Document:

ex10145.htm

    
      
         

      

      
         

        
          

        

      

      
         

        
          Exhibit
10.145

        

      

    

    

     

    AMENDED AND RESTATED
PROMISSORY NOTE

     

    Note
Amount:                                $90,286,551

     

    Maturity
Date:                               May 9, 2011

     

    THIS
AMENDED AND RESTATED PROMISSORY NOTE (this “Note”), is made on
April 29, 2009 by the UNDERSIGNED ENTITIES, jointly
and severally, as makers, each of which is a Delaware limited liability company,
having an address at c/o Mack-Cali Realty Corporation, 343 Thornall Street,
Edison, New Jersey 08837 (collectively, the “Maker” or “Borrower”), in favor
of GRAMERCY WAREHOUSE FUNDING I
LLC, a Delaware limited liability company, having an address at 420
Lexington Avenue, New York, New York 10170, and its successors or assigns, as
payee (collectively, the “Payee” or “Lender”).

     

    R E C I T A L
S:

     

    A. On May 9,
2006, Payee and Maker entered into that certain Loan Agreement, dated as of May
9, 2006 (the “Original
Loan Agreement”), as
amended and restated pursuant to that certain Amended and Restated Loan
Agreement, dated as of the date hereof (the “Loan Agreement”),
pursuant to which Payee made a loan (the “Loan”) in the
principal amount of $90,286,551 (the “Loan Amount”) to
Maker evidenced by a Note made by Maker to Payee also dated May 9, 2006 in an
original principal amount equal to the Loan Amount (the “Original Note”) and
secured by, inter alia,
those certain Mortgages, Assignments of Leases and Rents, Security Agreements
and Fixture Filings, by Maker for the benefit of Payee (collectively, the “Mortgages”), each
dated as of May 9, 2006 (the Original Loan Agreement together with the
Mortgages, the Original Note, the Guaranty (as defined in the Loan Agreement)
and the other documents executed in connection therewith being collectively
referred to as the “Original Loan Documents”);

     

    B. The
maturity of the Loan and the Original Note has previously been extended for a
period of one (1) year from May 9, 2008 to May 9, 2009; and

     

    C. Maker and
Payee desire to amend the Original Note to reflect, among other things, a
further extension of the maturity of the Loan and the modification of certain
terms of the Loan, all as more particularly set forth herein; and

     

    D. Maker and
Payee intend these Recitals to be a material part of this Note.

     

    NOW, THEREFORE, FOR VALUE
RECEIVED, Maker does hereby covenant and promise to pay to the order of
Payee, without any counterclaim, setoff or deduction whatsoever, on the Maturity
Date (as hereinafter defined), in immediately available funds, at 420 Lexington
Avenue, New York, New York 10170, or at such other place as Payee may designate
to Maker in writing from time to time, in legal tender of the United States of
America, the Loan Amount and all other amounts due or becoming due hereunder, to
the extent not previously paid in accordance herewith, together with all
interest accrued thereon through the date the Loan is repaid in full, at the
Interest Rate (as hereinafter defined) to be computed on the basis of the actual
number of days elapsed in a 360 day year, on so much of the Loan Amount as is
from time to time outstanding on the first day of the applicable Interest
Accrual Period (as hereinafter defined).

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    SECTION
1 .           DEFINITIONS

     

    As used
herein, the following terms shall have the meanings herein specified unless the
context otherwise requires.  Defined terms in this Note shall include
in the singular number the plural and in the plural number the
singular.  All capitalized terms not otherwise defined herein shall
have the meaning ascribed to them in the Loan Agreement.

     

    “Acceptable
Refinancing” shall mean any refinancing of one or more of the Projects
that is consummated as a bona fide, arms length transaction with a Person that
is not an Affiliate of Borrower.

     

     “Additional Taxes”
shall have the meaning set forth in Section 2.1(d) hereof.

     

     “Agreed FMV” shall
have the meaning ascribed thereto in Section 2.8(a) of this Note.

     

     “Appraiser” shall mean
the independent, third party M.A.I. appraiser that prepared the appraisal(s) of
the Project(s) in connection with a refinancing of one or more of the
Projects.

     

     “Approved Operating
Expenses” shall mean, for a particular calendar month, Operating Expenses
incurred by Borrower which (a) are included for such month in the Approved
Annual Budget, (b) without duplication of the amounts described in the preceding
clause (a), are for electric, gas, oil, water, sewer or other utility services
to the Projects and/or (c) have been approved by Lender (to include asset and
property management, construction management and leasing fees which are due and
to be paid to an Affiliate of Borrower at the rates set forth in the Approved
Management Agreement).

     

    “Available Cash” shall
mean, for any Interest Accrual Period, the funds derived from Rents, Loss
Proceeds, Excess Net Sales Proceeds and other sources transferred or deposited
into the Central Account available on a Payment Date, after allocation and
payment of the amounts required to be deposited (a) into the Basic Carrying
Costs Sub-Account and (b) into the Operating Expense Sub-Account, for transfer
or deposit into (1) the Debt Service Payment Sub-Account for payment of interest
on the Principal Amount at the Current Pay Rate, (2) the Recurring Replacement
Reserve Sub-Account for payment of Recurring Replacement Reserve Monthly
Installments, (3) the Reletting Reserve Sub-Account for payment of Reletting
Reserve Monthly Installments, and (4) into the Cash Collateral Sub-Account for
payments pursuant to Section 5.11(b) of the Loan Agreement

     

    “Board” shall mean the
Board of Governors of the Federal Reserve System, and any successor
thereof.

     

    “Bona Fide Sales
Contract” shall mean a contract (i) for the sale of a Project to a Person
that is not an Affiliate of Borrower, (ii) that is on then current market terms
and conditions and (iii) that contains no conditions to the obligations of the
purchaser other than customary title, survey and due diligence conditions, and
financing contingencies, which financing contingencies have either been
satisfied or waived.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

     “Capital Adequacy
Rule” shall mean any law, rule or regulation regarding capital adequacy,
or any interpretation or administration thereof by any Governmental Authority,
central bank or comparable agency charged with the interpretation or
administration thereof, or any request or directive regarding capital adequacy
(whether or not having the force of law) of any such authority, central bank or
comparable agency.

     

     “CD Interest” shall
have the meaning ascribed thereto in Section 2.1(e) of this Note.

     

    “Current Pay Rate”
shall mean the lesser of (a) the Interest Rate and (b) three and 15/100 percent
(3.15%) per annum.

     

     “Disputed FMV” shall
have the meaning ascribed thereto in Section 2.8(a) of this Note.

     

    “Dollar” and the sign
“$” shall mean
lawful money of the United States of America.

     

    “Estimated Sale Price”
shall have the meaning ascribed thereto in Section 2.8(a) of this
Note.

     

    “Excess Net Sales
Proceeds” shall mean, with respect to the sale of a particular Project,
the excess of (a) the Net Sales Proceeds from the sale of such Project over (b)
the amount paid to Lender pursuant to Section 15.02(b)(ii) of the Loan Agreement
upon the Release of such Project.

     

    “Final FMV” shall
mean, with respect to each Project, either (a) the FMV of a Project specified in
the Borrower’s FMV Notice, unless Lender disagrees or is deemed to disagree with
such FMV, or (b) the actual Net Sales Proceeds realized from an actual sale of
the Project pursuant to a Bona Fide Sales Contract as permitted by Section
2.8(b) of this Note and a Release of the Project from the lien of the applicable
Mortgage in accordance with Section 15.02 of the Loan Agreement, or (c) the FMV
of a Project specified in the Borrower’s FMV Notice if (i) Lender disagrees or
is deemed to disagree with such FMV, (ii) Borrower and/or Lender are unable to
achieve an actual sale of the Project pursuant to a Bona Fide Sales Contract
within the time permitted by Section 2.8(b) of this Note, (iii) Borrower elects
to obtain a Release of the Project (as described in Section 2.8(c) hereof) and
(iv) Lender has not elected to nullify such election by Borrower and accept a
deed in lieu of foreclosure to such Project rather than permit Borrower to
obtain a Release of the Project (as described in Section 2.8(c)), or (d) the
Refinance Amount.

     

    “First Interest Accrual
Period” shall mean the period commencing on the Closing Date and ending
on, but excluding, the Payment Date first occurring after the Closing
Date.

     

    “FMV” shall mean with
respect to any Project, the estimated Net Sales Proceeds that would be received
by the Borrower from a sale of the Project in a bona fide, arms length
transaction to a Person who is not an Affiliate of the Borrower pursuant to a
Bona Fide Sales Contract.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    “FMV Notice” shall
mean with respect to each Project, a notice given to Lender in accordance with
Section 2.8(a) of this Note of the Borrower’s good faith estimate of the FMV of
the Project.

     

    “FMV Rejection Date”
shall have the meaning ascribed thereto in Section 2.8(a) of this
Note.

     

    “FMV Response Notice”
shall have the meaning ascribed thereto in Section 2.8(a) of this
Note.

     

    “Interest Accrual
Period” shall mean the period from the ninth (9th) day of each month
through and including the eighth (8th) day of the following month, provided
that, notwithstanding the foregoing, (a) Payee shall have the one (1) time right
to change the Interest Accrual Period by giving notice of such change to Maker
and (b) the first (1st) Interest Accrual Period shall be the First Interest
Accrual Period.

     

     “Interest Determination
Date” shall mean (a) with respect to any Interest Accrual Period prior to
the Interest Accrual Period that commences in the month during which the
Secondary Market Transaction Closing Date occurs, two (2) LIBOR Business Days
prior to the fifteenth (15th) day of the calendar month in which the applicable
Interest Accrual Period commences; (b) with respect to the Interest Accrual
Period that commences in the month in which the Secondary Market Transaction
Closing Date occurs, the date that is two (2) LIBOR Business Days prior to the
Secondary Market Transaction Closing Date and (c) with respect to each Interest
Accrual Period thereafter, the date that is two (2) LIBOR Business Days prior to
the fifteenth (15th) day of the calendar month in which such Interest Accrual
Period commences, provided that (i) notwithstanding the foregoing, Payee shall
have the one (1) time right to change the Interest Determination Date by giving
notice of such change to Maker and (ii) with respect to the First Interest
Accrual Period, the Interest Determination Date shall be two (2) LIBOR Business
Days prior to the Closing Date.

     

     “Interest Rate” shall
mean the rate per annum (expressed as a percentage) equal to the LIBOR Rate plus
the LIBOR Margin, or if Payee shall exercise its rights under Section 2.6, the
interest rate specified therein.

     

     “LIBOR Business Day”
shall mean any day on which banks are open for dealing in foreign currency and
exchange in London, England.

     

     “LIBOR Margin” shall
mean two and 75/100 percent (2.75%) per annum.

     

     “LIBOR Rate” shall
mean the rate per annum calculated as set forth below:

     

    (a) With
respect to each Interest Accrual Period, the rate for deposits in Dollars, for a
period equal to one month, which appears on the Dow Jones Market Service
(formerly Telerate) (or its successive service) Page 3750 as of 11:00 a.m.,
London time, on the related Interest Determination Date.  If such rate
does not appear on Dow Jones Market Service Page 3750, the rate for that
Interest Accrual Period shall be determined on the basis of the rates at which
deposits in Dollars are offered by any four major reference banks in the London
interbank market selected by Payee to provide quotation of such rates at
approximately 11:00 a.m., London time, on the related Interest Determination
Date to prime banks in the London interbank market for a period of one month,
commencing on the first day of such Interest Accrual Period and in an amount
that is representative for a single such transaction in the relevant market at
the relevant time.  Payee shall request the principal London office of
any four major reference banks in the London interbank market selected by Payee
to provide a quotation of such rates, as offered by each such
bank.  If at least two such quotations are provided, the rate for that
Interest Accrual Period shall be the arithmetic mean of the
quotations.  If fewer than two quotations are provided as requested,
the rate for that Interest Accrual Period shall be the arithmetic mean of the
rates quoted by major banks in New York City selected by Payee, at approximately
11:00 a.m., New York City time, on the Interest Determination Date with respect
to such Interest Accrual Period for loans in Dollars to leading European banks
for a period equal to one month, commencing on the first day of such Interest
Accrual Period and in an amount that is representative for a single transaction
in the relevant market at the relevant time.  Payee shall determine
the LIBOR Rate for each Interest Accrual Period and the determination of the
LIBOR Rate by Payee shall be binding upon Maker absent manifest
error.

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    (b) In the
event that Payee shall have determined in its reasonable discretion that none of
the methods set forth in the definition of “LIBOR Rate” herein are available,
then Payee shall forthwith give notice by telephone of such determination,
confirmed in writing, to Maker at least one (1) day prior to the last day of the
related Interest Accrual Period.  If such notice is given, the LIBOR
Rate, commencing with such related Interest Accrual Period, shall be the LIBOR
Rate in effect for the most recent Interest Accrual Period.

     

    “Loan Agreement” shall
have the meaning ascribed to such term in the Recitals hereto.

     

    “Loan Documents” shall
mean the Original Loan Documents, as amended by the Loan Agreement and this
Note.

     

    “Maturity Date” shall mean May
9, 2011, as such Maturity Date may be accelerated with respect to the Principal
Amount for any Project(s) sold before the stated Maturity Date.

     

    “Parent” shall mean,
with respect to Payee, any Person controlling Payee.

     

    “Participation Interest” shall mean,
with respect to each Project, fifty (50%) percent of the amount by
which (a) the Final FMV of the Project as of the date of determination (i.e.,
either (i) the Maturity Date with respect to any Project with an Agreed FMV or
as to which Borrower obtains a Release on the Maturity Date pursuant to Section
2.8(c) of this Note, or (ii) the date of sale of the Project with a Disputed FMV
or the sale of the Project prior to the Maturity Date pursuant to a Bona Fide
Sale Contract, as applicable or (iii) in connection with the repayment or
prepayment of the Loan in connection with the refinancing of one or more of the
Projects or otherwise, the date that Borrower shall conclude such
refinancing of such Project(s) pursuant to an Acceptable Refinancing or make
such prepayment, as the case may be) exceeds (b) the sum of (1) the Allocated
Loan Amount for such Project, as the same shall be increased by the amount of
any prior reductions in such Allocated Loan Amount pursuant to Sections
3.04(a)(iv) and/or 6.01(b) of the Loan Agreement by reason of any prior
prepayment of any portion of the Principal Amount on account of condemnation or
casualty with respect to such Project and (2) the CCEA
Disbursements.  For the avoidance of doubt, it is agreed that Payee
shall be entitled to receive Participation Interest with respect to each
Project, provided that the amount described in clause (a) above exceeds the
amount described in clause (b) above, and provided further that no Participation
Interest shall be payable prior to the Maturity Date or the earlier repayment of
the Loan.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    “Payment” shall have
the meaning set forth in Section 2.2(a) hereof.

     

    “Payment Date” shall
mean the fifteenth (15th) day of each month, or if such day is not a Business
Day, the immediately preceding Business Day.  Notwithstanding the
foregoing, Payee shall have the one (1) time right to change the Payment Date by
giving notice of such change to Maker.

     

    “Principal Amount” shall in the
aggregate mean the Loan Amount plus amounts added thereto pursuant to Section
2.1(e) of this Note on account of CD Interest and/or Shortfall Interest, if any,
and shall mean, with respect to each Project, the Allocated Loan Amount for the
Project (specified on Exhibit D to the Loan Agreement) plus a pro-rata share
(based upon the Allocated Loan Amount for such Project relative to the sum of
the Allocated Loan Amounts for all Projects) of the amounts added to the Loan
Amount on account of CD Interest and Shortfall Interest.  For the
avoidance of doubt, the Principal Amount shall be increased once only, pursuant
to this Note, on account of each particular item of CD Interest and Shortfall
Interest that has been capitalized, notwithstanding that the context of any
provision of this Note that makes reference to the Principal Amount also
provides for such increase.

     

    “Refinance Amount”
shall mean with respect to any Project, the appraised value of a Project in
connection with an Acceptable Refinancing of such Project, as set forth in the
applicable Refinancing Appraisal.

     

    “Refinance Notice”
shall mean with respect to each Project, notice of the Refinance Amount given to
Lender in accordance with Section 2.8(a) of this Note.

     

    “Refinancing
Appraisal” shall mean the appraisal of a Project that is prepared by the
Appraiser, less the amounts set forth in clause (b) of the definition of Net
Sale Proceeds which would be paid by Borrower were the Project sold, which costs
and expenses shall not exceed, in the aggregate, 6% of the Refinance
Amount.

     

    “Secondary Market Transaction
Closing Date” shall mean the date upon which a Secondary Market
Transaction closes.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    “Shortfall Interest” shall have
the meaning ascribed thereto in Section 2.1(e) of this Note.

     

    SECTION
2 
PAYMENTS AND LOAN TERMS

     

            
Section 2.1 Interest
Payments.

     

    (a) Payments
under this Note, calculated in accordance with the terms hereof, shall be due
and payable as follows:

     

    (i) interest
only at the Interest Rate for the First Interest Accrual Period shall be due and
payable on June 9, 2006;

     

    (ii) interest
only at the Current Pay Rate on the unpaid Principal Amount, except for any
Shortfall Interest for the current Interest Accrual Period as determined in
accordance with Section 2.1(e) of this Note, together with Shortfall Interest
for any prior Interest Accrual Period to the extent sufficient funds are then
available in the Cash Collateral Sub-Account for the payment of Shortfall
Interest, shall be due on the Payment Date for each Interest Accrual Period
which occurs prior to the Maturity Date; and

     

    (iii) the
entire outstanding Principal Amount, together with all unpaid interest accrued
on said Principal Amount (including all Shortfall Interest and all CD Interest,
if any), all Participation Interest and all other charges and sums due hereon
and/or under the other Loan Documents, shall be due and payable on the Maturity
Date.

     

    (b) Payments
shall be paid by Maker, without setoff or counterclaim, by wire transfer to
Payee at 420 Lexington Avenue, New York, New York 10170, or to such other
location or account as Payee may specify to Maker from time to time, in Federal
or other immediately available funds in lawful money of the United States of
America, not later than 2:00 p.m., New York City time, on each Payment Date,
subject to the provisions of Section 5.05 of the Loan Agreement and Section 3(b)
of the Deposit Account Agreement, pursuant to which funds on deposit in the Debt
Service Payment Sub-Account are to be transferred to Lender to be applied
towards the Required Debt Service Payment.  If any payment hereunder
or under any of the other Loan Documents becomes due and payable on a day other
than a Business Day, such payment shall not be payable until the next succeeding
Business Day; provided, however, if such next succeeding Business Day falls
within the next calendar month, such payment shall be due and payable on the
immediately preceding Business Day.  If the date for any payments of
principal is extended on account of the foregoing or on account of operation of
law or otherwise, interest thereon shall be payable at the then applicable rate
during such extension.  Nothing contained in this Note, the Loan
Agreement or the Deposit Account Agreement is intended to, nor shall the same be
construed to, relieve the Borrower of its obligation to make timely and fully
the payments required to be made hereunder if the funds on deposit in the Debt
Service Payment Sub-Account, the Liquidity Reserve Escrow Account or any other
account are insufficient to pay the Required Debt Service Payment.

     

    (c) Payee
shall determine the LIBOR Rate as in effect from time to time on each Interest
Determination Date, and each such determination of the LIBOR Rate shall be
conclusive and binding absent manifest error.

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    (d) Payments
made by Maker under this Note shall be made free and clear of, and without
reduction for or on account of, any present or future income, stamp or other
taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now
or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority, excluding income and franchise taxes of the United
States of America or any political subdivision or taxing authority thereof or
therein (such non-excluded taxes being called “Additional
Taxes”).  If any Additional Taxes are required to be withheld
from any amounts payable to Payee hereunder or under any of the other Loan
Documents, the amounts so payable to Payee shall be increased to the extent
necessary to yield to Payee (after payment of all Additional Taxes) interest or
any such other amounts payable hereunder at the rates or in the amounts
specified in this Note.  If Payee is an entity organized under a
foreign (non-U.S.) jurisdiction and is entitled to an exemption from or
reduction of Additional Taxes under the law of the Governmental Authority
imposing the tax or any treaty to which the jurisdiction is a party, with
respect to payments under this Note or under any of the other Loan Documents,
Payee shall deliver to Maker, at the time or times prescribed by applicable law,
such properly completed and executed documentation prescribed by applicable law
or reasonably requested by Maker as will permit such payments to be made without
withholding or at a reduced rate.

     

    (e) (i) On
the Payment Date for each Interest Accrual Period for which interest at the
Current Pay Rate on the Principal Amount is greater than Available Cash, the
excess (“Shortfall
Interest”) shall be capitalized (i.e., added to the Principal Amount and
interest at the Interest Rate shall thereafter accrue and be payable thereon)
and payment of the Shortfall Interest shall be deferred (A) until there shall be
funds from time to time in the Cash Collateral Escrow Account available for the
payment of all or any portion of the Shortfall Interest (in the order of
priority specified in Section 5.11(b) of the Loan Agreement), in which event
such payment shall be made from time to time to the extent of such available
funds, or (B) if no funds are or become available, until the Maturity
Date.

     

    (ii)           On
the Payment Date for each Interest Accrual Period for which interest at the
Interest Rate on the Principal Amount is greater than interest at the Current
Pay Rate on the Principal Amount, an amount equal to the excess (“CD Interest”) shall
be capitalized (i.e., added to the Principal Amount and interest at the Interest
Rate shall thereafter accrue and be payable thereon) and payment of the CD
Interest shall be deferred until the Maturity Date.

     

    Section
2.2 Application of
Payments.

     

    (a) Each and
every payment (a “Payment”) made by
Maker to Payee in accordance with the terms of this Note and/or the terms of any
one or more of the other Loan Documents and all other proceeds received by Payee
with respect to the Debt, shall be applied as follows:

     

    (1) Payments
other than Unscheduled Payments shall be applied (i) first, to all interest
(other than Default Rate Interest, Shortfall Interest (except as provided above
in Section 2.1(e)(i)) and, except at the Maturity Date or upon an Acceptable
Refinancing that results in the full repayment of the Debt, CD Interest and/or
Participation Interest) which shall be due and payable with respect to the Loan
Amount pursuant to the terms hereof as of the date the Payment is received, (ii)
second, to all Late Charges, Default Rate interest or other premiums and other
sums payable hereunder or under the other Loan Documents (without duplication of
those sums included in clause (i) of this Section 2.2(a)(1)) in such order and
priority as determined by Payee in its sole discretion and (iii) on the Maturity
Date, to the Loan Amount until the Loan Amount has been paid in
full.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    (2) Unscheduled
Payments shall be applied at the end of the Interest Accrual Period in which
such Unscheduled Payments are received as a principal prepayment of the Loan
Amount to reduce the Loan Amount.

     

    (b) To the
extent that Maker makes a Payment or Payee receives any Payment or proceeds for
Maker’s benefit, which are subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid to a trustee, debtor in
possession, receiver, custodian or any other party under any bankruptcy law,
common law or equitable cause, then, to such extent, the obligations of Maker
hereunder intended to be satisfied shall be revived and continue as if such
Payment or proceeds had not been received by Payee.

     

    Section
2.3 Prepayments.

     

    The Debt
may not be prepaid, in whole or in part, except (a) as set forth in Section
15.01(b) of the Loan Agreement, or (b) in connection with the application of
Insurance Proceeds or Condemnation Proceeds pursuant to the Loan Agreement, or
(c) to the extent of the Allocated Loan Amount for any Project(s) sold by
Borrower or refinanced by Borrower pursuant to an Acceptable Refinancing, in
either case, before the Maturity Date, as such Allocated Loan Amount may have
been adjusted to reflect the pro-rata share of the Shortfall Interest and/or CD
Interest added to the Principal Amount in respect of such Project(s), or (d) by
application of funds on deposit in the Cash Collateral Escrow Account, pursuant
to Section 5.11(b)(iv) of the Loan Agreement, toward the payment of the
Principal Amount during the ninety (90) day period prior to the Maturity
Date.

     

    Section
2.4 Indemnity.

     

    Maker
agrees to indemnify Payee and to hold it harmless from any out-of-pocket cost or
expense which Payee may sustain or incur, if any, as a consequence of (a) Maker
making a payment or prepayment of principal on the Loan on a day which is not a
Payment Date with respect thereto, (b) Maker failing to make any prepayment
after Maker has given a notice of such prepayment or (c) any LIBOR Rate contract
breakage costs or the payment of fees that are payable by Payee to lenders of
funds obtained by it in order to maintain the Loan hereunder in either case
incurred by Payee in connection with any acceleration of the maturity of the
Loan by Payee in accordance with the terms of this Note and the other Loan
Documents 

     

    Section
2.5 Increased Cost and Reduced
Return.

     

    (a) If, on or
after the date of the Original Note, the adoption of any applicable law, rule or
regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by Payee with any request or directive
(whether or not having the force of law) of any such Governmental Authority,
central bank or comparable agency, or any such Governmental Authority, central
bank or comparable agency shall impose, modify or deem applicable any reserve
(including, without limitation, any such requirement imposed by the Board (but
excluding with respect to any such requirement reflected in the then effective
LIBOR Rate)), special deposit, insurance assessment or similar requirement
against assets of, deposits with or for the account of, or credit extended by,
Payee or shall impose on Payee or on the London interbank market any other
condition affecting any loan bearing interest based upon the LIBOR Rate, and the
result of any of the foregoing is to increase the cost to Payee of maintaining
the Loan at the Interest Rate (based upon the LIBOR Rate), or to reduce the
amount of any sum received or receivable by Payee under this Note with respect
thereto, by an amount deemed by Payee to be material, then, within ten (10)
Business Days after demand by Payee, Maker shall pay to Payee such additional
amount or amounts as will compensate Payee for such increased cost or
reduction.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    (b) If Payee
shall have determined that, after the of the Original Note, the adoption of any
Capital Adequacy Rule has or would have the effect of reducing the rate of
return on capital of Payee (or its Parent) as a consequence of Payee’s
obligations hereunder to a level below that which Payee (or its Parent) could
have achieved but for such adoption, change, request or directive (taking into
consideration its policies with respect to capital adequacy) by an amount deemed
by Payee to be material, then from time to time, within fifteen (15) Business
Days after demand by Payee, Maker shall pay to Payee such additional amount or
amounts as will compensate Payee (or its Parent) for such
reduction.

     

    (c) Payee
will promptly notify Maker of any event of which it has knowledge, occurring
after the date of the Original Note, which will entitle Payee to compensation
pursuant to this Section 2.5.  A certificate of Payee claiming
compensation under either Sections 2.5(a) or 2.5(b) and setting forth the
additional amount or amounts to be paid to it hereunder shall be conclusive in
the absence of manifest error; provided that any certificate delivered by Payee
pursuant to this Section 2.5(c) shall (i) in the case of a certificate in
respect of amounts payable pursuant to Section 2.5(a), set forth in reasonable
detail the basis for and the calculation of such amounts, and (ii) in the case
of a certificate in respect of amounts payable pursuant to Section 2.5(b), (A)
set forth at least the same amount of detail in respect of the calculation of
such amount as Payee provides in similar circumstances to other similarly
situated borrowers from Payee, and (B) include a statement by Payee that it has
allocated to the Loan a proportionately equal amount of any reduction of the
rate of return on Payee’s capital due to a Capital Adequacy Rule as it has
allocated to each of its other outstanding loans that are affected similarly by
such Capital Adequacy Rule.  Prior to the earlier to occur of an Event
of Default and the Maturity Date, Maker’s payment obligations under this Section
2.5 shall be limited to the extent of funds in the Cash Collateral Escrow
Account available for such purpose pursuant to Section 5.11(b)(viii) of the Loan
Agreement.

     

    Section
2.6 Deposits
Unavailable.

     

    In the
event, and on each occasion, that (a) Payee shall have determined that Dollar
deposits in the principal amounts of the Loan are not generally available to
Payee in the London interbank market, for such periods and amounts then
outstanding hereunder or that reasonable means do not exist for ascertaining the
LIBOR Rate, or (b) Payee determines that the rate at which such Dollar deposits
are being offered will not adequately and fairly reflect the cost to Payee of
maintaining the Loan at the Interest Rate (based upon the LIBOR Rate) during
such month, Payee shall, as soon as practicable thereafter, give written notice
of such determination (the “Determination
Notice”) to Maker.  In the event of any such determination,
until the circumstances giving rise to such notice no longer exist, Lender’s
obligation to maintain interest based on the LIBOR Rate shall be suspended and
the rate at which interest shall thereafter accrue on the Loan shall be equal to
the sum of (i) the weekly average yield on United States Treasury Securities
adjusted to a constant maturity of one year, as made available by the Federal
Reserve Board forty-five (45) days prior to each Interest Determination Date
(the “Alternate
Index”) plus (ii) the
Alternate Margin (as defined below).  The “Alternate Margin”
shall be equal to the remainder (but not less than zero) of (1) the interest
rate applicable to the Interest Accrual Period that precedes the date of the
Determination Notice minus (2) the
Alternate Index determined as of the date of the Determination
Notice.  In any such event, Maker may elect, by revocable notice to
Payee within ten (10) Business Days after receipt of such notice from Payee to
prepay the Loan, which prepayment must occur within thirty (30) days after
delivery of such notice to Payee, unless such notice is revoked by Maker prior
to such thirtieth (30th) day.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    Section
2.7 Illegality.

     

    If, on or
after the date of the Original Note, the adoption of any applicable law, rule or
regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by Payee with any request or directive
(whether or not having the force of law) of any such authority, central bank or
comparable agency shall make it unlawful or impossible for Payee to maintain the
Loan at the Interest Rate (based upon the LIBOR Rate), Payee shall forthwith
give notice thereof to Maker.  If Payee shall determine that it may
not lawfully continue to maintain the Loan at the Interest Rate (based upon the
LIBOR Rate) to maturity and shall so specify in such notice, the Loan shall bear
interest at the interest rate applicable to the immediately preceding Interest
Accrual Period.  In any such event, Maker may elect, by revocable
notice to Payee within thirty (30) days after receipt of such notice from Payee
to prepay the Loan, which prepayment must occur within sixty (60) days after
delivery of such notice to Payee, unless such notice is revoked by Maker prior
to such sixtieth (60th )
day.

     

    Section 2.8                                Determination of
Participation Interest.

     

    (a)           To
initiate the determination of the amount of Participation Interest due from
Borrower to Lender in consideration of the amendments of the Original Note and
Original Loan Agreement to permit Shortfall Interest and CD Interest to be
capitalized and payment thereof to be deferred until sufficient funds exist in
the Cash Collateral Sub-Account for the payment of Shortfall Interest and/or or
until the Maturity Date, Borrower shall (A) in the event that Borrower desires
to refinance the Loan, deliver to Lender a written notice (a “Refinance Notice”)
containing the Refinance Amount or (B) not earlier than October 9, 2010 nor
later than November 9, 2011, deliver to Lender a written notice (an “FMV Notice”)
containing Borrower’s good faith estimate of both (1) the purchase price that
Borrower reasonably expects would be paid for each Project in a bona fide, arms
length transaction by a Person that is not an Affiliate of the Borrower pursuant
to a Bona Fide Sales Contract (the “Estimated Sale
Price”) and (2) the FMV of each of the Projects that is owned by Borrower
as of the date of the FMV Notice.  Within ten (10) calendar days after
receiving Borrower’s FMV Notice, Lender shall deliver to Borrower a written
notice (a “FMV
Response Notice”) stating with respect to each Project whether Lender (i)
agrees with the FMV for the Project specified in Borrower’s FMV Notice (an
“Agreed FMV”)
or (ii) does not agree with the FMV for the Project specified in Borrower’s FMV
Notice ( a “Disputed
FMV”).  If Lender fails to deliver a FMV Response Notice with
respect to any Project by the date which is ten (10) calendar days after
receiving Borrower’s FMV Notice (the “FMV Rejection Date”),
then Lender shall be deemed to have rejected the FMV for such Project specified
in Borrower’s FMV Notice.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    (b)           For
each Project having a Disputed FMV, Borrower and Lender shall cooperate in good
faith with each other in the marketing of those Projects having a Disputed FMV
and each agrees, at the request of the other, to jointly engage a third party
real estate broker that is reasonably acceptable to Lender and Borrower, such
approval not to be unreasonably withheld, conditioned or delayed, to facilitate
an effective marketing and sale process.  Borrower and Lender shall
jointly and diligently endeavor to close an Approved Sale of the Project
pursuant to a Bona Fide Sales Contract prior to the stated Maturity Date and, in
the case of each sale of a Project that is concluded, Participation Interest
shall be determined based on the actual Net Sales Proceeds realized from an
actual sale of the Project pursuant to a Bona Fide Sales Contract and a release
of the Project from the lien of the Mortgage in accordance with Section 15.02 of
the Loan Agreement.  Borrower agrees that Lender shall not be
obligated to market any Project as to which the FMV assigned thereto by Borrower
is less than the Allocated Loan Amount for such Project, as the same may have
been adjusted by the pro rata share of the Shortfall Interest and/or CD Interest
added to the Principal Amount in respect of such Project.

     

    (c)           In
case any Project having a Disputed FMV is not sold prior to the stated Maturity
Date pursuant to Section 2.8(b) above, Borrower may elect, subject to the
following proviso, to obtain the Release of such Project from the lien of the
applicable Mortgage and related Loan Documents upon the payment of the Release
Amount for such Project (it being agreed that, for purposes of calculating such
Release Amount, the Allocated Loan Amount shall be equal to the FMV of the
Project specified in the Borrower’s FMV Notice), provided, however, that Lender
shall not be required to permit Borrower to obtain a Release of a Project if the
FMV is less than the applicable Allocated Loan Amount (as the same may have been
adjusted in the manner described in the Loan Agreement) and, if Lender is
unwilling to do so, then, at Lender’s election, the Borrower shall deed the
Project to Lender or its designee in full satisfaction of the Principal Amount,
Participation Interest, unpaid interest not including Shortfall Interest or CD
Interest previously capitalized, and other charges and sums due hereon and/or
under the Loan Agreement, in each case, solely with respect to the Project in
question.

     

    SECTION
3 DEFAULTS

     

    Section
3.1 Events of
Default.

     

    (a)           This
Note is secured by, among other things, the Mortgages which, together with the
Loan Agreement, specify various Events of Default, upon the happening of which
all or portions of the sums owing under this Note may be declared immediately
due and payable as more specifically provided therein.  Except as
otherwise provided or implied in Subsection 3.1(b) or Section 5.7 hereof, each
Event of Default under any of the Mortgages, the Loan Agreement or any one or
more of the other Loan Documents shall be an Event of Default
hereunder.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    (b)           Notwithstanding
any contrary or inconsistent provision of this Note, the Mortgages, the Loan
Agreement or any other Loan Documents, (i) Borrower’s obligation for the payment
of interest on the Principal Amount prior to the Maturity Date shall be limited
in the manner expressly provided in Sections 2.1(a)(ii) and 2.1(e) of this Note
and (ii) Borrower shall be and remain obligated to make all of the payments
required by Section 2.1(a)(iii) of this Note in full on or before the Maturity
Date.  Borrower’s failure to make such payments described in the
preceding clauses (i) and (ii), as and when required thereby, shall constitute
an Event of Default for which Payee will be entitled to exercise any remedies
under this Note and the other Loan Documents; it being agreed by Payee that, if
adequate funds are on deposit with Payee to make such payments and are available
for such purpose pursuant to the provisions of this Note, no failure by Payee to
allocate or make such funds available for such payments shall constitute an
Event of Default hereunder.  Maker agrees that, during the existence
of any Event of Default, Payee shall have the right to apply all or any portion
of any funds on deposit with Payee to payment of any sums due under this Note to
Payee in its sole discretion.

     

    Section
3.2 Remedies.

     

    If an
Event of Default shall occur hereunder or under any other Loan Document,
interest on the Principal Amount, and to the extent permitted by applicable law,
all accrued but unpaid interest on the Principal Amount shall, commencing on the
date of the occurrence of such Event of Default, at the option of Payee,
immediately and without notice to Maker, accrue interest at the Default Rate
until such Event of Default is cured or if not cured or such cure is not
accepted by Payee, until the repayment of the Debt.  The foregoing
provision shall not be construed as a waiver by Payee of its right to pursue any
other remedies available to it under the Loan Agreement, any of the Mortgages,
or any other Loan Document, nor shall it be construed to limit in any way the
application of the Default Rate.

     

    SECTION
4 EXCULPATION

     

    Section
4.1 Exculpation.

     

    Notwithstanding
anything to the contrary contained in this Note or the other Loan Documents, the
obligations of Maker hereunder shall be non-recourse except with respect to the
Property (as defined in the Mortgages) and as otherwise provided in Section
18.32 of the Loan Agreement, the terms of which are incorporated
herein.

     

    SECTION
5 MISCELLANEOUS

     

    Section
5.1 Further
Assurances.

     

    Maker
shall execute and acknowledge (or cause to be executed and acknowledged) and
deliver to Payee all documents, and take all actions, reasonably required by
Payee from time to time to confirm the rights created or now or hereafter
intended to be created under this Note and the other Loan Documents, to protect
and further the validity, priority and enforceability of this Note and the other
Loan Documents, to subject to the Loan Documents any property of Maker intended
by the terms of any one or more of the Loan Documents to be encumbered by the
Loan Documents, or otherwise carry out the purposes of the Loan Documents and
the transactions contemplated thereunder; provided, however, that no such
further actions, assurances and confirmations shall (i) result in a material
economic change in the transaction (ii) change the Maturity Date or the interest
rate, except in connection with a bifurcation of the Loan which may result in
varying interest rates, but which shall have at all times the same weighted
average coupon of the original Loan, (iii) modify or amend any other material
economic terms of the Loan, or (iv) increase Maker’s obligations and liabilities
or Payee’s rights or decrease Maker’s rights under the Loan
Documents.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    Section
5.2 Modification, Waiver in
Writing.

     

    No
modification, amendment, extension, discharge, termination or waiver (a “Modification”) of any
provision of this Note, the Loan Agreement, the Mortgages or any one or more of
the other Loan Documents, nor consent to any departure by Maker therefrom, shall
in any event be effective unless the same shall be in a writing signed by the
party against whom enforcement is sought, and then such waiver or consent shall
be effective only in the specific instance, and for the purpose, for which
given.  Except as otherwise expressly provided herein, no notice to,
or demand on, Maker shall entitle Maker to any other or future notice or demand
in the same, similar or other circumstances.  Payee does not hereby
agree to, nor does Payee hereby commit itself to, enter into any
Modification.

     

    Section
5.3 Costs of
Collection.

     

    Maker
agrees to pay all costs and expenses of collection reasonably incurred by Payee,
in addition to principal, interest and Late Charges (including, without
limitation, reasonable attorneys’ fees and disbursements) and including all
costs and expenses reasonably incurred in connection with the pursuit by Payee
of any of its rights or remedies referred to in Section 3 hereof or its rights
or remedies referred to in any of the Loan Documents or the protection of or
realization of collateral or in connection with any of Payee’s collection
efforts, whether or not suit on this Note, on any of the other Loan Documents or
any foreclosure proceeding is filed, and all such reasonable costs and expenses
shall be payable on demand, together with interest at the Default Rate thereon,
and also shall be secured by the Mortgage and all other collateral at any time
held by Payee as security for Maker’s obligations to Payee.  Prior to
the earlier to occur of an Event of Default and the Maturity Date, Maker’s
payment obligations under this Section 5.3 shall be limited to the extent of
funds in the Cash Collateral Escrow Account available for such purpose in the
Cash Collateral Escrow Account pursuant to Section 5.11(b)(viii) of the Loan
Agreement.

     

    Section
5.4 Maximum
Amount.

     

    (a) It is the
intention of Maker and Payee to conform strictly to the usury and similar laws
relating to interest and the collection of other charges from time to time in
force, and all agreements between Maker and Payee, whether now existing or
hereafter arising and whether oral or written, are hereby expressly limited so
that in no contingency or event whatsoever, whether by acceleration of maturity
hereof or otherwise, shall the amount paid or agreed to be paid in the aggregate
to Payee as interest or other charges hereunder or under the other Loan
Documents or in any other security agreement given to secure the Debt, or in any
other document evidencing, securing or pertaining to the Debt, exceed the
maximum amount permissible under applicable usury or such other laws (the “Maximum
Amount”).  If under any circumstances whatsoever fulfillment of
any provision hereof, or any of the other Loan Documents, at the time
performance of such provision shall be due, shall involve transcending the
Maximum Amount, then ipso facto, the obligation to be fulfilled shall be reduced
to the Maximum Amount.  For the purposes of calculating the actual
amount of interest or other charges paid and/or payable hereunder, in respect of
laws pertaining to usury or such other laws, all charges and other sums paid or
agreed to be paid hereunder to the holder hereof for the use, forbearance or
detention of the Debt, outstanding from time to time shall, to the extent
permitted by applicable law, be amortized, prorated, allocated and spread from
the date of disbursement of the proceeds of this Note until payment in full of
all of the Debt, so that the actual rate of interest on account of the Debt is
uniform through the term hereof.  The terms and provisions of this
Section 5.4 shall control and supersede every other provision of all agreements
between Maker or any endorser and Payee.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

     

    (b) If under
any circumstances Payee shall ever receive an amount which would exceed the
Maximum Amount, such amount shall be deemed a payment in reduction of the Loan
Amount owing hereunder and any other obligation of Maker in favor of Payee, and
shall be so applied in accordance with Section 2.2(a)(2) hereof as an
Unscheduled Payment, or if such excessive interest exceeds the unpaid balance of
the Loan Amount and any other obligation of Maker in favor of Payee, the excess
shall be deemed to have been a payment made by mistake and shall be promptly
refunded to Maker.

     

    Section
5.5 Waivers.

     

    Maker
hereby expressly and unconditionally waives presentment, demand, protest, notice
of protest or notice of any kind, including, without limitation, any notice of
intention to accelerate and notice of acceleration, except as expressly provided
herein, and in connection with any suit, action or proceeding brought by Payee
on this Note, any and every right it may have to (a) a trial by jury, (b)
interpose any counterclaim therein (other than a counterclaim which can only be
asserted in the suit, action or proceeding brought by Payee on this Note and
cannot be maintained in a separate action) and (c) have the same consolidated
with any other or separate suit, action or proceeding.

     

    Section
5.6 Governing
Law.

     

    This Note
and the obligations arising hereunder shall be governed by, and construed in
accordance with, the laws of the State of New York applicable to contracts made
and performed in such State and any applicable law of the United States of
America.

     

    Section
5.7 Headings.  The
Section headings in this Note are included herein for convenience of reference
only and shall not constitute a part of this Note for any other
purpose.

     

    Section
5.8 Assignment.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    Payee
shall have the right to transfer, sell and assign this Note, the Loan Agreement,
the Mortgages and/or any of the other Loan Documents or any interest therein,
and the obligations hereunder, to any Person.  All references to
“Payee”
hereunder shall be deemed to include the assigns of the Payee.

     

    Section
5.9 Severability.

     

    Wherever
possible, each provision of this Note shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Note
shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Note.

     

    Section
5.10 Joint and
Several.

     

    If Maker
consists of more than one Person or party, the obligations and liabilities of
each such Person or party hereunder shall be joint and several.

     

    

     

    [NO
FURTHER TEXT ON THIS PAGE]

     

    

    
      
        
           

        

         

      

      
        16

        
          

        

      

      
         

      

    

     

    

     

    IN WITNESS WHEREOF, this Note
has been duly executed by the Maker as of the date first written
above.

     

     

     

     

     

    
       

      
        	
                 
      

              	
                ONE GRANDE SPE
      LLC,

                a Delaware limited liability
      company

              

      

    

     

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

              Name:
      Mitchell E. Hersh

              Title: Chief Executive
  Officer

            

    

     

    

     

    
      
        	
                 
      

              	
                1280 WALL SPE
      LLC,

                a Delaware limited liability
      company

              

      

    

     

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

              Name:
      Mitchell E. Hersh

              Title: Chief Executive
  Officer

            

    

     

     

    
       

      
        	
                 
      

              	
                10 SYLVAN SPE
      LLC,

                a Delaware limited liability
      company

              

      

    

     

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

              Name:
      Mitchell E. Hersh

              Title: Chief Executive
  Officer

            

    

     

     

     

    
       

      
        	
                 
      

              	
                5 INDEPENDENCE SPE
      LLC,

                a Delaware limited liability
      company

              

      

    

     

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

              Name:
      Mitchell E. Hersh

              Title: Chief Executive
  Officer

            

    

     

     

    

     

    [SIGNATURES
CONTINUE ON NEXT PAGE]

     

    
      
        
           

           

        

         

      

      
        17

        
          

        

      

      
         

      

    

     

     

    
       

      
        	
                 
      

              	
                1 INDEPENDENCE SPE
      LLC,

                a Delaware limited liability
      company

              

      

    

     

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

              Name:
      Mitchell E. Hersh

              Title: Chief Executive
  Officer

            

    

     

     

    
       

      
        	
                 
      

              	
                3 BECKER SPE
      LLC,

                a Delaware limited liability
company

              

    

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

              Name:
      Mitchell E. Hersh

              Title: Chief Executive
  Officer

            

    

     

    
      
        
           

           

        

         

      

      
        18ex10146.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.146

    

     

    LIMITED LIABILITY COMPANY
MEMBERSHIP INTEREST

     

    PURCHASE AND SALE
AGREEMENT

     

    THIS LIMITED LIABILITY COMPANY
MEMBERSHIP INTEREST PURCHASE AND SALE AGREEMENT (this “Agreement”)
is made and entered into as of the 29th day of
April, 2009, by and among GALE
SLG NJ LLC, a Delaware limited liability company (“MGG
Seller”), MACK-CALI
VENTURES L.L.C., a Delaware limited liability company (“MGG
Buyer”), SLG GALE 55
CORPORATE LLC, a Delaware limited liability company (“55
Corporate Seller”; together with MGG Seller, the “Seller”)
and 55 CORPORATE PARTNERS
L.L.C., a Delaware limited liability company (“55
Corporate Buyer”; together with MGG Buyer, the “Buyer”;
Buyer and Seller are collectively, the “Parties”;
each of MGG Seller, 55 Corporate Seller, MGG Buyer and 55 Corporate Buyer is a
“Party”).

     

    W I T N E S S E T
H:

     

    WHEREAS, MGG Seller is the
indirect owner of a Class A Property Percentage Interest, a Class B Property
Percentage Interest and a Class C Property Percentage Interest (as each such
term is defined in the MGG Operating Agreement (as hereinafter defined)) by
reason of its ownership of its Interest (as defined in the MGG Operating
Agreement) in Mack-Green-Gale LLC, a Delaware limited liability company (“MGG”),
pursuant to the terms of, and as set forth in, that certain Amended and Restated
Limited Liability Company Operating Agreement of Mack-Green-Gale LLC, dated May
9, 2006, (the “MGG
Operating Agreement”);

     

    WHEREAS, 55 Corporate Seller
is the owner of a fifty percent (50%) Percentage Interest in SLG 55 Corporate
Drive II LLC, a Delaware limited liability company (“55
Corporate Venture”), pursuant to the terms of, and as set forth in, that
certain Amended and Restated Limited Liability Company Operating Agreement of
SLG 55 Corporate Drive II LLC, dated October 23, 2008, (the “55
Corporate Operating Agreement”);

     

    WHEREAS, MGG Seller desires to
sell to MGG Buyer and MGG Buyer desires to purchase from MGG Seller, all of the
Interest (as such term is defined in the MGG Operating Agreement) of any kind or
nature held by MGG Seller in MGG (collectively, the “Seller
MGG Interest”) pursuant to the terms and conditions of this Agreement;
and

     

    WHEREAS, 55 Corporate Seller
desires to sell to 55 Corporate Buyer and 55 Corporate Buyer desires to purchase
from 55 Corporate Seller, all of the Interest (as such term is defined in the 55
Corporate Operating Agreement) of any kind or nature held by 55 Corporate Seller
in 55 Corporate Venture (collectively, the “Seller 55
Corporate Interest”;
together with the Seller MGG Interest, collectively, the “Purchased
Interests”) pursuant to the terms and conditions of this
Agreement.

     

    NOW, THEREFORE, in
consideration of the sum of $10.00, the premises and the mutual covenants of the
Parties hereinafter expressed, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereto,
intending to be legally bound hereby, do hereby covenant and agree as
follows:

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
I

     

     

    DEFINITIONS

     

    1.1. Definitions.  As
used in this Agreement, the following capitalized terms shall have the meaning
ascribed to them below:

     

    “Affiliate(s)”
shall mean, with respect to any Person (the “Subject
Person”) (a) a
Person who, directly or indirectly, controls, is under common control with, or
is controlled by, the Subject Person, (b) a Person who directly or indirectly
owns twenty-five percent (25%) or more of the issued and outstanding securities
or other ownership interests (whether voting or non-voting) of the Subject
Person, (c) any officer, director, trustee, manager, managing member, general
partner or beneficiary of the Subject Person or any Person referred to in (a) or
(b) above, (d) any spouse, parent, sibling or descendant of any Person described
in clause (a), (b) or (c) above, and (e) any trust for the benefit of any Person
described in clauses (a), (b), (c) or (d) above or for any spouse, issue or
lineal descendant of any Person described in clauses (a), (b), (c) or (d)
above.  For purposes of this definition, “control” (including, with
correlative meaning, the terms “controlled by” and “under common control with”),
as used with respect to any Person, shall mean 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.

     

    “Closing
Date” shall mean the date of the Closing.

     

    “Conveyance
Taxes” shall mean any sales, use, excise, bulk sales, registration,
documentary, value added, recordation, realty transfer, transfer, stamp, stock
transfer, real property transfer, lease or gains and similar fees and taxes,
together with any interest, penalties or additions to tax attributable
thereto.

     

    “Person”
shall mean an individual, partnership, firm, corporation, trust, estate,
unincorporated association, limited liability company, joint stock company or
other entity, association, firm or company.

     

    “Related
Documents” shall mean the MGG Assignment, the 55 Corporate Assignment and
such other documents contemplated by this Agreement.

     

    “Subsidiary(ies)”
shall mean, with respect to any Person, (i) any corporation more than fifty
percent (50%) of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of
such corporation shall have or might have voting power by reason of the
happening of any contingency) is owned by such Person directly or indirectly
through one or more subsidiaries of such Person and (ii) any partnership,
limited liability company, association, joint venture or other entity in which
such Person directly or indirectly through one or more subsidiaries of such
Person has more than a fifty percent (50%) equity interest.

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE
II

     

     

    PURCHASE AND
SALE

     

    2.1. Purchase and
Sale.  Subject
to the terms and conditions of this Agreement, including, without limitation,
Section 2.3, on the date hereof, and in exchange for the Purchase Price to be
paid (or caused to be paid) by Buyer to Seller or its designee:  (a)
MGG Seller shall sell, assign, transfer and convey to MGG Buyer, and MGG Buyer
shall purchase from MGG Seller, the MGG Seller Interest, which interest is free
and clear of any and all liens, encumbrances, pledges, claims, charges,
equities, agreements, options or other restrictions of any kind, nature or
description whatsoever, and MGG Seller shall thereupon cease to be a member of,
or other beneficial interest holder in, MGG and shall have no further right to
the Seller MGG Interest, including, without limitation, its rights to the
profits, losses and capital and to any and all distributions and allocations in
respect of the Seller MGG Interest or otherwise in MGG; and (b) 55 Corporate
Seller shall sell, assign, transfer and convey to 55 Corporate Buyer, and 55
Corporate Buyer shall purchase from 55 Corporate Seller, the Seller 55 Corporate
Interest, which interest is free and clear of any and all liens, encumbrances,
pledges, claims, charges, equities, agreements, options or other restrictions of
any kind, nature or description whatsoever, and MGG Seller shall thereupon cease
to be a member of, or other beneficial interest holder in, 55 Corporate Venture
and shall have no further right to the Seller 55 Corporate Interest, including,
without limitation, their rights to the profits, losses and capital and to any
and all distributions and allocations in respect of the Seller 55 Corporate
Interest or otherwise in 55 Corporate Venture.

     

    2.2. Purchase
Price.  The
aggregate purchase price (“Purchase
Price”) for the Purchased Interests, shall be equal to the sum of
$5,000,000.00, which shall be payable to Seller or its designee in immediately
available funds by wire transfer in accordance with the wiring instructions
attached hereto as Exhibit
A.  None of the Purchase Price payable to either MGG Seller or
55 Corporate Seller shall be subject to withholding so long as each such person
shall have furnished to Buyer the certificate referred to in Section
2.5(a)(v).  The Purchase Price shall be allocated as
follows:

     

    (a) $500,000.00
shall be allocated to the Seller MGG Interest; and

     

    (b) $4,500,000.00
shall be allocated to the Seller 55 Corporate Interest.

     

    2.3. Gramercy Loan
Amendment.  Notwithstanding
anything herein to the contrary, the closing of the transactions contemplated
herein or in the Related Documents (the “Closing”)
shall be conditioned upon the simultaneous execution and delivery of (a) an
agreement (together with any related documents, the “Gramercy
Loan Amendment”) by and among Gramercy Warehouse Funding I LLC (“Gramercy”)
and certain Affiliates of MGG that own six (6) Class B Properties (as defined in
the MGG Operating Agreement and hereinafter, collectively, the “Gramercy
Borrowers”) to, among other things, extend the term of that certain
mortgage loan in the original principal amount of $90,286,551.00 made by
Gramercy to the Gramercy Borrowers on May 9, 2006 (the “Gramercy
Loan”) by two (2) years to May 9, 2011, at the original loan principal
amount with no additional capital commitment by the Gramercy Borrowers or their
Affiliates and on such other terms and conditions as the Gramercy Borrowers
shall agree in their sole discretion and (b) a Release in the form of Exhibit
B hereto.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    2.4. Delivery of Documents at
Closing.   The
Parties hereto shall separately make (or cause to be made) the following
deliveries to the other Parties hereto at the Closing:

     

    (a) Each of
MGG Seller and 55 Corporate Seller shall deliver (or cause to be delivered), as
applicable, to the Buyer the following documents:

     

    (i) A duly
executed counterpart of (x) the Assignment of Limited Liability Company
Interests in the form attached hereto as Exhibit
C in respect of the Seller MGG Interests (the “MGG
Assignment”) and (y) the Assignment of Limited Liability Company
Interests in the form attached hereto as Exhibit
D in respect of the Seller 55 Corporate Interest (the “55
Corporate Assignment”);

     

    (ii) A
certificate of good standing and/or subsistence for each of MGG Seller and 55
Corporate Seller, dated not more than thirty (30) days prior to the Closing
Date, issued by the Secretary of State of the State of Delaware;

     

    (iii) A
certified copy of a consent for each of MGG Seller and 55 Corporate Seller duly
adopted by such Seller entity expressly authorizing the execution, delivery and
performance of this Agreement and the Related Documents;

     

    (iv) A
Certificate from each of MGG Seller and 55 Corporate Seller certifying that (x)
such Seller entity has obtained all consents that are required to be obtained or
made by or with respect to such Seller entity in connection with the execution,
delivery and performance on the Closing Date of this Agreement and the Related
Documents by such Seller entity and the consummation of the transactions
contemplated hereby and thereby by such Seller entity and (y) all required
consents are in full force and effect;

     

    (v) A
certificate from each of MGG Seller and 55 Corporate Seller, duly executed by
such Seller entity, in the form prescribed by Treasury Regulations Section
1.1445-2(b)(2) to the effect that it is not a “foreign person” as that term is
defined in Section 1445(f)(3) of the Code, in order to avoid the imposition of
the withholding tax payment pursuant to Section 1445 of the Code;

     

    (vi) Such
other consents, resolutions, releases, documents and instruments as may be
reasonably required or requested by the Buyer to effectuate the terms of this
Agreement and to comply with the terms hereof.

     

    (b) Each of
MGG Buyer and 55 Corporate Buyer shall deliver (or cause to be delivered), as
applicable, to the Seller the following documents:

     

    (i) A duly
executed counterpart of (x) the MGG Assignment and (y) the 55 Corporate
Assignment;

     

    (ii) A
certificate of good standing and/or subsistence for each of MGG Buyer and 55
Corporate Buyer, dated not more than thirty (30) days prior to the Closing Date,
issued by the Secretary of State of the State of Delaware;

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    (iii) A
certified copy of a consent for each of MGG Buyer and 55 Corporate Buyer duly
adopted by such Buyer entity expressly authorizing the execution, delivery and
performance of this Agreement and the Related Documents;

     

    (iv) A
Certificate from each of MGG Buyer and 55 Corporate Buyer certifying that (x)
such Buyer entity has obtained all consents that are required to be obtained or
made by or with respect to such Buyer entity in connection with the execution,
delivery and performance on the Closing Date of this Agreement and the Related
Documents by such Buyer entity and the consummation of the transactions
contemplated hereby and thereby by such Buyer entity and (y) all required
consents are in full force and effect;

     

    (v) Such
other consents, resolutions, releases, documents and instruments as may be
reasonably required or requested by the Seller to effectuate the terms of this
Agreement and to comply with the terms hereof.

     

    2.6. CLI Loan.  As
of the Closing, MGG Buyer hereby acknowledges that the certain loan (the “CLI
Loan”) in the amount of $3,725,000.00 made by MGG Buyer to SLG Gale PE II
LLC (“SLG PE
II”) and evidenced by a certain Promissory Note (the “CLI Loan
Note”), dated May 9, 2006, made by SLG PE II to MGG Buyer shall be deemed
fully satisfied.  As a condition to the Closing, MGG Buyer shall (i)
return the original CLI Loan Note to MGG Seller, as representative of SLG PE II
and (ii) deliver such UCC-3 termination statements and other documents as may be
reasonably necessary to evidence the termination of all of MGG Buyer’s rights
pursuant to the Pledge and Security Agreement (the “Pledge
Agreement”), dated May 9, 2006, made by SLG PE II in favor of MGG Buyer
(including, without limitation, the return of any certificates evidencing the
collateral pledged pursuant to the Pledge Agreement, which may be held by MGG
Buyer) and to otherwise evidence the satisfaction in full of the CLI
Loan.

     

    ARTICLE
III

     

    REPRESENTATIONS, WARRANTIES
AND COVENANTS

     

    3.1. Representations and
Warranties of MGG Seller.  As
a material inducement to MGG Buyer to enter into this Agreement, MGG Seller
hereby makes the following representations, warranties and covenants to MGG
Buyer, each of which is true, correct and complete as of the date
hereof:

     

    (a) Power and
Authority.  MGG Seller is duly organized, existing and in good
standing under the laws of the State of Delaware.  MGG Seller has the
full legal right, power and authority to execute and deliver this Agreement and
the Related Documents, to consummate the transactions contemplated by this
Agreement and the Related Documents and to perform its obligations under this
Agreement and the Related Documents.  The execution and delivery of
this Agreement and the Related Documents by MGG Seller and the consummation by
MGG Seller of the transactions contemplated by this Agreement and the Related
Documents are within MGG Seller’s capacity and all requisite action has been
taken to make this Agreement and the Related Documents valid and binding on MGG
Seller in accordance with their respective terms.

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    (b) Enforceability of Agreement
and Related Documents.  MGG Seller has executed and delivered
this Agreement and the Related Documents, each of which constitutes the legal,
valid and binding obligation of MGG Seller, enforceable in accordance with their
respective terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws
relating to, or affecting generally, the enforcement of creditors’ rights and
remedies or by other equitable principles of general application.

     

    (c) Non-Contravention.  This
Agreement and the Related Documents do not and will not (i) contravene any
judgment, order, decree, writ or injunction issued against MGG Seller or any of
its Subsidiaries or Affiliates, or (ii) violate a material provision of any law
or governmental ordinance, rule, regulation, order or requirement (collectively,
“Laws”)
to which MGG Seller is or will be subject, except such violations as would not
have or would not reasonably be expected to have a material adverse effect on
the ability of MGG Seller to consummate the transactions contemplated hereby and
under the Related Documents.  The transactions contemplated hereby and
under the Related Documents will not result in a breach or constitute a default
or event of default by MGG Seller or any of its Subsidiaries or Affiliates under
any agreement to which such MGG Seller entity or any of its assets is subject or
bound (other than the documents evidencing the CLI Loan) and will not result in
a violation of any Laws applicable to MGG Seller or any of its Subsidiaries or
Affiliates, except such violations as would not or would not reasonably be
expected to have a material adverse effect on the ability of MGG Seller to
consummate the transactions contemplated hereby and by the Related Documents if
finally determined adversely to MGG Seller.

     

    (d) Title to the Seller MGG
Interests.  MGG Seller: (i) has good and valid title to and is
the lawful owner, of record and beneficially, of the Seller MGG Interest; and
(ii) has title to such Seller MGG Interest, free and clear of any and all liens,
pledges, encumbrances, claims, charges, equities, agreements, rights, options or
restrictions of any kind, nature or description whatsoever.

     

    (e) OFAC
Statement.  MGG Seller is not, or shall not become, a Person
with whom MGG Buyer is restricted from doing business under regulations of the
Office of Foreign Asset Control (“OFAC”)
of the Department of the Treasury (including, but not limited to, those named on
OFAC’s Specially Designated and Blocked Persons list) or under any statute,
executive order (including, but not limited to, Executive Order 13224 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism), or other governmental action and is not and shall
not engage in any dealings or transactions or be otherwise associated with such
Persons.

     

    (f) Absence of
Claims.  There are no claims of any kind or any actions, suits,
proceedings, arbitrations or investigations pending or, to MGG Seller’s
knowledge, threatened by any court, board, agency, commission, office or
authority of any nature whatsoever for any governmental unit (federal, state,
county, district, municipal, city or otherwise) now or hereafter in existence
(collectively, a “Governmental
Authority”) or otherwise against MGG Seller, or which would prevent the
performance by MGG Seller of its obligations under this Agreement, the Related
Documents or any of the transactions contemplated hereby, or which declare the
same unlawful or cause the rescission thereof.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    3.2. Representations and
Warranties of MGG Buyer.  As
a material inducement to MGG Seller to enter into this Agreement, MGG Buyer
hereby makes the following representations, warranties and covenants to MGG
Seller, each of which is true, correct and complete as of the date
hereof:

     

    (a) Organization, Standing,
Power and Authority of MGG Buyer.  MGG Buyer is duly organized,
existing and in good standing under the laws of the State of
Delaware.  MGG Buyer has the full legal right, power and authority to
execute and deliver this Agreement and the Related Documents, to consummate the
transactions contemplated by this Agreement and the Related Documents and to
perform its obligations under this Agreement and the Related
Documents.  The execution and delivery of this Agreement and the
Related Documents by MGG Buyer and the consummation by MGG Buyer of the
transactions contemplated by this Agreement and the Related Documents are within
MGG Buyer’s capacity and all requisite action has been taken to make this
Agreement and the Related Documents valid and binding on MGG Buyer in accordance
with their respective terms.

     

    (b) Enforceability of Agreement
and Related Documents.  MGG Buyer has executed and delivered
this Agreement and the Related Documents, each of which constitutes the legal,
valid and binding obligation of MGG Buyer, enforceable in accordance with their
respective terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws
relating to, or affecting generally, the enforcement of creditors’ rights and
remedies or by other equitable principles of general application.

     

    (c) Non-Contravention.  This
Agreement and the Related Documents do not and will not (i) contravene any
judgment, order, decree, writ or injunction issued against MGG Buyer or any of
its Subsidiaries or Affiliates, or (ii) violate a material provision of any Laws
to which MGG Buyer is or will be subject, except such violations as would not
have or would not reasonably be expected to have a material adverse effect on
the ability of MGG Buyer to consummate the transactions contemplated hereby and
under the Related Documents.  The transactions contemplated hereby and
under the Related Documents will not result in a breach or constitute a default
or event of default by MGG Buyer or any of its Subsidiaries or Affiliates under
any agreement to which such MGG Buyer entity or any of its assets is subject or
bound and will not result in a violation of any Laws applicable to MGG Buyer or
any of its Subsidiaries or Affiliates, except such violations as would not or
would not reasonably be expected to have a material adverse effect on the
ability of MGG Buyer to consummate the transactions contemplated hereby and by
the Related Documents if finally determined adversely to MGG Buyer.

     

    (d) OFAC
Statement.  MGG Buyer is not, or shall not become, a Person
with whom MGG Seller is restricted from doing business under OFAC regulations
(including, but not limited to, those named on OFAC’s Specially Designated and
Blocked Persons list) or under any statute, executive order (including, but not
limited to, Executive Order 13224 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other
governmental action and is not and shall not engage in any dealings or
transactions or be otherwise associated with such Persons.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    (e) Absence of
Claims.  There are no claims of any kind or any actions, suits,
proceedings, arbitrations or investigations pending or, to MGG Buyer’s
knowledge, threatened by any Governmental Authority or otherwise against MGG
Buyer, or which would prevent the performance by MGG Buyer of its obligations
under this Agreement, the Related Documents or any of the transactions
contemplated hereby, or which declare the same unlawful or cause the rescission
thereof.

     

    3.3. Representations and
Warranties of 55 Corporate Seller.  As
a material inducement to 55 Corporate Buyer to enter into this Agreement, 55
Corporate Seller hereby makes the following representations, warranties and
covenants to 55 Corporate Buyer, each of which is true, correct and complete as
of the date hereof:

     

    (a) Power and
Authority.  55 Corporate Seller is duly organized, existing and
in good standing under the laws of the State of Delaware.  55
Corporate Seller has the full legal right, power and authority to execute and
deliver this Agreement and the Related Documents, to consummate the transactions
contemplated by this Agreement and the Related Documents and to perform its
obligations under this Agreement and the Related Documents.  The
execution and delivery of this Agreement and the Related Documents by 55
Corporate Seller and the consummation by 55 Corporate Seller of the transactions
contemplated by this Agreement and the Related Documents are within 55 Corporate
Seller’s capacity and all requisite action has been taken to make this Agreement
and the Related Documents valid and binding on 55 Corporate Seller in accordance
with their respective terms.

     

    (b) Enforceability of Agreement
and Related Documents.  55 Corporate Seller has executed and
delivered this Agreement and the Related Documents, each of which constitutes
the legal, valid and binding obligation of 55 Corporate Seller, enforceable in
accordance with their respective terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or other laws relating to, or affecting generally, the enforcement
of creditors’ rights and remedies or by other equitable principles of general
application.

     

    (c) Non-Contravention.  This
Agreement and the Related Documents do not and will not (i) contravene any
judgment, order, decree, writ or injunction issued against MGG Seller or any of
its Subsidiaries or Affiliates, or (ii) violate a material provision of any Laws
to which 55 Corporate Seller is or will be subject, except such violations as
would not have or would not reasonably be expected to have a material adverse
effect on the ability of 55 Corporate Seller to consummate the transactions
contemplated hereby and under the Related Documents.  The transactions
contemplated hereby and under the Related Documents will not result in a breach
or constitute a default or event of default by 55 Corporate Seller or any of its
Subsidiaries or Affiliates under any agreement to which such 55 Corporate Seller
entity or any of its assets is subject or bound and will not result in a
violation of any Laws applicable to 55 Corporate Seller or any of its
Subsidiaries or Affiliates, except such violations as would not or would not
reasonably be expected to have a material adverse effect on the ability of 55
Corporate Seller to consummate the transactions contemplated hereby and by the
Related Documents if finally determined adversely to 55 Corporate
Seller.

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    (d) Title to the Purchased
Interests.  55 Corporate Seller: (i) has good and valid title
to and is the lawful owner, of record and beneficially, of the Seller 55
Corporate Interest; and (ii) has title to such Seller 55 Corporate Interest,
free and clear of any and all liens, pledges, encumbrances, claims, charges,
equities, agreements, rights, options or restrictions of any kind, nature or
description whatsoever.

     

    (e) OFAC
Statement.  55 Corporate Seller is not, or shall not become, a
Person with whom 55 Corporate Buyer is restricted from doing business under OFAC
regulations (including, but not limited to, those named on OFAC’s Specially
Designated and Blocked Persons list) or under any statute, executive order
(including, but not limited to, Executive Order 13224 Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism), or other governmental action and is not and shall not engage in any
dealings or transactions or be otherwise associated with such
Persons.

     

    (f) Absence of
Claims.  There are no claims of any kind or any actions, suits,
proceedings, arbitrations or investigations pending or, to 55 Corporate Seller’s
knowledge, threatened by any Governmental or Authority or otherwise against 55
Corporate Seller, or which would prevent the performance by 55 Corporate Seller
of its obligations under this Agreement, the Related Documents or any of the
transactions contemplated hereby, or which declare the same unlawful or cause
the rescission thereof.

     

    3.4. Representations and
Warranties of 55 Corporate Buyer.  As
a material inducement to 55 Corporate Seller to enter into this Agreement, 55
Corporate Buyer hereby makes the following representations, warranties and
covenants to 55 Corporate Seller, each of which is true, correct  and
complete as of the date hereof:

     

    (a) Organization, Standing,
Power and Authority of 55 Corporate Buyer.  55 Corporate Buyer
is duly organized, existing and in good standing under the laws of the State of
Delaware.  55 Corporate Buyer has full legal right, power and
authority to execute and deliver this Agreement and the Related Documents, to
consummate the transactions contemplated by this Agreement and the Related
Documents and to perform its obligations under this Agreement and the Related
Documents.  The execution and delivery of this Agreement and the
Related Documents by 55 Corporate Buyer and the consummation by 55 Corporate
Buyer of the transactions contemplated by this Agreement and the Related
Documents are within 55 Corporate Buyer’s capacity and all requisite action has
been taken to make this Agreement and the Related Documents valid and binding on
55 Corporate Buyer in accordance with their respective terms.

     

    (b) Enforceability of Agreement
and Related Documents.  55 Corporate Buyer has executed and
delivered this Agreement and the Related Documents, each of which constitutes
the legal, valid and binding obligation of 55 Corporate Buyer, enforceable in
accordance with their respective terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or other laws relating to, or affecting generally, the enforcement
of creditors’ rights and remedies or by other equitable principles of general
application.

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    (c) Non-Contravention.  This
Agreement and the Related Documents do not and will not (I) contravene any
judgment, order, decree, writ or injunction issued against 55 Corporate Buyer or
any of its Subsidiaries or Affiliates, or (II) violate a material provision of
any Laws to which 55 Corporate Buyer is or will be subject, except such
violations as would not have or would not reasonably be expected to have a
material adverse effect on the ability of 55 Corporate Buyer to consummate the
transactions contemplated hereby and under the Related Documents.  The
transactions contemplated hereby and under the Related Documents will not result
in a breach or constitute a default or event of default by 55 Corporate Buyer or
any of its Subsidiaries or Affiliates under any agreement to which such 55
Corporate Buyer entity or any of its assets is subject or bound and will not
result in a violation of any Laws applicable to 55 Corporate Buyer or any of its
Subsidiaries or Affiliates, except such violations as would not or would not
reasonably be expected to have a material adverse effect on the ability of 55
Corporate Buyer to consummate the transactions contemplated hereby and by the
Related Documents if finally determined adversely to 55 Corporate
Buyer.

     

    (d) OFAC
Statement.  55 Corporate Buyer is not, or shall not become, a
Person with whom 55 Corporate Seller is restricted from doing business under
OFAC regulations (including, but not limited to, those named on OFAC’s Specially
Designated and Blocked Persons list) or under any statute, executive order
(including, but not limited to, Executive Order 13224 Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism), or other governmental action and is not and shall not engage in any
dealings or transactions or be otherwise associated with such
Persons.

     

    (e) Absence of
Claims.  There are no claims of any kind or any actions, suits,
proceedings, arbitrations or investigations pending or, to 55 Corporate Buyer’s
knowledge, threatened by any Governmental or Authority or otherwise against 55
Corporate Buyer, or which would prevent the performance by 55 Corporate Buyer of
its obligations under this Agreement, the Related Documents or any of the
transactions contemplated hereby, or which declare the same unlawful or cause
the rescission thereof.

     

    3.5. Survival.  The
representations, warranties and covenants made herein shall survive the Closing
for a period of twelve (12) months following the Closing Date; provided, however, that the
representations and warranties contained in Sections 3.1(a), (b), (c) and
(d),  Sections 3.2(a), (b) and (c), Sections 3.3(a), (b), (c) and (d),
and Sections 3.4(a), (b) and (c) hereof shall survive indefinitely.

     

    ARTICLE
IV

     

    MISCELLANEOUS

     

    4.1. 55 Corporate
Parking.  (a)  Except
as otherwise provided in Section 4.1(c), 55 Corporate Buyer hereby
unconditionally, absolutely and irrevocably agrees not to bring (or cause any
Affiliate or agent of 55 Corporate Buyer to bring) any claims each such party
may now or hereafter have against each of Sanofi and Unit I/II/III Owner that
the Parking Space Reduction is violative of the Master Deed solely as respects
the same constituting potential non-compliance with the Condominium Parking
Requirement, it being agreed and understood that such waiver of claims (i)
relates solely and exclusively to the non-compliance, if any, with the
Condominium Parking Requirement due to the Unit I/II/III Parking Alterations,
(ii) shall not constitute a waiver of any obligation of Sanofi Tenant and
the Unit I/II/III Owner to comply with the Legal Parking Requirement (to the
extent that the Legal Parking Requirement is applicable, rather than the
Condominium Parking Requirement, pursuant to Section 12.5 of the Master Deed),
and (iii) shall not constitute a modification of the Master Deed.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    (b) Except as
otherwise provided in Section 4.1(c), notwithstanding the foregoing provisions
of clause (ii) of the preceding subsection (a), 55 Corporate Buyer hereby agrees
that the parking space configuration effected by the Unit I/II/III Parking
Alterations shall not, in and of itself, be made the basis of a claim by 55
Corporate Buyer against the Unit I/II/III Owner that the Parking Space Reduction
has caused a breach of the Legal Parking Requirement.

     

    (c) Notwithstanding
the provisions of Sections 4.1(a) and (b), if (i) 55 Corporate Buyer shall be
notified by (x) any governmental entity, authority, agency and/or department or
(y) Sanofi, as tenant pursuant to that certain Lease Agreement, dated November
20, 2007, with 55 Corporate Unit IV LLC (the “Building
IV Lease”), that the Unit I/II/III Parking Alterations have caused the
Unit I/II/III Parking Areas to fail to comply with the Legal Parking Requirement
(and the Legal Parking Requirement then applies, rather than the Condominium
Parking Requirement, pursuant to Section 12.5 of the Master Deed) and (ii) the
Unit I/II/III Parking Areas are not restored to substantially the configuration
that existed prior to Sanofi making the Unit I/II/III Parking Alterations (or an
alternate configuration that complies with the Legal Parking Requirement) within
thirty (30) days after Sanofi and the Unit I/II/III Owner are notified by 55
Corporate Buyer of such failure (which notice shall include a copy of the notice
from the governmental entity, authority, agency and/or department or Sanofi, as
tenant pursuant to the Building IV Lease), then it shall not be a violation of
the provisions of this Section 4.1 for 55 Corporate Buyer to pursue all legal
and equitable remedies available to it (including, but not limited to, an action
to compel specific performance, the pursuit of the remedy of self-help and/or an
action to recover damages) against Sanofi and the Unit I/II/III Owner on account
of the failure of the timely restoration of the Unit I/II/III Parking Areas to
substantially the configuration that existed prior to Sanofi making the Unit
I/II/III Parking Alterations.

     

    (d) For
purposes of this Section 4.1, (i) certain capitalized terms shall have the
meanings ascribed to them below and (ii) capitalized terms used but not defined
herein shall have the meanings given them in the Master Deed creating the 55
Corporate Drive Condominium, dated November 4, 2005, recorded on November 7,
2005 in the Office of the County Clerk of Somerset County, New Jersey (the
“Clerk’s
Office”) in Book 5824, Page 1836, which Original Master Deed was
amended by that certain First Amendment to Master Deed, dated November 20, 2007,
recorded on December 13, 2007, in the Clerk’s Office in Book 6092, Page
3206.

     

    Condominium
Parking Requirement:  The requirement contained in Section 12.5
of the Master Deed that Unit I/II/III to maintain a Parking Ratio during the
term of the Unit I/II/III Lease of the greater of (i) 3.8 legally conforming
parking spaces for each one thousand (1,000) square feet of Floor Area within
the Buildings located on Unit I/II/III and (ii) the Legal Parking
Requirement.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    Legal
Parking Requirement:  the number of parking spaces required by
Laws to be maintained by Unit I/II/III.

     

    Parking
Space Reduction:  a reduction in the number of available
parking spaces at 55 Corporate Drive Condominium as a result of the Unit
I/II/III Parking Alterations.

     

    Sanofi:  sanofi-aventis
U.S. Inc., its successors and assigns as tenant under the Unit I/II/III
Lease

     

    Unit
I/II/III Lease: that certain Lease Agreement between sanofi-aventis U.S.
Inc., as tenant, and Unit I/II/III Owner as landlord, dated November 4, 2005, as
amended.

     

    Unit
I/II/III Owner:  Inland America Bridgewater TIC I, L.L.C.,
Inland America Bridgewater TIC II, L.L.C., Inland America Bridgewater TIC III,
L.L.C. and Inland America Bridgewater TIC I, L.L.C., and their respective
successors and assigns.

     

    Unit
I/II/III Parking Alterations:  changes to the striping of the
parking areas located within the Limited Common Elements (as defined in the
Master Deed) allocated to Unit I/II/III (as defined in the Master Deed) in order
to, among other things, accommodate handicapped employees and address safety
issues, which changes are shown on that certain survey prepared by Stires
Associates, P.A., dated April 8, 2005, last revised November 20,
2008.

     

    Unit
I/II/III Parking Areas:  The parking areas located within the
Limited Common Elements allocated to Unit I/II/III.

     

    (e) Notice
Address for Sanofi and the Unit I/II/III Owner:

     

    
      	
               
      

            	
              Sanofi:

            	
              sanofi-aventis
      U.S. Inc.

            

    

     

    
      	
               
      

            	
              55
      Corporate Drive

            

    

     

    
      	
               
      

            	
              Mail
      Stop 55C-315B

            

    

     

    
      	
               
      

            	
              Bridgewater,
      NJ 08807

            

    

     

    
      	
               
      

            	
              Unit
      I/II/III Owner:

            	
              c/o
      Inland American Real Estate Trust,
Inc.

            

    

     

    
      	
               
      

            	
              2901
      Butterfield Road

            

    

     

    
      	
               
      

            	
              Oak
      Brook, Illinois 60523

            

    

     

    4.2. Remedies.  If
any Party hereto shall be in default of or breach any provision or its
respective obligations hereunder or any Related Documents, then the other
Parties hereto shall have such rights or remedies available at law and/or in
equity, including, without limitation, the right of specific
performance.

     

    4.3. Notices. Any
notice, consent, approval, or other communication which is provided for or
required by this Agreement must be in writing and may be delivered in person to
any Party hereto or may be sent by a facsimile transmission, telegram, expedited
courier or registered or certified U.S. mail, with postage prepaid, return
receipt requested. Any such notice or other written communication shall be
deemed received by the Party hereto to whom it is sent (i) in the case of
personal delivery, on the date of delivery to the Party hereto to whom such
notice is addressed as evidenced by a written receipt signed on behalf of such
Party, (ii) in the case of facsimile transmission or telegram, the next Business
Day after the date of transmission, (iii) in the case of courier delivery, the
date receipt is acknowledged or rejected by the Party hereto to whom such notice
is addressed as evidenced by a written receipt signed on behalf of such Party,
and (iv) in the case of registered or certified mail, the date receipt is
acknowledged or rejected on the return receipt for such notice.  For
purposes of notices, the addresses of the Parties hereto shall be as follows,
which addresses may be changed at any time by written notice given in accordance
with this provision:

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    If to the
Seller, to:

     

    SL Green
Realty Corp.

    The
Graybar Building

    420
Lexington Avenue

    New York,
New York 10170

    Attention:  Andrew
S. Levine, Esq.

     

    With copy
to (which shall not constitute a notice):

     

    Greenberg
Traurig, LLP

    200 Park
Avenue

    New York,
New York 10166

    Attention:          
Robert J. Ivanhoe, Esq.

    Facsimile
No.:    (212) 801-6400

     

    If to any
of the Buyer, as follows:

     

    c/o
Mack-Cali Realty Corporation

    343
Thornall Street

    Edison,
New Jersey 08818-7817

    
      	
               
      

            	
              Attention:

            	
              Mitchell
      E. Hersh, President and Chief Executive
Officer

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (732)
      205-9040

            

    

     

    and

     

    c/o
Mack-Cali Realty Corporation

    343
Thornall Street

    Edison,
New Jersey 08818-7817

    
      	
               
      

            	
              Attention:

            	
              Roger
      W. Thomas, Executive Vice President

            

    

    
      	
               
      

            	
              and
      General Counsel

            

    

    
      	
               
      

            	
              Facsimile:

            	
              (732)
      205-9015

            

    

     

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    With copy
to (which shall not constitute a notice):

     

    Seyfarth
Shaw LLP

    620
Eighth Avenue

    New York,
New York 10018

    Attention:    
John P. Napoli, Esq.

     

    Facsimile:     (212)
218-5527

     

    4.4. Transfer/Conveyance
Taxes.  Any
Conveyance Taxes attributable to the transactions contemplated by this Agreement
and/or the Related Documents shall be paid by MGG Seller and 55 Corporate
Seller, as the case may be, and each of MGG Seller and 55 Corporate Seller, as
applicable, agree to timely pay any such Conveyance Taxes.  Each of
MGG Seller’s and 55 Corporate Seller’s obligations hereunder shall survive the
Closing until the expiration of the applicable statute of
limitations.  The Parties hereto shall cooperate in the execution and
delivery (and to cause the execution and delivery) of any and all instruments,
returns and certificates necessary to enable MGG, the Seller or the Buyer to
comply with any and all filing requirements.

     

    4.5. Entire Agreement; Binding
Effect; Assignment.  This
Agreement, including the exhibits attached hereto and the documents delivered
pursuant hereto, including, without limitation, any Related Documents, sets
forth all the promises, covenants, agreements, conditions and understandings
between the Parties hereto, and supersedes all prior and contemporaneous
agreements, understandings, inducements or conditions, expressed or implied,
oral or written, except as herein contained.  No changes of or
modifications or additions to this Agreement shall be valid unless the same
shall be in writing and signed by the Parties hereto.  This Agreement
shall be binding upon the Parties hereto, their beneficiaries, heirs,
administrators, successors and permitted assigns and may not assigned by either
Party without the prior written consent of the other Party.

     

    4.6. Confidentiality.  (a)  The terms, conditions and
existence of this Agreement and the Related Documents and the transactions
contemplated hereby and thereby (collectively, the “Confidential
Information”) are confidential and their disclosure would cause
irreparable harm to the Parties.  Accordingly, each Party represents
that it has not and agrees that it will not and will direct its members,
shareholders, partners, directors, officers, agents, advisors and Affiliates and
each Affiliate’s respective members, shareholders, partners, directors,
officers, agents and advisors (collectively, such Party’s “Related
Persons”) not to, disclose to any Person other than its attorneys,
accountants, consultants, advisors and other agents who have a need to know such
information any Confidential Information or confirm any statement made by third
Parties regarding Confidential Information unless such disclosure is consented
to in writing by all Parties; provided, however, that any
Party (or its Related Persons) may disclose such Confidential
Information:  (i) if required by law or rule of any stock exchange (it
being specifically understood and agreed that anything set forth in a
registration statement, periodic report or any other document filed pursuant to
law will be deemed required by law, and provided that before making any
disclosure of Confidential Information required by law or rule of any stock
exchange, the disclosing Party will notify the other Parties in writing and
provide it with a copy of the proposed disclosure and an opportunity to comment
thereon before the disclosure is made); (ii) in any report or other statement to
any Person having any direct or indirect ownership or other beneficial interest
in any Person in which MGG or 55 Corporate Venture hold any direct or indirect
ownership or other beneficial interest; and (iii) to lender providing financing
to such Party or its direct or indirect Subsidiaries, which financing is
secured, directly or indirectly, by the assets of MGG or any of its direct or
indirect Subsidiaries or the assets of 55 Corporate Venture or any of its direct
or indirect Subsidiaries.

     

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

     

    (b) In
furtherance and not in limitation of the provisions of Section 4.5(a), the
Parties agree that no Party or any of its advisors shall issue any press release
or otherwise publicize or disclose the terms of this Agreement without the prior
written consent of the Parties, which consent shall not be unreasonably
withheld, conditioned or delayed.

     

    (c)   The
covenants contained in this Section 4.6 shall survive the Closing or other
termination of this Agreement.

     

    4.7. No
Waiver.  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 herein 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 any Party hereto of any breach hereunder or
failure or refusal by any other Party hereto to comply with its obligations
shall be deemed a waiver of any other or subsequent breach, failure or refusal
to so comply.

     

    4.8. Amendment.  The
Parties hereby irrevocably agree that no attempted amendment, modification,
termination, discharge or change (collectively, “Amendment”)
of this Agreement shall be valid and effective, unless the Parties shall
mutually agree in writing to such Amendment.

     

    4.9. Brokers.  No
agent, broker, person, entity, firm, finder or investment banker acting on
behalf of the Seller or Buyer or any of their respective Affiliates is entitled
to any brokerage, finder’s or other fee or commission in connection with the
transactions contemplated by this Agreement and the Related Documents based upon
arrangements made by or on behalf of the Seller or Buyer or any of their
respective Affiliates.

     

    4.10. Captions;
Headings.  The captions and headings in this Agreement are for
convenience only and shall not be construed to modify, explain or alter any of
the terms, covenants or conditions herein contained.  Any and all
schedules and exhibits referenced herein are by this reference hereby made a
part hereof and incorporated herein.

     

    4.11. Counterparts.  This
Agreement and any amendments may be executed by facsimile transmission and in
one or more counterparts, each of which shall be deemed an original and all of
which together will constitute one and the same instrument.

     

    4.12. Further
Assurances.  The
Parties hereto will execute and deliver such further instruments and do such
further acts and things as may be reasonably required to carry out the intent
and purposes of this Agreement.

     

    4.13. Governing
Law.  This
Agreement shall be construed in accordance with the laws of the State of New
York and any proceeding arising between the Parties in any manner pertaining or
related to this Agreement shall, to the extent permitted by law, be held in New
York County, New York.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    4.14. Severability.  Each
provision of this Agreement is intended to be severable, and if any term or
provision of this Agreement is determined to be illegal or invalid for any
reason whatsoever, such illegality or invalidity shall not affect the validity
or legality of the remainder of this Agreement.

     

    4.15. No Third Party
Beneficiary.  This Agreement is made solely and specifically
among and for the benefit of the Parties hereto, and their respective successors
and assigns subject to the express provisions hereof relating to successors and
assigns, and, except as otherwise expressly provided herein, no other Person
whatsoever shall have any rights, interest, or claims hereunder or be entitled
to any benefits under or on account of this Agreement as a third party
beneficiary or otherwise.

     

    [Signature
Page Follows]

     

    
      
        
          

           

        

         

      

      
        16

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
Parties hereto have caused this Agreement to be executed as of the date and year
set forth above.

     

    MGG SELLER:

     

    GALE SLG NJ LLC,

    a
Delaware limited liability company

     

    
      	
               
      

            	
              By:

            	
              /s/ Andrew S.
      Levine

            

    

    
      	
               
      

            	
              Name:
      Andrew S. Levine

            

    

    
      	
               
      

            	
              Title:

            	
              Executive
      Vice President and

              Chief Legal
Officer

            

    

     

    

     

    MGG
BUYER:

     

    MACK-CALI VENTURES
L.L.C.,

    a
Delaware limited liability company

     

    
      	
               
      

            	
              By:

            	
              Mack-Cali
      Realty, L.P., its sole member

            

    

     

    
      	
               
      

            	
              By:

            	
              Mack-Cali
      Realty Corporation, 

              its
      general partner

            

    

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

            

    

    
      	
               
      

            	
              Name:

            	
              Mitchell
      E. Hersh

            

    

    
      	
               
      

            	
              Title:

            	
              President
      and Chief Executive Officer

            

    

     

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    55
CORPORATE SELLER:

     

    SLG GALE 55 CORPORATE
LLC,

    a
Delaware limited liability company 

     

    
      	
               
      

            	
              By:

            	
              /s/ Andrew S.
      Levine

            

    

    
      	
               
      

            	
              Name:
      Andrew S. Levine

            

    

    
      	
               
      

            	
              Title:

            	
              Executive
      Vice President and

              Chief Legal
Officer

            

    

     

    

    55
CORPORATE BUYER:

     

    55 CORPORATE PARTNERS
L.L.C.,

    a
Delaware limited liability company

     

    By:           Mack-Cali
Realty, L.P., its sole member

     

    
      	
               
      

            	
              By:

            	
              Mack-Cali
      Realty Corporation, 

                its
      general partner

              

            

    

     

    
      	
               
      

            	
              By:/s/ Mitchell E.
      Hersh

            

    

    
      	
               
      

            	
              Name:

            	
              Mitchell
      E. Hersh

            

    

    
      	
               
      

            	
              Title:

            	
              President
      and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]