoppel Certificate”, and collectively, the “Tenant Estoppel Certificates”) from (a) the tenants identified on Exhibit C attached hereto and made a part hereof (collectively, the “Required Tenants”), and (b) a sufficient number of other tenants such that estoppel certificates shall have been received 

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pursuant to clauses (a) and (b) hereof with respect to not less than seventy percent (70%) of the total net rentable square footage of the Property covered by the Leases in effect as of the date hereof, shall, subject to the terms of Section 7.2.3(b), be a condition precedent to Purchaser’s obligation to purchase the Property hereunder.  Seller shall use commercially reasonable efforts (and, as used in this Agreement, commercially reasonable efforts shall not be deemed to include any obligation to institute legal proceedings, deliver notices of default or to expend any monies) to obtain such Tenant Estoppel Certificates, which certificates shall be substantially in the form attached hereto and made a part hereof as Exhibit D, as modified to conform to the requirements of the applicable lease or operative agreement, if any such requirements exist, and to make the statements contained therein factually correct.  Notwithstanding the foregoing, Seller may, in compliance with its obligations hereunder, deliver a Tenant Estoppel Certificate in any form which does not materially vary from the representations made in the form of Tenant Estoppel Certificate in Exhibit D (as modified to make the statement contained therein factually correct).  Notwithstanding anything contained in this Agreement to the contrary, in the event Seller is unable to obtain a Tenant Estoppel Certificate from any particular tenant under any Lease, Seller shall have the right (but not the obligation) to deliver to Purchaser on the Closing Date a certificate (a “Seller’s Estoppel Certificate”) in the form attached hereto and made a part hereof as Exhibit E, executed by Seller, and in such event, Seller shall be deemed to have delivered a Tenant Estoppel Certificate with respect to such tenant for purposes of satisfying the condition under this Section 4.3.  In no event shall Seller have the right to deliver a Seller’s Estoppel Certificate for more than ten percent (10%) of the total net rentable square footage of the Property or for any Required Tenant.  In addition, Seller shall be released from any liability with respect to such Seller’s Estoppel Certificate upon the sooner to occur of (i) six (6) months following the Closing Date and (ii) the date of delivery to Purchaser of a Tenant Estoppel Certificate executed by the tenant for which Seller has delivered such Seller’s Estoppel Certificate.  If prior to the Scheduled Closing Date, Tenant Estoppel Certificates sufficient to satisfy the condition precedent to Purchaser’s obligation to purchase the Property described in this Section 4.3 are not received, Seller may postpone the Closing for a maximum of thirty (30) days beyond the Scheduled Closing Date to allow Seller additional time in order to obtain Tenant Estoppel Certificates sufficient to satisfy such condition precedent.
4.4    Conditions Precedent to Obligations of Purchaser; SNDAs.  The obligation of Purchaser to consummate the transactions contemplated by this Agreement shall be subject to the performance and observance, in all material respects, by Seller of all covenants, warranties and agreements of this Agreement to be performed or observed by Seller prior to or on the Closing Date and the fulfillment on or before the Closing Date of all other conditions precedent to Closing benefiting Purchaser specifically enumerated in this Agreement, any or all of which may be waived by Purchaser in its sole discretion.  Seller shall use commercially reasonable efforts to cooperate with Purchaser and any lender of Purchaser in obtaining subordination, non-disturbance and attornment agreements from the Tenants if Purchaser’s lender shall request, provided that obtaining any such subordination, non-disturbance and attornment agreements shall not be a condition to Closing, and Seller’s failure to obtain any such agreement shall not be a default hereunder.
4.5    Conditions Precedent to Obligations of Seller.  The obligation of Seller to consummate the transactions contemplated by this Agreement shall be subject to the performance and observance, in all material respects, by Purchaser of all covenants and agreements of this 

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Agreement to be performed or observed by Purchaser prior to or on the Closing Date (provided that Purchaser shall have delivered the full amount of the Closing Payment) and the fulfillment on or before the Closing Date of all other conditions precedent to Closing benefiting Seller specifically set forth in this Agreement, any or all of which may be waived by Seller in its sole discretion.
5.    Closing.  The closing (the “Closing”) of the sale and purchase contemplated herein shall occur at 10:00 a.m. on or before the date which is the later to occur of (i) thirty (30) days following the expiration of the Due Diligence Period or (ii) five (5) Business Days after Existing Lender’s approval of the Existing Financing Assumption (the “Scheduled Closing Date”), TIME BEING OF THE ESSENCE with respect to Purchaser’s obligation to close on such date, at the offices of Escrowee through an escrow and pursuant to escrow instructions consistent with the terms of this Agreement and otherwise mutually satisfactory to Seller and Purchaser (the date on which the Closing shall occur being herein referred to as the “Closing Date”).  Purchaser shall have the one time option to extend the Scheduled Closing Date for a period of up to thirty (30) days exercisable upon (1) written notice from Purchaser to Seller received by Seller at least two (2) Business Days before the Scheduled Closing Date (the “Extension Notice”) and (2) depositing, by wire transfer of immediately available federal funds, the sum of Five Million Five Dollars ($5,000,000.00) (the “Extension Deposit”) with the Escrowee at least two (2) Business Days before the Scheduled Closing Date.  The Extension Notice shall designate a Business Day no later than the date which is thirty (30) days after the then Scheduled Closing Date as the new Scheduled Closing Date hereunder.  The Extension Deposit shall (x) be held by Escrowee in accordance with the terms of the Escrow Agreement, (y) be applied to the Purchase Price at Closing in accordance with Section 3, and (z) shall, except as otherwise expressly set forth in this Agreement, be non-refundable to Purchaser.  For avoidance of doubt and notwithstanding anything to the contrary contained in this Agreement, if Purchaser fails to timely deliver the Extension Notice to Seller and/or deposit the Extension Deposit with Escrowee as aforesaid, the Scheduled Closing Date shall not be extended except as otherwise expressly set forth in this Agreement.  The Closing shall constitute approval by each party of all matters to which such party has a right of approval and a waiver of all conditions precedent.
5.1    Seller Deliveries.  At the Closing, each Seller shall deliver or cause to be delivered to Purchaser or to the Escrowee, as the case may be the following items executed and acknowledged by such Seller, as appropriate:
(a)    a deed (the “Deed”) in the form attached hereto and made a part hereof as Exhibit F.
(b)    an assignment and assumption of leases and brokerage agreements related to such leases (the “Assignment and Assumption of Leases”), in the form attached hereto and made a part hereof as Exhibit G.
(c)    a bill of sale (the “Bill of Sale”), in the form attached hereto and made a part hereof as Exhibit H. 
(d)    a certification of non-foreign status in the form attached hereto and made a part hereof as Exhibit I, and any required state certificate that is sufficient to exempt Seller from any state withholding requirement with respect to the transactions contemplated hereby.

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(e)    an assignment and assumption of Contracts (the “Assignment and Assumption of Contracts”), in the form attached hereto and made a part hereof as Exhibit J.
(f)    all existing surveys, blueprints, drawings, plans and specifications for or with respect to the Property or any part thereof, to the extent the same are in Seller’s possession.
(g)    all keys to the Improvements, to the extent the same are in Seller’s possession.
(h)    all Leases in effect on the Closing Date.
(i)    all Contracts that shall remain in effect after the Closing, to the extent the same are in Seller’s possession or the possession of Seller’s property manager (all items in clauses (f) through (i) may be either delivered at Closing or left at the management office at the Property, to the extent not previously delivered to Purchaser).
(j)    all applicable transfer and documentary stamp tax forms, if any, as prepared by Purchaser with Seller’s reasonable cooperation. 
(k)    such further instruments as may be required by the Title Company to record the Deed, including without limitation a standard owner’s affidavit in the form attached hereto as Exhibit T.
(l)    notices to each of the tenants under the Leases (each, a “Tenant Notice”, and collectively, the “Tenant Notices”) in the form attached hereto and made a part hereof as Exhibit K, advising such tenants of the sale of the Property to Purchaser and directing them to make all payments to Purchaser or its designee, which Tenant Notices Purchaser shall, at Purchaser’s sole cost and expense, either mail by certified mail return receipt requested or hand-deliver to each applicable tenant. 
(m)    evidence reasonably satisfactory to the Title Company respecting the due organization of Seller and the due authorization and execution by Seller of this Agreement and the documents required to be delivered hereunder.
(n)    an assignment and assumption of existing financing documents (the “Assignment and Assumption of Existing Financing Documents”), in a form approved by the Existing Lender, if applicable.
5.2    Purchaser Deliveries.  At the Closing, Purchaser shall deliver or cause to be delivered to Seller or to the Escrowee, as the case may be, the following items executed and acknowledged by Purchaser, as appropriate:
(a)    payment of the Closing Payment to be made in accordance with Section 3 above. 
(b)    the Assignment and Assumption of Leases.

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(c)    the Assignment and Assumption of Contracts and Assignment.
(d)    payment of amounts due to Casto Southeast Realty Services LLC (“Casto”) in accordance with the letter agreement by and between Purchaser and Casto.
(e)    all applicable transfer tax and documentary stamp tax forms, if any.
(f)    such further instruments as may be necessary to record the Deed.
(g)    evidence reasonably satisfactory to Seller and the Title Company respecting the due organization of Purchaser and the due authorization and execution by Purchaser of this Agreement and the documents required to be delivered hereunder.
(h)    The Assignment and Assumption of Existing Financing Documents.
5.3    Closing Costs.  Seller shall pay (a) the brokerage commission in accordance with Section 11.1.2, (b) and any escrow fees charged by the Title Company, and (c) all state, county and local transfer taxes, documentary stamp taxes or similar conveyance taxes or fees, payable in connection with the transaction contemplated herein; provided, however, Purchaser shall pay any and all documentary stamp tax and intangible tax in connection with Purchaser’s financing, mortgage or note.  Purchaser shall pay (a) the title insurance premium for the Owner’s Policy, (b) the cost of any title endorsements and affirmative insurance required by Purchaser, (c) the costs of the Survey (or an update thereto), (d) all recording charges payable in connection with the recording of the Deed, (e) all fees, costs or expenses in connection with Purchaser’s due diligence reviews hereunder and (f) any escrow fees charged by the Escrowee in connection with holding the Deposit.  Any other closing costs shall be allocated in accordance with local custom.  Except as expressly provided in the indemnities set forth in this Agreement, Seller and Purchaser shall pay their respective legal, consulting and other professional fees and expenses incurred in connection with this Agreement and the transaction contemplated hereby and their respective shares of prorations as hereinafter provided.  The provisions of this Section 5.3 shall survive the Closing or a termination of this Agreement.  
5.4    Prorations.
5.4.1    The following shall be prorated between Seller and Purchaser as of 12:01 a.m. on the Closing Date (on the basis of the actual number of days elapsed over the applicable period):
(a)    All ad valorem real estate taxes, assessments, and any payments in lieu thereof pursuant to Ohio Revised Code Chapter 5709 and not reimbursable by tenants under the Leases for the calendar year of the Closing which have not been paid but are due and payable with respect to calendar year 2016 shall be apportioned and prorated on a per diem basis between the parties as of the Closing Date, regardless of the collection date therefor.  In no event shall Seller be charged with or be responsible for any increase in the taxes on the Property resulting from the sale of the Property or from any improvements made or leases entered into on or after the Closing Date.  If any assessments on the Property are payable in installments, then the installment for the 

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current period shall be prorated (with Purchaser assuming the obligation to pay any installments due after the Closing Date).  
(b)    Subject to this Section 5.4.1(b), all fixed rent and regularly scheduled items of additional rent under the Leases, and other tenant charges if, as and when received.  Seller shall deliver or provide a credit in an amount equal to all prepaid rentals for periods after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Leases and are not applied or forfeited prior to the Closing Date) to Purchaser on the Closing Date.  Seller shall deliver to Purchaser at Closing any tenant security deposits which are held in the form of letters of credit, along with any required transfer forms and fees, if any.  Rents which are delinquent as of the Closing Date shall not be prorated on the Closing Date.  Purchaser shall include such delinquencies in its normal billing and shall diligently pursue the collection thereof in good faith after the Closing Date (but Purchaser shall not be required to litigate or declare a default in any Lease).  To the extent Purchaser receives rents on or after the Closing Date, such payments shall be applied first toward the rents for the month in which the Closing occurs, second to the rents that shall then be due and payable to Purchaser, and third to any delinquent rents owed to Seller, with Seller’s share thereof being held by Purchaser in trust for Seller and promptly delivered to Seller by Purchaser.  Purchaser may not waive any delinquent rents nor modify a Lease so as to reduce or otherwise affect amounts owed thereunder for any period in which Seller is entitled to receive a share of charges or amounts without first obtaining Seller’s written consent, which consent may be given or withheld in Seller’s sole and absolute discretion.  Seller hereby reserves the right to pursue any remedy against any tenant owing delinquent rents and any other amounts to Seller (but shall not be entitled to terminate or threaten to terminate any lease or any tenant’s right to possession), which right shall include the right to continue legal actions or proceedings against any tenant which have already been commenced, but not the right to commence new legal actions or proceedings.  Delivery of the Assignment and Assumption of Leases shall not constitute a waiver by Seller of such right, and such right shall survive the Closing.  Purchaser shall reasonably cooperate with Seller in any collection efforts hereunder (but shall not be required to litigate or declare a default under any Lease).  With respect to delinquent rents and any other amounts or other rights of any kind respecting tenants who are no longer tenants of the Property as of the Closing Date, Seller shall retain all rights relating thereto.
(c)    If any tenant of the Property is obligated to pay percentage rent based upon the calendar year or lease year in which the Closing Date occurs (the “Percentage Rent Year”), Purchaser shall, within thirty (30) days after receipt of such payment with respect to the Percentage Rent Year, remit to Seller that portion which is equal to the number of days which elapsed between the commencement date of the Percentage Rent Year for each such tenant, and the Closing Date, and the total number of days in such Percentage Rent Year.  If Seller has received payments of percentage rent based on any Percentage Rent Year in which the date of Closing occurs, in excess of Seller’s share as calculated as set forth above in this Section 5.4.1(c), it shall pay such excess to Purchaser at Closing.
(d)    All operating expenses customarily apportioned between sellers and purchasers of real estate properties similar to the Property and located in the same geographic area as the Property.  Specifically, Seller will prepare a reconciliation as of the Closing Date of the 

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amounts of all billings and charges for operating expenses and real estate taxes and assessments in excess of the applicable expense stop, if any, specified in each Lease (collectively, “Operating Expense Recoveries”) for calendar year 2016.  If less amounts have been collected from Tenants for Operating Expense Recoveries for calendar year 2016 than would have been owed by Tenants under the Leases if the reconciliations under such Leases were completed as of the Closing Date based on the operating expenses and real estate taxes and assessments incurred by the Seller for calendar year 2016 up to the Closing Date (as prorated pursuant to this Section 5.4.1), Purchaser will pay such difference to Seller at Closing as an addition to the Purchase Price.  If more amounts have been collected from Tenants for Operating Expense Recoveries for calendar year 2016 than would have been owed by Tenants under the Leases if the reconciliations under such Leases were completed as of the Closing Date based on the operating expenses and taxes incurred by the Seller for calendar year 2016 up to the Closing Date (as prorated pursuant to this Section 5.4.1), Seller will pay to Purchaser at Closing as a credit against the Purchase Price such excess collected amount.  Purchaser and Seller agree that such proration of Operating Expense Recoveries at Closing for calendar year 2016 will fully relieve Seller from any responsibility to Tenants or Purchaser for such matters subject to Seller’s and Purchaser’s right and obligation to finalize prorations within one hundred eighty (180) days after the last day of the calendar year in which the Closing occurs solely to make adjustments necessary to the extent estimates used in the calculation of such reconciliation at Closing differ from actual bills received after Closing for those items covered by such reconciliation at Closing or to correct any errors.  In this regard, Purchaser will be solely responsible, from and after Closing, for (i) collecting from Tenants the amount of any outstanding Operating Expense Recoveries for calendar year 2016 for periods before and after Closing, and (ii) where appropriate, reimbursing Tenants for amounts attributable to Operating Expense Recoveries for calendar year 2016, as may be necessary based on annual reconciliations for Operating Expense Recoveries for such calendar year.
(e)    Charges and payments under Contracts or permitted renewals or replacements thereof assigned to Purchaser pursuant to the Assignment and Assumption of Contracts.
(f)    Any prepaid items, including, without limitation, fees for licenses which are transferred to Purchaser at the Closing and annual permit and inspection fees.
(g)    Utilities, including, without limitation, telephone, steam, electricity and gas, on the basis of the most recently issued bills therefor, subject to adjustment after the Closing when the next bills are available, or if current meter readings are available, on the basis of such readings.
(h)    Deposits with telephone and other utility companies, and any other persons or entities who supply goods or services in connection with the Property if the same are assigned to Purchaser at the Closing, which shall be credited in their entirety to Seller.
(i)    Personal property taxes, if any, on the basis of the fiscal year for which assessed.

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(j)    Permitted administrative charges, if any, on those tenants’ security deposits transferred by Seller pursuant to the Assignment and Assumption of Leases.
(k)    Taxes payable by Seller relating to operations of the Property, including, without limitation, business and occupancy taxes and sales taxes, if any.
(l)    Such other items as are customarily apportioned between sellers and purchasers of real properties of a type similar to the Property and located in the same geographic area as the Property subject to Section 7.2.3(a) hereof, including, without limitation, any amounts paid by tenants of the Property and held by Seller as actual or estimated real estate taxes pursuant to such tenant’s leases.
(m)    If Purchaser shall be assuming the Existing Financing, interest payable on the Existing Financing.
5.4.2    
(a)    If any of the items described in Section 5.4.1 hereof cannot be apportioned at the Closing because of the unavailability of information as to the amounts which are to be apportioned or otherwise, or are incorrectly apportioned at Closing or subsequent thereto, such items shall be apportioned or reapportioned, as the case may be, as soon as practicable after the Closing Date or the date such error is discovered, as applicable; provided that (i) with the exception of any item required to be apportioned pursuant to Section 5.4.1(a), (b) or (g), neither party shall have the right to request apportionment or reapportionment of any such item at any time following the one hundred eightieth (180th) day after the Closing Date and (ii) with respect to the items required to be apportioned pursuant to Section 5.4.1(a), (b) or (g), neither party shall have the right to request apportionment or reapportionment of any such item at any time following the one (1) year anniversary of the Closing Date.  If the Closing shall occur before a real estate or personal property tax rate or assessment is fixed for the tax year in which the Closing occurs, the apportionment of taxes at the Closing shall be upon the basis of the tax rate or assessment for the preceding fiscal year applied to the latest assessed valuation.  Promptly after the new tax rate or assessment is fixed, the apportionment of taxes or assessments shall be recomputed and any discrepancy resulting from such recomputation and any errors or omissions in computing apportionments at Closing shall be promptly corrected and the proper party reimbursed, which obligations shall survive the Closing.
(b)    If Purchaser shall be assuming the Existing Financing, Purchaser shall be given a credit at the Closing for the then current principal balance of the Existing Financing and Seller shall be given a credit for the amount of all security, escrows and deposits held in connection with the Existing Financing (to the extent not replaced by Purchaser or released by Existing Lender).
5.4.3    Items to be prorated at the Closing shall include a credit to Seller for costs and expenses incurred by Seller in connection with any new Leases or modifications to any existing Leases entered into after the date hereof in accordance with the terms and conditions set forth in Section 7.2.3(a) of this Agreement except for any such costs and expenses designated as Seller Leasing Costs in the following sentence.  Except as set forth on Exhibit Q (the “Purchaser 

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Assumed Pre-Existing Brokerage and TI Costs”), Seller shall be responsible for all brokerage and leasing commissions and tenant improvement costs for the initial term of all Leases entered into prior to the date of this Agreement and for any extension, renewal or expansion of any such Lease exercised prior to the date of this Agreement (collectively, “Seller Leasing Costs”).  At Closing, Purchaser shall receive a credit against the Purchase Price for any portion of the Purchaser Assumed Pre-Existing Brokerage and TI Costs still outstanding and payable by Purchaser post-closing.
Purchaser shall be responsible for and expressly assumes the obligation to pay all Purchaser Assumed Pre-Existing Brokerage and TI Costs and all brokerage and leasing commissions, tenant improvement costs and other costs and expenses including attorney’s fees for any new leases entered into either prior to or from and after the date of this Agreement and any extension, renewal or expansion of any existing Lease exercised or entered into either prior to or from and after the date of this Agreement including, without limitation amounts owed under the Brokerage Agreements, provided in all such instances, the term of such Lease, extension, or expansion or the regularly scheduled payment of rent commences from and after the date of this Agreement (collectively, “Purchaser Leasing Costs”).  If at the Closing Seller has paid any Purchaser Leasing Costs, the prorations at the Closing shall include an appropriate credit to Seller.  If at the Closing there remain unpaid Seller Leasing Costs, Purchaser shall expressly assume the responsibility to pay such unpaid Seller Leasing Costs, and the prorations at the Closing shall include an appropriate credit to Purchaser.
5.4.4    The provisions of this Section 5.4 shall survive the Closing.
6.    Condemnation or Destruction of Property.  In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings or condemnation or any of the improvements on the Property are damaged or destroyed by fire or other casualty, Seller shall have no obligation to restore, repair or replace any portion of the Property or any such damage or destruction.  Seller shall, at the Closing, assign to Purchaser all of Seller’s interest in all awards or other proceeds for such taking by eminent domain or condemnation or the proceeds of any insurance collected by Seller for such damage or destruction (unless Seller shall have repaired such damage or destruction prior to the Closing and except to the extent any such awards, proceeds or insurance are attributable to lost rents or items applicable to any period prior to the Closing), less the amount of all reasonable costs incurred by Seller in connection with the repair of such damage or destruction or collection costs of Seller respecting any awards or other proceeds for such taking by eminent domain or condemnation or any uncollected insurance proceeds which Seller may be entitled to receive from such damage or destruction, as applicable.  In connection with any assignment of awards, proceeds or insurance hereunder, Seller shall credit Purchaser with an amount equal to the applicable deductible amount under Seller’s insurance (but not more than the amount by which the cost, as of the Closing Date, to repair the damage is greater than the amount of insurance proceeds assigned to Purchaser); provided, however, if either (i) the amount of the damage (as determined by an independent third party contractor or engineer selected by Seller and reasonably approved by Purchaser) or the amount of condemnation award shall exceed an amount equal to ten percent (10%) of $190,000,000, or (ii) the extent of the damage or condemnation gives any of the Required Tenants the right to terminate their respective Leases (unless all such affected Required Tenants have waived such termination rights), or (iii) any 

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condemnation has a material and adverse effect on access to the Property as reasonably determined by Seller, Purchaser shall have the right to terminate this Agreement by notice to Seller given within ten (10) days after notification to Purchaser of the estimated amount of damages or the determination of the amount of any condemnation award.  In any instance where this Agreement is terminated pursuant to this Section 6, the Initial Deposit and the Extension Deposit, to the extent deposited with Escrowee, shall, provided that Purchaser is not otherwise in default of its obligations pursuant to this Agreement, be promptly returned to Purchaser, and this Agreement and the obligations of the parties hereunder shall terminate (and no party hereto shall have any further obligations in connection herewith except under those provisions that expressly survive the Closing or a termination of this Agreement).  The parties hereby waive the provisions of any statute which provides for a different outcome or treatment in the event of a casualty or a condemnation or eminent domain proceeding.
7.    Representations, Warranties and Covenants.
7.1    Representations, Warranties and Covenants of Seller.
7.1.1    Representations and Warranties of Seller.  Subject to the provisions of this Section 7.1.1, Seller hereby represents to Purchaser that, as of the date of this Agreement:
(a)    Leases.  There are no leases, licenses or other occupancy agreements to which Seller is a party or is bound affecting any portion of the Property which will be in force on the Closing Date other than the Leases.  As used herein, “Leases” shall be deemed to mean, collectively, (i) the leases described on Exhibit M attached hereto and made a part hereof (the “Lease Exhibit”) and (ii) the leases entered into after the date of this Agreement in accordance with this Agreement.  As of the date of this Agreement (x) the Leases are in full force and effect and have not been amended except as set forth in the Lease Exhibit, and (y) the Lease Exhibit is true and correct in all material respects.  To the best of Seller’s knowledge, the copies of the Leases that have been provided to, or made available to, Purchaser are true, correct and complete, in all material respects.  Seller has received no written notice from the Tenants under the Leases of any currently uncured default by Seller under the Leases, and, there exists no monetary default or, to the best of Seller’s knowledge, material non-monetary default on the part of the Tenants under the Leases, except a set forth on Exhibit M.  
(b)    Litigation.  There is no pending or, to Seller’s knowledge, threatened litigation or condemnation action against the Property or against Seller with respect to the Property as of the date of this Agreement.
(c)    No Insolvency.  Seller is not a debtor in any state or federal insolvency, bankruptcy, receivership proceeding.
(d)    Non-Foreign Person.  Seller is not a “foreign person” as defined in Section 1445 of the Internal Revenue Code, as amended (the “Code”).
(e)    Contracts.  Seller has not entered into any service or equipment leasing contracts relating to the Property which will be in force after the Closing, except for the 

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Contracts.  As used in this Agreement, the “Contracts” shall be deemed to mean, collectively, (i) the contracts described on Exhibit N attached hereto and made a part hereof, (ii) contracts which are cancelable on thirty (30) days’ notice or less without premium or penalty, and (iii) contracts entered into by Seller after the date of this Agreement which Seller is permitted to enter into in accordance with this Agreement.
(f)    Lease Brokerage Agreements; Leasing Commission Agreements; Leasing Costs.  As of the date hereof, Seller has not entered into any lease brokerage agreements or lease commission agreements other than as described on Exhibit P attached hereto and made a part hereof or in the Leases that shall be binding upon Purchaser following Closing.  Except (i) the Purchaser Assumed Pre-Existing Brokerage and TI Costs, (ii) costs related to new Leases or modifications to existing Leases entered into after the date hereof in accordance with the terms and conditions set forth in Section 7.2.3(a), and (iii) the Seller Leasing Costs set forth on Exhibit R, there are no unpaid Leasing Costs currently due and payable with respect to any Leases and none shall be due and payable by Purchaser after Closing with respect to any Leases that are in effect as of the Closing Date.
(g)    Due Authority.  This Agreement and all agreements, instruments and documents herein provided to be executed or to be caused to be executed by Seller are, or on the Closing Date will be, duly authorized, executed and delivered by and are binding upon Seller.  Each Seller is a limited liability company, duly organized and validly existing and in good standing under the laws of the State of Delaware, and is duly authorized and qualified to do all things required of it under this Agreement.  
(h)    Tenant Deposits.  Exhibit S sets forth all Tenant security deposits (including those in the form of letters of credit) currently being held by or on behalf of Seller with respect to the Leases.
(i)    ERISA.  The assets of Seller are not subject to Title I of the Employee Retirement Income Security Act or Section 4975 of the Code.
(j)    Loan Assumption Thresholds.  As of the Effective Date, Seller believes (x) clause (i) of the Loan Assumption Thresholds described in the Existing Financing Documents would be satisfied provided Existing Lender attributes the Purchase Price to the value of the Property, and (y) clause (ii) of the Loan Assumption Thresholds described in the Existing Financing Documents would be satisfied if the debt service coverage ratio described therein were calculated as of the Effective Date as described therein. The representation shall not be re-made at Closing and shall not survive Closing.  
(k)    OFAC.  None of (A) Seller or, (B) any Person directly owning ten percent (10%) or more of Seller, or (C) to the best of Seller’s knowledge, any Person indirectly owning an interest Seller, or, (D) to the best of Seller’s knowledge, if Seller is a privately-held entity, any Person having a beneficial interest in Seller, or, (E) to the best of Seller’s knowledge, any Person for whom Seller is acting as agent or nominee in connection with the transaction contemplated by this Agreement, is a country, territory, individual or entity named on any OFAC List or a Person prohibited under the OFAC Programs. “OFAC” means the U.S. Treasury Department’s Office of 

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Foreign Assets Control. “OFAC List” means any list maintained, from time to time, by OFAC, which lists countries, territories, Persons and other entities, the engagement of transactions with whom is prohibited by OFAC and/or by Executive Order 13224 (Sept. 24, 2001) “Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism”, which lists can be found on the OFAC website at <http://www.ustreas.gov/ofac>.  “OFAC Programs” means the programs administered by OFAC, which prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on any OFAC List.  
Notwithstanding and without limiting the foregoing, (i) if any of the representations or warranties of Seller that survive Closing contained in this Agreement or in any document or instrument delivered in connection herewith are materially false or inaccurate, or Seller is in material breach or default of any of its obligations under this Agreement that survive Closing, and Purchaser nonetheless closes the transaction hereunder and purchases the Property, then Seller shall have no liability or obligation respecting such false or inaccurate representations or warranties or other breach or default (and any cause of action resulting therefrom shall terminate upon the Closing) in the event that on or prior to Closing, Purchaser shall have had knowledge of the false or inaccurate representations or warranties or other breach or default, and (ii) to the extent the copies of the Leases, the Contracts or any other Information furnished or made available to or otherwise obtained by Purchaser prior to the expiration of the Due Diligence Period contain provisions or information that are inconsistent with the foregoing representations and warranties, and Purchaser nonetheless closes the transaction hereunder and purchases the Property, then Seller shall have no liability or obligation respecting such inconsistent representations or warranties (and Purchaser shall have no cause of action or right to terminate this Agreement with respect thereto), and such representations and warranties shall be deemed modified to the extent necessary to eliminate such inconsistency and to conform such representations and warranties to such Leases, Contracts and other Information.
References to the “knowledge”, “best knowledge” and/or “actual knowledge” of Seller or words of similar import shall refer only to the current actual (as opposed to implied or constructive) knowledge of Jeffrey Pisano and Jason Freeman and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any parent, subsidiary or affiliate of Seller or to any other officer, agent, manager, representative or employee of Seller or to impose upon Jeffrey Pisano or Jason Freeman any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains.  Notwithstanding anything to the contrary contained in this Agreement, neither Jeffrey Pisano nor Jason Freeman shall have any personal liability hereunder.  
The representations and warranties contained in this Section 7.1.1 shall survive the Closing for a period of six (6) months.  In furtherance thereof, Purchaser acknowledges and agrees that it shall have no right to make any claim against Seller on account of any breach of any representation or warranty contained in this Section 7.1.1 unless an action on account thereof shall be filed in a court of competent jurisdiction within sixty (sixty) days following the six (6) month survival period referenced above (the “Claim Expiration Date”).  To the fullest extent permitted by law, the foregoing shall constitute an express waiver of any applicable statute of 

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limitations on account of Seller’s breach of its representations and warranties contained in this Section 7.1.1. 
7.1.2    GENERAL DISCLAIMER.  EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT DELIVERED BY SELLER TO PURCHASER AT THE CLOSING, THE SALE OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS” ,”WHERE IS,” AND “WITH ALL FAULTS” BASIS, WITHOUT REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING ANY REPRESENTATION OR WARRANTY CONCERNING TITLE TO THE PROPERTY, THE PHYSICAL CONDITION OF THE PROPERTY (INCLUDING THE CONDITION OF THE SOIL OR THE IMPROVEMENTS), THE ENVIRONMENTAL CONDITION OF THE PROPERTY (INCLUDING THE PRESENCE OR ABSENCE OF HAZARDOUS SUBSTANCES ON OR AFFECTING THE PROPERTY), THE COMPLIANCE OF THE PROPERTY WITH APPLICABLE LAWS AND REGULATIONS (INCLUDING ZONING AND BUILDING CODES OR THE STATUS OF DEVELOPMENT OR USE RIGHTS RESPECTING THE PROPERTY), THE FINANCIAL CONDITION OF THE PROPERTY OR ANY OTHER REPRESENTATION OR WARRANTY RESPECTING ANY INCOME, EXPENSES, CHARGES, LIENS OR ENCUMBRANCES, RIGHTS OR CLAIMS ON, AFFECTING OR PERTAINING TO THE PROPERTY OR ANY PART THEREOF.  PURCHASER ACKNOWLEDGES THAT, DURING THE DUE DILIGENCE PERIOD, PURCHASER WILL EXAMINE, REVIEW AND INSPECT ALL MATTERS WHICH IN PURCHASER’S JUDGMENT BEAR UPON THE PROPERTY AND ITS VALUE AND SUITABILITY FOR PURCHASER’S PURPOSES.  PURCHASER IS A SOPHISTICATED PURCHASER WHO IS FAMILIAR WITH THE OWNERSHIP AND OPERATION OF REAL ESTATE PROJECTS SIMILAR TO THE PROPERTY AND THAT PURCHASER HAS OR WILL HAVE ADEQUATE OPPORTUNITY TO COMPLETE ALL PHYSICAL AND FINANCIAL EXAMINATIONS (INCLUDING ALL OF THE EXAMINATIONS, REVIEWS AND INVESTIGATIONS REFERRED TO IN SECTION 4) RELATING TO THE ACQUISITION OF THE PROPERTY HEREUNDER IT DEEMS NECESSARY, AND WILL ACQUIRE THE SAME SOLELY ON THE BASIS OF AND IN RELIANCE UPON SUCH EXAMINATIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE OWNER’S POLICY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER (OTHER THAN AS EXPRESSLY PROVIDED HEREIN).  EXCEPT AS TO MATTERS SPECIFICALLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT DELIVERED BY SELLER TO PURCHASER AT THE CLOSING:  (A) PURCHASER WILL ACQUIRE THE PROPERTY SOLELY ON THE BASIS OF ITS OWN PHYSICAL AND FINANCIAL EXAMINATIONS, REVIEWS AND INSPECTIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE OWNER’S POLICY, AND (B) WITHOUT LIMITING THE FOREGOING, PURCHASER WAIVES ANY RIGHT IT OTHERWISE MAY HAVE AT LAW OR IN EQUITY, INCLUDING, WITHOUT LIMITATION, THE RIGHT TO SEEK DAMAGES FROM SELLER IN CONNECTION WITH THE ENVIRONMENTAL CONDITION OF THE PROPERTY, INCLUDING ANY RIGHT OF CONTRIBUTION UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND LIABILITY ACT.  THE PROVISIONS OF THIS SECTION 7.1.2 SHALL SURVIVE THE CLOSING.

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7.2    Interim Covenants of Seller.  Until the Closing Date or the sooner termination of this Agreement in accordance with the terms and conditions of this Agreement:
7.2.1    Seller shall maintain the Property in substantially the same manner as prior hereto pursuant to Seller’s normal course of business (such maintenance obligations not including capital expenditures or expenditures not incurred in such normal course of business), subject to reasonable wear and tear and further subject to destruction by casualty or other events beyond the control of Seller.  
7.2.2    Subject to the terms set forth in this Section 7.2.2, Seller may cancel, modify, extend, renew or permit the expiration of contracts or enter into any new service contract with Purchaser’s consent, which consent shall not be unreasonably withheld; provided, however, Purchaser’s consent shall not be required if such contract is cancelable upon not more than thirty (30) days’ notice.  After the expiration of the Due Diligence Period, Seller shall not modify, extend, renew or cancel (except as a result of a default by the other party thereunder) or enter into any additional service contracts or other similar agreements without the prior consent of Purchaser, which consent may be withheld in Purchaser’s sole discretion; provided, however, Purchaser’s consent shall not be required if such contract is cancelable upon not more than thirty (30) days’ notice.  Purchaser’s failure to disapprove any request for consent by Seller under this Section 7.2.2 within five (5) Business Days following Seller’s request therefor shall be deemed to constitute Purchaser’s consent thereto.
7.2.3    
(a)    Seller shall have the right to continue to offer the Property for lease in the same manner as prior hereto pursuant to its normal course of business and shall keep Purchaser informed as to the status of leasing prior to the Closing Date.  Prior to the expiration of the Due Diligence Period, Seller shall be entitled to enter into any new leases, or modifications of existing Leases only with Purchaser’s prior written consent, which consent shall not be unreasonably withheld.  After the expiration of the Due Diligence Period, Seller shall not during the term of this Agreement enter into any new leases or, unless required by the term of existing Leases, modifications of existing Leases without the prior written consent of Purchaser, which consent may be granted or withheld in Purchaser’s sole discretion.  Notwithstanding the foregoing or anything to the contrary set forth in this Agreement, (x) Purchaser’s failure to disapprove any request for consent by Seller under this Section 7.2.3 within five (5) Business Days following Seller’s request therefor shall be deemed to constitute Purchaser’s consent thereto, and (y) Purchaser shall bear all costs and expenses related to any new leases or modifications of existing Leases or service contracts entered into after the date hereof in accordance with the provisions of this Section 7.2.3 (including tenant improvement costs and leasing commissions and other costs and expenses including attorney’s fees, but excluding free rent allocable to any period prior to the Closing Date) and, without limiting the foregoing, the prorations at the Closing shall include an appropriate credit to Seller consistent with the foregoing.
(b)    Notwithstanding anything to the contrary contained in this Agreement: (i) Seller makes no representations and assumes no responsibility with respect to the continued occupancy of the Property or any part thereof by any tenant, (ii) the removal of a tenant whether by summary proceedings or otherwise prior to the Closing Date shall not give rise to any 

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claim on the part of Purchaser and (iii) Purchaser agrees that it shall not be grounds for Purchaser’s refusal to close this transaction that any tenant is a holdover tenant or in default under its Lease on the Closing Date and Purchaser shall accept title subject to such holding over or default without an abatement in or credit against the Purchase Price.
7.2.4    Seller will keep in force and effect with respect to the Property the insurance policies currently carried by Seller or policies providing similar coverage through the Closing Date.
7.2.5    From and after the Effective Date until the earlier of the Closing or termination of this Agreement, Seller shall not enter into any new reciprocal easement agreement or declaration which would be, or modify any existing reciprocal easement agreement or declaration in a manner which would be, in each case, binding on Purchaser and/or the Land following the Closing without Purchaser’s prior written consent, which consent shall not be unreasonably withheld; provided, however, Seller shall have the right to execute and record any utility easements benefiting the Property or serving the tenants or occupants of the Property. 
7.3    Representations, Warranties and Covenants of Purchaser.  Purchaser hereby represents and warrants to Seller that:
7.3.1    This Agreement and all agreements, instruments and documents herein provided to be executed or caused to be executed by Purchaser are, or on the Closing Date will be, duly authorized, executed and delivered by and are binding upon Purchaser.  Purchaser is a limited partnership, duly organized and validly existing and in good standing under the laws of the State of Delaware and is duly authorized and qualified to do all things required of it under this Agreement.  The representations and warranties of Purchaser shall survive the Closing. 
7.3.2    The amounts payable by Purchaser to Seller hereunder are not and were not, directly or indirectly, derived from activities in contravention of federal, state or international laws and regulations (including, without limitation, anti-money laundering laws and regulations).  None of (A) Purchaser, (B) any Person, directly or indirectly, owning ten percent (10%) or more of Purchaser, (C) if Purchaser is a privately-held entity, any Person having a beneficial interest in Purchaser, or (D) any Person for whom Purchaser is acting as agent or nominee in connection with the transaction contemplated by this Agreement, is a country, territory, individual or entity named on any OFAC List or a Person prohibited under the OFAC Programs.
7.3.3    As of the Effective Date, Purchaser satisfies the requirements described in clauses (i)-(iii) of the Qualified Real Estate Investor definition in the Existing Financing Documents and Purchaser believes it satisfies the requirement described in clause (iv) of such definition.  This representation shall not be re-made at Closing and shall not survive the Closing. 
8.    Indemnification and Release.
8.1    Intentionally Deleted.

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8.2    RELEASE.  EFFECTIVE AS OF THE CLOSING, BUT SUBJECT TO SECTION 11.14 HEREOF, PURCHASER SHALL BE DEEMED TO HAVE RELEASED SELLER AND ALL SELLER RELATED PARTIES FROM ALL CLAIMS WHICH PURCHASER OR ANY AGENT, REPRESENTATIVE, AFFILIATE, EMPLOYEE, DIRECTOR, OFFICER, PARTNER, MEMBER, SERVANT, SHAREHOLDER OR OTHER PERSON OR ENTITY ACTING ON PURCHASER’S BEHALF OR OTHERWISE RELATED TO OR AFFILIATED WITH PURCHASER (EACH, A “PURCHASER RELATED PARTY”) HAS OR MAY HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING RELATED TO OR IN CONNECTION WITH THE PROPERTY INCLUDING THE DOCUMENTS AND INFORMATION REFERRED TO HEREIN, THE LEASES AND THE TENANTS THEREUNDER, ANY CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION OF ALL OR ANY PORTION OF THE PROPERTY AND ANY ENVIRONMENTAL CONDITIONS, AND PURCHASER SHALL NOT LOOK TO SELLER OR ANY SELLER RELATED PARTIES IN CONNECTION WITH THE FOREGOING FOR ANY REDRESS OR RELIEF.  THIS RELEASE SHALL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO EACH OF ITS EXPRESSED TERMS AND PROVISIONS, INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION. 
8.3    Survival.  The provisions of this Section 8 shall survive the Closing or earlier termination of this Agreement.
9.    Remedies For Default and Disposition of the Initial Deposit and the Extension Deposit.  
9.1    SELLER DEFAULTS.  IF THE TRANSACTION HEREIN PROVIDED SHALL NOT BE CLOSED BY REASON OF SELLER’S DEFAULT UNDER THIS AGREEMENT, THEN PURCHASER SHALL HAVE, AS ITS EXCLUSIVE REMEDIES (ALL OTHER RIGHTS AND/OR REMEDIES, WHETHER AVAILABLE AT LAW OR IN EQUITY, BEING IRREVOCABLY WAIVED) THE RIGHT TO EITHER (A) TERMINATE THIS AGREEMENT (IN WHICH EVENT THE INITIAL DEPOSIT AND THE EXTENSION DEPOSIT, TO THE EXTENT DEPOSITED WITH ESCROWEE, SHALL BE RETURNED TO PURCHASER, AND, IN THE EVENT SUCH DEFAULT WAS NOT RELATED TO SELLER’S FAILURE TO OBTAIN TENANT ESTOPPEL CERTIFICATES IN ACCORDANCE WITH SECTION 4.3 HEREOF, THEN PURCHASER SHALL ALSO HAVE THE RIGHT TO RECOVER FROM SELLER AN AMOUNT EQUAL TO PURCHASER’S REASONABLE OUT-OF-POCKET COSTS (AS EVIDENCED BY PAID INVOICES) IN CONDUCTING DUE DILIGENCE WITH RESPECT TO THE PROPERTY, IN NEGOTIATING AND ENTERING INTO THIS AGREEMENT AND IN PREPARING FOR THE CLOSING UP TO AN AMOUNT NOT TO EXCEED TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000), AND NEITHER PARTY HERETO SHALL HAVE ANY FURTHER OBLIGATION OR LIABILITY TO THE OTHER EXCEPT WITH RESPECT TO THOSE PROVISIONS OF THIS AGREEMENT WHICH EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT), PURCHASER HEREBY WAIVING ANY RIGHT OR CLAIM TO ANY OTHER DAMAGES FOR SELLER’S BREACH, OR (B) IF SELLER SHALL FAIL TO TRANSFER THE PROPERTY PURSUANT TO AND IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT, SPECIFICALLY 

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ENFORCE SELLER’S OBLIGATION TO TRANSFER THE PROPERTY (IT BEING ACKNOWLEDGED THAT THE REMEDY OF SPECIFIC PERFORMANCE SHALL NOT BE APPLICABLE TO ANY OTHER COVENANT OR AGREEMENT OF SELLER CONTAINED HEREIN); PROVIDED THAT ANY ACTION BY PURCHASER FOR SPECIFIC PERFORMANCE MUST BE FILED, IF AT ALL, WITHIN THIRTY (30) DAYS OF SELLER’S DEFAULT, AND THE FAILURE TO FILE WITHIN SUCH PERIOD SHALL CONSTITUTE A WAIVER BY PURCHASER OF SUCH RIGHT AND REMEDY.  IF PURCHASER SHALL NOT HAVE FILED AN ACTION FOR SPECIFIC PERFORMANCE WITHIN THE AFOREMENTIONED TIME PERIOD OR SO NOTIFIED SELLER OF ITS ELECTION TO TERMINATE THIS AGREEMENT, PURCHASER’S SOLE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT IN ACCORDANCE WITH CLAUSE (A) ABOVE; PROVIDED, HOWEVER, IF THE REMEDY OF SPECIFIC PERFORMANCE IS NOT AVAILABLE TO PURCHASER DUE TO SELLER CONVEYING AN INTEREST IN THE PROPERTY TO A THIRD PARTY IN VIOLATION OF THIS AGREEMENT, THEN PURCHASER SHALL HAVE THE RIGHT TO RECOVER FROM SELLER AN AMOUNT EQUAL TO PURCHASER’S ACTUAL, BUT NOT CONSEQUENTIAL OR PUNITIVE DAMAGES, WHICH AMOUNT, IN THE AGGREGATE, SHALL NOT EXCEED FIVE MILLION DOLLARS ($5,000,000).
9.2    PURCHASER DEFAULTS.  IN THE EVENT THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT SHALL NOT CLOSE ON ACCOUNT OF PURCHASER’S DEFAULT, THEN THIS AGREEMENT SHALL TERMINATE AND THE RETENTION OF THE DEPOSIT SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, SUBJECT TO THE PROVISIONS OF THIS AGREEMENT THAT EXPRESSLY SURVIVE THE TERMINATION OF THIS AGREEMENT; PROVIDED, HOWEVER, NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED TO LIMIT SELLER’S RIGHTS OR DAMAGES UNDER ANY INDEMNITIES GIVEN BY PURCHASER TO SELLER UNDER THIS AGREEMENT.  IN CONNECTION WITH THE FOREGOING, THE PARTIES RECOGNIZE THAT SELLER WILL INCUR EXPENSE IN CONNECTION WITH THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT AND THAT THE PROPERTY WILL BE REMOVED FROM THE MARKET; FURTHER, THAT IT IS EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN THE EXTENT OF DETRIMENT TO SELLER CAUSED BY THE BREACH BY PURCHASER UNDER THIS AGREEMENT AND THE FAILURE OF THE CONSUMMATION OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT OR THE AMOUNT OF COMPENSATION SELLER SHOULD RECEIVE AS A RESULT OF PURCHASER’S BREACH OR DEFAULT.  
9.3    Disposition of Deposit.  In the event the transaction contemplated by this Agreement shall close, the Deposit shall be applied as a partial payment of the Purchase Price.  
10.    INTENTIONALLY OMITTED
11.    Miscellaneous.
11.1    Brokers.

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11.1.1    Except as provided in Section 11.1.2 below, Seller represents and warrants to Purchaser, and Purchaser represents and warrants to Seller, that no broker or finder has been engaged by it, respectively, in connection with the sale contemplated under this Agreement.  In the event of a claim for broker’s or finder’s fee or commissions in connection with the sale contemplated by this Agreement, then Seller shall indemnify, defend and hold harmless Purchaser from the same if it shall be based upon any statement or agreement alleged to have been made by Seller, and Purchaser shall indemnify, defend and hold harmless Seller from the same if it shall be based upon any statement or agreement alleged to have been made by Purchaser.  
11.1.2    If and only if the sale contemplated hereunder closes, Seller has agreed to pay a brokerage commission to Eastdil Secured, L.L.C. (“Broker”) pursuant to a separate written agreement between Seller and Broker.  Section 11.1.1 hereof is not intended to apply to leasing commissions incurred in accordance with this Agreement.
11.2    Limitation of Liability.
11.2.1    Notwithstanding anything to the contrary contained in this Agreement or any documents executed in connection therewith, if the Closing of the transaction contemplated hereunder shall have occurred, (i) the aggregate liability of Seller arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller under this Agreement (other than Sections 5.4 and 11.1.2 of the Agreement) or any document or certificate executed or delivered in connection therewith shall not exceed One Million Nine Hundred Thousand Dollars ($1,900,000) (the “Liability Ceiling”) and (ii) in no event shall Seller have any liability to Purchaser unless and until the aggregate liability of Seller arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller under this Agreement or any document or certificate executed or delivered in connection therewith shall exceed One Hundred Thousand Dollars ($100,000) (the “Liability Floor”).  If Seller’s aggregate liability to Purchaser shall exceed the Liability Floor, Seller shall be liable for the entire amount thereof up to but not exceeding the Liability Ceiling.  
11.2.2    No shareholder or agent of Seller, nor any Seller Related Parties, shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or pursuant to the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Purchaser and its successors and assigns and, without limitation, all other persons and entities, shall look solely to Seller’s assets for the payment of any claim or for any performance, and Purchaser, on behalf of itself and its successors and assigns, hereby waives any and all such personal liability.
11.3    Exhibits; Entire Agreement; Modification.  All exhibits attached and referred to in this Agreement are hereby incorporated herein as if fully set forth in (and shall be deemed to be a part of ) this Agreement.  This Agreement contains the entire agreement between the parties respecting the matters herein set forth and supersedes any and all prior agreements between the parties hereto respecting such matters.  This Agreement may not be modified or amended except by written agreement signed by both parties.

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11.4    Business Days.  Whenever any action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time (or by a particular date) that ends (or occurs) on a non-Business Day, then such period (or date) shall be extended until the next succeeding Business Day.  As used herein, the term “Business Day” shall be deemed to mean any day, other than a Saturday or Sunday, on which commercial banks in the State of New York or in the State of Ohio are not required or authorized to be closed for business.
11.5    Interpretation.  Section headings shall not be used in construing this Agreement.  Each party acknowledges that such party and its counsel, after negotiation and consultation, have reviewed and revised this Agreement.  As such, the terms of this Agreement shall be fairly construed and the usual rule of construction, to wit, that ambiguities in this Agreement should be resolved against the drafting party, shall not be employed in the interpretation of this Agreement or any amendments, modifications or exhibits hereto or thereto.  Whenever  the words “including”, “include” or “includes” are used in this Agreement, they shall be interpreted in a non-exclusive manner.  Except as otherwise indicated, all Exhibit and Section references in this Agreement shall be deemed to refer to the Exhibits and Sections in this Agreement.
11.6    Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of Ohio.
11.7    Successors and Assigns.  Purchaser may not assign or transfer its rights or obligations under this Agreement (other than to an affiliated entity wholly owned or controlled by Purchaser) without the prior written consent of Seller, which consent may be given or withheld in the sole and absolute discretion of Seller; provided that, in the event of such an assignment or transfer, the transferee shall assume in writing all of the transferor’s obligations hereunder (but Purchaser or any subsequent transferor shall not be released from obligations hereunder). Notwithstanding and without limiting the foregoing, no consent given by Seller to any transfer or assignment of Purchaser’s rights or obligations hereunder shall be deemed to constitute a consent to any other transfer or assignment of Purchaser’s rights or obligations hereunder and no transfer or assignment in violation of the provisions hereof shall be valid or enforceable.  Subject to the foregoing, this Agreement and the terms and provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the parties.
11.8    Notices.  All notices, requests or other communications which may be or are required to be given, served or sent by either party hereto to the other shall be (a) delivered in person or by e-mail in a PDF attachment (with a confirmation copy delivered in person or by overnight delivery contemporaneously therewith), (b) by overnight delivery with any reputable overnight courier service, or (c) by deposit in any post office or mail depository regularly maintained by the United States Postal Office and sent by registered or certified mail, postage paid, return receipt requested, and shall be effective upon receipt (whether refused or accepted) and, in each case, addressed as follows:

30

	
		
	To Seller:
	CLP-SPF Rookwood Commons, LLC
CLP-SPF Rookwood Pavilion, LLC
c/o J.P. Morgan Investment Management Inc.
270 Park Avenue
New York, New York  10017
Attention:   Jeffrey Pisano
Telephone:   (212) 648-0461
Email:   jeffrey.x.pisano@jpmorgan.com

	 
	 

	With a Copy To:
	CLP-SPF Rookwood Commons, LLC
CLP-SPF Rookwood Pavilion, LLC
c/o J.P. Morgan Investment Management Inc.
P.O. Box 5005
New York, NY 10163-5005

	 
	 

	With a Copy To:
	Casto Lifestyle Properties L.P.
c/o Casto
191 W. Nationwide Blvd., Suite 200
Columbus, Ohio 43215
Attention:    Anthony A. Martin
Telephone   (614 226-4359

	 
	 

	With a Copy To:
	Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York  10038-4982
Attention:   Steven Moskowitz, Esq.
Telephone:   (212) 648-5899
Email:   smoskowitz@stroock.com

	 
	 

	To Purchaser:
	c/o Hines Advisors Limited Partnership
2800 Post Oak Boulevard, Suite 4800
Houston, Texas  77056
Attention:   Kevin McMeans
Telephone:   (713) 621-8000
Email:   kevin.mcmeans@hines.com

	 
	 

	With a Copy To:
	Hines Advisors Limited Partnership
2800 Post Oak Boulevard, Suite 4800
Houston, Texas   77056
Attention:   Jason Maxwell, Esq. - General Counsel
Telephone:   (713) 966-7638
Email:   jason.maxwell@hines.com

	 
	 

	With a Copy To:
	Baker Botts L.L.P.
One Shell Plaza
910 Louisiana Street
Houston, Texas  77002
Attention:   Connie Simmons Taylor, Esq.
Telephone:    (713) 229-1234
Email:  connie.simmons.taylor@bakerbotts.com

31

11.9    Third Parties.  Nothing in this Agreement, whether expressed or implied, is intended to confer any rights or remedies under or by reason of this Agreement upon any other person other than the parties hereto and their respective permitted successors and assigns, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party to this Agreement, nor shall any provision give any third parties any right of subrogation or action over or against any party to this Agreement.  This Agreement is not intended to and does not create any third party beneficiary rights whatsoever.
11.10    Legal Costs.  The parties hereto agree that they shall pay directly any and all legal costs which they have incurred on their own behalf in the preparation of this Agreement, all deeds and other agreements pertaining to this transaction, and that such legal costs shall not be part of the closing costs.  In the event a party hereto files any action or suit against another party hereto by reason of any breach of any of the covenants, agreements or provisions contained in this Agreement, then in that event the prevailing party will be entitled to have and recover of and from the other party all reasonable and actual attorneys’ fees and costs resulting therefrom.
11.11    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.  Delivery of this Agreement by facsimile or electronic mail by any party hereto shall represent a valid and binding execution and delivery of this Agreement by such party.
11.12    Effectiveness.  In no event shall any draft of this Agreement create any obligation or liability, it being understood that this Agreement shall be effective and binding only when a counterpart hereof has been executed and delivered by each party hereto.  Seller shall have the right to discontinue negotiations and withdraw any draft of this Agreement at any time prior to the full execution and delivery of this Agreement by each party hereto. Purchaser assumes the risk of all costs and expenses incurred by Purchaser in any negotiations or due diligence investigations undertaken by Purchaser with respect to the Property.
11.13    No Implied Waivers.  No failure or delay of either party in the exercise of any right or remedy given to such party hereunder or the waiver by any party of any condition hereunder for its benefit (unless the time specified in this Agreement for exercise of such right or remedy has expired) shall constitute a waiver of any other or further right or remedy nor shall any single or partial exercise of any right or remedy preclude other or further exercise thereof or any other right or remedy.  No waiver by either party of any breach hereunder or failure or refusal by the other party to comply with its obligations shall be deemed a waiver of any other or subsequent breach, failure or refusal to so comply.
11.14    Discharge of Seller’s Obligations.  Except as otherwise expressly provided in this Agreement, Purchaser’s acceptance of the Deed shall be deemed a discharge of all of the obligations of Seller hereunder and all of Seller’s representations, warranties, covenants and agreements in this Agreement shall merge in the documents and agreements executed at the Closing and shall not survive the Closing, except and to the extent that, pursuant to the express provisions of this Agreement, any of such representations, warranties, covenants or agreements are to survive the Closing.

32

11.15    No Recordation.  Neither this Agreement nor any memorandum thereof shall be recorded and any attempted recordation hereof shall be void and shall constitute a default hereunder.
11.16    Unenforceability.  If all or any portion of any provision of this Agreement shall be held to be invalid, illegal or unenforceable in any respect, then such invalidity, illegality or unenforceability shall not affect any other provision hereof, and such provision shall be limited and construed as if such invalid, illegal or unenforceable provision or portion thereof were not contained herein unless doing so would materially and adversely affect a party or the benefits that such party is entitled to receive under this Agreement.  
11.17    Waiver of Trial by Jury.  SELLER AND PURCHASER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER ARISING IN TORT OR CONTRACT) BROUGHT BY EITHER AGAINST THE OTHER ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT.  
11.18    Disclosure.  Notwithstanding any terms or conditions in this Agreement to the contrary, but subject to restrictions reasonably necessary to comply with federal or state securities laws, any person may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided relating to such tax treatment and tax structure.  For the avoidance of doubt, this authorization is not intended to permit disclosure of the names of, or other identifying information regarding, the participants in the transaction, or of any information or the portion of any materials not relevant to the tax treatment or tax structure of the transaction.  
11.19    Designation of Reporting Person.  In order to assure compliance with the requirements of Section 6045 of the Code and any related reporting requirements of the Code, the parties hereto agree as follows:
(a)    The Escrowee (for purposes of this Section, the “Reporting Person”), by its execution hereof, hereby assumes all responsibilities for information reporting required under Section 6045(e) of the Code.
(b)    Seller and Purchaser each hereby agree:
(i)    to provide to the Reporting Person all information and certifications regarding such party, as reasonably requested by the Reporting Person or otherwise required to be provided by a party to the transaction described herein under Section 6045 of the Code; and
(ii)    to provide to the Reporting Person such party’s taxpayer identification number and a statement (on Internal Revenue Service Form W-9 or an acceptable substitute form, or on any other form the applicable current or future Code sections and regulations might require and/or any form requested by the Reporting Person), signed 

33

under penalties of perjury, stating that the taxpayer identification number supplied by such party to the Reporting Person is correct.
(c)    Each party hereto agrees to retain this Agreement for not less than four years from the end of the calendar year in which Closing occurred, and to produce it to the Internal Revenue Service upon a valid request therefor. 
(d)    The addresses for Seller and Purchaser are as set forth in Section 11.8 hereof, and the real estate subject to the transfer provided for in this Agreement is described in Exhibit A.
11.20    Tax Reduction Proceedings.  If Seller has heretofore filed, or shall hereafter file, applications for the reduction of the assessed valuation of the Property and/or instituted certiorari proceedings to review such assessed valuations for any tax year, Purchaser acknowledges and agrees that Seller shall have sole control of such proceedings, including the right to withdraw, compromise and/or settle the same or cause the same to be brought on for trial and to take, conduct, withdraw and/or settle appeals, and Purchaser hereby consents to such actions as Seller may take therein.  Any refund or the savings or refund for any year or years prior to the tax year in which the Closing herein occurs shall belong solely to Seller.  Any tax savings or refund for the tax year in which the Closing occurs shall be prorated between Seller and Purchaser after deduction of attorneys’ fees and other expenses related to the proceeding and all sums payable to tenants under the Leases.  Purchaser and Seller agree that all sums payable to tenants under the Leases on account of such tax savings or refund shall be promptly paid to such tenants following receipt of such tax savings or refund.  Purchaser shall execute all consents, receipts, instruments and documents which may reasonably be requested in order to facilitate settling such proceeding and collecting the amount of any refund or tax savings.  Purchaser shall assume the retainer of the attorney, if any, representing Seller in any tax proceeding pending for the tax year in which the Closing occurs and the subsequent tax year, if applicable.
11.21    Press Releases.  Any press release or other public disclosure regarding this Agreement or the transaction contemplated hereby shall not be made without Seller’s prior written consent except in accordance with Section 4.2.1(b).
11.22    Cooperation with Purchaser’s Auditors and SEC Filing Requirements.  For a period of one (1) year commencing at the Closing (the “Cooperation Period”), Seller shall provide to Purchaser (at Purchaser’s expense) copies of, or shall provide Purchaser access to, such factual information as may be reasonably requested by Purchaser, and in the possession or control of Seller, or its property manager or accountants, to enable Purchaser’s auditor (Deloitte & Touche LLP or any successor auditor selected by Purchaser) to conduct an audit of the income statements of the Property for the year to date of the year in which the Closing occurs plus up to one (1) additional prior calendar year.  Purchaser shall be responsible for all out-of-pocket costs associated with this audit.  During the Cooperation Period, Seller shall cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such audit.  This provision shall survive Closing for one (1) year. Any materials, income statements or other information provided by Seller in accordance with this paragraph are provided to Purchaser without warranty, representation, or guaranty of any kind whatsoever, including, without limitation, as to the accuracy, truthfulness or completeness thereof. 

34

11.23    Exclusivity.  Seller covenants and agrees that Seller will not solicit offers and will not accept backup offers for the Property or otherwise sell or transfer the Property or commit to sell or transfer the Property to any person other than Purchaser during the term of this Agreement; provided, however, Purchaser acknowledges that Seller has conducted a bid process and Seller shall have the right to provide information in response to inquiries concerning the purchase or sale of the Property.  The terms of this paragraph shall not survive the termination of this Agreement.
11.24    Joint and Several.  Commons Seller and Pavilion Seller shall be jointly and severally liable for the obligations of Seller under this Agreement.  Commons Purchaser and Pavilion Purchaser shall be jointly and severally liable for the obligations of Seller under this Agreement.
11.25    Survival.  Except as expressly provided otherwise herein, the provisions of this Section 11 shall survive the Closing or earlier termination of this Agreement.  
[Remainder of Page Intentionally Left Blank]

35

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
	
								
	SELLER:

	 

	CLP-SPF ROOKWOOD COMMONS, LLC,
a Delaware limited liability company

	 

	By:
	Rookwood Holding Company LLC, a Delaware limited liability company, its sole member

	 
	 

	 
	By:
	Casto Lifestyle Properties, L.P., an Ohio limited partnership, its managing member

	 
	 
	 

	 
	 
	By:
	CLP Management LLC, an Ohio limited liability company, its general partner

	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Don M. Casto, III___________

	 
	 
	 
	 
	Name:
	Don M. Casto, III

	 
	 
	 
	 
	Title:
	Manager

	 

	 
	By:
	Rookwood Acquisition Company LLC, a Delaware limited liability company, its member

	 
	 
	 
	 

	 
	 
	By:
	Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank, N.A., a trust governed by the laws of the State of New York, its sole member

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	JPMorgan Chase Bank, N.A., not individually, but solely in its capacity as trustee

	 
	 
	 
	 
	 

	 
	 
	 
	 
	By:
	/s/ Jeffrey Pisano________

	 
	 
	 
	 
	 
	Name:
	Jeffrey Pisano

	 
	 
	 
	 
	 
	Title:
	Executive Director

	
								
	 

	CLP-SPF ROOKWOOD PAVILION, LLC,
a Delaware limited liability company

	 

	By:
	Rookwood Holding Company LLC, a Delaware limited liability company, its sole member

	 
	 

	 
	By:
	Casto Lifestyle Properties, L.P., an Ohio limited partnership, its managing member

	 
	 
	 

	 
	 
	By:
	CLP Management LLC, an Ohio limited liability company, its general partner

	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Don M. Casto, III___________

	 
	 
	 
	 
	Name:
	Don M. Casto, III

	 
	 
	 
	 
	Title:
	Manager

	 

	 
	By:
	Rookwood Acquisition Company LLC, a Delaware limited liability company, its member

	 
	 
	 
	 

	 
	 
	By:
	Commingled Pension Trust Fund (Strategic Property) of JPMorgan Chase Bank, N.A., a trust governed by the laws of the State of New York, its sole member

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	JPMorgan Chase Bank, N.A., not individually, but solely in its capacity as trustee

	 
	 
	 
	 
	 

	 
	 
	 
	 
	By:
	/s/ Jeffrey Pisano________

	 
	 
	 
	 
	 
	Name:
	Jeffrey Pisano

	 
	 
	 
	 
	 
	Title:
	Executive Director

2

	
	
	PURCHASER:

	 

	HGREIT II EDMONSON ROAD LLC, a Delaware limited liability company
   
By:    /s/ David Steinbach_____________ 
   Name: 
   Title:

HGREIT II MADISON ROAD LLC, a Delaware limited liability company
   
By:    /s/ David Steinbach_____________ 
   Name: 
   Title:

3

WITH RESPECT TO SECTION 11.19 ONLY:

FIRST AMERICAN TITLE INSURANCE COMPANY

By: /s/ Elvira Fuentes____________
      Name: Elvira Fuentes
      Title: VP/Escrow Manager
	
		
	 
	 

EXHIBIT A-1 

(COMMONS LAND)
PARCEL I: 
 
SITUATED IN SECTION 33, TOWN 4, FRACTIONAL RANGE 2 OF THE MIAMI PURCHASE, COLUMBIA TOWNSHIP, CITY OF NORWOOD, HAMILTON COUNTY, OHIO AND BEING PART OF A 27.3979 ACRE PARCEL SHOWN IN P.B. 347, PAGE 46 OF THE HAMILTON COUNTY RECORDER'S OFFICE AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE NORTHEAST CORNER OF SAID SECTION 33; THENCE WITH THE CENTERLINE OF EDWARDS ROAD, THE SAME BEING IN THE EAST CORPORATION LINE OF THE CITY OF NORWOOD, SOUTH 01° 38' 22" WEST, 1,615 FEET (HIGHWAY) TO THE INTERSECTION OF THE ORIGINAL CENTERLINE OF EDWARDS ROAD (ORIGINAL 60' R/W) WITH THE EASTWARD PROJECTION OF THE NORTH LINE OF ARBOR PLACE (50' R/W VACATED P.B. 363, PG. 95); THENCE WITH THE NORTH LINE OF VACATED ARBOR PLACE AND EASTWARD PROJECTION THEREOF, NORTH 88° 21' 38" WEST, 282.27 FEET TO A SET MAG-NAIL; THENCE CONTINUING WITH THE NORTH LINE OF VACATED ARBOR PLACE, NORTH 70° 16' 38" WEST, 281.24 FEET TO A SET 5/8" IRON PIN AND THE TRUE POINT OF BEGINNING;

THENCE FROM THE TRUE POINT OF BEGINNING AND CONTINUING WITH THE NORTH LINE OF SAID VACATED RIGHT-OF-WAY, NORTH 70° 16' 38" WEST, 375.81 FEET TO A FOUND 1" IRON PIN AT THE WEST TERMINUS OF VACATED ARBOR PLACE;

THENCE WITH THE WEST LINE OF VACATED ARBOR PLACE, SOUTH 19° 43' 22" WEST, 50.00 FEET TO A SET MAG NAIL AT THE SOUTHWEST CORNER OF VACATED ARBOR PLACE;

THENCE WITH THE SOUTH LINE OF VACATED ARBOR PLACE, SOUTH 70° 16' 38" EAST, 227.39 FEET TO A SET MAG-NAIL;

THENCE WITH THE NORTHWEST LINE OF ROOKWOOD PAVILION LIMITED PARTNERSHIP (O.R. 6113, PG. 1171), SOUTH 46° 49' 37" WEST, 338.47 FEET;

THENCE CONTINUING WITH THE WEST LINE OF ROOKWOOD PAVILION LIMITED PARTNERSHIP, SOUTH 01° 33' 22" WEST, 907.29 FEET TO A FOUND STONE MONUMENT WITH CROSS NOTCH IN THE NORTH LINE OF THE NORFOLK AND WESTERN RAILROAD;

THENCE WITH THE NORTH LINE OF SAID RAILROAD, NORTH 88° 43' 06" WEST, 510.38 FEET TO A SET 5/8" IRON PIN;

A-1-1

THENCE SOUTH 01° 39' 00" WEST, 0.24 FEET;

THENCE CONTINUING WITH THE NORTH LINE OF THE ABOVE MENTIONED RAILROAD, NORTH 88° 38' 00" WEST, 161.00 FEET TO A SET 5/8" IRON PIN;
THENCE NORTH 37° 56' 00" WEST, 92.00 FEET TO A SET 5/8" IRON PIN;

THENCE NORTH 75° 05' 00" WEST, 64.06 FEET TO A SET 5/8" IRON PIN;

THENCE SOUTH 84° 53' 00" WEST, 88.50 FEET TO A FOUND 5/8" IRON PIN (BENT);

THENCE SOUTH 63° 10' 00" WEST, 38.84 FEET TO A SET 5/8" IRON PIN;

THENCE LEAVING SAID RAILROAD AND WITH THE EAST LINE OF GROVE PARK SECOND SUBDIVISION (P.B. 37, PG. 66), NORTH 10° 46' 00" EAST, PASSING A FOUND 5/8" IRON PIN AT 328.84 FEET, A TOTAL DISTANCE OF 418.52 FEET TO A SET 5/8" IRON PIN;

THENCE NORTH 18° 58' 00" EAST, 315.76 FEET TO A SET 5/8" IRON PIN;

THENCE SOUTH 88° 38' 00" EAST, 0.34 FEET;

THENCE NORTH 18° 58' 00" EAST, 76.08 FEET TO A FOUND 5/8" IRON PIN (LS#7066);

THENCE NORTH 03° 17' 00" EAST, 127.56 FEET TO A FOUND 5/8" IRON PIN (WOOLPERT);

THENCE WITH THE SOUTH LINE OF PROPERTY CONVEYED TO THE STATE OF OHIO (D.B. 3357, PG 604), SOUTH 88° 38' 00" EAST, 43.02 FEET TO A FOUND PK NAIL;

THENCE WITH THE EAST LINE OF THE STATE OF OHIO PROPERTY, NORTH 03° 17' 00" EAST, 174.92 FEET TO A SET MAG-NAIL IN THE SOUTH LIMITED ACCESS RIGHT-OF-WAY OF I-71;

THENCE WITH SAID LIMITED ACCESS RIGHT-OF-WAY, NORTH 62° 13' 07" EAST, 73.35 FEET TO A SET 5/8" IRON PIN;

THENCE NORTH 57° 53' 58" EAST, 202.26 FEET TO A SET 5/8" IRON PIN;

THENCE NORTH 48° 57' 11" EAST, 98.43 FEET TO A SET 5/8" IRON PIN;

THENCE NORTH 22° 57' 12" WEST, 30.00 FEET TO A SET 5/8" IRON PIN;

THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 1,517.89 FEET, AN ARC LENGTH OF 174.05 FEET, A CHORD BEARING NORTH 70° 19' 54" EAST, AND A CHORD DISTANCE OF 173.96 FEET TO A SET 5/8" IRON PIN;

THENCE SOUTH 78° 52' 17" EAST, 140.71 FEET TO A SET 5/8" IRON PIN;

Ex. A-1-2

THENCE NORTH 71° 24' 51" EAST, 130.10 FEET TO A SET 5/8" IRON PIN;

THENCE NORTH 35°  18' 26" EAST, 69.27 FEET TO A SET 5/8" IRON PIN;

THENCE LEAVING SAID LIMITED ACCESS RIGHT-OF-WAY, SOUTH 79° 43' 12" EAST, 27.82 FEET TO A SET 5/8" IRON PIN IN THE SOUTH RIGHT-OF-WAY OF EDMONDSON ROAD;

THENCE WITH THE SOUTH RIGHT-OF-WAY OF EDMONDSON ROAD, SOUTH 64° 38' 38" EAST, 200.47 FEET TO A SET 5/8" IRON PIN;

THENCE WITH THE SOUTH RIGHT-OF-WAY OF EDMONDSON ROAD, (AS DEDICATED IN PLAT BOOK 373, PG 51), SOUTH 53° 28' 47" EAST, 56.10 FEET' TO A SET' 5/8" IRON PIN;

THENCE SOUTH 65° 47' 11" EAST, 44.05 FEET TO A SET 5/8" IRON PIN;

THENCE ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 41.00 FEET, AN ARC LENGTH OF 45.75 FEET, A CHORD BEARING SOUTH 31° 27' 06" EAST, AND A CHORD DISTANCE OF 43.41 FEET TO A SET 5/8" IRON PIN;

THENCE SOUTH 67° 59' 53" EAST, 65.11 FEET TO A SET 5/8" IRON PIN IN THE WEST LINE OF ROOKWOOD TOWERS, LLC (O.R. 8058, PG. 2095);

THENCE WITH THE WEST LINE OF ROOKWOOD TOWERS, LLC, SOUTH 19° 43' 22" WEST, 196.98 FEET TO THE TRUE POINT OF BEGINNING.

PARCEL II:

SITUATED IN SECTION 33, TOWN 4, FRACTIONAL RANGE 2, OF THE MIAMI PURCHASE, COLUMBIA TOWNSHIP, CITY OF NORWOOD, HAMILTON COUNTY, OHIO AND BEING PART OF VACATED ARBOR PLACE AS SHOWN IN P.B. 363, PAGE 95 AND RECORDED IN OFFICIAL RECORD 8712, PAGE 3441 OF THE HAMILTON
COUNTY RECORDER'S OFFICE AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE NORTHEAST CORNER OF SAID SECTION 33; THENCE WITH THE CENTERLINE OF EDWARDS ROAD, THE SAME BEING IN THE EAST CORPORATION LINE OF THE CITY OF NORWOOD, SOUTH 01° 38' 22" WEST, APPROXIMATELY 1,615 FEET TO THE INTERSECTION OF THE ORIGINAL CENTERLINE OF EDWARDS ROAD (ORIGINAL 60' R/W) WITH THE EASTWARD PROJECTION OF THE NORTH RIGHT-OF-WAY OF VACATED ARBOR PLACE (50' R/W); THENCE WITH THE NORTH RIGHT-OF-WAY LINE OF VACATED ARBOR PLACE AND THE SOUTH LINE OF ROOKWOOD TOWER, LLC (O.R. 8085, PG 2095), NORTH 88° 21' 38" WEST, 282.27 FEET TO A SET MAG-NAIL; THENCE NORTH 70° 16' 38" WEST, 281.24 FEET TO A SET MAG-NAIL AND THE TRUE POINT OF BEGINNING:

Ex. A-1-3

THENCE FROM THE TRUE POINT OF BEGINNING AND THROUGH VACATED ARBOR PLACE, SOUTH 19° 43' 22" WEST, 50.00 FEET TO A SET MAG-NAIL IN THE SOUTH LINE OF VACATED ARBOR PLACE;

THENCE WITH THE SOUTH LINE OF VACATED ARBOR PLACE AND THE NORTH LINE OF ROOKWOOD PAVILION LIMITED PARTNERSHIP (O.R. 6113, PG. 1171) AND ALSO ROOKWOOD COMMONS, LLC (O.R. 8065, PAGE 2445), NORTH 70° 16' 38" WEST, 375.81 FEET TO A SET MAG-NAIL AT THE SOUTHWEST CORNER OF VACATED ARBOR PLACE;

THENCE WITH THE WESTERN TERMINUS OF VACATED ARBOR PLACE, NORTH 19° 43' 22" EAST, 50.00 FEET;

THENCE WITH THE NORTH LINE OF VACATED ARBOR PLACE AND THE SOUTH LINE OF SAID ROOKWOOD COMMONS, LLC, SOUTH 70° 16' 38" EAST, 375.81 FEET TO THE TRUE POINT OF BEGINNING.

PARCEL III:

SITUATED IN SECTION 33, TOWN 4, FRACTIONAL RANGE 2 OF THE MIAMI PURCHASE, COLUMBIA TOWNSHIP, CITY OF NORWOOD, HAMILTON COUNTY, OHIO, AND BEING PART OF EDMONDSON ROAD AS SHOWN ON P.B. 23, PAGE 20 OF THE HAMILTON COUNTY RECORDER'S OFFICE AND MORE PARTICULARLY
DESCRIBED AS FOLLOWS:

BEGIN AT THE NORTHEAST CORNER OF SAID SECTION 33; THENCE WITH THE CENTERLINE OF EDWARDS ROAD, THE SAME BEING IN THE EAST CORPORATION LINE OF THE CITY OF NORWOOD, SOUTH 01° 38' 22" WEST, APPROXIMATELY 1,615 FEET TO THE INTERSECTION OF THE ORIGINAL CENTERLINE OF EDWARDS ROAD (ORIGINAL 60' R/W) WITH THE EASTWARD PROJECTION OF THE NORTH LINE OF ARBOR PLACE (VACATED BY ORD. #56-2001); THENCE WITH THE NORTH LINE OF VACATED ARBOR PLACE AND EASTWARD PROJECTION THEREOF, NORTH 88° 21' 38" WEST, 282.27 FEET; THENCE CONTINUING WITH THE NORTH LINE OF VACATED ARBOR PLACE, NORTH 70° 16' 38" WEST, 281.24 FEET; THENCE LEAVING SAID NORTH LINE AND WITH THE EAST LINE OF ROOKWOOD COMMONS, LLC (O.R. 8065, PAGE 2445), NORTH 19° 43' 22" EAST, 196.98 FEET; THENCE WITH THE EXISTING SOUTH RIGHT-OF-WAY OF EDMONDSON ROAD, NORTH 67° 59' 53" WEST, 65.11 FEET; THENCE ALONG A CURVE TO THE LEFT HAVING A RADIUS OF 41.00 FEET, AN ARC LENGTH OF 45.75 FEET, A CHORD BEARING NORTH 31° 27' 06" WEST, AND A CHORD LENGTH OF 43.41 FEET; THENCE NORTH 65° 47' 11" WEST, 44.05 FEET; THENCE NORTH 53° 28' 47" WEST, 56.10 FEET TO A SET 5/8" IRON PIN IN THE EXISTING SOUTH RIGHT-OF-WAY OF EDMONDSON ROAD AND THE TRUE POINT OF BEGINNING;

Ex. A-1-4

THENCE FROM THE TRUE POINT OF BEGINNING AND WITH THE EXISTING SOUTH RIGHT-OF-WAY OF EDMONDSON ROAD, NORTH 64° 38' 38" WEST, 200.47 FEET TO A SET 5/8" IRON PIN;

THENCE WITH THE NORTH LINE OF LOT 1 OF LEBLOND'S SUBDIVISION (P.B. 23, PAGE 20), NORTH 79° 43' 12" WEST, 27.82 FEET TO A SET 5/8" IRON PIN IN THE EAST LIMITED ACCESS RIGHT-OF-WAY OF I-71;

THENCE WITH SAID LIMITED ACCESS RIGHT-OF-WAY, NORTH 37° 33' 47" EAST, 7.37 FEET;

THENCE NORTH 42° 10' 05" EAST, 34.62 FEET;

THENCE LEAVING SAID LIMITED ACCESS RIGHT-OF-WAY AND THROUGH EDMONDSON ROAD, SOUTH 60° 38' 08" EAST, 89.65 FEET;

THENCE SOUTH 52° 38' 51" EAST, 129.15 FEET TO THE TRUE POINT OF BEGINNING.

PARCEL IV:

NON-EXCLUSIVE EASEMENT FOR UTILITY-TAP-IN AND ROOF DRAIN COLLECTOR PURPOSES AS SET FORTH IN OFFICIAL RECORD 8469, PAGE 166, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL V:

NON-EXCLUSIVE EASEMENTS AS FILED IN OFFICIAL RECORD 9109, PAGE 3806, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL VI:

NON-EXCLUSIVE EASEMENT FOR PARKING PURPOSES AS SET FORTH IN OFFICIAL RECORD 9956, PAGE 1999, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL VII:

NON-EXCLUSIVE EASEMENTS AS SET FORTH IN MEMORANDUM OF GROUND LEASE TERMINATION AND RE-AFFIRMATION OF EASEMENT AGREEMENT FILED IN OFFICIAL RECORD 9397, PAGE 6169, AND AS AMENDED BY AMENDED AND RESTATED MEMORANDUM OF GROUND LEASE TERMINATION AND RE-AFFIRMATION OF EASEMENT AGREEMENT, DATED N/A, AND FILED IN OFFICIAL RECORD 1265, PAGE 1445, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT 

Ex. A-1-5

SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL VIII:

NON-EXCLUSIVE EASEMENT FOR SIGN PURPOSES AS CREATED IN EASEMENT AGREEMENT BY AND BETWEEN ROOKWOOD PAVILION LIMITED PARTNERSHIP AND BBH GROUP, DATED MARCH 27, 1997, FILED FOR RECORD MAY 20, 1997 AND RECORDED IN OFFICIAL RECORD 7352, PAGE 852, RECORDER'S OFFICE,
HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL IX:

NON-EXCLUSIVE EASEMENT FOR WATERLINE IDENTIFIED AS EASEMENT NO. 2 GRANTED IN VACATION AND WATER EASEMENT AGREEMENT BY AND BETWEEN THE CITY OF NORWOOD, ROOKWOOD TOWERS, LLC, ROOKWOOD COMMONS, LLC AND ROOKWOOD PAVILION LIMITED PARTNERSHIP, DATED OCTOBER 19, 2000, FILED FOR RECORD JANUARY 18, 2001 AND RECORDED IN OFFICIAL RECORD 8469, PAGE 149, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL X:

NON-EXCLUSIVE EASEMENT FOR ACCESS OVER VACATED AND REALIGNED ARBOR PLACE AS SET FORTH IN VACATING ORDINANCE N0.56-2001 FILED OCTOBER 10, 2001 IN OFFICIAL RECORD 9712, PAGE 3441, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

Ex. A-1-6

EXHIBIT A-2 

(PAVILION LAND)

ALL THAT CERTAIN LOT, PIECE OR PARCEL OF LAND, WITH THE BUILDINGS AND IMPROVEMENTS THEREON ERECTED, SITUATE, LYING AND BEING IN THE CITY OF CINCINNATI, COUNTY OF HAMILTON, STATE OF OHIO.

PARCEL I:

SITUATED IN SECTION 33, TOWN 4, FRACTIONAL RANGE 2, OF THE MIAMI PURCHASE, COLUMBIA TOWNSHIP, CITY OF NORWOOD, HAMILTON COUNTY, OHIO AND BEING PART OF A 21.5596 ACRE TRACT SHOWN ON PLAT BOOK 230, PAGE 95 OF THE HAMILTON COUNTY RECORDER'S OFFICE AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGIN AT THE CENTERLINE INTERSECTION OF EDMONDSON ROAD AND EDWARDS ROAD; THENCE WITH THE CENTERLINE OF EDWARDS ROAD, SOUTH 02 DEG. 26' 35" WEST, 32.08 FEET TO A FOUND MONUMENT BOX; THENCE SOUTH 01 DEG. 38' 36" WEST, 152.29 FEET TO THE INTERSECTION OF THE CENTERLINE OF EDWARDS ROAD WITH THE EASTWARD PROJECTION OF THE SOUTH RIGHT-OF-WAY LINE OF VACATED ARBOR PLACE (ORDINANCE NO. 56-2001); THENCE WITH THE SOUTH RIGHT-OF-WAY OF VACATED ARBOR PLACE AND EASTWARD PROJECTION THEREOF, NORTH 88 DEG. 21' 38" WEST, 65.00 FEET TO A SET 5/8-INCH IRON PIN AND THE TRUE POINT OF BEGINNING;

THENCE FROM THE TRUE POINT OF BEGINNING AND ALONG A CURVE TO THE RIGHT HAVING A RADIUS OF 20.00 FEET, AN ARC LENGTH OF 31.42 FEET, A CHORD BEARING SOUTH 43 DEG. 21' 31" EAST, AND A CHORD LENGTH OF 28.29 FEET TO A SET 5/8-INCH IRON PIN;

THENCE WITH THE WEST RIGHT-OF-WAY LINE OF EDWARDS ROAD, SOUTH 01 DEG. 38' 36" WEST, 430.71 FEET;

THENCE SOUTH 00 DEG. 05' 45" WEST, 133.02 FEET TO A SET 5/8-INCH IRON PIN;

THENCE LEAVING SAID RIGHT-OF-WAY LINE AND WITH THE NORTHWEST LINE OF MADISON AND EDWARDS LIMITED PARTNERSHIP (O.R. 5259, PAGE 414), SOUTH 50 DEG. 56' 43" WEST, 287.41 FEET TO THE NORTHWEST CORNER THEREOF;

THENCE WITH THE SOUTHWEST LINE OF SAID MADISON AND EDWARDS LIMITED PARTNERSHIP, SOUTH 40 DEG. 18' 22" EAST, 153.00 FEET TO A FOUND 1/2-INCH IRON PIN (ZANDE) IN THE NORTHWEST RIGHT-OF-WAY LINE OF MADISON ROAD;

THENCE WITH THE NORTHWEST RIGHT-OF WAY LINE OF MADISON ROAD, SOUTH 49 DEG. 54' 22" WEST, 110 FEET TO A SET 5/8-INCH IRON PIN;

A-2-1

THENCE LEAVING SAID RIGHT-OF-WAY LINE AND WITH THE NORTHEAST LINE OF MADISON AND EDWARDS LIMITED PARTNERSHIP (O.R. 6096, PAGE 328), NORTH 40 DE G. 18' 22" WEST, 34.23 FEET TO A SET 5/8-INCH IRON PIN;

THENCE NORTH 71 DEG. 14' 21" WEST, 71.72 FEET TO A SET MAG-NAIL;

THENCE WITH THE NORTHWEST LINE OF SAID MADISON AND EDWARDS LIMITED PARTNERSHIP, SOUTH 49 DEG. 54' 22" WEST, 72.04 FEET TO A SET MAG-NAIL;
 
THENCE NORTH 88 DEG. 40' 38" WEST, 36.00 FEET TO A SET MAG-NAIL;

THENCE SOUTH 01 DEG. 19' 22" WEST, 43.60 FEET TO A SET 5/8-INCH IRON PIN AT THE SOUTHWEST CORNER OF SAID MADISON AND EDWARDS LIMITED PARTNERSHIP;

THENCE WITH THE NORTH LINE OF THE NORFOLK AND WESTERN RAILROAD, NORTH 88 DEG. 40' 38" WEST, 525.14 FEET TO A FOUND STONE MONUMENT AT THE SOUTHWEST CORNER OF THE 21.5596 ACRE TRACT;

THENCE WITH THE EAST LINE OF ROOKWOOD COMMONS, LLC (O.R. 8065, PAGE 2445), NORTH 01 DEG. 33' 22" EAST, 907.29 FEET (SET WITNESS NOTCH, SOUTH 65 DEG. 58' 59" EAST, 5.00 FEET);

THENCE WITH THE SOUTHEAST LINE OF ROOKWOOD COMMONS, LLC (O.R. 8164, PAGE 2365), NORTH 46 DEG. 49' 37" EAST, 338.47 FEET TO A SET MAG-NAIL;

THENCE WITH THE SOUTH LINE OF SAID ROOKWOOD COMMONS, LLC, THE SAME BEING THE SOUTH RIGHT-OF-WAY LINE OF VACATED ARBOR PLACE, SOUTH 70 DEG. 16' 38" EAST, 437.95 FEET TO A SET NOTCH;

THENCE SOUTH 88 DEG. 21' 38" EAST, 221.90 FEET TO THE TRUE POINT OF BEGINNING.

PARCEL II:

NON-EXCLUSIVE EASEMENT FOR INGRESS AND EGRESS AS SET FORTH IN AN EASEMENT AGREEMENT DATED MARCH 12, 1993, FILED FOR RECORD JUNE 16,  1993, OF RECORD IN OFFICIAL RECORD 6191, PAGE 1656, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL III:

NON-EXCLUSIVE EASEMENTS FOR INGRESS AND EGRESS AND PARKING AS SET FORTH IN THE MEMORANDUM OF GROUND LEASE TERMINATION AND RE-AFFIRMATION OF EASEMENT AGREEMENT, DATED SEPTEMBER 9, 2003, FILED FOR 

Ex. A-2-2

RECORD SEPTEMBER 9, 2003, OF RECORD IN OFFICIAL RECORD 9397, PAGE 6169, AND AS AMENDED BY AMENDED AND RESTATED MEMORANDUM OF GROUND LEASE TERMINATION AND RE-AFFIRMATION OF EASEMENT AGREEMENT, DATED N/A, AND FILED IN OFFICIAL RECORD 1265, PAGE 1445, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL IV:

NON-EXCLUSIVE EASEMENT FOR WATERLINE IDENTIFIED AS EASEMENT NO. 2 GRANTED IN VACATION AND WATER EASEMENT AGREEMENT BY AND BETWEEN THE CITY OF NORWOOD, ROOKWOOD TOWERS, LLC, ROOKWOOD COMMONS, LLC AND ROOKWOOD PAVILION LIMITED PARTNERSHIP, DATED OCTOBER 19, 2000, FILED FOR RECORD JANUARY 18, 2001 AND RECORDED IN OFFICIAL RECORD 8469,
PAGE 149, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL V:

NON-EXCLUSIVE EASEMENT FOR SANITARY SEWER IDENTIFIED AS EASEMENT NO. 1 GRANTED IN SANITARY SEWER EASEMENT AGREEMENT BY AND BETWEEN THE CITY OF NORWOOD, ROOKWOOD TOWERS, LLC, ROOKWOOD COMMONS, LLC AND ROOKWOOD PAVILION LIMITED PARTNERSHIP, DATED OCTOBER 19, 2000, FILED FOR RECORD JANUARY 18, 2001 AND RECORDED IN OFFICIAL RECORD 8469,
PAGE 183, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL VI:

NON-EXCLUSIVE EASEMENT FOR FIRE LINE PURPOSES AS GRANTED IN EASEMENT AGREEMENT BY AND BETWEEN ROOKWOOD COMMONS LLC AND ROOKWOOD PAVILION LIMITED PARTNERSHIP, FILED FOR RECORD DECEMBER 13, 2002 AND RECORDED IN OFFICIAL RECORD 9109, PAGE 3806, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

PARCEL VII:

NON-EXCLUSIVE EASEMENT FOR ACCESS OVER VACATED AND REALIGNED ARBOR PLACE AS SET FORTH IN VACATING ORDINANCE NO. 56-2001 FILED OCTOBER 10, 2001 IN OFFICIAL RECORD 8712, PAGE 3441, RECORDER'S OFFICE, HAMILTON COUNTY, OHIO, BUT SUBJECT TO ITS TERMS AND CONDITIONS AND THE RIGHTS OF OTHERS TO USE SAME.

Ex. A-2-3

EXHIBIT B

(Permitted Exceptions)
1.    Taxes and assessments, if any, for year 2016 and subsequent years which are a lien, but are not yet due and payable.
2.    Tax additions or abatements, if any, which may hereafter be made by legally constituted authorities.
3.    Rights of others, if any, in, over and to those portions of the Land which lie within the public right-of-way of Edwards Road, Edmonson Road and Madison Road.
4.    Rights or claims of tenants in possession pursuant to unrecorded lease agreements.
[additional items as set forth in pro-forma title insurance policies to be determined]

B-1

EXHIBIT C

(Required Tenants)

	
				
	Tenant
	Suite
	Property
	Size

	Stein Mart
	70
	Pavilion
	36,000 s.f.

	Nordstrom Rack
	40
	Pavilion
	35,000 s.f.

	HomeGoods
	85
	Pavilion
	35,000 s.f.

	Bed Bath & Beyond
	230
	Commons
	33,375 s.f.

	T.J.Maxx
	80
	Pavilion
	30,000 s.f.

	Whole Foods Market
	165
	Commons
	27,000 s.f.

	Joseph-Beth Booksellers
	160
	Pavilion
	24,480 s.f.

	DSW Designer Shoe Warehouse
	185
	Commons
	23,026 s.f.

	REI
	40
	Commons
	21,753 s.f.

	Old Navy
	170
	Commons
	16,515 s.f.

	Gap
	80
	Commons
	14,846 s.f.

	Nike Factory Store
	35
	Pavilion
	12,851 s.f.

C-1

EXHIBIT D

TENANT’S ESTOPPEL CERTIFICATE
The undersigned (“Tenant”) hereby certifies to __________________________________ (“Landlord”) and to any prospective purchaser and such prospective purchaser’s lender as follows, with the understanding that Landlord, and such prospective purchaser and prospective purchaser’s lender, are relying on such certification in connection with the proposed sale of _________________________________________________ (the “Building”).
(1)    Tenant is the tenant under that certain lease (as amended from time to time, the “Lease”) dated ________________, between Landlord, as landlord, and Tenant, as tenant, covering ________ square feet of net rentable area in the Building.
(2)    The lease has not been amended except as follows: _______________________.
(3)    The Lease is in full force and effect and to the best of Tenant’s knowledge and belief, neither Landlord nor the Tenant is in default in any respect under the Lease.  Except for the Lease, there are no agreements or other arrangements between Tenant and Landlord in respect of the Leased Premises or the Building except as follows ____________.
(4)    The Lease commenced on _______________ and will expire on ______________ unless sooner terminated as provided in the Lease.
(5)    [Tenant is in possession of the premises leased to it (the “Leased Premises”) and to the best of Tenant’s knowledge and belief, Landlord has complied fully and completely with all of its covenants, warranties and other undertakings and obligations under the Lease as of this date (including, without limitation, construction of all tenant or Building improvements), and that Tenant is fully obligated to pay, and is paying, the rent and other charges due thereunder, and is fully obligated to perform, and is performing, all of the other obligations of Tenant under the Lease without right of counterclaim, offset, defense or otherwise.]  [To be modified to reflect status of each applicable tenancy].
(6)    The amount of the annual base rental under the Lease is $__________.  Tenant is presently making monthly payments (which may include estimates) of $___________ for common area maintenance charges, taxes, insurance and any other additional rent obligations (including percentage rent) under the Lease, using the terms defined in the Lease for such items.  Tenant has not made any prepayment of rent under the Lease more than one month in advance.  All rentals, whether base or additional, and all other sums payable by Tenant under the Lease or any amendment thereto, have been paid through ________________.  A security deposit in the amount of $___________ was paid upon commencement of the Lease.  
(7)    Tenant’s current use of the Leased Premises (which is expressly permitted by the terms of the Lease) is for ________________________________________________.

D-1

(8)    As of the date hereof, Tenant has no outstanding offsets or credits against, or deductions from, or “free rent” period entitlements with respect to its future rent obligations, except as set forth below:
                                        
(9)    Tenant has no option or right of first refusal to purchase any of the Leased Premises.
(10)    Tenant is solvent and free from bankruptcy and other reorganization proceedings and assignments for the benefit of creditors.
(11)    Tenant has not sublet or assigned any portion of the Leased Premises except as follows _____________.
(12)    This letter shall inure to the benefit of Landlord, its successors and assigns, any purchaser of the Building and their lender (and its successors and assigns), and shall be binding upon Tenant and Tenant’s heirs, legal representatives, successors and assigns.  This letter shall not be deemed to alter or modify any of the terms and conditions of the Lease.
EXECUTED this ___ day of _____________, 20__.

	
		
	 
	 

	 
	Name:

	 
	Address:

D-2

EXHIBIT E

SELLER’S ESTOPPEL CERTIFICATE
This Seller’s Estoppel Certificate is executed and delivered as of the ___ day of ___________, 20__ pursuant to, and is subject to the terms and provisions of that certain Contract of Sale (the “Contract”) dated ________ between [______________________________] (“Seller”) and [________________________________] (“Purchaser”).  All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Contact.
In connection with the sale of the Property to Purchaser, ___________________ (“Tenant”) has failed to sign and return a Tenant Estoppel Certificate pertaining to the lease (the “Lease”) dated as of __________________________, by and between Seller, as landlord, and Tenant, as tenant, which Lease encumbers a portion of the Property.  Seller, therefore, represents and warrants to Purchaser the following with respect to the Lease:
		
	1.
	To Seller’s actual knowledge, attached hereto and made a part hereof as Exhibit A is a true and correct copy of the Lease and all amendments and modifications thereto.  To Seller’s actual knowledge, the documents described on Exhibit A attached hereto and made a part hereof represent the entire agreement between the parties as to the Property.

		
	2.
	To Seller’s actual knowledge, the Lease commenced on ____________________.

		
	3.
	The current monthly amount of base rent due under the Lease is $_____________, and the current monthly payments for common area maintenance charges, taxes, insurance and any other additional rent obligations (including percentage rent) under the Lease, using the terms defined in the Lease for such items is $___________, which may include estimates.    All rent has been paid in full through the month of ______, 20___.

		
	4.
	To Seller’s actual knowledge, all tenant improvements and other such construction work required to be performed by Landlord pursuant to the Lease has been completed[.] [, except as follows __________].  

		
	5.
	To Seller’s actual knowledge, Tenant has no outstanding offsets or credits against, or deductions from, or “free rent” period entitlements with respect to its future rent obligations, except as set forth below:

References made hereunder to “Seller’s actual knowledge” shall refer only to the current actual (as opposed to constructive) knowledge of Jeffrey Pisano and Jason Freeman, and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any parent, subsidiary or affiliate of Seller or to any other officer, agent, manager, representative or employee of Seller or to impose upon Jeffrey Pisano or Jason Freeman any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains.

E-1

The undersigned acknowledges that this Seller’s Estoppel Certificate is being delivered to Purchaser, and that said Purchaser will be relying upon the statements contained herein in purchasing the Property from Seller.  Notwithstanding the foregoing, this Seller’s Estoppel Certificate shall be of no force or effect and Seller shall be relieved from any liability hereunder upon the sooner to occur of (a) ninety (90) days following the Closing Date and (b) the date of delivery to Purchaser of a Tenant Estoppel Certificate executed by Tenant.
IN WITNESS WHEREOF, Seller has caused this Seller’s Estoppel Certificate to be duly executed as of the __ day of _____________, 20__.
	
	
	SELLER:

	[___________________________________] 
a [________________________]

	 

	By:                  
   Name:  
   Title:

E-2

EXHIBIT F

(Deed)

LIMITED WARRANTY DEED

____________________, a Delaware limited liability (the “Grantor”), in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby GRANTS, BARGAINS, SELLS and CONVEYS, with limited warranty covenants, to _______________________, a ________________________, whose tax mailing address is ___________________________________________________, its successors and assigns forever (the “Grantee”), all of its right, title and interest in and to the real property situated in the State of Ohio, County of Hamilton, and City of Norwood, as more particularly described on Exhibit A attached hereto and made a part hereof (the “Premises”) and also known as ________________, Norwood, Ohio 45209:

Prior Instrument Reference:  Instrument No.________________, Hamilton County, Ohio

Tax Parcel No.:  ___________________________

Subject, however, to the matters set forth on Exhibit B attached hereto and made a part hereof.  

TO HAVE AND TO HOLD, the Premises, together with all privileges and appurtenances thereunto belonging to the Grantee, its successors and assigns forever.

IN WITNESS WHEREOF, this instrument has been executed on the ____ day of _____________, 2016.

GRANTOR:                        

____________________________________, 
a Delaware limited liability company

By:     Rookwood Holding Company LLC, 
a Delaware limited liability company, its sole member

By:                                
    
Name:                            
Title:                            

F-1

A C K N O W L E D G M E N T

STATE OF OHIO        )
)  SS
COUNTY OF FRANKLIN    )

On this ___ day of _______________, 2016, before me a Notary Public, in and for said county, personally came _______________________________, who acknowledged that s/he is the _____________ of Rookwood Holding Company LLC, the sole member of _____________________________ a Delaware limited liability company, which executed this instrument as Grantor, and that s/he executed this instrument on behalf of and in the name of such company.

______________________________
Notary Public

This instrument prepared by:
C.H. Waterman
CASTO
250 Civic Center Drive, Suite 500
Columbus, Ohio 43215

F-2

EXHIBIT A

(Land)

F-3

EXHIBIT B

(Permitted Exceptions)

		
	1.
	All items from Exhibit B to the Contract of Sale (“Agreement”), as the same may be amended or modified pursuant to the terms of the Agreement

		
	2.
	The following lettered items from Section 4.1.2 of the Agreement: (c), (d), (f), (g), (i)

		
	3.
	Items described in Section 4.1.2(e) of the Agreement, if any, determined pursuant to the terms of the Agreement

F-4

EXHIBIT G

ASSIGNMENT AND ASSUMPTION OF LEASES
THIS ASSIGNMENT AND ASSUMPTION OF LEASES (this “Assignment”) is executed as of the ____ day of __________, 20__ by and between [______________________], a [_______________________], having an address c/o J.P. Morgan Investment Management Inc., 270 Park Avenue, New York, New York 10017 (“Assignor”) and [__________________], a [_________________________], having an address c/o [______________________________] (“Assignee”).
WHEREAS, Assignee is this day purchasing from Assignor and Assignor is conveying to Assignee the Property (as such term is described in that certain Contract of Sale dated as of __________________________ between Assignor and Assignee).
WHEREAS, the Property is encumbered by those certain tenants (the “Tenants”) occupying space under the leases listed and described on Exhibit A annexed hereto and made a part hereof (collectively, the “Tenant Leases”).
WHEREAS, Assignor desires to transfer and assign to Assignee, and Assignee desires to assume as provided herein, all of Assignor’s right, title and interest in and to the Tenant Leases.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		
	1.
	Assignor hereby transfers and assigns to Assignee all right, title and interest of Assignor in and to the Tenant Leases.

		
	2.
	Assignee hereby affirmatively and unconditionally assumes all of Assignor’s obligations and liabilities under the Tenant Leases arising from and after the date hereof.

		
	3.
	This Assignment is made without warranty, representation, or guaranty by, or recourse against Assignor of any kind whatsoever.  

		
	4.
	This Assignment may be executed in any number of counterparts, each of which may be executed by any one or more of the parties hereto, but all of which shall constitute one and the same instrument, and shall be binding and effective when all parties hereto have executed and delivered at least one counterpart.

		
	5.
	The terms and provisions of this Assignment shall be binding upon and inure to the benefit of the respective parties hereto, and their respective successors and assigns.

G-1

IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed as of the day and year first written above.

	
	
	ASSIGNOR:

	 

	[___________________________________]

	 

	By:                  

	   Name:  

	   Title: 

	 

	ASSIGNEE:

	 

	[___________________________________]

	 

	By:   ______________________________

	   Name:  

	   Title:

G-2

EXHIBIT A

(List of Leases)

G-3

EXHIBIT H

BILL OF SALE AND GENERAL ASSIGNMENT
THIS BILL OF SALE AND GENERAL ASSIGNMENT (this “Assignment”) is executed as of the ____ day of _____________, 20__ by [______________________________], a [_________________________], having an address c/o J.P. Morgan Investment Management Inc., 270 Park Avenue, New York, New York 10017 (“Assignor”) in favor of [______________________________], a [______________________], having an address c/o [______________________________] (“Assignee”).
WHEREAS, Assignee is this day purchasing from Assignor and Assignor is conveying to Assignee the Property (as such term is described in that certain Contract of Sale dated as of ____________________ between Assignor and Assignee (the “Agreement”))..
WHEREAS, Assignor desires to assign, transfer, setover and deliver to Assignee all of Assignor’s rights, if any, in and to the Personal Property and the Intangible Property (as such terms are defined in the Agreement) (collectively, the “Assigned Properties”) to the extent assignable.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Assignor hereby assigns, transfers, sets over and delivers to Assignee, its successors and assigns, all of Assignor’s right, title and interest, if any, in and to the Assigned Properties.
This Assignment is made without warranty, representation, or guaranty by, or recourse against Assignor of any kind whatsoever.  
This Assignment may be executed in any number of counterparts, each of which may be executed by any one or more of the parties hereto, but all of which shall constitute one and the same instrument, and shall be binding and effective when all parties hereto have executed and delivered at least one counterpart.
The terms and provisions of this Assignment shall be binding upon and inure to the benefit of the respective parties hereto, and their respective successors and assigns.

H-1

IN WITNESS WHEREOF, Assignor has caused this Assignment to be duly executed as of the day and year first written above.
	
	
	ASSIGNOR:

	 

	[__________________________________]

	 

	By:   _____________________________
   Name: 
   Title:

H-2

EXHIBIT I

CERTIFICATION OF NON-FOREIGN STATUS

STATE OF GEORGIA

COUNTY OF FULTON

Section 1445 of the Internal Revenue Code provides that a transferee (purchaser) of a U.S. real property interest must withhold tax if the transferor (seller) is a foreign person or entity.  To inform the transferee that withholding of tax is not required upon the sale of certain property located in Hamilton County, Ohio by __________________, a Delaware limited liability company (“Seller”), the undersigned hereby certifies as follows:

1.      Seller is not a “foreign corporation,” “foreign partnership,” “foreign trust,” or “foreign estate,” as such terms are defined in the United States Internal Revenue Code of 1986, as amended (the “Code”) and Regulations promulgated thereunder, and is not otherwise a “foreign person,” as defined in Section 1445 of the Code;

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

3.      Seller’s U.S. taxpayer identification number is ______________; and

4.      Seller's address is: _____________________________________.

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

Under penalties of perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct and complete.

Sworn to and subscribed before me        _____________________________, a Delaware this _____ day of _______, 2016        limited liability company

		
	____________________________
	By:    ___________________________

Notary Public
By:__________________________________
My commission expires:                Name:______________________________
Title:_______________________________
____________________________

J-1

[Notary Seal]
EXHIBIT J

ASSIGNMENT AND ASSUMPTION OF CONTRACTS
THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS (this “Assignment”) is executed as of the ____ day of ______, 20__, by and between [__________________________], a [_____________________], having an address c/o J.P. Morgan Investment Management Inc., 270 Park Avenue, New York, New York 10017 (“Assignor”) and [_______________________], a [____________________], having an address [__________________________] (“Assignee”).
WHEREAS, Assignee is this day purchasing from Assignor and Assignor is conveying to Assignee the Property (as such term is described in that certain Contract of Sale dated as of [___________], 20__ between Assignor and Assignee).
WHEREAS, in connection with its ownership and management of the Property, Assignor has entered into those certain maintenance, service and supply contracts and equipment leases, in effect on the date hereof, listed and described on Exhibit A annexed hereto and made a part hereof (collectively, the “Contracts”).
WHEREAS, Assignor desires to transfer and assign to Assignee, and Assignee desires to assume as herein provided, all of Assignor’s right, title and interest in and to the Contracts.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		
	1.
	Assignor hereby transfers and assigns to Assignee all right, title and interest of Assignor in and to the Contracts.

		
	2.
	This Assignment shall constitute a direction and full authority to any person or entity that is a party to any of the Contracts to perform its obligation under the Contracts for the benefit of Assignee without further proof to any such party of the assignment to Assignee of the Contracts.

		
	3.
	Assignee hereby affirmatively and unconditionally assumes all of the obligations and liabilities of Assignor under the Contracts arising from and after the date hereof.  

		
	4.
	This Assignment is made without warranty, representation, or guaranty by, or recourse against Assignor of any kind whatsoever.  

		
	5.
	This Assignment may be executed in any number of counterparts, each of which may be executed by any one or more of the parties hereto, but all of which shall constitute one and the same instrument, and shall be binding and effective when all parties hereto have executed and delivered at least one counterpart.

J-2

		
	6.
	The terms and provisions of this Assignment shall be binding upon and inure to the benefit of the respective parties hereto, and their respective successors and assigns.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed as of the day and year first written above.
	
	
	ASSIGNOR:

	 

	[_________________________________]

	 

	By:                  
   Name: 
   Title:

	 

	ASSIGNEE:

	 

	[________________________________]

	 

	By:                  
   Name:
   Title:

J-3

EXHIBIT A

(Contracts)

J-4

EXHIBIT K

(Form of Tenant Notice)
________________________________ 
____________________
__________________ 

____ _, 20__
By Certified Mail - 
Return Receipt Requested
_______________________ 
_______________________ 
_______________________ 
_______________________
		
	Re:
	Lease (the “Lease”) dated __________ between _________________________________ (“Landlord”) and ______________________ encumbering certain real property known as _______________________, __________, __________ (the “Property”)

Ladies and Gentlemen:
Please be advised that (1) Landlord has conveyed all of its right, title and interest in and to the Property, including its interest as landlord under the Lease, to _____________________________  (“Purchaser”), and (2) Purchaser has assumed Landlord’s obligations under the Lease.
Accordingly, effective as of the date hereof, you are hereby notified and directed to deliver all future rent and additional rent payments due under the Lease, and any notices, inquiries or requests relating thereto, to Purchaser at:
                    
                    

K-1

In addition, all security deposits held by Landlord, if any, together with any interest earned thereon, have been transferred to Purchaser.
	
	
	Very truly yours,

	 

	                     
a [_______________] 

	 

	By:                     
   Name: 
   Title:   

K-2

EXHIBIT L

(Intentionally Omitted)

L-1

EXHIBIT M

(Lease Exhibit)
ROOKWOOD COMMONS

	
		
	TENANT NAME
	DATE OF LEASE

	J. Alexanders (#22)
	February 15, 1999, as amended and/or assigned

	P.F. Chang’s (#5900)
	February 19, 1999, as amended and/or assigned

	Buca Di Beppo
	February 15, 1999, as amended and/or assigned

	Origins
	May 5, 1999, as amended and/or assigned

	White House/Black Market (#3087)
	March 5, 2002, as amended and/or assigned

	Gap (#2195)
	February 16, 1999, as amended and/or assigned

	Eddie Bauer (#R-834)
	July 1, 1999, as amended and/or assigned

	Talbots (#33R)
	February 12, 1999, as amended and/or assigned

	Ann Taylor (#0565)
	August 23, 1999, as amended and/or assigned

	Sur La Table
	October 25, 1999, as amended and/or assigned

	Chico’s (#242)
	March 17, 1999, as amended and/or assigned

	Pier 1 Imports (#411)
	October 7, 1999, as amended and/or assigned

	Whole Foods Market (#10287)
	January 5, 1999, as amended and/or assigned

	Old Navy (#6077)
	February 16, 1999, as amended and/or assigned

	DSW Shoes
	September 12, 2001, as amended and/or assigned

	Salon LA
	October 20, 1999, as amended and/or assigned

	Bed, Bath & Beyond (#301)
	February 15, 1999, as amended and/or assigned

	Yankee Candle (#119)
	September 16, 1999, as amended and/or assigned

	Jos A. Bank Clothiers (#359)
	March 9, 2001, as amended and/or assigned

	T-Mobile (#OHNO000239)
	November 18, 2003, as amended and/or assigned

	Pump Salon
	October 1, 1999, as amended and/or assigned

	Motherhood Maternity (#1771)
	May 30, 2000, as amended and/or assigned

	Lenscrafters
	August 3, 2001, as amended and/or assigned

	Lane Bryant (#6371)
	December 17, 2003, as amended and/or assigned

	Gamestop (#1669)
	March 21, 2000, as amended and/or assigned

	New York & Co. (#329)
	January 4, 2005, as amended and/or assigned

	Victoria’s Secret (#1363)
	June 31, 2021, as amended and/or assigned

	Hallmark  (#495)
	November 10, 1999, as amended and/or assigned

	Love Culture (#23)
	August 28, 2009, as amended and/or assigned

	5 Guys Burgers and Fries
	December 8, 2009, as amended and/or assigned

	Claire’s Boutique (#6860)
	March 3, 2000, as amended and/or assigned

	Yagoot
	March 27, 2008, as amended and/or assigned

	Banana Republic (#2192)
	February 16, 1999, as amended and/or assigned

	Mattress Firm (#2018)
	July 1, 2010, as amended and/or assigned

	Charming Charlie
	June 30, 2010, as amended and/or assigned

	Evereve
	June 23, 2010, as amended and/or assigned

	Qdoba Mexican Grill (#2702)
	January 12, 2011, as amended and/or assigned

	Justice (#1062)
	August 3, 2011, as amended and/or assigned

M-1

	
		
	REI – Recreation Equipment (#147)
	November 17, 2011, as amended and/or assigned

	Yoga Alive
	November 8, 2012, as amended and/or assigned

	Francesca’s Collection
	April 11, 2013, as amended and/or assigned

	ULTA Salon (#744)
	June 19, 2013, as amended and/or assigned

	Rally House
	March 6, 2014, as amended and/or assigned

	J. Crew
	August 15, 2014, as amended and/or assigned

	Carhartt (#16)
	August 26, 2014, as amended and/or assigned

TENANT LISTING

ROOKWOOD PAVILION

	
		
	TENANT NAME
	DATE OF LEASE

	Pub at Rookwood Mews
	December 7, 2001, as amended and/or assigned

	Buffalo Wild Wings (#10)
	September 14, 1996, as amended and/or assigned

	Don Pablo’s (#38)
	December 3, 1993, as amended and/or assigned

	First Watch (#22)
	November 30, 1993, as amended and/or assigned

	General Nutrition Center (#KK1374)
	May 11, 1994, as amended and/or assigned

	Joseph-Beth
	April 19, 1993, as amended and/or assigned

	Longhorn Steak House (#41)
	June 9, 1993, as amended and/or assigned

	Mitchell’s Salon and Day Spa
	August 16, 1994, as amended and/or assigned

	Shoe Carnival (#50)
	April 7, 1993, as amended and/or assigned

	Starbucks (#2203-OH)
	April 10, 1995, as amended and/or assigned

	Stein Mart (#62)
	November 14, 1991, as amended and/or assigned

	Third Federal Savings & Loan
	September 4, 1998, as amended and/or assigned

	TJ Maxx (#56)
	August 31, 1992, as amended and/or assigned

	Fifth Third Bank ATM
	December 1, 1993, as amended and/or assigned

	Supercuts (#9139)
	November 16, 1993, as amended and/or assigned

	Donatos Pizza (#73)
	July 20, 1994, as amended and/or assigned

	William Effler Jewelers
	March 16, 1994, as amended and/or assigned

	Boston Market (#0285)
	September 24, 1993, as amended and/or assigned

	Homegoods (#116)
	July 15, 1994, as amended and/or assigned

	The UPS Store
	January 31, 1993, as amended and/or assigned

	Potbelly Sandwich Works (#160)
	February 23, 2007, as amended and/or assigned

	Carter’s Retail (#430)
	September 24, 2009, as amended and/or assigned

	Huntington National Bank
	October 30, 2002, as amended and/or assigned

	Rusty Bucket
	August 20, 2007, as amended and/or assigned

	AT&T Mobility (#SBOHR4531)
	September 11, 2007, as amended and/or assigned

	Fawn Candy
	September 27, 1994, as amended and/or assigned

	Nordstrom
	December 16, 2008, as amended and/or assigned

	Wine Guy Wine Shop and Bistro
	May 26, 2010, as amended and/or assigned

	European Wax Center
	November 20, 2012, as amended and/or assigned

	Nike Factory Store
	December 3, 2012, as amended and/or assigned

M-2

EXHIBIT N

(Contracts)
	
	
	Rookwood Commons

	 

	 

	Vendor

	All Occasion Lighting/Christmas Lighting Co./Showcase Turf & Tree

	Atlantic Sign Co.

	Bzak Landscaping, Inc.

	Universal Protection (formerly Cal Crim, Inc.)

	ABCO Fire Protection (formerly Eckert Fire Protection Systems, Inc.)

	F & T General Construction (formerly First Quality Contracting For U)

	Edge Properties, LLC dba Spectrum Utilities Solution

	Sure Thing Pest Control

	SWS Environmental Service

	Tyco Integrated Security LLC

	 

	Rookwood Pavilion

	 

	 

	Vendor

	Atlantic Sign Co.

	Bzak Landscaping, Inc.

	Universal Protection (formerly Cal Crim, Inc.)

	ABCO Fire Protection (formerly Eckert Fire Protection Systems, Inc.)

	F & T General Construction (formerly First Quality Contracting For U)

	Edge Properties, LLC dba Spectrum Utilities Solution

	Sure Thing Pest Control

	SWS Environmental Service

	Tyco Integrated Security LLC

N-1

EXHIBIT O

(Escrow Agreement)
ESCROW AGREEMENT
THIS ESCROW AGREEMENT (this “Agreement”), dated as of the ___ day of _________, 2016, is among ____________, having an address at _____________ (“Escrowee”), _____________, having an address at c/o J.P. Morgan Investment Management Inc., 270 Park Avenue, New York, New York 10017 (“Seller”), and __________________, having an address at ____________________ (“Purchaser”).
W I T N E S S E T H 
WHEREAS, Seller and Purchaser entered into that certain Contract of Sale dated as of _________________, for the purchase and sale of the property known as ________________ (the “Property”), as more particularly described therein (hereinafter referred to as the “Contract”);
WHEREAS, the Contract provides for the terms and conditions applicable to the sale and purchase of the Property and the performance obligations and rights of Seller and Purchaser; and 
WHEREAS, Seller and Purchaser agree, pursuant to the Contract, that Escrowee shall hold, in escrow the Deposit (capitalized terms not otherwise defined herein are defined pursuant to Paragraph 6 hereof) in accordance with the terms and conditions of the Contract and this Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1.    Appointment of Agent.
1.1    Purchaser and Seller hereby appoint Escrowee to act as their escrow agent on the terms and conditions hereinafter set forth, and Escrowee accepts such appointment. 
1.2    Escrowee agrees to hold the Deposit on behalf of the parties to the Contract, and to apply, disburse and deliver the Deposit as provided in the Contract and this Agreement.  In the event of any conflict between the terms and conditions of the Contract and the terms or conditions of this Agreement, as to the obligations of Escrowee, the terms and conditions of this Agreement shall govern and control.
2.    Disposition of the Deposit.
2.1    Escrowee shall hold the Deposit in an interest bearing savings account which rate of interest need not be maximized.  Escrowee shall not commingle the Deposit with any other funds. 
2.2    Escrowee shall pay the Deposit to Seller or otherwise in accordance with the terms of the Contract.  If prior to the Closing, either party makes a demand upon Escrowee for delivery of the Deposit, Escrowee shall give notice to the other party of such demand.  If a notice 

O-1

of objection to the proposed payment is not received from the other party within seven (7) Business Days after the giving of notice by Escrowee, Escrowee is hereby authorized to deliver the Deposit to the party who made the demand.  If Escrowee receives a notice of objection within said period, then Escrowee shall continue to hold the Deposit and thereafter pay it to the party entitled when Escrowee receives (a) notice from the objecting party withdrawing the objection, or (b) a notice signed by both parties directing disposition of the Deposit, or (c) a judgment or order of a court of competent jurisdiction.  Notwithstanding the foregoing, Escrowee is hereby authorized to, and hereby agrees to, return the Deposit to Purchaser if Purchaser does not delivery the Notice to Proceed to Seller and Escrowee prior to the expiration of the Due Diligence Period.
2.3    Nothing in this Section 2 shall have any effect whatsoever upon Escrowee’s rights, duties, and obligations under Section 3.
3.    Concerning Escrowee.
3.1    Escrowee shall be protected in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document which is given to Escrowee without verifying the truth or accuracy of any such notice, demand, certificate, signature, instrument or other document;
3.2    Escrowee shall not be bound in any way by any other contract or understanding between the Seller and Purchaser, whether or not Escrowee has knowledge thereof or consents thereto unless such consent is given in writing;
3.3    Escrowee’s sole duties and responsibilities shall be to hold and disburse the Deposit in accordance with this Agreement and the Contract; provided, however, that Escrowee shall have no responsibility for the clearing or collection of the check representing the Deposit;
3.4    Upon the disbursement of the Deposit in accordance with this Agreement, Escrowee shall be relieved and released from any liability under this Agreement;
3.5    Escrowee may resign at any time upon at least ten (10) Business Days prior written notice to the Seller and Purchaser hereto.  If, prior to the effective date of such resignation, the Seller and Purchaser hereto shall have approved, in writing, a successor escrow agent, then upon the resignation of Escrowee, Escrowee shall deliver the Deposit to such successor escrow agent.  From and after such resignation and the delivery of the Deposit to such successor escrow agent, Escrowee shall be fully relieved of all of its duties, responsibilities and obligations under this Agreement, all of which duties, responsibilities and obligations shall be performed by the appointed successor escrow agent.  If for any reason Seller and Purchaser shall not approve a successor escrow agent within such period, Escrowee may bring any appropriate action or proceeding for leave to deposit the Deposit with a court of competent jurisdiction, pending the approval of a successor escrow agent, and upon such deposit Escrowee shall be fully relieved of all of its duties, responsibilities and obligations under this Agreement;
3.6    Seller and Purchaser hereby agree to, jointly and severally, indemnify, defend and hold harmless Escrowee from and against any liabilities, damages, losses, costs or expenses 

O-2

incurred by, or claims or charges made against, Escrowee (including reasonable attorneys’ fees and disbursements) by reason of Escrowee performing its obligations pursuant to, and in accordance with, the terms of this Agreement, but in no event shall Escrowee be indemnified for its negligence, willful misconduct or breach of the terms of this Agreement;
3.7    In the event that a dispute shall arise in connection with this Agreement or the Contract, or as to the rights of Seller and Purchaser in and to, or the disposition of, the Deposit, Escrowee shall have the right to (w) hold and retain all or any part of the Deposit until such dispute is settled or finally determined by litigation, arbitration or otherwise, or (x) deposit the Deposit in an appropriate court of law, following which Escrowee shall thereby and thereafter be relieved and released from any liability or obligation under this Agreement, or (y) institute an action in interpleader or other similar action permitted by stakeholders in the State of Ohio, or (z) interplead Seller or Purchaser in any action or proceeding which may be brought to determine the rights of Seller and Purchaser to all or any part of the Deposit; and
3.8    Escrowee shall not have any liability or obligation for loss of all or any portion of the Deposit by reason of the insolvency or failure of the institution of depository with whom the escrow account is maintained.
4.    Termination.
This Agreement shall automatically terminate upon the delivery or disbursement by Escrowee of the Deposit in accordance with the terms of the Contract and terms of this Agreement, as applicable.
5.    Notices.
All notices, requests or other communications which may be or are required to be given, served or sent by any party hereto to any other party hereto shall be deemed to have been properly given, if in writing and shall be deemed delivered (a) upon delivery, if delivered in person or by e-mail in a PDF attachment (with a confirmation copy delivered in person or by overnight delivery), (b) one (1) Business Day after having been deposited for overnight delivery with any reputable overnight courier service, or (c) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the United States Postal Office and sent by registered or certified mail, postage paid, return receipt requested, and in each case, addressed as follows:
	
		
	To Seller:
	CLP-SPF Rookwood Commons, LLC
CLP-SPF Rookwood Pavilion, LLC
c/o J.P. Morgan Investment Management Inc.
270 Park Avenue
New York, New York  10017
Attention:   Jeffrey Pisano
Telephone:   (212) 648-0461
Email:   jeffrey.x.pisano@jpmorgan.com

	 
	 

O-3

	
		
	With a Copy To:
	CLP-SPF Rookwood Commons, LLC
CLP-SPF Rookwood Pavilion, LLC
c/o J.P. Morgan Investment Management Inc.
P.O. Box 5005
New York, NY 10163-5005

	 
	 

	With a Copy To:
	Casto Lifestyle Properties L.P.
c/o Casto
191 W. Nationwide Blvd., Suite 200
Columbus, Ohio 43215
Attention:    Anthony A. Martin
Telephone   (614 226-4359

	 
	 

	With a Copy To:
	Stroock & Stroock & Lavan LLP
180 Maiden Lane
New York, New York  10038-4982
Attention:   Steven Moskowitz, Esq.
Telephone:   (212) 648-5899
Email:   smoskowitz@stroock.com

	 
	 

	To Purchaser:
	c/o Hines Advisors Limited Partnership
2800 Post Oak Boulevard, Suite 4800
Houston, Texas  77056
Attention:   Kevin McMeans
Telephone:   (713)621-8000
Email:   kevin.mcmeans@hines.com

	 
	 

	With a Copy To:
	Hines Advisors Limited Partnership
2800 Post Oak Boulevard, Suite 4800
Houston, Texas   77056
Attention:   Jason Maxwell, Esq. - General Counsel
Telephone:   (713) 966-7638
Email:   jason.maxwell@hines.com

	 
	 

	With a Copy To:
	Baker Botts L.L.P.
One Shell Plaza
910 Louisiana Street
Houston, Texas  77002
Attention:   Connie Simmons Taylor, Esq.
Telephone:    (713) 229-1234
Email:  connie.simmons.taylor@bakerbotts.com

6.    Capitalized Terms.
Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Contract.
7.    Governing Law/Waiver of Trial by Jury.

O-4

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OHIO APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.  THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.
8.    Successors.
This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto; provided, however, that except as expressly provided herein as to the Escrowee, this Agreement may not be assigned by any party without the prior written consent of the other parties.
9.    Entire Agreement. 
This Agreement, together with the Contract, contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter.
10.    Amendments.
Except as expressly provided in this Agreement, no amendment, modification, termination, cancellation, rescission or supersession to this Agreement shall be effective unless it shall be in writing and signed by each of the parties hereto.
11.    Counterparts and/or Facsimile Signatures. 
This Agreement may be executed in any number of counterparts, including counterparts transmitted by facsimile, any one of which shall constitute an original of this Agreement.  When counterparts or facsimile copies have been executed by all parties, they shall have the same effect as if the signatures to each counterpart or copy were upon the same documents and copies of such documents shall be deemed valid as originals.  The parties agree that all such signatures may be transferred to a single document upon the request of any party.  This Agreement shall not be binding unless and until it shall be fully executed and delivered by all parties hereto.  In the event that this Agreement is executed and delivered by way of facsimile transmission, each party delivering a facsimile counterpart shall promptly deliver an ink-signed original counterpart of the Agreement to the other party by overnight courier service; provided however, that the failure of a party to deliver an ink-signed original counterpart shall not in any way effect the validity, enforceability or binding effect of a counterpart executed and delivered by facsimile transmission.
12.    Severability.
If any provision of the Agreement or the application of any such provision to any person or circumstance shall be held invalid, illegal, or unenforceable in any respect by a court of 

O-5

competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof.
[Remainder of Page Intentionally Left Blank]

O-6

IN WITNESS WHEREOF, the parties have executed and delivered this Escrow Agreement as of the date and year first above written.
	
	
	___________________, a __________ _________

	By:________________________________

	Name:

	Title:

	
	
	___________________, a __________ _________

	By:________________________________

	Name:

	Title:

	
	
	___________________, a __________ _________

	By:________________________________

	Name:

	Title:

O-7

EXHIBIT P

(Leasing Commissions)

P-1

EXHIBIT Q

Purchaser Assumed Pre-Existing Brokerage and TI Costs

None.

Q-1

EXHIBIT R

(Seller Leasing Costs)

	
			
	 
	Tenant
	Amount

	 
	 
	 

	Commons
	Chico's
	8,500.00

	 
	Lane Bryant
	2,488.50

	 
	Yagoot
	4,476.00

	 
	Jos A Banks
	7,899.74

	 
	Ann Taylor
	2,293.50

	 
	Gamestop
	3,258.62

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Pavilion
	First Watch
	66,500.00

	 
	Effler Jewelers
	960.00

R-1

EXHIBIT S

(Tenant Deposits)

	
			
	Rookwood Commons
	 

	Security Deposits
	 

	For month end 8/31/16
	 

	 
	 
	 

	 
	Tenant
	Deposit Amount

	 
	 
	 

	 
	Five Guys Burgers
	5,833.00

	 
	 
	 

	 
	 
	5,833.00

	 
	 
	 

	 
	 
	 

	Rookwood Commons
	 

	Construction Deposits
	 

	For month end 8/31/16
	 

	 
	 
	 

	 
	Tenant
	Deposit Amount

	 
	 
	 

	 
	Mattress Firm
	5,000.00

	 
	Sur la Table
	5,000.00

	 
	 
	10,000.00

	Rookwood Pavilion
	 

	Security Deposits
	 

	For month end 8/31/16
	 

	 
	 
	 

	 
	 
	 

	 
	Tenant
	Deposit Amount

	 
	 
	 

	 
	The UPS Store
	2,400.00

	 
	Effler Jewelers
	2,400.00

	 
	BW-3
	5,683.50

	 
	 
	 

	 
	 
	10,483.50

	 
	 
	 

	Rookwood Pavilion
	 

	Construction Deposits
	 

	For month end 8/31/16
	 

	 
	 
	 

S-1

	
			
	 
	Tenant
	Deposit Amount

	 
	 
	 

	 
	Schumacher Dugan
	2,500.00

	 
	 
	 

	 
	 
	2,500.00

S-2

EXHIBIT T

(Owner’s Affidavit)
OWNER’S AFFIDAVIT

STATE OF ___________
COUNTY OF __________

Personally appeared before me, the undersigned officer, ____________ (“Deponent”), who being duly sworn according to law, deposes and says on oath as of the date of this Owner’s Affidavit and to the best of his knowledge, without independent investigation, as follows: 

1.    That ________________, a Delaware limited liability company (hereinafter “Owner”) is the owner of that certain real property located in Hamilton County, Ohio and being more particularly described in Exhibit “A” attached hereto and made a part hereof by this reference (the “Property”).

2.    That Deponent is the duly elected __________of ________________, a Delaware limited liability company, the ___________  of Owner.

3.    That there are no unpaid or unsatisfied security deeds, mortgages, claims of lien, special assessments, taxes, or other matters which could constitute a lien or encumbrance against the Property, which will not be paid off in connection with the sale of the Property, except the matters set forth in Exhibit “B” attached hereto and made a part hereof by this reference.

4.    That there are no pending suits, proceedings, liens, mortgages, judgments, bankruptcies, taxes or other encumbrances of record against Owner affecting title to the Property, except as disclosed on Exhibit “B”, there are no private unrecorded restrictions, agreements, easements or leases affecting the Property and arising by or through Owner, except as may be forth on Exhibit “B”, and there are no parties having possessory rights in the Property, except as may be set forth on Exhibit “B”.

5.    That no improvements or repairs have been made at the instance of Owner to the Property during the one hundred and twenty (120) days immediately preceding the date hereof or, in the event that improvements or repairs have been made at the instance of Owner, that there are no outstanding bills incurred for labor and materials used in making such improvements or repairs on the property, or for services of architects, surveyors, or engineers incurred in connection therewith.

6.    That the Owner is not acting, directly or indirectly, in any capacity whatsoever for any foreign country or national thereof, and the Owner is a limited liability company duly organized and in good standing under the laws of the State of Delaware and the person executing this Owner’s Affidavit on behalf of the Owner is duly authorized and has been fully empowered to execute and deliver this Owner’s Affidavit; and the Owner has full capacity to convey the Property and all necessary action for the making of such conveyance has been taken and done by the Owner.

This Owner’s Affidavit is made to induce _____________________________________________, in reliance upon this Owner’s Affidavit, to purchase the Property from Owner and further to induce _____________________ to issue a standard ALTA owner’s title insurance policy.
[signature on following page]

  

_________________________________(SEAL)

STATE OF _________        )
) SS
COUNTY OF _______        )

This instrument was acknowledged before me on __________________, 2016, by _________________________, as _______________________ of __________________________.  He is personally known to me and did take an oath.

__________________________________
Print Name:_________________________
[NOTARIAL SEAL]        Notary Public

My Commission Expires:_______________

EXHIBIT A to Owner’ Affidavit

[LEGAL DESCRIPTION]

EXHIBIT B to Owner’s Affidavit

[PERMITTED EXCEPTIONS]

EXHIBIT U
Intentionally Omitted

EXHIBIT V
(Existing Financing Documents)
Rookwood Commons:
		
	1.
	Note dated as of April 1, 2015, in the original principal amount $67,000,000, by Commons Seller in favor of Existing Lender. 

		
	2.
	Open-End Mortgage and Security Agreement dated as of April 1, 2015, by Commons Seller in favor of Existing Lender. 

		
	3.
	Assignment of Leases, Rents and Profits dated as of April 1, 2015, by Commons Seller in favor of Existing Lender. 

		
	4.
	Indemnity Agreement dated as of April 1, 2015, by Commons Seller in favor of Existing Lender. 

		
	5.
	Letter Agreement dated as of April 1, 2015, by Existing Lender and agreed and accepted to by Commons Seller. 

Rookwood Pavilion:
		
	1.
	Note dated as of July 1, 2013, in the original principal amount $29,000,000, by Pavilion Seller in favor of Existing Lender. 

		
	2.
	Open-End Mortgage and Security Agreement dated as of July 1, 2013, by Pavilion Seller in favor of Existing Lender. 

		
	3.
	Assignment of Leases, Rents and Profits dated as of July 1, 2013, by Pavilion Seller in favor of Existing Lender. 

		
	4.
	Indemnity Agreement dated as of July 1, 2013, by Pavilion Seller in favor of Existing Lender. 

		
	5.
	Letter Agreement dated as of July 1, 2013, by Existing Lender and agreed and accepted to by Pavilion Seller.Exhibit

Exhibit 10.29

PROPERTY MANAGEMENT AND LEASING AGREEMENT

between

________________________________
(Owner)

and

HINES INTERESTS LIMITED PARTNERSHIP

for

_______________________________________
(Property)

Dated: [______________________]

TABLE OF CONTENTS

	
					
	 
	 
	 
	Page
	

	ARTICLE 1 APPOINTMENT
	1
	

	Section 1.1
	 
	Appointment of Manager
	1
	

	 
	 
	 
	 

	ARTICLE 2 TERM
	2
	

	Section 2.1
	 
	Term
	2
	

	 
	 
	 
	 

	ARTICLE 3 RELATIONSHIP
	2
	

	Section 3.1
	 
	Relationship
	2
	

	 
	 
	 
	 

	ARTICLE 4 ASSIGNABILITY
	3
	

	Section 4.1
	 
	Assignability by Manager
	3
	

	Section 4.2
	 
	Assignment by Owner
	4
	

	 
	 
	 
	 

	ARTICLE 5 SERVICES OF MANAGER
	4
	

	Section 5.1
	 
	Management of the Premises
	4
	

	Section 5.2
	 
	Manager’s Employees
	4
	

	Section 5.3
	 
	Budgets and Leasing Guidelines;  Annual Performance
	5
	

	Section 5.4
	 
	Collection of Rents
	7
	

	Section 5.5
	 
	Leasing Duties of Manager
	8
	

	Section 5.6
	 
	Decorations and Repairs
	8
	

	Section 5.7
	 
	Operational Activities
	9
	

	Section 5.8
	 
	Taxes
	10
	

	Section 5.9
	 
	Compliance with Agreements
	10
	

	Section 5.10
	 
	Payrolls
	10
	

	Section 5.11
	 
	Banking Matters
	10
	

	Section 5.12
	 
	Inspections of Premises
	10
	

	Section 5.13
	 
	Maintenance of Records
	10
	

	Section 5.14
	 
	Staffing for Emergencies
	11
	

	Section 5.15
	 
	Tenant Relations Program
	11
	

	Section 5.16
	 
	Communications with Owner
	11
	

	Section 5.17
	 
	Books and Records
	11
	

	Section 5.18
	 
	Compliance with Laws
	13
	

	Section 5.19
	 
	Expenditures for Emergencies
	14
	

	Section 5.20
	 
	Establishment of Website
	14
	

	Section 5.21
	 
	Sarbanes-Oxley Compliance
	14
	

	Section 5.22
	 
	Submission of Annual Reports
	14
	

	 
	 
	 
	 

	ARTICLE 6 MANAGEMENT AUTHORITY
	15
	

	Section 6.1
	 
	Limitation on Manager’s Authority
	15
	

	Section 6.2
	 
	Expenditure of Monies by Manager
	15
	

	Section 6.3
	 
	Capital Expenditures
	15
	

	Section 6.4
	 
	Contracts with Affiliates of Manager
	16
	

	Section 6.5
	 
	Execution of Leases and Contracts
	17
	

i

	
					
	Section 6.6
	 
	Structural Changes
	18
	

	 
	 
	 
	 

	ARTICLE 7 INSURANCE
	18
	

	Section 7.1
	 
	Owner's Insurance
	18
	

	Section 7.2
	 
	Manager's Insurance
	18
	

	Section 7.3
	 
	Contractor's and Subcontractor's Insurance
	19
	

	Section 7.4
	 
	Insurance Requirements
	19
	

	Section 7.5
	 
	Waiver of Claims and Subrogation
	19
	

	 
	 
	 
	 

	ARTICLE 8 OWNER'S RIGHT TO AUDIT
	20
	

	Section 8.1
	 
	Audit Rights of Owner
	20
	

	Section 8.2
	 
	Correction of Internal Controls
	20
	

	 
	 
	 
	 

	ARTICLE 9 BANK ACCOUNTS
	21
	

	Section 9.1
	 
	Deposits of Rents and Other Sums
	21
	

	Section 9.2
	 
	Security Deposit Records
	22
	

	Section 9.3
	 
	Owner to Have Access to Funds
	22
	

	Section 9.4
	 
	Ownership of Bank Records
	22
	

	 
	 
	 
	 

	ARTICLE 10 PAYMENT OF EXPENSES
	22
	

	Section 10.1
	 
	Payment by Manager of Expenses
	22
	

	Section 10.2
	 
	Expenses to be Borne by Manager
	26
	

	Section 10.3
	 
	Office for Manager
	27
	

	 
	 
	 
	 

	ARTICLE 11 INSUFFICIENT INCOME
	27
	

	Section 11.1
	 
	Insufficient Income
	27
	

	 
	 
	 
	 

	ARTICLE 12 TERMINATION
	28
	

	Section 12.1
	 
	Termination by Owner or Manager
	28
	

	Section 12.2
	 
	Termination by Owner
	28
	

	Section 12.3
	 
	Breach by Manager
	28
	

	Section 12.4
	 
	Breach by Owner
	29
	

	Section 12.5
	 
	Final Accounting
	29
	

	Section 12.6
	 
	Survival of Certain Rights and Obligations
	29
	

	 
	 
	 
	 

	ARTICLE 13 DEVELOPMENT AND CONSTRUCTION MANAGEMENT SERVICES
	30
	

	Section 13.1
	 
	Construction Management Services
	30
	

	Section 13.2
	 
	Development Management Services
	30
	

	 
	 
	 
	 

	ARTICLE 14 SALE OF THE PREMISES
	31
	

	Section 14.1
	 
	Sale of Premises
	31
	

	 
	 
	 
	 

	ARTICLE 15 LEGAL PROCEEDINGS
	31
	

	Section 15.1
	 
	Legal Proceedings
	31
	

	 
	 
	 
	 

	ARTICLE 16 MANAGER'S LIABILITY
	32
	

	Section 16.1
	 
	Liability of Manager
	32
	

	Section 16.2
	 
	Indemnity of Manager
	32
	

	Section 16.3
	 
	Limitation on Making Certain Claims
	33
	

	Section 16.4
	 
	Expenditures Made in Good Faith
	33
	

	 
	 
	 
	 

ii

	
					
	ARTICLE 17 REPRESENTATION AND WARRANTIES
	34
	

	Section 17.1
	 
	No Reliance by Owner
	34
	

	Section 17.2
	 
	Representations and Warranties
	34
	

	 
	 
	 
	 

	ARTICLE 18 CONSENTS
	36
	

	Section 18.1
	 
	Granting of Consents
	36
	

	 
	 
	 
	 

	ARTICLE 19 SUBSIDIARIES AND AFFILIATES
	36
	

	Section 19.1
	 
	Contracts with Manager’s Affiliates
	36
	

	 
	 
	 
	 

	ARTICLE 20 NOTICES
	36
	

	Section 20.1
	 
	Notices
	36
	

	 
	 
	 
	 

	ARTICLE 21 COMPENSATION
	38
	

	Section 21.1
	 
	Fees Payable to Manager
	38
	

	Section 21.2
	 
	Failure of Owner to Timely Pay
	44
	

	 
	 
	 
	 

	ARTICLE 22 MISCELLANEOUS
	44
	

	Section 22.1
	 
	Pronouns
	44
	

	Section 22.2
	 
	Amendments
	45
	

	Section 22.3
	 
	Headings
	45
	

	Section 22.4
	 
	Waiver
	45
	

	Section 22.5
	 
	Successors and Assigns
	45
	

	Section 22.6
	 
	Governing Law
	45
	

	Section 22.7
	 
	Ownership of Premises
	45
	

	Section 22.8
	 
	Other Activities of Manager
	46
	

	Section 22.9
	 
	Non-Discrimination
	46
	

	Section 22.10
	 
	Special Parties
	46
	

	Section 22.11
	 
	Counterparts
	46
	

	Section 22.12
	 
	Survival of Agreement
	46
	

	Section 22.13
	 
	Special Services
	46
	

iii

PROPERTY MANAGEMENT AND LEASING AGREEMENT

THIS PROPERTY MANAGEMENT AND LEASING AGREEMENT ("Agreement") is entered into effective as of the _____ day of ____________, 201____, by and between ___________________________________________, a Delaware limited partnership ("Owner"), and Hines Interests Limited Partnership, a Delaware limited partnership ("Manager").
W I T N E S S E T H
WHEREAS, Owner is the owner of the land described in Schedule A attached hereto together with the office building and other improvements located thereon (the  "Premises"); and
WHEREAS, Owner wishes to obtain the benefits of Manager's expertise in the field of real estate management and leasing by relinquishing to Manager control in the operation, direction, management, leasing and supervision of the Premises, subject to the terms and provisions of this Agreement, and Manager, for a fee and pursuant to the terms and provisions of this Agreement, agrees to assume said control and discretion in the operation, direction, management and supervision of the Premises on behalf of Owner.
NOW, THEREFORE, in consideration of the mutual covenants herein contained and of other good and valuable consideration, the parties hereto agree as follows:
ARTICLE 1 
APPOINTMENT
Appointment of Manager.  Owner hereby contracts with Manager to manage, lease (or supervise the leasing by a third party), operate, direct and supervise the Premises on behalf of Owner and to provide services as required under this Agreement. 

1

ARTICLE 2 
TERM
Term.  Subject to and upon the terms and conditions set forth in this Agreement (including without limitation Article 12), the term of this Agreement (the "Term") shall commence on the date hereof and shall continue until the earlier of termination pursuant to Article 12 or the last day of the first (1st) full calendar year after the date of this Agreement.  Thereafter, the Term shall continue from year to year unless written notice is given by either party of its desire not to continue this Agreement at least ninety (90) days prior to any anniversary of the commencement of this Agreement.  Notwithstanding the foregoing, upon the taking of possession of the Premises by a mortgagee through foreclosure or deed-in-lieu of foreclosure, this Agreement may be terminated by such mortgagee upon ninety (90) days prior written notice thereof.
ARTICLE 3 
RELATIONSHIP
Relationship.  Manager shall at all times be the independent contractor of Owner and not the employee or agent of Owner.  Manager shall have no right or power to contract with third parties for, on behalf of, or in the name of Owner or otherwise to bind Owner.  Except as expressly provided herein to the contrary, Owner agrees to be responsible for and shall reimburse Manager for all costs, expenses and disbursements reasonably and properly incurred by Manager in accordance with the provisions of this Agreement in providing management, leasing (if applicable) and operational services hereunder, such as, but not limited to, contracts for cleaning services, contracts for landscaping or maintenance services and orders for supplies and equipment, and Owner agrees to indemnify and hold Manager harmless from and against the same.  

2

ARTICLE 4 
ASSIGNABILITY
Assignability by Manager.  Manager shall not transfer or assign this Agreement or any part thereof or any of its rights or obligations hereunder without the prior written consent of Owner, provided that Owner’s consent shall not be required for an assignment to a Hines Affiliate (defined below).  The foregoing shall not prevent Manager from either (i) pledging to any person or entity Manager's right to receive fees under this Agreement, or (ii) entering into contracts with third parties to assist Manager in providing the services required by this Agreement, provided that, as between Owner and Manager, Manager remains ultimately responsible for the provision of such services and Owner shall have no liability under such contracts unless expressly agreed to in writing by Owner.  The consent of Owner to one or more assignments of this Agreement shall not be construed as, or result in, consent by Owner to any further or future assignment or assignments.  Any assignment or attempted assignment not made strictly in accordance with the foregoing shall be void.
As used herein, "Hines Affiliate" shall mean any partnership, limited liability company, corporation, trust or other entity as to which fifty percent (50%) or more of the beneficial interests are held, directly or indirectly, by and effective day to day Control (as defined below) resides in the Hines Family (as defined below) and/or any current or former employees of Hines Interests Limited Partnership or its successors.  For the purposes of this Agreement, "Control" or "Controlled" shall mean with respect to any person, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or otherwise.

3

As used herein, "Hines Family" shall mean Jeffrey C. Hines and/or Gerald D. Hines, their parents, brothers and sisters, their respective spouses and children (natural and adopted), grandchildren or great grandchildren of any of the foregoing and/or trusts for any of the foregoing.
Assignment by Owner.  If Owner conveys the Premises or any part thereof to an Affiliate (defined below) of Owner, then Owner shall assign this Agreement to such Affiliate.  If Owner conveys the Premises to someone who is not an Affiliate of Owner, then the provisions of Section 12.1 shall apply.  "Affiliate" means, with reference to any entity or person, any person or entity that directly or indirectly Controls, is Controlled by or is under common Control with that person or entity.
ARTICLE 5 
SERVICES OF MANAGER
Management of the Premises.  To the extent reasonably practical in accordance with Operating Budgets and Capital Budgets approved hereunder and so long as Owner makes funds available therefor, Manager shall manage, operate and maintain the Premises in a manner normally associated with the management and operation of a high quality office building.  Manager shall at all times deal with third parties (whether or not affiliated with Manager) at arms' length and in Owner's interest at all times.  Manager shall act in a fiduciary capacity with respect to handling of Owner’s funds.
Manager’s Employees.  Manager shall have in its employ at all times a sufficient number of capable employees to enable it to manage, lease (or supervise the leasing of), operate and maintain the Premises as required under Section 5.1 hereof.  All matters pertaining to the employment, supervision, compensation, promotion and discharge of such employees are the responsibility of Manager.  Manager is in all respects the employer of such employees, but Owner 

4

may require that any particular employee or employees whom Owner deems objectionable (in its reasonable discretion) be removed from duty with respect to the Premises.  Manager shall fully comply with all applicable laws and regulations having to do with worker's compensation, social security, unemployment insurance, hours of labor, wages, working conditions, and other employer-employee related subjects.  All employees engaged by Manager shall be the employees of Manager and not of Owner.
Budgets and Leasing Guidelines; Annual Performance.  Manager shall prepare and submit to Owner a (i) proposed operating budget (the "Operating Budget"), (ii) capital budget (the "Capital Budget"), and (iii) marketing program and leasing guidelines (the "Marketing Program") for the Premises for the management, leasing and operation of the Premises for the forthcoming calendar year (or in the case of the first calendar year in which the Term commences, the remainder of such year if it is not a full calendar year) in a format approved by Owner.  Manager shall also complete and deliver to Owner a written review of its performance for the then current calendar year at the same time (the “Performance Review”) it delivers the budgets and programs as contemplated in this Section 5.3.  The scope and substance of the Performance Review will be agreed to by the Manager and the Owner prior to the delivery of the first review.  The first such budgets, program and guidelines shall be submitted to Owner within forty-five (45) days after the date of this Agreement and in the future subsequent proposed budgets, program and guidelines shall be delivered to Owner no later than October 15 of each calendar year.  By October 15 of each calendar year, Manager will submit to Owner (i) a summary of the actual (through September 30) and projected (for the full year) results of management and operation of the Premises for such calendar year and (ii) a Performance Review for the then-current calendar year.  
The leasing guidelines shall include the following:

5

(a)    the minimum rental rate to be charged for office space, and, if applicable, storage, antenna, telecom, retail and parking space and the minimum and maximum term which may be provided in each category of space to be leased in the Premises;
(b)    the maximum leasing concessions or inducements (on a per square foot basis) which may be provided with respect to the Premises;
(c)    a list of currently vacant space in the Premises; 
(d)    a list of space which will become available for lease in the Premises during the applicable calendar year; and 
(e)    if a third party will perform leasing services for all or a portion of the Premises, whether pursuant to a contract with Manager or as a result of a leasing agreement directly with Owner as contemplated by Section 5.5, a summary of any material terms of such relationship and the supervision thereof by Manager.
Owner will consider the proposed budgets, program and guidelines and then will consult with Manager within forty-five (45) days after they are submitted in order to agree on an "Approved Operating Budget", an "Approved Capital Budget", and "Approved Marketing Programs".  Owner and Manager will use good faith efforts to agree on the foregoing within such forty-five (45) day period.  Additionally, if Owner identifies any operating or performance deficiencies that are within reasonable control of Manager after reviewing the Performance Review, Owner shall give Manager written notice of such deficiencies prior to the end of this forty-five (45) day period.  Manager shall then have the later of thirty (30) days, or such time as is reasonably necessary, to cure the deficiencies identified in such notice.  If such deficiencies are not corrected with this time period, Owner shall give Manager a second notice of its desire to terminate this Agreement pursuant to Section 12.2.  If Manager does not cure such deficiencies within thirty (30) 

6

days after this second notice, and provide Owner written notice (and when applicable, evidence) that such deficiencies have been cured, this Agreement may be terminated by Owner pursuant to Section 12.2.
No less frequently than quarterly, Manager shall during each calendar year review the Approved Operating Budget, Approved Capital Budget, and Approved Marketing Program, and compare the same to year-to-date activity to determine whether revisions are needed.  Any such needed revisions will be submitted to Owner for its approval.
Manager agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs (net of amounts, if any, recovered from third parties) of maintaining, leasing and operating the Premises shall not exceed the approved budgets pertaining thereto.
Collection of Rents.  Manager shall use diligent efforts to collect all rents (including, without limitation, billings resulting from tenant participation in operating expenses, taxes and common area maintenance charges) and other charges which may become due at any time from any tenant or from others for services provided in connection with or for the use of the Premises or any portion thereof.  All monies so collected shall be deposited in the Receipts Account (defined in Section 9.1).  Manager cannot and may not terminate any lease, lock out a tenant, institute a suit for rent or for use and occupancy, or institute proceedings for recovery of possession of any premises, without the prior written approval of Owner.  In connection with such suits or proceedings only legal counsel designated by Owner shall be retained.  The estimated costs of legal services to be incurred in bringing such approved suit or proceeding shall be submitted to Owner for its approval.  Manager shall not write off any rental income of more than twenty percent (20%) of the gross monthly rent (up to a maximum of $10,000) for any single tenant without the prior approval of 

7

Owner; provided, however, that in all events Manager shall have authority to write off monthly income of $1,000 or less with respect to any single tenant.
Leasing Duties of Manager.  If Manager agrees to serve as the primary leasing agent for the Premises such that Manager serves as the agent involved in locating and securing tenants for the Premises, Manager shall be the “Primary Leasing Agent” and shall be entitled to the leasing fees set forth in Section 21.1(b).  If Manager is not the Primary Leasing Agent, Owner may contract with third parties to perform such services and Manager shall not be entitled to the leasing fees referenced above.  In all events, Manager shall act as leasing manager for the Premises and be ultimately responsible for the leasing activities of the Premises, including supervising any third party retained by Owner to ensure that such party is acting in accordance with the Approved Marketing Program.  If Manager is the Primary Leasing Agent, Manager may also contract with other persons to perform leasing services for the Premises, provided that Owner will not be obligated to pay any leasing fees or commissions to such third parties unless it agrees to do so in writing, but Owner shall remain obligated to pay Manager leasing fees in accordance with Section 21.1(b).  Manager may act without further approvals as long as Manager acts in accordance with the Approved Marketing Program.  It is understood that Owner is the only signatory authority for the execution of all lease and related leasing documents and Manager shall not represent to the contrary to prospective tenants and other parties.
Decorations and Repairs.  Manager shall institute and supervise all ordinary and extraordinary repairs, decorations and alterations, including the administration of a preventative maintenance program for all mechanical, electrical and plumbing systems and equipment and the design and installation of any supplemental H.V.A.C. electrical, mechanical or plumbing devices, including metering devices, which are installed on behalf of any tenant(s) of the Premises, provided 

8

that such (unless the same relate to emergencies) are included in an Approved Operating Budget or in an authorization by Owner pursuant to an Approved Capital Budget.
Operational Activities.  Manager shall institute and supervise all operational activities of the Premises, including but not limited to:
A.    Supervision of the cleaning contractor;
B.    Supervision of the security contractor on behalf of Owner;
C.    Supervision of any landscaping contractor;
D.    Supervision of the window washing contractor;
E.    Responsibility for and supervision of the central plant and other H.V.A.C. equipment;
F.    Responsibility for and supervision of a preventative maintenance program;
G.    Responsibility for and supervision of any necessary repairs to the Premises;
H.    Supervision of the maintenance of the elevators serving the Premises;
I.    Responsibility for making arrangements for and administering account for utilities; and
J.    Any other activity reasonably required for the normal operation of a high quality office building.
As used herein, "supervise" and "supervision" shall also include responsibility for the particular task to the extent the Owner so directs and provides the funds therefor.
Taxes.  Manager shall obtain and verify bills for real estate and personal property taxes, improvement assessments and other like charges which are or may become liens against any portion of the Premises and recommend payment or appeal as its reasonable judgment may decide.  

9

Manager shall not make any payments on account of any ground lease, mortgage, deed of trust or other security instrument, if any, affecting any Premises unless such payments are included in the Approved Operating Budget or otherwise approved by Owner.
Compliance with Agreements.  Manager shall operate the Premises in compliance with any ground lease, space lease, mortgage, deed of trust or other security instruments affecting the Premises and of which Manager has knowledge, but Manager shall not be required to make any payment or incur any liability on account thereof.
Payrolls.  Manager shall prepare or cause to be prepared all payrolls and maintain comprehensive payroll records.
Banking Matters.  Manager shall handle all banking matters related to its contractual responsibility.
Inspections of Premises.  Manager shall conduct, from time to time as Manager deems necessary or as Owner requests, inspections of the Premises and provide Owner with a written report on its findings to the extent requested by Owner.
Maintenance of Records.  Manager shall, on behalf of Owner, maintain complete and identifiable records and files on all matters pertaining to the Premises, including, without limitation, all revenues and expenditures, service contracts and leases, all of which records and files shall be the property of Owner.
Staffing for Emergencies.  Manager shall have competent personnel available at all times for emergencies.
Tenant Relations Program.  Manager shall administer a tenant relations program that maintains a high visibility of management presence and service to tenants and is consistent with programs offered by high quality office properties and management thereof.

10

Communications with Owner.  Manager shall be available for communications with Owner and will keep Owner advised of items affecting the Premises.
Section 5.17    Books and Records.
(a)    Manager, in the conduct of its responsibilities to Owner, shall maintain adequate and separate books and records for the Premises in accordance with generally accepted accounting principles ("GAAP"), which shall be supported by sufficient documentation to ascertain that said entries are properly and accurately recorded, which books and records shall be the property of Owner.  However, any computer software or other systems of Manager which are used to generate or keep such books and records shall remain the property of Manager.  Such books and records shall include all information necessary to calculate and to audit amounts contained therein and shall otherwise comply with the requirements of the documents referred to in Section 5.9 hereof.  Such books and records, as well as those records referred to in Section 5.13 hereof, shall be maintained by Manager at the Premises or at such other location as may be mutually agreed upon in writing, and at Manager's discretion in detail or summary form at the headquarters of Manager located in Houston, Texas.  Manager shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect Owner's assets from theft, error or fraudulent activity.
(b)    Manager shall maintain records of, and furnish customary (or as requested) reports summarizing, all transactions occurring from the first day of the prior calendar quarter to the last day of the prior calendar quarter.  These reports are to be received by Owner no later than thirty (30) calendar days after the end of the above described accounting period (or sooner if necessary for Owner or any partner of Owner’s (direct or indirect) parent to 

11

comply with governmental requirements of which Manager is given reasonable advance notice) and must report financial details which Owner may request.  Reports on vacancies and other matters pertaining to the management, leasing, operation, and maintenance of the Premises will be provided on a monthly basis in a format reasonably approved by Owner.  The reports shall include a comparison of quarterly, year-to-date actual, and projected year-end income and expense with the Approved Operating Budget for the Premises, and other financial reports reasonably requested by Owner, all in a format approved by Owner.  In addition, Manager shall remit to Owner all unexpended funds (except for a reserve approved by Owner for contingencies and operating working capital or such lesser amount as may be available after all proper disbursements from the Receipts Account) in the Receipts Account as of the end of the reporting quarter. 
(c)    All financial statements and reports required by Owner will be prepared on an accrual basis in accordance with GAAP, except for special financial reports which by their nature require a deviation from GAAP.
(d)    Manager shall prepare such additional reports at such times and in such forms as may be reasonably requested from Owner from time to time.  All reports of Manager to Owner shall be furnished in electronic form if Owner so requests.
(e)    Manager shall maintain necessary liaison with Owner's accountant and shall provide such accountant with such reports and other information as Owner shall request.
Compliance with Laws
Expenses incurred in remedying violations may be paid from the Disbursement Account (as defined in Section 9.1) provided such expenses do not exceed $5,000 in any one instance.  When more than such amount is required or if the violation is one for which the Premises title holder might 

12

be subject to penalty, Manager shall notify Owner by the end of the next business day to assure that prompt arrangements may be made to remedy the violation.
Expenditures for Emergencies. Notwithstanding anything contained herein to the contrary, in case of emergency, Manager may make expenditures for repairs and other items which exceed approved budgets or prior approvals from Owner without prior written approval if in the reasonable judgment of Manager it is necessary to preserve the safety of the Premises or the safety of the tenants or other occupants of the Premises, or to avoid the suspension of any necessary service to the Premises.  Owner must be informed of any such expenditures before the end of the next business day.
Establishment of Website.  Any and all reports required of Manager under this Agreement shall be made available at a website to be established by Manager accessible through the Internet within one year after Owner so requests.
Sarbanes-Oxley Compliance.  If requested by Owner, all reporting, record keeping, internal controls and like matters by Manager shall comply with the Sarbanes-Oxley Act.
Section 5.22    REIT Tax Compliance.  Manager acknowledges that the Premises is owned by a real estate investment trust for tax purposes.  Solely with respect to contracts which Manager is permitted to executed under Section 6.4 hereof and of purchase orders pursuant to Section 6.5 hereof, Manager shall not without prior written consent of Owner enter into service contracts on behalf of Owner that causes [the REIT Parent Entity] to realize any impermissible tenant service income as defined in Internal Revenue Code Section 856(d)(7) with respect to the Premises.  Any contracts approved by and/or or executed by Owner shall be deemed to be conclusive evidence of Owner’s satisfaction with such contract as its relates to such Section 856(d)(7). 

13

Submission of Annual Reports.  All annual reports to be furnished by Manager shall be furnished within thirty (30) days after the end of the applicable calendar year.
ARTICLE 6 
MANAGEMENT AUTHORITY
Limitation on Manager’s Authority.  Manager's authority is expressly limited to the provisions provided herein or as may be amended in writing from time to time by Owner and mutually agreed to and accepted by Manager in writing.
Expenditure of Monies by Manager.  The Approved Operating Budget shall constitute an authorization for Manager to expend money to operate, lease and manage the Premises and Manager may do so without further approval as long as Manager does not exceed the year-to-date budgeted amount for any line item (after any allocation of any contingency that may be contained in the budget and that can be applied to such line item).  Whenever the year-to-date budgeted amount for any line item is (or appears likely to be) exceeded, a year-to-date budget variance and a revised operating budget for such line item shall be presented to Owner for its consideration.  Except as expressly permitted in this Agreement, Manager may not act outside of the Approved Operating Budget until the budget revision is approved in writing by Owner, which approval Owner will endeavor to give in a timely manner.  Once approved, Manager's authority with the revised or any additionally revised budgets is the same as that authorized for the original budget.
Capital Expenditures.  The Approved Capital Budget shall constitute authorization for Manager to make those capital expenditures set forth therein, the individual cost of which does not exceed Fifty Thousand Dollars ($50,000).  Any individual capital expenditure in excess of Fifty Thousand Dollars ($50,000) must be specifically authorized by Owner even if contained in the 

14

Approved Capital Budget.  With respect to the purchase and installation of capital items, Manager shall recommend that Owner purchase such items when Manager believes such purchase to be necessary or desirable.  Owner may arrange to purchase and install the same itself or may authorize Manager to do so subject to prescribed supervision and specification requirements and conditions.  Unless Owner specifically waives such requirements, either by memorandum or as an amendment to the contract, all new or replacement capital items exceeding Fifty Thousand Dollars ($50,000) shall be awarded on the basis of competitive bidding, solicited in the following manner:
(a)    A minimum of three written bids will be obtained for each purchase in excess of $50,000.
(b)    Each bid will be solicited in a form prescribed by Owner so that uniformity will exist in the bid quotes.
(c)    Manager shall provide Owner with all bid responses accompanied by Manager's recommendations as to the most acceptable bid.  If Manager advises acceptance of other than the lowest bidder, Manager shall adequately support, in writing, its recommendations.
Owner shall be free to accept or reject any and all bids.  Owner will communicate to Manager in writing its acceptance or rejection of bids.  Owner may pay for capital expenses from its own resources or may authorize payment by Manager out of the Disbursement Account.
Contracts with Affiliates of Manager.  Manager shall not enter into any contract with an Affiliate of Manager for cleaning, maintaining, repairing or servicing the Premises or any of the constituent parts of the Premises without the prior written consent of Owner if the contract would require Owner to make any payments to an Affiliate of Manager.  As a condition to obtaining such consent, Manager shall supply Owner with a copy of the proposed contract and shall state to Owner 

15

the affiliation between Manager (or other person or persons in control of Manager) and the party proposed to supply such goods or services, or both.  Prior to entering into any such contract, whether or not with an affiliated or related party, Manager shall submit a proposal to Owner and Owner may veto the same if Owner reasonably deems it to be unnecessary, wasteful or inappropriate.  Further, any such contract must be on market terms and Owner may require Manager to demonstrate the same through third party bids or other means.  In addition to Owner's veto right referenced above, if required by the governance documents of the general partner of Owner, any such contract must be approved by the independent members of the board of directors of [Hines REIT entity], Owner’s indirect parent.  Any such contract will include prudent cancellation rights.
Execution of Leases and Contracts.  All leases and related lease documents, all service contracts and all purchases, and all legal documentation related thereto, are to be in the name of Owner in the form prescribed by Owner and shall be executed by Owner, with the exception of contracts permitted under Section 6.4 hereof and of purchase orders related to the purchase of items within approved budgets, which may be executed by Manager.  Additionally, Manager shall execute on behalf of Owner such service agreements as Owner may authorize from time to time.  All contracts with an Affiliate of Manager must be executed by Owner.  Further, all service agreements must be:
(a)    Executed in the ordinary course of business;
(b)    For a term not greater than one year and be terminable upon no less than 30 days notice;
(c)    With a party who is not a “Prohibited Contractor”; and
(d)    In accordance with the Approved Operating Budget.

16

Structural Changes.  Owner expressly withholds from Manager any power or authority to make any structural change to the Premises or to make any other major alterations or additions in or to the Premises or equipment therein without the prior written direction of Owner. 
ARTICLE 7 
INSURANCE
Owner's Insurance.  Throughout the Term, Owner shall obtain and maintain the insurance described below (to the extent the same is available at commercially reasonable rates):
		
	(a)
	All-risks property insurance (including comprehensive boiler & machinery coverage) on a full replacement cost basis covering the Premises.

		
	(b)
	Commercial general liability insurance on an occurrence basis with Owner and Manager as insureds with limits of not less than $5,000,000 each occurrence combined single limit on bodily injury, death or property damage.  Owner’s insurance shall be primary and non-contributory to any insurance otherwise carried by Manager.

Manager's Insurance.  Manager shall obtain and maintain:
		
	(a)
	Comprehensive crime/fidelity coverage in the amount of $1,000,000 and shall name Owner as loss payee.

		
	(b)
	All-risks property insurance on a full replacement cost basis covering Manager’s personal property on the Premises.

		
	(c)
	Worker’s Compensation insurance as required by statute.

		
	(d)
	Employer’s Liability insurance in the amount of $1,000,000 each accident.

17

		
	(e)
	Automobile Liability insurance in the amount of $1,000,000 each occurrence.

Contractor's and Subcontractor's Insurance.  Manager shall require that all contractors and subcontractors brought onto the Premises have insurance coverage at the contractor's or subcontractor’s expense, in the following minimum amounts, with Owner and Manager as additional insureds on the commercial general liability insurance:

	
			
	(a)
	Worker's Compensation:
	Statutory Amount

	 
	 
	 

	(b)
	Employer's Liability:
	$500,000 minimum

	 
	 
	 

	(c)
	Commercial General Liability:
	$1,000,000 combined single limit
for bodily injury and property
damage

	 
	 
	 

	(d)
	Comprehensive Automobile
	$1,000,000 each occurrence

	 
	 
	 

	 
	Liability Insurance
	combined single limit for bodily
injury and property damage

Any exceptions to the requirements in this Section 7.3 must be approved in writing by Manager's risk management department.
Insurance Requirements.  The insurance required of all parties to this Agreement shall be written with insurers authorized to do business in the State in which the Premises are located and shall be rated at least A:IX by A.M. Best’s Rating Service.
Waiver of Claims and Subrogation.  NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, OWNER AND MANAGER HEREBY WAIVE ANY AND ALL RIGHTS OF RECOVERY, CLAIM, ACTION OR CAUSE OF ACTION AGAINST THE OTHER, ITS AGENTS, EMPLOYEES, OFFICERS, DIRECTORS, PARTNERS, MEMBERS, SERVANTS OR SHAREHOLDERS FOR ANY LOSS OR DAMAGE TO THE OTHER’S PROPERTY BY REASON OF FIRE, THE ELEMENTS, OR ANY OTHER CAUSE 

18

WHICH IS COVERED OR COULD BE COVERED BY STANDARD “ALL-RISKS” PROPERTY INSURANCE (INCLUDING COMPREHENSIVE BOILER AND MACHINERY COVERAGE), REGARDLESS OF CAUSE OR ORIGIN, INCLUDING NEGLIGENCE OF THE OTHER PARTY HERETO, ITS AGENTS, EMPLOYEES, OFFICERS, DIRECTORS, PARTNERS, MEMBERS, SERVANTS OR SHAREHOLDERS.  EACH PARTY’S PROPERTY INSURANCE POLICIES SHALL CONTAIN PROVISIONS WHERE THE INSURER WAIVES THEIR RIGHT OF SUBROGATION AGAINST SUCH OTHER PARTY.
ARTICLE 8 
OWNER'S RIGHT TO AUDIT
Audit Rights of Owner.  Owner reserves the right for Owner's employees or others appointed by Owner to conduct examinations, during normal business hours without notification, of the books and records maintained for Owner by Manager no matter where the books and records are located.  Owner also reserves the right to perform any and all additional audit tests relating to Manager's activities, either at the Premises or at any office of Manager, provided such audit tests are related to those activities performed by Manager for Owner.
Correction of Internal Controls.  Should Owner's employees or appointees discover either weaknesses in internal control or errors in record keeping, Manager shall correct such discrepancies either upon discovery or within a reasonable period of time thereafter.  Manager shall inform Owner in writing of the action taken to correct such audit discrepancies.  Any and all such audits conducted either by Owner's employees or appointees will be at the sole expense of Owner, unless such audit (i) indicates fraud or gross neglect by Manager in its record keeping, or (ii) discloses an error on the part of Manager which affects Owner adversely and is equal to or greater than two 

19

percent (2%) of the greater of gross expenses or gross receipts of the Premises for the period audited, and in the case of (i) or (ii) above, Manager shall bear the reasonable cost of the applicable audit.
ARTICLE 9 
BANK ACCOUNTS
Deposits of Rents and Other Sums.  Manager shall deposit all rents and other funds collected from the operation of the Premises, including any and all advance funds, in a bank designated by Owner, in a special account (the "Receipts Account") for the Premises in the name of Owner (so that at all times the funds deposited therein shall be the sole and exclusive property of Owner).  The bank shall be informed in writing of the designated representatives of Manager that Owner has approved as having access to such accounts.  Manager, with Owner's approval, shall establish a second account (the "Disbursement Account").  Manager shall pay the operating expenses of the Premises and any other payments relative to the Premises as required by the terms of this Agreement (including Manager's fees under Article 21 hereof) out of the Disbursement Account.  Money shall be transferred from the Receipts Account to the Disbursement Account as deemed necessary by Manager, and approved by Owner.  Owner shall have the right from time to time to change the number and types of bank accounts used by Manager and the method of transferring funds between those accounts.  Notwithstanding the foregoing, Manager shall comply with the terms of any applicable cash management, blocked account or similar agreements entered into by Owner and Manager in connection with any loan obtained by Owner and secured by the Premises, and in the event of any conflict between any such agreements and this Section 9.1, the terms and provisions of such agreements shall control.
Security Deposit Records.  Manager shall, on behalf of Owner, maintain detailed records of all security deposits and letters of credit and such records will be open for inspection by 

20

Owner's employees or appointees.  Manager shall maintain such security deposits and letters of credit as required by applicable law and the terms of the leases, as approved by Owner.
Owner to Have Access to Funds.  Through the use of signature cards, authorized representatives of Owner shall be permitted access to any and all funds in the bank account described in Section 9.1.  However, Owner and Owner's representative may not draw against said bank accounts without written communication to Manager.  Manager's authority, and the authority of any designated representative of Manager, to draw against such accounts may be terminated at any time by Owner upon written notice to Manager.
Ownership of Bank Records.  All bank records pertaining to Owner's accounts shall be the property of Owner.
ARTICLE 10 
PAYMENT OF EXPENSES
Payment by Manager of Expenses.  The following operating costs (except as excluded by Section 10.2), to the extent identified in approved budgets, are to be paid directly from the Disbursement Account described in Section 9.1:
(a)    all salaries, bonuses (excluding incentive compensation), applicable overtime pay, employment taxes, insurance, worker’s compensation and other benefits (collectively, the "Compensation Costs") with respect to on-site employees of Manager or an affiliate, the aggregate amounts of which will be included in the Approved Operating Budget;
(b)    To the extent recoverable from tenants, the Compensation Costs and related overhead of non-accounting and non-bookkeeping personnel (for example, property managers and engineers) who may be located off-site at an office other than the Manager’s 

21

home or regional offices (for cost saving, administration or other reasons) but who directly support the operations of the Premises;
(c)    To the extent recoverable from tenants, the Compensation Costs and related overhead of accounting and bookkeeping personnel who may be located off-site, including those located at Manager’s central headquarters offices (for cost saving, administration or other reasons) but who directly support the operation of the Premises (as differentiated from regional and central accounting, which shall be governed by Section 10.1(w) of this Agreement);
(d)    telecommunications, including network or internet connectivity and maintenance, computer hardware, software and maintenance; applicable software licenses and training, and office supplies, postage, copier, facsimile machine, parking expenses, courier services, insurance certificate tracking services, accounting and payroll software and other similar items which are directly attributable to the management of the Property;
(e)    Costs of insurance permitted or required to be maintained by Manager pursuant to the provisions of this Agreement;
(f)    Costs to correct any violation of federal, state and municipal laws, ordinances, regulations and orders relative to the leasing, use, repair and maintenance of the Premises, or relative to the rules, regulations or orders of the local board of fire underwriters or other similar body, provided that such cost is not a result of the negligence or willful misconduct of Manager or its agents or employees;
(g)    Actual costs of making all repairs, decorations and alterations to the Premises;

22

(h)    Costs incurred in connection with all service contracts entered into by Manager and/or Owner in accordance with authorizations in this Agreement or approved by Owner;
(i)    Costs of collection of delinquent rentals; 
(j)    Costs of printed forms and supplies required for use at the Premises;
(k)    Costs of capital expenditures;
(l)    Costs of printed checks and third-party bank fees for each bank account required by Owner;
(m)    Costs of adding machines, personal computers and computer software, and other equipment of such type used for managing the Premises;
(n)    Subject to Section 10.2(c), leasing commissions payable to third parties;
(o)    Costs of Owner approved advertising, business expenses, professional dues, professional development, employee relocation expenses and travel;
(p)    To the extent the same can be recovered from tenants under their leases, the cost of Manager’s implementation of any new accounting or reporting systems (and upgrades to maintain such systems), including web based systems or systems that utilize servers and other equipment that may be located off-site of the Premises, as well as the cost of any new general ledger adopted by Manager;
(q)    Legal fees of attorneys, provided such attorneys have been approved by Owner in writing in advance of retention;
(r)    Costs of outside audits as required by leases and other outside audits as may be requested by Owner in writing;
(s)    Property taxes, special assessments and costs of utilities;

23

(t)    Costs of a management office [and engineering shop], including necessary furnishings and equipment, as provided for in Section 10.3 hereof;
(u)    All other costs and expenses for which Owner is obligated to pay or reimburse Manager as provided for in this Agreement;
(v)    Subject to Section 10.2(c), any out-of-pocket costs Manager incurs in performing the leasing services described in Section 5.5, including the costs of printing leasing brochures and travel and entertainment costs; 
(w)    To the extent the same relate to or support the performance of Manager’s duties under this Agreement, the cost of personnel and overhead expenses related to such personnel who are located in Manager’s headquarters and regional offices.  For the avoidance of doubt, the costs associated with the personnel described in Sections 10.1(b) and (c) hereof shall not be subject to the limitations of this Section 10.1(x).  Examples of such support include risk management, regional and central accounting, cash and systems management, human resources and payroll, technology and internal audit.  The amount to be included under this Section 10.1(w) shall (1) be included only to the extent the same is recovered from tenants under their leases and (2) not exceed in any calendar year $.365 per rentable square foot within the Premises; however, such amount shall be increased on January 1 of each year by the increase in the Consumer Price Index from the preceding January 1 beginning in 2015, such adjusted amount to be rounded to the nearest $.005.  “Consumer Price Index” or “CPI” means the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for all Urban Consumers (U.S. city average; base 1982-84 = 100), published by the Bureau of Labor statistics of the United States Department of Labor.  If at any time during the Term the CPI is discontinued or published less frequently, Manager 

24

and Owner shall mutually and reasonably agree to substitute an official index published by the Bureau of Labor Statistics, or a successor governmental agency, which index is most nearly equivalent to the CPI or to a substitute procedure which reasonably reflects and monitors consumer prices; and
(x)    Any and all other costs necessary to the management, leasing (if applicable), operation and maintenance of the Premises or reasonably incurred by Manager in performing its duties hereunder which are covered within approved budgetary guidelines, which may exceed approved budgetary guidelines but which result from emergencies or which are otherwise approved by Owner.
Expenses to be Borne by Manager.  The following expenses or costs incurred by or on behalf of Manager shall be at the sole cost and expense of Manager and shall be paid by Manager out of the sums payable to Manager under Article 21:
(a)    Costs of gross salary and wages, payroll taxes, insurance, worker's compensation, and other benefits of Manager's personnel not provided for in Section 10.1.
(b)    All costs incurred as a result of Manager's fraud, breach of this Agreement, negligence or willful misconduct.
(c)    All costs and liabilities relating to contracts between Manager and third parties for the performance of Manager’s obligations under this Agreement, including agreements relating to leasing the Premises if Manager is the Primary Leasing Agent.
Office for Manager.  Owner shall also furnish to Manager, at Owner's expense, space located in the Premises of a sufficient size (mutually agreed upon) to allow Manager to perform the services required hereunder, including a management and leasing office and 

25

engineering office, together with standard leasehold improvements and appropriate furnishings and typical office and mechanical equipment.
ARTICLE 11 
INSUFFICIENT INCOME
Insufficient Income.  If at any time the gross income (or cash in the Receipts Account and the Disbursement Account) from the Premises shall not be sufficient to pay the bills and charges which may be incurred with respect to the Premises, or if such gross income is insufficient to pay the combined sum of both bills and charges, Manager shall not be obligated to pay said expenses and charges from its own account.
Manager shall notify Owner immediately upon first projection or awareness of a cash shortage or pending cash shortage and Owner and Manager shall jointly determine payment priority.  After Manager has paid, to the extent of available gross income, all bills and charges based upon the ordered priorities set jointly by Owner and Manager, Manager shall submit to Owner a statement of all remaining unpaid bills.  Owner shall thereafter and without undue delay provide sufficient monies to pay any unpaid expenses properly payable by Owner.  
After Manager has paid, to the extent of available gross income, all bills and charges based upon the ordered priorities set forth in this Section 11.1, Manager shall submit to Owner a statement of all remaining unpaid bills and Owner and Manager shall jointly determine payment priority.  If gross income from the Premises shall not be sufficient to fully fund Manager’s reimbursable personnel costs and other fees due Manager hereunder, Owner shall promptly advance sufficient funds to the Disbursement Account to permit reimbursement/payment of Manager. 
ARTICLE 12 
TERMINATION

26

Termination by Owner or Manager.   Either Owner or Manager may terminate this Agreement upon thirty (30) days advance notice to the other in the event (A) Owner sells the Premises to a third party which is unaffiliated with Owner in a bona fide transaction, (B) the Premises is substantially destroyed or condemned and in the case of destruction cannot be restored within one year after the casualty, or (C) an Affiliate of Manager is no longer the advisor to the [Hines REIT entity].  
Termination by Owner.  The Owner may terminate this Agreement if the Owner has identified and communicated to the Manager any operating or performance deficiencies and such deficiencies are not cured by the Manager in accordance with the provisions set forth in Section 5.3.
Breach by Manager.  If Manager commits a material breach of any obligations of Manager under this Agreement, and if such breach shall continue for thirty (30) days after written notice from Owner (plus, with respect to breaches which Manager commences diligent efforts to cure within such period, but which cannot reasonably be cured within thirty (30) days, such additional period not to exceed ninety (90) additional days as is reasonably necessary to cure such breach), then Owner, in addition to the other remedies it may have at law or in equity, shall have the right to terminate this Agreement.
Breach by Owner.  If Owner (A) fails to timely pay any sum owed to Manager which remains unpaid for more than ten (10) days after notice from Manager or (B) commits a material violation or breach of any other obligation of Owner under this Agreement which remains uncured for more than thirty (30) days after notice from Manager (plus, in the case of breaches which cannot reasonably be cured within thirty (30) days, such additional time as is reasonably required to cure 

27

such breach not to exceed ninety (90) days), then Manager may, in addition to its other remedies at law or in equity, terminate this Agreement by written notice to Owner.
Final Accounting.  Upon termination of this Agreement for any reason, Manager shall deliver to Owner the following with respect to the Premises:
(a)    A final accounting, reflecting the balance of income and expenses, as of the date of termination, to be delivered within thirty (30) days after such termination.
(b)    Any balance or monies of Owner or tenant security deposits, or both, including, without limitation, all funds in any bank accounts under Article 9 hereof, held by or thereafter received by Manager to be delivered immediately upon such termination or withdrawal.
(c)    All records, contracts, leases, receipts for deposits, unpaid bills, other papers or documents, supplies, files, keys, and equipment, which pertain to the Premises to be delivered immediately to Owner at the Premises upon such termination.
(d)    All service contracts in the name of Manager pertaining to the Premises shall be assigned to, and assumed by Owner.
Survival of Certain Rights and Obligations.  Upon the expiration or earlier termination of this Agreement, neither party shall have any further rights or obligations under this Agreement, except that Articles 10, 12, 16, 17, and 21 shall survive the termination of this Agreement.
ARTICLE 13 
DEVELOPMENT AND CONSTRUCTION MANAGEMENT SERVICES
Construction Management Services.  Manager shall act as construction manager with respect to the construction of any leasehold improvements within the Premises if requested by either Owner or the applicable tenant.  With respect thereto Manager shall:

28

(a)    Evaluate and report the existing conditions of the base building;
(b)    Prepare preliminary budgets and schedules;
(c)    Review and assist in the coordination of design drawings;
(d)    Conduct pre-bid meetings;
(e)    Evaluate bids and make recommendations of the award of contracts;
(f)    Conduct construction progress meetings and evaluate ongoing schedules and the quality of workmanship and adherence of work to contract documents, specifications and drawings;
(g)    Evaluate and verify accuracy of monthly construction draw requests;
(h)    Assist architect in reviewing shop drawings;
(i)    Direct architect/engineers to create punchlist; and
(j)    Coordinate with building management the use of the service elevator, the need for temporary utilities and loading docks.
Development Management Services.  Manager shall act as development manager for any redevelopment (including capital improvements) of the Premises.  As such, Manager shall be responsible for coordinating and facilitating the planning and performance of all construction related activities, including recommending the retention of architects, engineers and other consultants, assisting in cost estimating, advising Owner as to the selection of contractors to perform the work, and coordinating on behalf of Owner the work of such consultants and contractors.
ARTICLE 14 
SALE OF THE PREMISES
Sale of Premises.  If Owner executes a listing agreement with a broker (other than Manager) for the sale of any portion of the Premises, Manager shall cooperate with such broker to 

29

the end that the respective activities of Manager and broker may be carried on without friction and without interference with tenants and occupants.  Manager will permit the broker to exhibit the Premises during reasonable business hours to the extent not prohibited by any tenant lease and provided the broker has secured Manager's permission in advance.  Manager shall be reimbursed by Owner for all reasonable costs incurred by Manager in coordinating any activities regarding any sale of all or any portion of the Premises.
ARTICLE 15 
LEGAL PROCEEDINGS
Legal Proceedings.  Should any claims, demands, suits or other legal proceedings be made or instituted by any person against Owner or title holder of the Premises which arise out of any of the matters relating to this Agreement, Manager shall promptly give Owner all pertinent information and reasonable assistance in the defense or other disposition thereof, at the sole expense of Owner.
ARTICLE 16 
MANAGER'S LIABILITY
Liability of Manager.  Manager shall not be liable to Owner or to any other person for any act or omission of any officer, agent or employee of Manager, unless the same results from (i) the breach of this Agreement by Manager, or (ii) the negligence or misconduct of the Manager or its officers, employees, or agents while performing services under this Agreement.  
Indemnity of Manager.  OWNER AGREES TO INDEMNIFY, DEFEND AND HOLD HARMLESS MANAGER AND ITS OFFICERS, AGENTS AND EMPLOYEES (INDIVIDUALLY AND COLLECTIVELY, THE "MANAGER INDEMNITEES") FROM AND AGAINST ANY AND ALL CAUSES OF ACTION, CLAIMS, LOSSES, COSTS, EXPENSES, 

30

LIABILITIES, DAMAGES OR INJURIES (INCLUDING LEGAL FEES AND DISBURSEMENTS) THAT MANAGER INDEMNITEES MAY DIRECTLY OR INDIRECTLY SUSTAIN, SUFFER OR INCUR ARISING FROM OR IN CONNECTION WITH THIS AGREEMENT OR THE PREMISES, UNLESS THE SAME RESULTS FROM (A) NEGLIGENCE OR MISCONDUCT OF THE MANAGER INDEMNITEES ACTING WITHIN THE SCOPE OF THEIR OFFICE, EMPLOYMENT OR AGENCY, OR (B) THE BREACH OF THIS AGREEMENT BY MANAGER.  OWNER SHALL ASSUME ON BEHALF OF THE MANAGER INDEMNITEES THE DEFENSE OF ANY ACTION AT LAW OR IN EQUITY WHICH MAY BE BROUGHT AGAINST THE MANAGER INDEMNITEES BASED UPON A CLAIM FOR WHICH INDEMNIFICATION IS APPLICABLE HEREUNDER.
Limitation on Making Certain Claims.  Notwithstanding any other provisions of this Agreement, in no event shall Owner make any claim against Manager, or its Affiliates or subsidiaries, on account of any good faith interpretation by Manager of the provisions of this Agreement (even if such interpretation is later determined to be a breach of this Agreement) or any alleged errors in judgment made in good faith and in accordance with this Agreement in connection with the operation of the Premises hereunder by Manager or the performance of any advisory or technical services provided by or arranged by the Manager.  The provisions of this Section 16.3 shall not be deemed to release Manager from liability for its negligence.
Expenditures Made in Good Faith.  Owner shall not object to any expenditures made by Manager in good faith in the course of its management of the Premises or in settlement of any claim arising out of the operation of the Premises unless such expenditure is specifically prohibited by this Agreement.  The provisions of this Section 16.4 shall not be deemed to release Manager from liability for its negligence.

31

Limitation on Liability of Manager.  Notwithstanding any provision in this Agreement to the contrary and except to the extent prohibited in the charter (i.e. articles of incorporation or similar document) of the [REIT parent entity], the liability of Manager for any losses, liabilities, obligations, claims, judgments, costs, expenses or damages (including reasonable legal fees and expenses) incurred by Owner, directly or indirectly, as a result of, arising out of or relating to this Agreement, a breach by Manager hereunder, the Premises, and/or the performance of services hereunder shall be limited, in the aggregate, to a sum equal to the Management Fee, Leasing Fees and other fees which have theretofore actually been paid to Manager pursuant to this Agreement.
ARTICLE 17 
REPRESENTATION AND WARRANTIES
No Reliance by Owner.  Owner hereby represents that in entering into this Agreement Owner has not relied on any projection of earnings, statements as to the possibility of future success or other similar matter which may be prepared by Manager and understands that no guaranty is made or implied by Manager as to the future financial success of the Premises.
Representations and Warranties.  Each party to this Agreement represents and warrants the following:
(a)    It is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation with all requisite power and authority to enter into this Agreement and to conduct its respective business.
(b)    This Agreement constitutes the legal, valid and binding obligation of the party and is enforceable in accordance with its terms.

32

(c)    No consents or approvals are required from any governmental authority or other person or entity for the party to enter into and perform this Agreement.  All corporate or partnership action on the part of the party necessary for the authorization, execution and delivery of this Agreement, and the consummation of the transactions contemplated hereby, have been duly taken.
(d)    The execution and delivery of this Agreement by the party, and the consummation of the transactions contemplated hereby, does not conflict with or contravene the provisions of its organizational documents or any agreement or instrument by which it or its properties are bound or any law, rule, regulation, order or decree to which it or its properties are subject.
(e)    Neither it nor any of its affiliates, nor any of their respective 10% partners, members, shareholders or other equity owners, and none of their respective employees, officers, directors, representatives or agents is, nor will they become a person or entity (i) described in Section 1 of Executive Order 13224 (issued September 24, 2001) (the “Executive Order”), (ii) listed in the “Alphabetical Listing of Blocked Persons, Specially Designated Nationals, Specially Designated Terrorists, Specially Designated Global Terrorists, Foreign Terrorist Organizations, and Specially Designated Narcotics Traffickers” published by the United States Office of Foreign Assets Control (“OFAC”), 31 C.F.R. Chapter V, Appendix A, as in effect from time to time, or (iii) with whom U.S. persons or entities are restricted from doing business under regulations of OFAC or under any statute, executive order (including the Executive Order), or other governmental action and is not and will not assign this Agreement to, contract with or otherwise engage in any dealings or transactions or be otherwise associated with such persons or entities.

33

(f)    The party has obtained or shall obtain all permits and licenses to the extent required by applicable law to perform its obligations hereunder, except with respect to permits and licenses, the lack of which do not and would not, individually or in the aggregate, have a material adverse effect on such party's ability to perform its obligations under this Agreement.

ARTICLE 18 
CONSENTS
Granting of Consents.  Except as otherwise expressly provided herein to the contrary, whenever in this Agreement the consent or approval of Manager or Owner is required, such consent or approval shall not be unreasonably withheld or unduly delayed.  Such consent shall also be in writing only and shall be duly executed by an authorized officer or agent for the party granting such consent or approval.
ARTICLE 19 
SUBSIDIARIES AND AFFILIATES
Contracts with Manager’s Affiliates.  Any contract or lease with respect to the Premises between Manager and any Affiliate of Manager shall be subject to the prior written approval of Owner, and at Owner's sole discretion such approval may be withheld.
ARTICLE 20 
NOTICES
Notices.  Any notice provided for in or permitted under this Agreement shall be made in writing, and may be given or served by (i) delivering the same in person or by facsimile transmission to the party to be notified, or (ii) depositing the same in the United States mail, postage 

34

prepaid, registered or certified with return receipt requested, and addressed to the party to be notified at the address herein specified, or (iii) by depositing same with a reputable overnight courier service.  Any notice shall be effective only if and when received by the party to be notified (or the date such receipt is refused by the addressee) unless the day it is received is not a business day, and then it shall be deemed received on the next business day.  For the purpose of notice, the address of the party shall be, until changed as hereinafter provided for, as follows:  

35

	
			
	If to the Owner:
	 
	 

	 
	 
	2800 Post Oak Boulevard
Suite 4800
Houston, Texas  77056-6118
Attention:  Kevin McMeans
Fax No.:  (713) 966-2075

	 
	 
	 

	With a copy to:
	 
	Hines Advisors Limited Partnership 
2800 Post Oak Boulevard
Suite 4800
Houston, Texas  77056-6118
Attention:  Jason P. Maxwell, Esq. – Legal Dept.
Fax No.:  (713) 966-2075

	 
	 
	 

	With a copy to:
	 
	Greenberg Traurig LLP
200 Park Avenue
New York, New York 10166
Attention:  Judith D. Fryer, Esq.
Fax No:  (212) 805-9330

	 
	 
	 

	If to the Manager:
	 
	Hines Interests Limited Partnership
2800 Post Oak Boulevard
Suite 4800
Houston, Texas  77056-6118
Attention:  Charlie Baughn
Fax No.:  (713) 966-2636

	 
	 
	 

	With a copy to:
	 
	Hines Interests Limited Partnership
2800 Post Oak Boulevard
Suite 4800
Houston, Texas  77056-6118
Attention:  Corporate Counsel
Fax No.:  (713) 966-7813

or to such other address as the Owner may specify in a written notice to the Manager or the Manager may specify in a written notice to the Owner in accordance with this Section 20.1.
Each party shall have the right from time to time and at any time to change its respective address and each shall have the right to specify as its address any other address by at least fifteen (15) days' written notice to the other party.  Each party shall have the right from time to time to specify additional parties to whom copies of notices must be given by delivering to the 

36

other party fifteen (15) days' written notice thereof setting forth the address of such additional party or parties; provided, however, that no party shall have the right to designate more than three (3) such additional parties.  Notice required to be delivered hereunder to either party shall not be deemed to be effective until the additional parties, if any, designated by such party have been given notice in a manner deemed effective pursuant to the terms of this Section 20.1.
ARTICLE 21 
COMPENSATION
Fees Payable to Manager.  In addition to the sums Owner is obligated to pay Manager as described in this Agreement, each calendar year Manager shall receive remuneration for its services in managing and leasing the Premises as follows:
(a)    A management fee (the "Management Fee") equal to:
(1)    For single-tenant properties, the lesser of (A) two and one-half percent (2.5%) of the Gross Revenues for the Premises or (B) the amount of the Management Fee that can be passed through to the tenant of the Premises under its lease, subject to a minimum fee of at least one percent (1.0%) of Gross Revenues for the Premises.
(2)    For multi-tenant properties, the lesser of (A) two and one-half percent (2.5%) of the Gross Revenues for the Premises, or (B) the amount of the Management Fee that can be passed through to tenants of the Premises under their respective leases. 
(3)    "Gross Revenues" includes but is not limited to revenues arising from rentals (which includes all tenant recoveries for operating expenses, special or extra services and the like, including, without limitation, real estate taxes and assessments) for such year payable by tenants who lease space in the Premises, parking revenues, 

37

revenues from the leasing or licensing of antenna space and all other revenues of whatever nature.  The Management Fee shall be payable monthly based on interim results and projections with annual reconciliations.  
(b)    If Manager serves as the Primary Leasing Agent as set forth in Section 5.5, Manager will receive the following sums (the "Leasing Fees"):
(1)    For any lease or amendment thereto pursuant to which space is leased by a tenant which is executed or negotiated during the Term, a fee equal to one and one-half percent (1.5%) of the gross rentals which are payable pursuant to or on account of the applicable document during the term of the lease.
(2)    For any lease extension, renewal, expansion or other similar right whereby a tenant extends its lease or leases additional space which is exercised during the Term, a fee equal to one and one-half percent (1.5%) of the gross rentals which are payable pursuant to or on account of the applicable document for the term of such renewal, extension or expansion.
(3)    If Manager is the Primary Leasing Agent, then for purposes of subsections (1) and (2) above, the following shall apply:
(i)    Owner shall pay the Leasing Fees to Manager regardless of whether an outside broker was used in connection with any such lease, amendment, renewal, extension or expansion.  Owner shall be responsible for any fees paid to outside brokers or other third parties with whom Owner contracts directly, and such fees shall not count against, or be considered part of, the Leasing Fees;

38

(ii)    Owner's obligation to pay the Leasing Fees shall survive the expiration or earlier termination of this Agreement, it being agreed that Manager shall be entitled to such Leasing Fee after such expiration or termination to the extent provided in this Section 21.1).  "Executed or negotiated during the Term" and "exercised during the Term" also includes leases and other instruments executed and options and other rights exercisable within either (x) thirty (30) days after the Term if the Agreement is terminated pursuant to section 12.1 hereof, or (y) ninety (90) days after the Term if this Agreement is terminated for any other reason, if the tenant under said lease or other instruments had substantial negotiations with Manager during the Term  (and for purposes hereof, "substantial negotiations" shall mean that a written proposal and related correspondence have been exchanged by Manager and the prospective tenant or its agent).  Manager shall provide Owner within ten (10) days following the end of the Term a list of all prospective tenants with whom Manager has had substantive negotiations as described above;  
(iii)    gross rentals for triple net leases will include an estimate of operating expenses to be paid by tenants in the first (1st) lease year and such expenses shall not be increased in determining gross rentals in later years for purposes of determining the Leasing Fees; and  
(iv)    rent increases based on changes in the Consumer Price Index shall not be taken into account in calculating gross rentals for purposes of determining the Leasing Fees except to the extent such lease includes a floor 

39

on the rent increases based on the Consumer Price Index, in which event for purposes of calculating gross rentals, rent shall be deemed increased based on such floor.  
(c)    The Leasing Fees shall be payable as follows:  (x) fifty percent (50%) upon the date the applicable document is executed or right is exercised, as applicable, and (y) the balance:
(i)    in the case of a lease of new space or an amendment providing for expansion into new space, on the earlier of (A) the date such tenant takes occupancy of the space subject to such lease or amendment, (B) the date such tenant commences the payment of rent with respect to such space under such lease or amendment, or (C) termination of this Agreement by Owner for any reason.  (The Leasing Fees payable in the case of (C) above shall be discounted to present value, from the date set forth in either (A) or (B) as applicable, to the date of termination or sale, as applicable, at the rate of eight and three-quarters percent (8.75%) per annum.); or 
(ii)    in the case of a renewal, on the earlier of (A) the first (1st) day of the applicable renewal term, or (B) termination of this Agreement by Owner for any reason.  (The Leasing Fees payable in the case of (B) above shall be discounted to present value as of the date of termination at the rate of eight and three-quarters percent (8.75%) per annum.)
(d)     If the applicable lease, renewal, extension, expansion or amendment (a "Lease Document") provides the tenant an early termination right, the following shall apply:

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(i)    if the Lease Document requires the tenant to repay the unamortized amount of all Landlord’s Out-of-Pocket Costs (defined below), then the Leasing Fees payable at the times set forth in paragraphs (c)(i) and (c)(ii) above shall include Leasing Fees attributable to the entire term of the Lease Document (including periods after the applicable termination date).  "Landlord’s Out-of-Pocket Costs" means all leasing commissions, tenant improvement allowances, and any other out-of-pocket costs or reimbursements paid by the landlord under the applicable lease; 
(ii)    if the Lease Document does not require the tenant to repay any of Landlord’s Out-of-Pocket Costs, then the portion of the Leasing Fees attributable to periods after the applicable termination date shall be payable upon the date that the right to exercise such termination option has expired, terminated or been waived by the tenant (such that the tenant continues to pay rent on the applicable space following the termination date), so long as Owner is then the owner of all or a part of the Premises.  If Owner sells or transfers the entire Premises to an unaffiliated third party prior to the applicable termination date, Manager waives any future right to receive the portion of the Leasing Fees attributable to periods after the applicable termination; and
(iii)    if the Lease Document requires the tenant to repay a portion of the unamortized amount of Landlord’s Out-of-Pocket Costs, then the Leasing Fees payable at the times set forth in paragraphs (c)(ii) and (c)(ii) above shall be comprised of: (x) the Leasing Fee attributable to the term of 

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the Lease Document from the commencement of the term through the applicable termination date, and (y) an amount equal to the product obtained by multiplying the (A) the Leasing Fee attributable to the term of the Lease Document following the applicable termination date, and (B) the Recovery Rate (defined below).  Any portion of the Leasing Fees attributable to periods after the applicable termination date, not paid subject to the Recovery Rate, shall be payable upon the date that the right to exercise such termination option has expired, terminated or been waived by the tenant (such that the tenant continues to pay rent on the applicable space following the termination date), so long as Owner is then the owner of all or a part of the Premises.  If Owner sells or transfers the entire Premises to an unaffiliated third party prior to the applicable termination date, Manager waives any future right to receive such remaining portion of the Leasing Fees.
"Recovery Rate" means the percentage equal to the portion of the total unamortized amount of Landlord’s Out-of-Pocket Costs required to be paid by the tenant in connection with the tenant’s exercise of its termination right.
(e)    For the construction management services described in Section 13.1, Manager shall be entitled to retain or be paid any construction management fee paid by any tenant directly to Manager or to the Owner as landlord under such tenant’s lease, and any such fee that is paid to the Owner shall be received by the Owner on behalf of and as agent for Manager and shall be paid over by the Owner to Manager.  To the extent contained in the budget described below, Manager also shall be reimbursed for all third party costs reasonably incurred by Manager in performing construction management duties (e.g., 

42

consultants, legal, delivery and graphics) to the extent the same are approved and payable by the applicable tenant.  Owner and Manager shall agree on the scope of such direct costs as well as a budget relating thereto before Manager begins performing such services.  If the tenant does not agree in its lease to pay a construction management fee, then the following shall apply:
(i)    if Manager provides such construction management services utilizing on-site employees, Owner shall not be obligated to pay a construction management fee to Manager; or
(ii)    if Manager utilizes off-site employees to provide such construction management services, Owner shall be obligated to pay Manager the direct costs Manager incurs in providing such services, including the salary, benefits and burdens of any such employees to the extent of the time they spend performing such services, to the extent contained in a budget approved by Owner as described above.
(f)    For the development management services described in Section 13.2, Manager shall be paid a fee equal to two and one-half percent (2.5%) of the total project costs relating to the project.  To the extent contained in the budget described below, Manager also will be entitled to recover from Owner all direct costs incurred by Manager in performing such services, including but not limited to the salary, benefits and burdens of all employees directly involved in such project, the cost of any project office and overhead relating thereto (e.g., rent, telephones, computers) and all out-of-pocket costs incurred by Manager (for example, travel).  Owner and Manager shall agree on the scope of such direct costs as well as a budget relating thereto before Manager begins performing such services.

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(g)    Upon submission of the financial statements as required by Article 5, Manager shall submit to Owner Manager's calculation of all fees, which fees shall be paid by Owner to Manager.
Failure of Owner to Timely Pay.  Any sums owed by Owner to Manager which are not paid when due shall bear interest at the lesser of (i) the prime rate plus five (5) percentage points, or (ii) the maximum nonusurious rate of interest permitted by applicable law.
ARTICLE 22 
MISCELLANEOUS
Pronouns.  The pronouns used in this Agreement referring to Manager or Owner shall be understood and construed to apply whether Manager or Owner be an individual, co-partnership, corporation or an individual or individuals doing business under a firm or trade name, and the masculine and neuter pronouns shall each include the other and may be used interchangeably with the same meaning.
Amendments.  Except as otherwise herein provided, any and all amendments, additions or deletions of this Agreement shall be null and void unless approved by the parties in writing.
Headings.  All headings herein are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement.
Waiver.  The waiver of any of the terms and conditions of this Agreement on any occasion or occasions shall not be deemed as waiver of such terms and conditions on any future occasion.  No waiver shall be implied by any isolated or repeated action or non-action.  To be effective, any waiver must be in writing executed by the party to be bound thereby.

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Successors and Assigns.  Subject to Article 4 and Section 12.1(a), this Agreement shall be binding upon and inure to the benefit of Owner, its successors and/or assigns, and shall be binding upon and inure to the benefit of Manager, and its successors.
Governing Law.  This Agreement shall be construed, interpreted and applied in accordance with and shall be governed by, the laws applicable to the state where the Premises are located.
Ownership of Premises.  Owner represents that it is the fee owner of the Premises and of the improvements and appurtenances and equipment installed therein, except such equipment as may be leased or acquired by Owner on a hire-purchase basis or as may be owned, leased or installed by tenants or other third parties.
Other Activities of Manager.  Nothing contained in this Agreement shall be construed so as to prohibit Manager from owning, operating, managing or investing in any real estate development.  Additionally, Manager may engage in or possess an interest in other ventures of any nature and description independently or with others and Owner shall have no rights with respect thereto by virtue of this Agreement.
NondiscriminationSection 22.10    .  Manager agrees not to discriminate against any employee or applicant for employment because of said individual's race, religion, sex, national origin, physical or mental handicap or status as a disabled veteran, in regard to any position for which the employee or applicant is otherwise qualified.
Special Parties.  Notwithstanding any provision hereof to the contrary, in no circumstances shall a shareholder, limited partner, director, officer, employee or agent ("Special Party") of a party hereto or of a Special Party of a party hereto be personally liable for any of the 

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obligations of such party hereto under this Agreement except to the extent, if any, provided in any separate agreement now or hereafter executed and delivered by such Special Party.
Counterparts.  This Agreement may be executed in several counterparts, each of which shall be an original of this Agreement but all of which, taken together, shall constitute one and the same agreement.
Survival of Agreement.  The rights and obligations of Manager and Owner shall survive a termination of this Agreement.
Special Services.  Notwithstanding anything in this Agreement to the contrary, except as required by a tenant lease which has been approved by Owner, Manager shall not furnish or render services to the tenants of the Premises other than those services customarily furnished to tenants of similar properties unless (a) Manager makes separate, adequate charges to tenants for such services, (b) such charges are received and retained by Manager, (c) Manager bears the cost of providing such services and (d) Manager first obtains Owner’s written consent.  For purposes of this Section 22.13, it is agreed that maintenance, trash collection, janitorial services and cleaning services, the furnishing of water, heat, light, air conditioning, public entrances and exits, guard or security services and the provision of parking facilities on an unreserved basis and without separate charge are examples of services customarily furnished to the tenants of similar properties.
[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.
OWNER:

_________________________________________,
a Delaware limited partnership

		
	By:
	___________________________________, 
a Delaware limited liability company 
its general partner

		
	By:
	______________________________ 
Name:    ________________________ 
Title:    Manager

MANAGER:

HINES INTERESTS LIMITED PARTNERSHIP,
a Delaware limited partnership

		
	By:
	Hines Holdings, Inc., 
a Texas corporation, 
its general partner

		
	By:
	                     
Name: 
Title:

 

47

SCHEDULE “A”

[Premises]

A-1

A-2

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