Document:

Exhibit 10.1

 

EXECUTION VERSION

 

PURCHASE AND SALE AGREEMENT

 

BETWEEN

 

ELMSFORD-119 ASSOCIATES, LLC,

a New York limited liability company,

 

AND

 

LMP ELMSFORD WP RE, LLC,

 

a New York limited liability company.

 

DATED: January 31, 2022

 

     

     

    

 

PURCHASE AND SALE AGREEMENT

 

This PURCHASE AND SALE AGREEMENT
(this “Agreement”) is made and entered into as of January 31, 2022 (the “Effective Date”),
by and between ELMSFORD-119 ASSOCIATES, LLC, a New York limited liability company with offices at 80 Business Park Drive, Suite
306, Armonk, New York 10504 (the “Seller”) and LMP ELMSFORD WP RE, LLC, a New York Limited Liability
Company with offices c/o LMP Motors/LMP Automotive, 500 East Broward Blvd, Suite 1900, Ft. Lauderdale, FL 33394 (together with its successors
and permitted assigns, “Purchaser”).

 

RECITALS

 

WHEREAS, Seller is
(i) the ground lessee of that certain parcel of real property located in the Town of Elmsford, County of Westchester, State of New York
and commonly known as 251 East Main Street, in the Village of Elmsford, Town of Greenburgh, County of Westchester, State of New York (Section
5.80, Block 116, Lot 9) and more particularly described on Schedule A-1 attached to this Agreement and made a part hereof
(the “Leasehold Parcel”) pursuant to that certain agreement of lease with Elmsford 1705, LLC (“Elmsford
1705”), as landlord, described on Schedule A-3 attached to this Agreement and made a part hereof (the “Ground
Lease”) and (ii) the fee owner of that certain parcel of real property located in Village of Elmsford, Town of Greenburgh,
County of Westchester, State of New York (Section 5.80, Block 116, Lot 3) and more particularly described on Schedule A-2
attached to this Agreement and made a part hereof (the “Fee Parcel,” and together with the Leasehold Parcel,
the “Parcels”);

 

WHEREAS, the “Property”
is defined as the Leasehold Rights, the Leasehold Parcel, the Fee Parcel, the Tangible Property, and the Intangible Personal Property,
as each of those terms are defined herein;

 

WHEREAS, on the terms
and conditions set forth in this Agreement, at the Closing (hereinafter defined), Seller shall sell, transfer, convey and assign to Purchaser
all of Seller’s right, title and interest in and to the other Property (hereinafter defined), and Purchaser shall purchase, acquire
and assume such right, title and interest in and to the Property from Seller in accordance with the terms and conditions of this Agreement;
and

 

NOW, THEREFORE, in
consideration of the mutual terms, provisions, covenants and agreements set forth herein, as well as the sums to be paid by Purchaser
to Seller, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Purchaser and Seller
agree as follows:

 

ARTICLE
1.

BASIC INFORMATION

 

1.1. Certain
Basic Terms. When used herein with initial capital letter, the following terms shall have the following ascribed meanings:

 

“Action”:
has the meaning given to such term in Section 9.4 of this Agreement.

 

“ADL”: has
the meaning given to such term in Section 10.19 of this Agreement.

 

“Agreement”:
has the meaning given to such term in the introductory paragraph hereto.

 

“Assignment of Contracts
and Intangibles”: means a certain assignment and assumption of contracts and intangibles between Seller, as assignor, and Purchaser,
as assignee, substantially in the form attached hereto as Exhibit E and made a part hereof pursuant to which Seller shall
assign to Purchaser, and Purchaser shall assume, the Seller’s interest in and to the Intangible Personal Property and the Service
Contracts to be Assigned, if any, and in each case to the extent assignable, transferred pursuant to this Agreement.

 

    1

     

    

 

“Assignment of Leases”:
means a certain assignment and assumption agreement between Seller, as assignor, and Purchaser, as assignee, substantially in the form
attached hereto as Exhibit D and made a part hereof pursuant to which Seller shall assign to Purchaser, and Purchaser shall
assume, the Seller’s interest in and to the Leases and pursuant to which (i) Seller shall indemnify Purchaser and hold Purchaser
harmless from and against any and all claims pertaining thereto for which the cause of action occurred prior to Closing and (ii) Purchaser
shall indemnify Seller and hold Seller harmless from and against any and all claims for which the cause of action occurs from and after
Closing, including without limitation, claims made by tenants with respect to tenants’ Security Deposits to the extent paid or credited
to Purchaser at Closing.

 

“BBB”: has
the meaning given to such term in Section 5.4.3 of this Agreement.

 

“BBB Sublease”:
has the meaning given to such term in Schedule C-1 of this Agreement.

 

“Benefit Plan”:
has the meaning given to such term in Section 8.1.11 of this Agreement.

 

“Bill of Sale”:
means a certain Bill of Sale conveying Seller’s right, title and interest in and to the Tangible Property without warranty, express
or implied, as to merchantability and/or fitness for any purpose substantially in the form attached hereto as Exhibit C
and made a part hereof.

 

“Business Day”:
means any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are not open for business.

 

“Closing”:
has the meaning given to such term in Section 6.1.1 of this Agreement.

 

“Closing Conditions”:
has the meaning given to such term in Section 6.2.2 of this Agreement.

 

“Closing Date”:
has the meaning given to such term in Section 6.1.1 of this Agreement.

 

“Closing Documents”:
has the meaning given to such term in Section 6.3.2 of this Agreement.

 

“Closing Notice”:
has the meaning given to such term in Section 6.1.1 of this Agreement.

 

“Closing Statement”:
means a settlement statement setting forth the closing credits, adjustments and prorations to be made to the Purchase Price and the application
thereof at the Closing in accordance with the terms of this Agreement, prepared by the Seller and reasonably acceptable to Purchaser and
the Title Company.

 

“Code”: has
the meaning given to such term in Section 10.19 of this Agreement.

 

“Confidential Items”:
has the meaning given to such term in Section 10.9 of this Agreement.

 

“Cure Election Period”:
has the meaning given to such term in Section 4.1.2 of this Agreement.

 

“Cure Notice”:
has the meaning given to such term in Section 4.1.2 of this Agreement.

 

“Current Month”:
has the meaning given to such term in Section 7.2.2(ii) of this Agreement.

 

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“Cutoff Time”:
has the meaning given to such term in Section 7.2 of this Agreement.

 

“Debtor Relief Laws”:
means Title 11 of the United States Code, as now or hereafter in effect, or any other applicable law, domestic or foreign, as now or hereafter
in effect, relating to bankruptcy, insolvency, liquidation, receivership, reorganization, arrangement or composition, extension or adjustment
of debts or similar laws affecting the rights of creditors.

 

“Deed”: has
the meaning given to such term in Section 6.3.1(ii) of this Agreement.

 

“Deposit”:
has the meaning given to such term in Section 3.3.1 of this Agreement.

 

“Deposit Escrow Agreement”:
has the meaning given to such term in Section 3.3.1 of this Agreement.

 

“Deposit Refund Event”:
means any termination of this Agreement as a result of a Seller’s Default, or a Seller Caused Closing Condition Failure, and/or
termination of this Agreement pursuant to Section 2.2.4, Section 4.1.2, Section 4.2, Section 5.2, Section
5.4.4, Section 6.1.2, Section 6.2.2, Section 8.2, and/or Section 9.1 of this Agreement.

 

“Diligence Period Termination
Notice”: has the meaning given to such term in Section 2.2.4 of this Agreement.

 

“Due Diligence Period”:
has the meaning given to such term in Section 2.2 of this Agreement.

 

“Effective Date”:
has the meaning given to such term in the introductory paragraph hereto.

 

“Elmsford 1705”:
has the meaning given to such term in the Recitals to this Agreement.

 

“Elmsford 1705 Estoppel
Certificate and Waiver”: means an estoppel certificate duly executed by Elmsford 1705 and delivered to Purchaser, which estoppel
certificate and waiver shall be substantially on the form annexed hereto as Exhibit K, shall be dated within thirty
(30) days of the Closing, and shall recognize the use of the Demised Premises (as defined in the Ground Lease) as a new automobile dealership
and service facility does not violate the terms of the Ground.

 

“Escrow & Closing
Instruction Agreement”: means that certain escrow and closing instruction agreement between Seller, Purchaser and the Title
Company, in its capacity as escrow agent and as the issuer of the Title Policy, substantially in the form attached hereto as Exhibit
G and made a part hereof, with such modification thereto as may be reasonably approved by each of Seller, Purchaser and the Title
Company, each in the exercise of commercially reasonable judgment, and which shall be consistent with Section 6.3 of this Agreement.

 

“Expiration Date”:
has the meaning given to such term in Section 2.2 of this Agreement.

 

“Fee Parcel”:
has the meaning given to such term in the Recitals to this Agreement.

 

“Governmental Authority”:
means any of the United States of America, the State in which the Parcels are located, the county, city, and any other municipality or
political subdivision in which the Parcels are located or that otherwise has jurisdiction thereof, and any agency, department, commission,
board, bureau or instrumentality of any of them as applicable and having jurisdiction over the Property.

 

“Ground Lease”:
has the meaning given to such term in the Recitals to this Agreement.

 

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“Ground Lease Assignment
and Assumption Agreement”: means that certain Assignment and Assumption Agreement of the Ground Lease between Seller, as assignor,
and Purchaser, as assignee, substantially on the form attached hereto as Exhibit B-1 and made a part hereof, assigning to
Purchaser all of Seller’s right, title and interest in and to the Ground Lease.

 

“Indemnified Party”:
has the meaning given to such term in Section 9.4 of this Agreement.

 

“Indemnifying Party”:
has the meaning given to such term in Section 9.4 of this Agreement.

 

“Intangible Personal
Property”: means, collectively, all intangible personal property relating to the Property and/or the structures and improvements
located on the Parcels, or any portion thereof, including: (i) the Plans; (ii) all easements, access rights, development rights, hereditaments
and appurtenances, if any, pertaining to or affecting the Parcels, including without limitation, all right, title, and interest of Seller
in and to any roads, streets and ways, public or private, serving the Parcels and all right, title, and interest of Seller in and to any
land lying in the bed of any street, road, avenue, lane or right-of-way in front of, adjoining or adjacent to the Parcels, all mineral,
oil and gas rights and profits, water rights, and subterranean rights, all sewer and utility rights allocated to the Parcels; (iii) all
guarantees and warranties of manufacturers, contractors, materialmen and suppliers in connection therewith relating solely to the Property
and/or the structures and improvements located on the Parcels, or any portion thereof; (iv) all regulatory approvals, variances, permits,
licenses and other entitlements of any Governmental Authority with respect to the Parcels and/or the structures and improvements located
on the Parcels; (v) the interests held as landlord in, to and under all Leases, including, without limitation, the Security Deposits;
and (vi) interests held as lessee under the Ground Lease; provided, that the foregoing shall expressly exclude any and all intangible
personal property of any of the tenants having a possessory interest under the Leases (including any and all guarantees and warranties
in favor of such any such tenant).

 

“Knowledge” or
“knowledge”: means and is limited to (i) with respect to Purchaser, has the meaning given to such term in Section 8.3
of this Agreement, and (ii) with respect to Seller, has the meaning given to such term in Section 8.1 of this Agreement.

 

“Law”: means
the statutes, laws, ordinances, rules, regulations, requirements and codes of all Governmental Authorities having jurisdiction over, against
or affecting the Property.

 

“Lease” and
“Leases”: means, collectively, the leases listed on Schedule C-1 attached hereto and made a part hereof.

 

“Leasehold Parcel”:
has the meaning given to such term in the Recitals to this Agreement.

 

“Leasehold Rights”:
means, collectively, all of Seller’s right, title and interest as the lessee under the Ground Lease (including without limit Seller’s
possessory interest in and to the Leasehold Parcel and the Buildings (as defined in the Ground Lease) leased thereunder) and all rights
of Seller in and to all other property, tangible and intangible, included in the Demised Premises (as defined in the Ground Lease) or
otherwise granted to Seller pursuant to the Ground Lease, and all of Seller’s right, title and interest in and to the easements,
rights, privileges, benefits, tenements, hereditaments and appurtenances on or pertaining or belonging to the Leasehold Parcel under the
Ground Lease.

 

“Lien”: means
any security interest, pledge, mortgage, lien (including, without limitation, environmental, tax and ERISA liens), mechanics lien, charge,
judgment, claim, encumbrance, proxy, voting trust or voting agreement.

 

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“Losses”:
has the meaning given to such term in Section 9.4.1 of this Agreement.

 

“LMPX”: has
the meaning given to such term in Section 10.19 of this Agreement.

 

“Major”:
means, for purposes of Section 5.1 and Section 5.2 of this Agreement, “Major” loss, damage or condemnation
refers to the following: (a) loss or damage to the Property hereof such that the cost of repairing or restoring the premises in question
to substantially the same condition which existed prior to the event of damage would be, based on a written estimate provided by an architect
selected by Seller and reasonably acceptable to Purchaser, equal to or greater than Five Hundred Thousand Dollars ($500,000.00), and (b) in
the case of any condemnation, any loss or taking due to a condemnation which materially impairs the current use of the Property or use
as a car dealership, would result in any legal non-conformity with the zoning requirements applicable to the Property, would materially
adversely affect the ingress, egress and circulation of the Property for a period in excess of three (3) months, would materially adversely
affect Purchaser’s ability to receive utilities at the Property for a period in excess of three (3) months, or would result in a
loss of use of more than five percent (5%) of the parking spaces at the Property for a period in excess of three (3) months.

 

“Mandatory Removal
Items”: means (i) all Liens encumbering the Property that can be discharged by the payment of a sum certain (including without
limitation those arising from judgments, materialmen’s liens, mechanic’s liens, pending litigation, federal, state and municipal
tax liens, and any transfer, inheritance, estate, franchise, dissolution, license or similar taxes, charges, or liens), but excluding
any such Liens solely resulting from or arising out of the acts or omissions of Purchaser and/or any of Purchaser’s Representatives
prior to Closing (including, without limitation, such liens and encumbrances arising from Purchaser’s inspections of, or other activities
regarding, the Property), (ii) any title exceptions affecting the Property that are knowingly and intentionally created by Seller after
the Effective Date in violation of the Seller’s covenants contained in this Agreement and which have not been caused by or consented
to (in writing) by, and (iii) any items that shall be deemed “Mandatory Removal Items” in accordance with Section 4.1.2 or
Section 4.2 of this Agreement.

 

“Maximum Title Expenditure”:
has the meaning given to such term in Section 4.3 of this Agreement.

 

“Mortgage”: means that certain Consolidated, Amended
and Restated Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated January 29, 2014 from Seller, as mortgagor,
to Seller’s Lender, as mortgagee.

 

“New Exception”:
has the meaning given to such term in Section 4.2 of this Agreement.

 

“New Exception Review
Period”: has the meaning given to such term in Section 4.2 of this Agreement.

 

“Note” means
that certain Consolidated, Amended and Restated Promissory Note dated January 29, 2014 in the principal amount of $15,400,000.00 made
by Seller in favor of Seller’s Lender.

 

“OFAC”: has
the meaning given to such term in Section 8.1.10 of this Agreement.

 

“Outside Closing Date”:
has the meaning given to such term in Section 6.1.1 of this Agreement.

 

“Parcels”:
has the meaning given to such term in the Recitals to this Agreement.

 

“Permitted Exceptions”:
has the meaning given to such term in Section 4.1.1 of this Agreement.

 

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“Property”:
has the meaning given to such term in the Recitals to this Agreement.

 

“Plans”:
means all architectural plans and specifications (including all design drawings and concept plans), engineering reports (structural and
mechanical), surveys, other development plans and site plans pertaining to the structures and improvements located on the Parcels.

 

“Pre-Approved Permitted
Exceptions (Fee Parcel)”: means each of those items listed on Schedule A-5 attached to this Agreement and made
a part hereof.

 

“Pre-Approved Permitted
Exceptions (Leasehold Parcel)”: means each of those items listed on Schedule A-4 attached to this Agreement and
made a part hereof.

 

“Proprietary Information”:
has the meaning given to such term in Section 2.2.5 of this Agreement.

 

“Purchase Price”:
has the meaning given to such term in Section 3.1 of this Agreement.

 

“Purchaser”:
has the meaning given to such term in the introductory paragraph hereto.

 

“Purchaser Closing
Conditions”: has the meaning given to such term in Section 6.2.2 of this Agreement.

 

“Purchaser Closing
Documents”: has the meaning given to such term in Section 6.3.2 of this Agreement.

 

“Purchaser Funds”:
has the meaning given to such term in Section 7.3 of this Agreement.

 

“Purchaser Party”
and “Purchaser Parties”: means, individually and collectively, Purchaser’s affiliates, principals, members,
employees, shareholders, directors, officers, managers, partners, trustees, beneficiaries, subsidiaries, heirs, successors, assigns, agents,
advisors, executors, administrators, attorneys, accountants and consultants.

 

“Purchaser’s
Representatives”: means Purchaser, any of its prospective investors and/or lenders, financing brokers, and each of the foregoing
parties’ respective agents, representatives, employees, licensees, invitees, contractors and consultants.

 

“Recognition Agreements”:
has the meaning given to such term in Section 6.2.2(E) of this Agreement.

 

“Rent Roll”:
means that certain rent roll with respect to the tenancy encumbering the Property attached hereto as Schedule C-2 and made
a part hereof.

 

“Rents”:
means all fixed rents, obligations for utility charges, rent escalations for Taxes, common area maintenance, operating expenses, cost-of-living
adjustments or other forms of rent payable under the Leases, and any other sums due thereunder.

 

“Reports”:
has the meaning given to such term in Section 2.2.7 of this Agreement.

 

“Security Deposits”:
means any and all security deposits held by or otherwise controlled by Seller pursuant to the Leases as of the Closing, whether in the
form of cash, a letter of credit or otherwise that are set forth in Schedule C-2.

 

“Seller”:
has the meaning given to such term in the introductory paragraph hereto.

 

“Seller Caused Closing
Condition Failure”: means, except to the extent that any of the following cannot be satisfied by Seller as a result of any failure
by the Purchaser to satisfy any or all of the Seller Closing Conditions or otherwise proceed to Closing on the Closing Date, the failure
by the Seller to satisfy any or all of the Purchaser Closing Conditions including those that require the cooperation of or execution of
documents by a third party after use of good faith commercially reasonable efforts, including, but not limited to the delivery at Closing
of documents and other items set forth in Section 6.3.1, and absent bad faith or willful or intentional acts or omissions of Seller in
violation of the terms of this Agreement (it being agreed that, in the event any such failure arises from bad faith or willful or intentional
acts or omissions of Seller in violation of the terms of this Agreement, a Seller Caused Closing Condition Failure shall not exist and
the terms of Section 9.1 of this Agreement shall apply).

 

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“Seller Closing Conditions”:
has the meaning given to such term in Section 6.2.1 of this Agreement.

 

“Seller Closing Documents”:
has the meaning given to such term in Section 6.3.1 of this Agreement.

 

“Seller Diligence Items”:
has the meaning given to such term in Section 2.2.1 of this Agreement.

 

“Seller Exculpated
Party”: has the meaning given to such term in Section 8.2 of this Agreement.

 

“Seller Funds”:
has the meaning given to such term in Section 7.3 of this Agreement.

 

“Seller Party”
and “Seller Parties”: means, individually and collectively, Seller’s affiliates, principals, members, employees,
shareholders, directors, officers, managers, partners, trustees, beneficiaries, subsidiaries, heirs, successors, assigns, agents, advisors,
executors, administrators, attorneys, accountants and consultants.

 

“Seller’s Lender”: means Allianz Life Insurance
Company of North America, a Minnesota corporation, together with its successors and assigns.

 

“Seller’s Default”:
means the occurrence of any of the following which is not remedied after Seller’s receipt of written notice setting forth the alleged
breach or default and the expiration of the Seller’s Default Cure Period: (i) Seller shall be in default in any of its material
representations or warranties set forth in Section 6.2.2(B) or (ii) Seller shall default in the performance of Seller’s material
covenants or other obligations under this Agreement, and (iii) Seller shall fail to execute and deliver at Closing all of the closing
documents and other items set forth in Section 6.3.1 to which Seller is a party, unless such failure is due to a Seller Caused Closing
Condition Failure.

 

“Seller’s Default
Cure Period”: means ten (10) days after Seller’s receipt of written notice from Purchaser alleging the existence of default
by Seller in the performance of Seller's obligations under this Agreement (such notice to state with specificity the alleged default committed
by Seller), or such longer period of time as may be reasonably be necessary to fully effectuate such cure provided that Seller is diligently
pursuing same using all commercially reasonable efforts, but not to exceed thirty (30) days in the aggregate, time is of the essence.

 

“Service Contracts”:
means, collectively, any and all service, maintenance, management, commission, union and other contracts now or hereafter entered into
by Seller or otherwise binding on Seller with respect to the Property, and all renewals, replacements, extensions of the same, as set
forth in Schedule C-3.

 

“Service Contracts
to be Assigned”: has the meaning given to such term in Section 5.3.2 of this Agreement.

 

“Survey”:
has the meaning given to such term in Section 4.1 of this Agreement.

 

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“Survival Period”:
has the meaning given to such term in Section 8.1.2 of this Agreement.

 

“Tangible Property”:
means all buildings, structures and other improvements now or hereafter erected on the Parcels, together with any and all machinery, equipment,
fixtures, furnishings and other tangible personal property attached thereto, and any and all replacements additions or accessories thereto,
but expressly excluding all machinery, equipment, fixtures, furnishings and other tangible personal property that are owned, leased or
licensed by any tenant having a possessory interest under the Leases.

 

“Taxes”: means
all general, special, ad valorem, personal property and any other property taxes and assessments imposed by Governmental Authorities with
respect to the Property.

 

“Tenant Estoppel Certificate”:
means an estoppel certificate duly executed by each tenant under each of the Leases and delivered to Purchaser which estoppel certificate
shall (i) be dated within thirty (30) days prior to the scheduled Closing Date, (ii) be completed, executed and delivered by the applicable
tenant under a Lease, (iii) certify, inter alia, that, such tenant’s Lease is in full force and effect, there have not occurred
any defaults thereunder by such tenant that are continuing as of the date of such Tenant Estoppel Certificate, there are no circumstances
which upon the giving of notice or lapse of time or both would constitute a default under the Leases by such tenant and, to such tenant’s
knowledge, there have not occurred any defaults thereunder by the landlord under such Lease that are continuing as of the date of such
Tenant Estoppel Certificate and there are no circumstances which upon the giving of notice or lapse of time or both would constitute a
default under the Leases by such landlord, (iv) be materially consistent with the form of estoppel attached hereto as Exhibit J,
and (v) in the case of an estoppel from BBB under the BBB Sublease, acknowledges that the Termination Agreement has been duly executed
by BBB, and pursuant to its terms and the terms of the escrow agreement by which it shall be held with the Title Company, it shall be
in full force and effect upon the consummation of the Closing.

 

“Tenant Notice”:
means notice to each tenant under the Leases in form and substance reasonably acceptable to Seller and Purchaser pertaining to the assignment
of such tenant’s Lease by Seller to Purchaser and directing where Rent shall be paid following the Closing.

 

“Termination Agreement”:
has the meaning given to such term in Section 5.4.4 of this Agreement.

 

“Termination Agreement
Approval Date”: has the meaning given to such term in Section 5.4.4 of this Agreement.

 

“Termination Provisions”:
has the meaning given to such term in Section 3.4 of this Agreement.

 

“Title Commitment”:
has the meaning given to such term in Section 4.1 of this Agreement.

 

“Title Company”:
means Benchmark Title Agency, LLC, 222 Bloomingdale Road, White Plains, NY 10605, Attention: Jean Partridge, or such other title insurance
or abstract company as Purchaser may select, in its capacity as (i) the issuer of the Title Commitment and, at Closing, the Title Policy
and (ii) as the escrow agent under the Deposit Escrow Agreement, the Escrow & Closing Instruction Agreement, in each case as the context
may require.

 

“Title Defect Notice”:
has the meaning given to such term in Section 4.1.1 of this Agreement.

 

“Title Policy”:
means a 2006 ALTA Leasehold Owners Policy of Title Insurance in the amount of the Purchase Price, insuring Purchaser’s leasehold
interest to the Leasehold Parcel and insuring Purchase’s fee interest in the Fee Parcel, subject only to the Permitted Exceptions.

 

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“Violations”:
has the meaning given to such term in Section 4.4 of this Agreement.

 

“Yield-Maintenance
Premium”: means the amount charged by Seller’s Lender, including, but not limited to, the defeasance charge as defined
in Section 4(a) of the Note and all other costs required by Seller’s Lender to release the Mortgage at par on the Closing Date.

 

1.2. Incorporation
of Recitals: The foregoing recitals and all other preambles and recitals set forth herein are made part of this Agreement.

 

1.3. Incorporation
of Exhibits: The schedules and exhibits attached hereto are incorporated herein and expressly made a part hereof by this reference.

 

1.4. Rules
of Construction: The following rules shall apply to the construction and interpretation of this Agreement:

 

(i) Singular
words shall connote the plural number as well as the singular and vice versa, and the masculine shall include the feminine and the neuter.

 

(ii) All
references herein to particular articles, sections, subsections, clauses, schedules or exhibits are references to articles, sections,
subsections, clauses, schedules or exhibits of this Agreement.

 

(iii) The
table of contents and headings contained herein are solely for convenience of reference and shall not constitute a part of this Agreement
nor shall they affect its meaning, construction or effect.

 

(iv) Each
party hereto and its counsel have reviewed and revised (or requested revisions of) this Agreement, and therefore any usual rules of construction
requiring that ambiguities are to be resolved against a particular party shall not be applicable in the construction and interpretation
of this Agreement or any schedules or exhibits hereto.

 

ARTICLE
2.

PROPERTY; DILIGENCE

 

2.1. Property.
Subject to the terms and conditions of this Agreement, and for the consideration set forth herein, Seller agrees to transfer, convey and
assign to Purchaser, and Purchaser agrees to purchase, acquire and assume from Seller, all of Seller’s right, title and interest
in and to the Ground Lease and all of Seller’s Leasehold Rights thereunder, the Fee Parcel, and all of Seller’s right, title
and interest in and to the balance of the Property, subject only to the Permitted Exceptions. 

 

2.2. Due
Diligence. Purchaser will have a period of time (the “Due Diligence Period”) commencing on the Effective
Date and expiring at 5:00 p.m. Eastern Standard Time on the date that is sixty (60) days after the date of the execution of this Agreement
by each of Purchaser and Seller (being 5:00 p.m. on April 1, 2022 (the “Expiration Date”), in which to evaluate
and inspect the Property, during reasonable hours, after reasonable notice to Seller, to evaluate suitability of the Property for Purchaser’s
intended use, the physical qualities of the Property, and the economic prospects of the Property, and to perform such inspections, testing,
studies and analyses of the Property (including, without limitation, a Phase I environmental assessment), as Purchaser deems appropriate.

 

2.2.1. Seller’s
Deliverables. In connection with Purchaser’s due diligence activities, Seller has provided as of the Effective Date, to the
extent in Seller’s possession or under Seller’s reasonable control, each of the due diligence items listed on Schedule
B attached hereto and made a part hereof (collectively, the “Seller Diligence Items”), and Seller hereby
represents and warrants that, to Seller 's knowledge, Seller has delivered all material Seller Diligence Items in Seller’s possession,
custody or control to Purchaser. Subject to the foregoing, Purchaser acknowledges that Seller has not undertaken any independent investigation
as to the truth, accuracy or completeness of the Seller Diligence Items and has provided the Seller Diligence Items solely as an accommodation
to Purchaser. 

 

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2.2.2. Access
to the Property. Subject in all respects to Purchaser’s compliance with the terms, conditions and requirements under the Ground
Lease, Seller agrees that, from the Effective Date and until the Expiration Date, Seller will permit Purchaser and Purchaser Representatives,
at Purchaser’s sole risk, cost and expense, to access the Property during normal business hours for purposes of conducting such
physical inspections, reports and evaluations of the Property as Purchaser deems necessary in order to assess the suitability of the Property
for Purchaser’s intended use; provided, that Purchaser shall provide no less than one (1) business day advance notice to Seller
(which notice may be provided by phone or email), and Purchaser hereby acknowledges and agrees that Seller may (depending on the nature
of the investigations to be conducted) need additional advance notice to properly coordinate with BBB prior to Seller’s access to
Property. Seller shall have the right to have a representative present during any such inspection, and Purchaser shall make reasonable
efforts to allow Seller to have such a representative present. Subject in all respects to the terms and requirements of the Ground Lease,
Seller hereby grants to Purchaser a temporary license to access the Property for the purpose of performing the foregoing inspections and
investigations during the Due Diligence Period (and during subsequent entries upon the Property pursuant to Section 2.2.6 of this
Agreement), such temporary license to expire upon the earlier of the termination of this Agreement in accordance with its terms or the
Closing. In conducting any inspections, investigations or tests on or within the Property, or any part of the Property, Purchaser and
its agents and representatives shall: (1) not unreasonably interfere with Seller’s (or any of Seller’s tenants, licensees
or invitees’) use of the Property; (2) not damage any part of the Property; (3) not injure or otherwise cause bodily harm to Seller
or any third party or their respective agents, guests, invitees, contractors and employees; (4) comply with all applicable Laws; and (5) not
reveal or disclose (other than to Purchaser’s legal counsel, accountant, Purchaser’s Representatives and/or other consultants)
any information obtained concerning the Property other than as expressly permitted pursuant to the terms of this Agreement or as required
by applicable law, after notice to Seller of any such required disclosure to the extent permitted by applicable law. Notwithstanding anything
herein to the contrary, Purchaser shall perform no invasive testing or procedures at the Property, including, but not limited to a Phase
I Environmental or any drilling of any kind without first providing evidence of the insurance as required pursuant to Section 2.2.3 hereof,
providing written notice regarding what tests will be performed and where they will be performed, and obtaining Seller’s prior written
consent which shall not be unreasonably withheld.

 

2.2.3. Insurance
and Indemnification.

 

(i) Purchaser
or their agents conducting on site investigations agree to maintain or cause its agents to maintain in full force and effect during any
period that Purchaser or Purchaser’s Representatives are making any entry onto the Property pursuant to this Agreement (i) with
respect to the Leasehold Parcel, all insurance as may be required pursuant to the terms of the Ground Lease and, in addition, (ii) with
respect to both Parcels, commercial general liability insurance insuring Purchaser and naming Seller, Seller’s Lender, Kimco Realty,
and Elmsford 1705 as an additional insured against any and all claims for personal or bodily injury and property damage occurring in or
about the Property solely as a result of any such entry by Purchaser or Purchaser’s Representatives and/or any inspection or other
activity conducted thereon by Purchaser or Purchaser’s Representatives, which insurance: (i) shall be obtained from an insurer authorized
to conduct business in the state in which the Property is located and carrying an A.M. Best Company, Inc. policy holder rating of A-X
or better; (ii) shall have a combined single limit of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence with
a Two Million and No/100 Dollars ($2,000,000.00) aggregate limit and Two Million Dollars ($2,000,000.00) excess umbrella liability; and
(iii) shall include a contractual liability endorsement insuring Purchaser’s indemnity obligations hereunder. The insurance provided
by Purchaser hereunder shall be primary and noncontributing with any other insurance available to Seller. Purchaser shall deliver a certificate
of insurance evidencing such insurance coverage to Seller prior to any entry upon the Property and proof of continued coverage prior to
any subsequent entry. 

 

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(ii) Except
to the extent such damage or loss is created by a condition that existed prior to Purchaser’s entry onto the Property, Purchaser
will indemnify, defend and hold harmless Seller, Seller’s Lender, Kimco Realty, and Elmsford 1705 and each Seller Party from and
against any and all claims, demands, losses, liabilities, damages, and expenses (including reasonable attorney’s fees) arising out
of or resulting from any entry by Purchaser or Purchaser’s Representatives onto the Property or any portion thereof and/or any willful
misconduct, recklessness or negligent act or omission of Purchaser or Purchaser’s Representatives (including without limitation
any property damage or personal injury resulting therefrom) in connection with Purchaser’s due diligence investigations. The foregoing
indemnification agreement and Purchaser’s obligation to repair at Purchaser’s sole cost and expense, within five (5) business
days or such longer period of time as is reasonable if such repairs cannot reasonably be completed within five (5) business days, any
damage to the Property caused by Purchaser’s activities on the Property to substantially the condition it was in immediately prior
to such damage, shall survive Closing or termination of this Agreement. 

 

2.2.4. Termination
Right (Diligence Period). Purchaser shall have the right to terminate this Agreement by written notice to Seller (a “Diligence
Period Termination Notice”) at any time during the Due Diligence Period on or prior to the Expiration Date, with TIME
BEING OF THE ESSENCE as of 5:00 p.m. on the Expiration Date, for any reason or no reason in Purchaser’s sole discretion. The
Diligence Period Termination Notice shall be effective if delivered by email only from Purchaser or Purchaser’s Counsel to Seller’s
Counsel. If Purchaser delivers a Diligence Period Termination Notice to Seller on or prior to the Expiration Date, then Purchaser shall
pay to Seller $100.00, which is the amount agreed upon by Seller and Purchaser as the appropriate compensation to Seller for allowing
Purchaser the right of termination provided in this Section 2.2.4, and the Termination Provisions shall apply. If Purchaser does
not deliver a Diligence Period Termination Notice on or prior to the Expiration Date, then Purchaser shall be conclusively deemed to have
waived any right to terminate this Agreement under the provisions of this Section 2.2.4, and the Deposit will be nonrefundable except
as otherwise set forth herein. The provisions of this Section 2.2.4 shall survive the termination of this Agreement.

 

2.2.5. Confidentiality.
Purchaser agrees that all non-public information regarding the Property (including all non-public information contained in the Seller
Diligence Items) of whatsoever nature made available to Purchaser, its agents or representative, by Seller or Seller 's agents or representatives
or which Purchaser obtained through Purchaser’s inspections and examinations of the Property (collectively, the “Proprietary
Information”) is confidential, shall be kept secret and shall not be disclosed to any other person except to Purchaser Representatives
who need to know such information to assist Purchaser in undertaking Purchaser’s inspections and examinations of the Property and
analyzing the results thereof. Notwithstanding the foregoing, Purchaser may disclose or otherwise use such Proprietary Information to
the extent that such information (a) is required to be disclosed by law or court order or judicial process or (b) is already publicly
available through a source other than Purchaser or any person or entity within the control of or under common control with Purchaser.

 

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2.2.6. Continuing
Right of Inspection; Entry. Following the Expiration Date and prior to the Closing, Purchaser and the Purchaser Representatives may
enter onto the Property for the purposes of taking measurements and performing any additional testing of the Property (including environmental
testing that may be required by Purchaser’s lender(s) and/or investor(s)). The terms and conditions contained in Sections 2.2.2,
2.2.3 and 2.2.5 hereinabove with respect to access to the Property, notice prior to such access, insurance, indemnity, repair,
and confidentiality shall be applicable to any entry of the Property by Purchaser and Purchaser’s Representatives after the Expiration
Date and prior to the Closing. Notwithstanding anything herein to the contrary, the continuing right to inspect the Property after the
Expiration Date is solely a courtesy provided by the Seller to the Purchaser and shall not affect the non-refundable nature of the Deposit
for any reason.

 

2.2.7. Reports.
Purchaser agrees, promptly after receipt thereof, to provide Seller with copies of all final engineering and architectural reports, environmental
reports and lab analyses, appraisals, construction and renovation estimates, and tax clearance certificates, as applicable (collectively,
the “Reports”) commissioned and received by Purchaser or Purchaser’s Representatives in connection with
the Property, and with any additional Reports which Purchaser or Purchaser’s Representatives may receive prior to the Closing, all
at no cost or expense to Seller, and, until the Closing, keep the Reports confidential, provided that such Reports or other information
gathered by Purchaser or Purchaser’s Representatives in respect of the any of Purchaser’s due diligence investigations may
be shared by Purchaser or Purchaser’s Representatives (i) with other of Purchaser’s Representatives who have reasonable need
to access the same in connection with the transactions contemplated hereunder so long as such third parties are advised of the confidential
nature of such information or (ii) in accordance with applicable law. Seller shall have the right to use the Reports for Seller’s
purposes. All Reports shall be delivered to Seller without any representation or warranty as to the truth, completeness or accuracy of
the Reports or any other matter relating thereto, and Purchaser shall provide them solely as an accommodation to Seller. Upon any termination
of this Agreement except in connection with any Seller’s Default, Purchaser, at Seller’s sole cost and expense, shall use
commercially reasonable efforts to cooperate with Seller to facilitate (by assigning applicable contracts to Seller without any representation
or warranty and with no liability to Purchaser) Seller’s retaining any of the Persons who shall have prepared any such Reports.
The terms of this Section 2.2.7 shall survive the termination of this Agreement.

 

ARTICLE
3.

PURCHASE PRICE

 

3.1. Purchase
Price. The purchase price for the Property shall be Twenty-Nine Million and 00/100 U.S. Dollars ($29,000,000.00) plus
the Yield-Maintenance Premium plus twenty percent (20%) of any funds received from BBB (or waived Rent) in excess of the Yield
Maintenance Premium (the “Purchase Price”), subject to such payments, apportionments, adjustments and credits
as are provided herein, including, without limitation, as set forth in Section 7.2.2 of this Agreement.

 

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3.2. Allocation
and Taxes. Seller and Purchaser agree that no portion of the Purchase Price is being allocated to any tangible personal property
or Intangible Personal Property related to the Property. 

 

3.3. Deposit
and Balance of Purchase Price. Purchaser shall pay the Purchase Price as follows: 

 

3.3.1. If
the Purchaser has not otherwise terminated this Agreement, no later than 5:00 p.m. on the date that is two (2) Business Days after the
Expiration Date, TIME BEING OF THE ESSENCE with respect to such date, Purchaser shall deposit the sum of One Million Four Hundred
Thousand and 00/100 U.S. Dollars ($1,400,000.00) (such principal amount, together with interest, if any, earned thereon, is referred
to collectively as the “Deposit”), with the Title Company, as escrow agent, and such Deposit shall be held by
the Title Company in escrow pursuant to the terms of that certain escrow agreement among Seller, Purchaser and the Title Company in the
form attached hereto as Exhibit A (the “Deposit Escrow Agreement”). Notwithstanding anything
to the contrary contained in this Agreement, any failure by Purchaser to fund any portion of the Deposit as required pursuant to this
Section 3.3.1 on its due date shall constitute a material breach by Purchaser of the terms of this Agreement, and Seller shall have the
right to immediately terminate this Agreement and the Termination Provisions shall apply. 

 

3.3.2. The
cash balance of the Purchase Price, subject to such payments, apportionments, adjustments and credits as are provided herein, shall be
delivered to the Title Company, in its capacity as escrow agent, on the Closing Date in accordance with the terms of the Escrow &
Closing Instruction Agreement, to be applied in accordance with the provisions set forth in such Escrow & Closing Instruction Agreement
and Section 7.3 of this Agreement.

 

3.4. Deposit
Refund Event. After the Expiration Date, if Purchaser has not terminated this Agreement, the Deposit shall be non-refundable to
Purchaser and shall be paid and released to Seller upon any termination of this Agreement, except in the event this Agreement shall be
terminated as a result of any Deposit Refund Event. Upon the occurrence of a Deposit Refund Event, the Deposit shall be promptly refunded
by the Title Company to Purchaser. At Closing, (x) the Deposit shall be released from escrow by the Title Company and paid and delivered
to Seller, and (y) the total amount of the Deposit shall be applied as a credit to the Purchase Price. Upon any termination of this Agreement
in accordance with its terms, subject to Section 9.1 and/or Section 9.2 of this Agreement to the extent applicable, the
following “Termination Provisions” shall apply: (i) the Title Company shall deliver the Deposit to Seller or
Purchaser, as applicable, in accordance with this Section 3.4, (ii) Purchaser shall restore and repair, at Purchaser’s sole
cost and expense, promptly after termination any damage to Property caused by Purchaser’s activities on the Property during the
Due Diligence Period to substantially the same condition which existed immediately prior to such damage, shall return all Seller Diligence
Items to Seller, and, to the extent that such termination did not occur as a result of a Seller’s Default, shall deliver all Reports
and otherwise comply with its obligations under Section 2.2.7 of this Agreement, (iii) each party to this Agreement will pay for
its own out-of-pocket expenses incurred in connection with this Agreement, provided, however that only to the extent that such termination
occurs as a result of a Seller’s Default, Seller shall reimburse Purchaser for Purchaser's actual and reasonable out-of-pocket costs
in connection with this Agreement and the transaction described herein, including reasonable attorneys' fees, due diligence costs, and
the costs of pursuing any financing, the evidence of which shall be presented to Seller upon request, not to exceed $100,000.00 in the
aggregate (“Purchaser’s Cost Reimbursement”), and (iv) thereafter this Agreement shall be null and void and the
parties hereto shall be relieved and released of and from any further liability hereunder and with respect to each other, other than any
liability which is expressly stated to survive the termination of this Agreement. The provisions of this Section 3.4 shall survive termination
of this Agreement.

 

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ARTICLE
4.

TITLE AND SURVEY

 

4.1. State
of Title. Except as herein otherwise provided, the Property shall be transferred, conveyed and assigned by Seller to Purchaser
at Closing subject only to the Permitted Exceptions. Purchaser shall promptly order from the Title Company a commitment (the “Title
Commitment”) for an ALTA leasehold/fee title insurance policy covering the Property. Purchaser shall direct the Title Company
to deliver copies of such Title Commitment to Seller’s attorney simultaneously with the delivery of same to Purchaser. In addition,
Purchaser may obtain a current survey of the Parcels (the “Survey”) prepared by a surveyor licensed by the state
in which the Parcels are located. Purchaser shall use all commercially reasonable efforts to ensure that the Title Commitment is received
no later than by the tenth (10th) Business Day following the Effective Date (subject to the later receipt of municipal searches
to the extent that such searches have not yet been returned by the municipality) and that the Survey is received promptly.

 

4.1.1. If
there shall be any exceptions set forth in the Title Commitment and/or Survey (that are not Permitted Exceptions) that are not acceptable
to Purchaser, Purchaser shall provide Seller with written notice (the “Title Defect Notice”) of specific defects
in the title to or Survey of the Parcels or other items disclosed in the Title Commitment or on the Survey which Seller needs to address
or remedy on or prior to the tenth (10th) Business Day following receipt of the Title Report or, with respect to the survey
exception, receipt of the Survey. Notwithstanding the notice provisions in Section 10.10, such Title Defect Notice may be sent by email
to Seller's attorney. Subject to Section 4.2 of this Agreement, any title or survey exceptions that are: (a) with respect to the
Leasehold Parcel, included in the Pre-Approved Permitted Exceptions (Leasehold Parcel) or, with respect to the Fee Parcel, included in
the Pre-Approved Permitted Exceptions (Fee Parcel), or (b) described in the Title Commitment and/or reflected on the Survey which are
not objected to on or prior to the tenth (10th) Business Day following receipt of the Title Report or receipt of the Survey
shall be deemed to be, collectively “Permitted Exceptions.” 

 

4.1.2. Upon
receipt of a Title Defect Notice, Seller shall have ten (10) business days (the “Cure Election Period”), following
receipt of the Title Defect Notice in which to elect in writing either: (i) to remove or cure, at Seller’s sole cost and expense,
any of such noted defects to the title and/or the Survey (in which event same shall then be deemed a “Mandatory Removal Item”
for purposes of this Agreement), whereupon Seller shall be entitled to reasonable extensions of the Closing one or more times for a period
not to exceed thirty (30) days in the aggregate, provided that in no event shall such extension of the Closing for thirty (30) day or
less cause the Closing to occur after May 30, 2022, time being of the essence as of such date, to enable Seller to convey such title to
the Property to Purchaser free and clear of such noted defects to the title and/or the Survey and otherwise in accordance with the terms
of this Agreement. Seller shall give notice to Purchaser that it intends to postpone the Closing no later than two (2) Business Days prior
to the originally scheduled Closing Date; (ii) to not remove or cure such noted defects to the title and/or the Survey; or (iii) to notify
Purchaser that such noted defects are not removable or curable (such notice of election being referred to herein as the “Cure
Notice”). If Seller fails to deliver the Cure Notice to Purchaser during the Cure Election Period, Seller shall be deemed
to have elected not to cure the defects noted in the Title Defect Notice. If Seller declines to cure (or is deemed to have declined to
cure) any defect noted in the Title Defect Notice, or if Seller notifies Purchaser that any such defect is not curable, Purchaser may
elect, on the later to occur of the Expiration Date and ten (10) business days after Purchaser’s receipt of the Cure Notice, or
expiration of the Cure Election Period if Seller fails to deliver a Cure Notice, either: (x) to accept title to the Property with any
defect Seller declines to cure (or is deemed to have declined to cure) and any defect Seller has notified Purchaser is not curable (in
which event any such title defect(s) shall be deemed a Permitted Exception hereunder), subject to the right to deduct from the Purchase
Price funds necessary to satisfy outstanding Mandatory Removal Items; or (y) to terminate this Agreement by written notice to Seller (in
which event the Termination Provisions shall apply). If Purchaser fails to deliver a termination notice pursuant to this Section 4.1.2,
then Purchaser shall be conclusively deemed to have made an election under clause (x) of this Section 4.1.2. 

 

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4.1.3. Notwithstanding
any other provision of this Agreement, and whether or not any of the same are included in Purchaser’s Title Defect Notice or Seller’s
Cure Notice, Seller shall be unconditionally obligated to remove all Mandatory Removal Items and in no event shall any Mandatory Removal
Item be a Permitted Exception. Purchaser acknowledges that any matter relating to the environmental condition of the Parcels shall not
be deemed to be a title exception and shall not be subject to the provisions of this Section 4.1 or Section 4.2 except to
the extent that there shall be a lien or encumbrance to the title of the Parcels as a result thereof.

 

4.2. Title
Updates. If, at any time after the Expiration Date, any update to the Title Commitment or the Survey discloses any liens, encumbrances
or other items to which Purchaser objects to title (except for those liens, encumbrances or other objections to title which were caused
by Purchaser or Purchaser’s Representatives or any Permitted Exceptions) which were not disclosed on any version of the Title Commitment
or Survey previously delivered to Purchaser (each, a “New Exception”), Purchaser shall have a period of twenty
(20) Business Days from the date of Purchaser’s receipt of such update (the “New Exception Review Period”)
to review and to approve or disapprove of the same. If the New Exception is unacceptable to Purchaser, Purchaser, at its sole option,
may elect by delivering written notice to Seller prior to 5:00 pm on the date of expiration of the New Exception Review Period either
(A) to terminate this Agreement (in which event the Termination Provisions shall apply), (B) to waive such objections and proceed with
the transactions contemplated by this Agreement, in which event Purchaser shall be deemed to have approved the New Exception and same
shall be a Permitted Exception hereunder, or (C) if the New Exception is a Mandatory Removal Item, require Seller to cure same pursuant
to the terms and conditions of this Agreement, whereupon Seller shall be entitled to reasonable extensions of the Closing one or more
times for a period not to exceed thirty (30) days in the aggregate, provided that in no event shall such extension of the Closing for
thirty (30) day or less cause the Closing to occur after May 30, 2022, time being of the essence as of such date, to enable Seller to
convey such title to the Property to Purchaser free and clear of such New Exception and otherwise in accordance with the terms of this
Agreement, provided that Seller shall give notice to Purchaser that it intends to postpone the Closing no later than two (2) Business
Days prior to the originally scheduled Closing Date; provided further, that if Purchaser makes an election to terminate this Agreement
under clause (A) above, Seller may elect, in Seller’s sole discretion, by delivery of written notice to Purchaser sent within ten
(10) business days from Seller’s receipt of written notice from Purchaser exercising such election, to cure such New Exception (in
which event same shall then be deemed a “Mandatory Removal Item” for purposes of this Agreement), whereupon Seller shall be
entitled to reasonable extensions of the Closing one or more times for a period not to exceed thirty (30) days in the aggregate, provided
that in no event shall such extension of the Closing for thirty (30) day or less cause the Closing to occur after May 30, 2022, time being
of the essence as of such date, to enable Seller to convey such title to the Property to Purchaser free and clear of such New Exception
and otherwise in accordance with the terms of this Agreement, provided that Seller shall give notice to Purchaser that it intends to postpone
the Closing no later than two (2) Business Days prior to the originally scheduled Closing Date.

 

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4.3. Removal
of Mandatory Removal Items and Other Title Defects. If the Property shall, at the time of the Closing, be subject to any Mandatory
Removal Items, the same shall not be deemed an objection to title (and shall instead be a Permitted Exception under this Agreement) provided
that, Seller informs Purchaser within the time periods provided in Sections 4.1.2 and 4.2 that Seller intends to remove such Mandatory
Removal Items in accordance with this Section 4.3, and at the time of the Closing, Seller (a) delivers (or causes to be delivered from
the Purchase Price) by wire transfer in immediately available U.S. funds or (b) provided that Seller has made or makes arrangements with
the Title Company at or in advance of the Closing, Seller will deposit with the Title Company sufficient monies acceptable to and required
by the Title Company, or bond such lien or encumbrance, or and provide such documentation, affidavits and indemnities as may be reasonably
determined by Title Company as being sufficient to insure Purchaser that title is free of any such liens and encumbrances at the Closing
in the amount required to satisfy the same and delivers to Purchaser and/or the Title Company at the Closing instruments in recordable
form (and otherwise in form reasonably satisfactory to the Title Company in order to omit same as an exception to the Title Policy) sufficient
to satisfy and discharge of record such Mandatory Removal Items, together with the cost of recording or filing such instruments. The existence
of any such liens or encumbrances shall not be deemed objections to title if Seller shall comply with the foregoing requirements. Seller
shall have the right at Closing to cause the Title Company to disburse portions of the Purchase Price in separate certified or bank checks
to various payees so that Seller can satisfy such liens or encumbrances, and pay the amount of any unpaid taxes, assessments, water charges
and sewer rents and any other Closing adjustments which Seller is obligated to pay and discharge. Other than with respect to the removal
of Mandatory Removal Items or any encumbrance caused by Seller in violation of the terms of this Agreement, in no event shall Seller be
obligated to pay or expend a maximum of Five Hundred Thousand and 00/100 U.S. Dollars (US$500,000.00) (the "Maximum Title Expenditure")
to cure any defects to the title raised by Purchaser and not otherwise a Permitted Exception under this Agreement. 

 

4.4. Removal
of Violations. Subject to Section 4.3 of this Agreement, the Property is sold, and Purchaser shall accept same, subject
to any and all violations of law, rules, regulations, ordinances, orders, or requirements noted in or issued by any federal, state, county,
municipal or other department or governmental agency having jurisdiction against or affecting the Property (including notes or notices
of violations of law or municipal ordinances, order or requirements noted or issued by any governmental department having authority as
to lands, housing, buildings, fire, health, environmental and labor conditions, or violations wherever noted or issued) that will not
present life and safety issues to the tenants that will remain at the Property and not otherwise terminating within 180 days of Closing
(collectively, "Violations") and any conditions which could give rise to any Violations. Seller shall have no
obligation to cure or remove any Violations, except that Seller shall be responsible for any and all monetary penalties and/or fines imposed
prior to the Closing Date. 

 

4.5. Notwithstanding
anything to the contrary contained in this Agreement, (i)Seller shall not be required to take or bring any action or proceeding or any
other steps to remove any items shown on any Title Commitment or Survey, or any New Exceptions, that Seller reasonably believes are Permitted
Exceptions or to expend any moneys therefor, nor shall Purchaser have any right of action against Seller therefor, at law or in equity,
except that (i) Seller shall, on or prior to the Closing Date, pay, discharge or remove of record or cause to be paid, discharged or removed
of record at Seller’s sole cost and expense all Mandatory Removal Items and (ii) if Seller has given notice to Purchaser pursuant
to Sections 4.1.2 or 4.2 that Seller shall cure such matters, then Seller shall be obligated to cure such matters a Seller’s cost.

 

4.6. Purchaser
may at any time accept such title as Seller can convey, without reduction of the Purchase Price or any credit or allowance on account
thereof or any claim against Seller. 

 

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ARTICLE
5.

ADDITIONAL AGREEMENTS/COVENANTS

 

5.1. Minor
Damage or Condemnation. In the event of loss or damage to, or condemnation of, the Parcels, the Property or any portion thereof
which is not “Major” (as hereinafter defined), this Agreement shall remain in full force and effect provided that Seller shall,
at Seller’s option, either (a) perform any necessary repairs, or (b) assign to Purchaser, without representation, warranty
or recourse to Seller, all of Seller’s right, title and interest in and to any claims and proceeds Seller may have or receive with
respect to any insurance policies or condemnation awards relating to the premises in question, after deduction from any proceeds actually
received by Seller, its reasonable expenses of collection and amounts expended by Seller in Seller’s reasonable discretion to prevent
further damage to the Property or to alleviate unsafe conditions at the Property caused by casualty or condemnation (“Net
Proceeds”). In no event shall Seller adjust any claim or settle any award without Purchaser’s consent, which shall
not be unreasonably withheld, conditioned or delayed. In the event that Seller elects to perform repairs upon the Property, Seller shall
use reasonable efforts to complete such repairs promptly and the date of Closing shall be extended to a date on or before the Outside
Closing Date in order to allow for the completion of such repairs; provided, that Seller shall use all commercially reasonable efforts
to complete such repairs no later than sixty (60) days following the occurrence of the underlying loss or damage. If Seller elects or
is required to assign a casualty claim to Purchaser, the Purchase Price shall be reduced by an amount equal to the deductible amount under
Seller’s insurance policy. At Closing Seller shall assign Seller’s interest in any insurance claims, insurance proceeds and/or
condemnation awards resulting from casualty or condemnation pursuant to an assignment instrument in form and substance satisfactory to
the parties but consistent nevertheless with this Section 5.1 and shall also turn over to Purchaser any Net Proceeds received by
Seller. Upon Closing, full risk of loss with respect to the Property shall pass to Purchaser. The provisions of this Section 5.1
constitute an express provision superseding the provisions of the uniform vendor and Purchaser act a/k/a general obligations law §5-1311,
or any and all laws, orders, rules, regulations or requirements amending or modifying the same. 

 

5.2. Major
Damage. In the event of a “Major” loss or damage to, or condemnation of, the Parcels, the Property or any portion
thereof, Purchaser may terminate this Agreement by written notice to Seller, in which event the Termination Provisions shall apply. If
Purchaser does not elect to terminate this Agreement within ten (10) Business Days after Seller sends Purchaser written notice of the
occurrence of such Major loss, damage or condemnation (which notice shall state the anticipated cost of repair or restoration thereof
and the anticipated time to effect the same as estimated by an architect, in writing), then Purchaser shall be deemed to have elected
to proceed with Closing, in which event Seller shall assign to Purchaser, without representation, warranty or recourse to Seller,
all of Seller’s right, title and interest in and to any Net Proceeds. Upon Closing, full risk of loss with respect to the Property
shall pass to Purchaser. The provisions of this Section 5.2 constitute an express provision superseding the provisions of the uniform
vendor and purchaser act a/k/a general obligations law §5-1311, or any and all laws, orders, rules, regulations or requirements amending
or modifying the same. Notwithstanding the foregoing or anything to the contrary contained in this Agreement, (i) with respect to the
Leasehold Parcel, Section 5.1 and this Section 5.2 shall be subject in all respects to the rights of Elmsford 1705 under
the Ground Lease (including without limitation Articles 20 and 21 thereof) and (ii) in the event that the Ground Lease shall be terminated
as a result of any loss or damage to, or condemnation of, the Leasehold Parcel, the Property or any portion thereof (irrespective of whether
such loss, damage or condemnation is “Major”), then either Seller or Purchaser may terminate this Agreement by written notice
to the other Party, in which event the Termination Provisions shall apply.

 

5.3. Contract
Period Covenants. Seller covenants that between the Effective Date and the Closing Date (or the earlier termination of this Agreement),
to the extent permissible under the terms of the Ground Lease:

 

5.3.1. Except
as otherwise contemplated by this Agreement, from and after the Effective Date and through the Closing Date, Seller shall comply with
or cause to be complied with all applicable Laws affecting the Property, and Seller shall materially comply with all terms of the Ground
Lease and shall not cause, suffer or permit any default to occur thereunder that continues past any applicable notice and cure period
that may be provided for under the terms of the Ground Lease. Seller shall promptly after the delivery or receipt thereof deliver to Purchaser
copies of all material written notices concerning or delivered pursuant to the terms of the Ground Lease.

 

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5.3.2. Seller
shall not modify, extend, terminate, or amend any Service Contract affecting the Property, or enter into any new Service Contract, unless
the same is terminable at or prior to the Closing without cost. As of Closing, Seller shall terminate any and all Service Contracts, property
management and/or leasing and/or brokerage agreements with respect to the Property; provided, that to the extent that Purchaser shall
notify Seller, in writing, that it shall desire to assume any of the Service Contracts (which written notice shall specify each such Service
Contract that Purchaser desires to assume) prior to the Expiration Date and to the extent that such specified Service Contract(s) are
assignable by Seller to Purchaser without payment or penalty in accordance with the terms thereof (any such Service Contract herein referred
to as the “Service Contracts to be Assigned”), then Seller shall assign, and Purchaser shall assume, all of
Seller’s right, title and interest in and to such Service Contracts to be Assigned at Closing and Seller shall have no obligation
to terminate any such Service Contracts to be Assigned. 

 

5.3.3. Seller
shall not withdraw, settle or otherwise compromise any protest or reduction proceeding affecting real estate taxes assessed against the
Property for any fiscal period in which the Effective Date occurs or any subsequent fiscal period without the prior written consent of
Purchaser, which consent shall not be unreasonably withheld. Real estate tax refunds and credits received by Seller (and which are not
to be paid or refunded to Elmsford 1705 under the terms of the Ground Lease) after the Closing Date which are attributable to the fiscal
tax year during which the Closing Date occurs shall be apportioned between Seller and Purchaser after deducting the reasonable expenses
of collection thereof, which obligation shall survive the Closing.

 

5.3.4. Seller
shall not, without the prior written approval of Purchaser, cause any liens, mortgages, deeds of trust, or other encumbrances not currently
of record to be placed against, or to affect any part, of the Property. 

 

5.3.5. Seller
shall operate and maintain the Property, or cause the Tenant to operate and maintain the Property, in a businesslike manner consistent
with BBB Sublease and Ground Lease requirements and otherwise substantially in accordance with Tenant’s and Seller’s past
practices with respect to the Property, including, without limitation, performing maintenance and repairs for the Property. Without limiting
the foregoing, prior to the Closing, Seller shall at all times keep the Property, or shall cause the Tenant to keep the Property, insured
against fire and other hazards covered by the insurance policies maintain by Seller or Tenant, as applicable, prior to the Effective Date.

 

5.3.6. Seller
shall not remove from the Property or permit BBB or any other party to remove from the Property any items of Tangible Property unless
such item is replaced with a similar item of comparable utility and value.

 

5.3.7. Seller
shall, promptly after Seller obtains knowledge thereof, advise Purchaser in writing of any litigation, arbitration proceeding or administrative
proceeding or hearing (including condemnation) before any Governmental Authority affecting Seller or the Property which is instituted
after the Effective Date. 

 

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5.3.8. Seller
covenants not to (and not to agree to) option, transfer, sell or otherwise dispose of all or any portion of the Property or enter into
an agreement that would create an easement or encumbrance with respect to the Property without the prior written consent of Purchaser,
except for the use and consumption of inventory and other supplies, and the replacement of worn out and obsolete or defective tools, fixtures,
equipment and appliances in the ordinary course of business.

 

5.4. Obligations
Pertaining to Leases and Ground Lease. It is hereby acknowledged and agreed that Seller has entered into the Leases, which shall
be binding upon Purchaser following the Closing. Seller covenants that between the Effective Date and the Closing Date (or the earlier
termination of this Agreement):

 

5.4.1. Seller
shall comply with all of Seller’s obligations under the Leases in all material respects, and Seller shall not enter into any new
oral or written occupancy contracts, leases, licenses, tenancies or other rights of occupancy of any nature, or terminate, modify, amend
or waive or extend the time for performance or observance of any term, covenant, provision or agreement contained in any Leases, consent
to any sublease or assignment of any Leases, or apply any Security Deposit against delinquent Rents or otherwise, without Purchaser’s
prior written consent, which consent may be granted or withheld in Purchaser’s reasonable discretion.

 

5.4.2. Seller
shall promptly after the delivery or receipt thereof deliver to Purchaser copies of all material written notices concerning or delivered
pursuant to the terms of any of the Leases.

 

5.4.3. Seller
shall use commercially reasonable efforts to obtain and deliver to Purchaser an executed Tenant Estoppel Certificate dated within thirty
(30) days prior to Closing, an Elmsford 1705 Estoppel Certificate and Waiver and Recognition Agreements.

 

5.4.4. Notwithstanding
anything herein to the contrary, after the Expiration Date and upon the Title Company’s confirmation of the receipt of the Deposit,
Seller shall, at Purchaser's cost, use commercially diligent efforts to secure a sublease termination agreement (the “Termination
Agreement”) between Bed, Bath, & Beyond Inc. (“BBB”) and the Purchaser as contract-vendee
with respect to the BBB Sublease at the Leasehold Parcel on terms that are reasonably acceptable to Purchaser and Seller. The Termination
Agreement shall be signed by BBB prior to Closing and deposited into escrow with the Title Company as escrow agent. BBB shall provide
corporate resolutions authorizing execution of the Termination Agreement by the signatory that are reasonably satisfactory to Purchaser.
The terms of the Termination Agreement shall be deemed satisfactory to Purchaser and Seller if it includes the following terms: (a) BBB
shall agree to terminate its BBB Sublease and vacate the entirety of its subleased premises on or before the later of 1) March 31, 2022
or 2) within 30 days following the Closing but in no case before the Closing; (b) BBB shall remit payment at Closing (the “Termination
Fee”) to the Purchaser equal to at minimum 100% of the Yield Maintenance Charge1
as consideration for the early termination of the BBB Sublease; (c) the Termination Agreement shall be executed by Purchaser
at Closing and shall be binding on Purchaser upon consummation of the Closing, in no event shall either BBB or Purchaser have any liability
to the other if the Closing does not occur for any reason, (d) all rent due under the BBB Sublease shall be paid through termination,
(e) upon the date BBB vacates, the subleased premises shall be in "as-is, broom clean" condition, all inventory, furniture
and trade fixtures shall be removed and any alterations shall be removed if required by the terms of the BBB Sublease, (f) the Termination
Fee shall be paid by BBB to the Title Company as escrow agent pursuant to the terms of the Termination Agreement (BBB’s remittance
of the Termination Fee shall be a condition precedent to the Title Company’s release of the Termination Agreement), and (g) if
requested by BBB, Seller shall provide an estoppel certificate to BBB at or prior to Closing indicating no defaults by BBB and no conditions
that with notice or the passage of time would be a default by BBB. Seller and Purchaser further agree that (i) Purchaser shall effectuate
the termination of the BBB Sublease after the Closing and (ii) Purchaser shall retain 100% of the Termination Fee that equals the Yield
Maintenance Charge, and Purchaser shall retain only 80% of the Termination Fee that exceeds the Yield Maintenance Charge, and Seller
shall receive 20% of the Termination Fee that exceeds the Yield Maintenance Charge. The date upon which the Seller obtains a fully executed
Termination Agreement shall be the “Termination Agreement Approval Date.” In the event that Seller is unable
after diligent efforts to obtain a satisfactory Termination Agreement with BBB on or before the originally scheduled Closing Date, then
the Seller or Purchaser may terminate this Agreement in which event the Termination Provisions shall apply. For the avoidance of doubt,
if the Seller is unable to obtain a satisfactory Termination Agreement with BBB, this shall be deemed a Seller Caused Closing Condition
Failure and not a Seller’s Default, and, therefore, Seller shall not be responsible for Purchaser’s Cost Reimbursement.

 

 

		1	See Exhibit L for Sample Calculation of Yield Maintenance Charge.

 

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5.4.5. Seller
shall comply with all of Seller’s obligations under the Ground Lease and the Easement Agreement dated December 11, 2013 between
Elmsford 1705, LLC and Seller ("Easement Agreement") in all material respects, and Seller shall not terminate,
modify, amend or waive or extend the time for performance or observance of any term, covenant, provision or agreement contained in the
Ground Lease or Easement Agreement. Seller shall use commercially reasonable efforts to deliver to Purchaser within thirty (30) days after
the Effective Date, a waiver by Elmsford 1705 of its right of first offer pursuant to the Easement Agreement.

 

5.5. Assignment
of Mortgage. Not less than ten (10) Business Days prior to the Closing Date, Seller shall request Seller's Lender to assign its existing
mortgage encumbering the Property to such lender as Purchaser may request. In the event that Seller's Lender agrees to assign such existing
mortgage at Closing, Purchaser shall receive the benefit of any mortgage tax credit available by reason of such assignment.

 

5.6. Continuity
of Insurance. Purchaser acknowledges and agrees that, as set forth in Article 19 of the Ground Lease, Purchaser shall be obligated
to maintain certain policies of insurance in full force and effect as of and at all times following the Closing Date, and that any lapse
in the continuity of insurance shall be a default under the terms of the Ground Lease. No later than ten (10) Business Days prior to the
Closing Date, Purchaser shall provide Seller with the forms of certificates of insurance that shall evidence the insurance coverage, and
in the form required under the terms of the Ground Lease, and hereby authorizes Seller to furnish such proposed certificates of insurance
to Elmsford 1705 for review and approval and, to the extent that Elmsford 1705 shall request any changes thereto that are consistent with
the Ground Lease, or shall request to see copies of any of the underlying insurance policies, Purchaser shall comply with all such requests
made by Elmsford 1705 prior to the Closing. Without limitation to the foregoing, Purchaser covenants and agrees that, at Closing, it shall
provide Elmsford 1705 with all required certificates of insurance in such form as shall have been approved by Elmsford 1705 and shall
cause all insurance to be in full force and effect as of the Closing Date to ensure that there is no interruption to the continuity of
insurance coverage (it being agreed that the existing policies of insurance maintained by Seller shall no longer insure any of the Property
from and after the Closing Date). 

 

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ARTICLE
6.

CLOSING

 

6.1. Closing
and Closing Conditions. 

 

6.1.1. The
consummation of the transactions contemplated herein (the “Closing”) shall occur, following the satisfaction
(or waiver by the applicable party) of each of the Closing Conditions that are to be satisfied prior to (and not in connection with) the
Closing, on a date (the “Closing Date”) that is March 31, 2022. Notwithstanding the foregoing, Purchaser shall
have the right to extend Closing from time to time to a date that is on or before the Outside Closing Date provided that Purchaser gives
notice to Seller of such extended Closing Date not less than two (2) days in advance of the previously scheduled Closing Date (which notice
may be provided by email). Notwithstanding anything herein to the contrary or otherwise, the Closing shall be consummated on a date set
by Purchaser that is on or before April 29, 2022 (the “Outside Closing Date”). TIME SHALL BE OF THE ESSENCE WITH RESPECT
TO SELLER'S AND PURCHASER’S OBLIGATIONS TO CLOSE ON OR BEFORE THE OUTSIDE CLOSING DATE. The Closing shall occur through an escrow
with the Title Company on the terms set forth in the Escrow & Closing Instruction Agreement. Funds shall be deposited into and held
by the Title Company by exchange with the Escrow Agent of the Closing Documents by overnight mail and other closing deliveries by electronic
media in a closing escrow account with a bank reasonably satisfactory to Purchaser and Seller. Upon satisfaction or completion of all
Closing Conditions and deliveries required by this Agreement, the parties shall direct the Title Company to immediately record and deliver
the Closing Documents to the appropriate parties and make disbursements according to the Closing Statement. 

 

6.1.2. Notwithstanding
anything to the contrary contained in this Agreement, if on the originally scheduled Closing Date a Seller Caused Closing Condition Failure
shall exist, Seller shall have the right to extend the Closing Date for a period of up to thirty (30) days regardless if the end of such
thirty (30) day period is after the Outside Closing Date in order to cause such Seller Caused Closing Condition Failure to be remedied,
provided that in no event shall such extension of the Closing for thirty (30) day or less cause the Closing to occur after May 30, 2022,
time being of the essence as of such date. To the extent that Seller shall cause such Seller Caused Closing Condition Failure to be remedied
within such thirty (30) day period and otherwise be ready, willing and able to proceed to Closing in accordance with the terms and conditions
of this Agreement, then this Agreement shall remain in full force and effect and the parties hereto shall proceed to Closing on a date
set by Purchaser that is not more than ten (10) Business Days from the date that Seller shall notify Purchaser that such Seller Caused
Closing Condition Failure has been remedied (and such date shall be the “Closing Date” for all purposes under this Agreement).
In the event that Seller shall be unable to remedy and remove such Seller Caused Closing Condition Failure within such thirty (30) day
period (time being of the essence), Purchaser shall have the right in its sole discretion to terminate this Agreement by providing written
notice of such termination to the Seller and the Termination Provisions shall apply, and in such case, Seller shall not be responsible
for Purchaser’s Cost Reimbursement.

 

6.1.3. In
the event that the Closing Date is scheduled to occur on a day that is not a Business Day, then the Closing shall automatically be adjourned
and shall occur on the immediately succeeding Business Day.

 

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6.2. Conditions
to the Closing.

 

6.2.1. Notwithstanding
anything to the contrary contained within this Agreement, the obligation of Seller to close in accordance with this Agreement is expressly
conditioned upon the fulfillment by and as of the Closing Date of each of the conditions listed in this Section 6.2.1 (collectively,
the “Seller Closing Conditions”), provided that Seller, at its election, evidenced by written notice delivered
to Purchaser at or prior to the Closing, may waive all or any of the Seller Closing Conditions:

 

(A) Purchaser
shall have executed and delivered, and/or caused there to be executed and delivered (duly acknowledged if appropriate), to the Title Company
all of the Purchaser Closing Documents and shall have paid and delivered the balance of the Purchase Price in accordance with Section
3.3.2 of this Agreement and all of the other Purchaser Funds, each in accordance with the Escrow & Closing Instruction Agreement
and the terms and conditions of this Agreement; 

 

(B) 
All representations and warranties made by Purchaser in this Agreement shall have been true and correct
in all material respects as of the Effective Date, and shall be true and correct as of the Closing as though made on and as of the Closing
(except that those representations and warranties which address matters only as of a particular date need only be true and correct in
all material respects as of such date); 

 

(C) no
decision, order, decree, or similar ruling shall have been issued (and remain in effect) restraining or enjoining the transactions contemplated
by this Agreement, to the extent that none of Seller nor any of Seller’s affiliates, agents, or representatives shall have intentionally
caused or colluded with the party(ies) who caused such issuance to occur; 

 

(D) Purchaser
shall have performed and observed, in all material respects, all covenants and agreements of this Agreement to be performed and observed
by Purchaser as of the date of Closing;

 

(E) No
law shall have been enacted that would make illegal or invalid otherwise prevent the Closing of the transactions contemplated under this
Agreement.

 

6.2.2. Notwithstanding
anything to the contrary contained within this Agreement, the obligation of Purchaser to close and pay the Purchase Price is expressly
conditioned upon the fulfillment by and as of (or, if required, prior to) the Closing Date of each of the conditions listed in this Section
6.2.2 (collectively, the “Purchaser Closing Conditions” and, together with the Seller Closing Conditions,
the “Closing Conditions”), provided that Purchaser, at its election, evidenced by written notice delivered to
Seller at or prior to the Closing, may waive any or all of the Purchaser Closing Conditions in its sole discretion:

 

(A) Seller
shall have executed and delivered, and/or caused there to be executed and delivered (duly acknowledged if appropriate), to the Title Company
all of the Seller Closing Documents, and shall have paid and delivered the Seller Funds, if any, each in accordance with the Escrow &
Closing Instruction Agreement and the terms and conditions of this Agreement;

 

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(B) all
representations and warranties made by Seller in this Agreement shall have been materially true and correct when initially made and as
of the Closing as though made on and as of the Closing (except that those representations and warranties which address matters only as
of a particular date need only be true and correct as of such date). In no event shall Seller be liable to Purchaser for, or be deemed
to be in default hereunder by reason of, any breach of representation or warranty which results from any changed facts or circumstances
(“Changes”) that: (i) occur between the Effective Date and the date of Closing and is expressly permitted under
the terms of this Agreement (in which case Seller’s representation or warranty shall be deemed modified to reflect such change that
was permitted under the terms of this Agreement); (ii) occur between the Effective Date and the date of Closing and (A) individually or
in the aggregate do not materially and adversely affect (1) the performance by Seller of its obligations hereunder, (2) the consummation
or validity of this Agreement or the transactions contemplated hereby, (3) the Property, access thereto and/or title thereto, or (4) Purchaser's
rights and obligations hereunder, Purchaser's proposed use of Property and Purchaser's costs and expenses to achieve that use (all Changes
described in (i) or (ii) inclusive, the “Non-Default Changes”). Seller shall have the right to amend its representations
and warranties from time to time promptly upon receiving knowledge of such Non-Default Changes prior to the Closing Date by providing
a copy of an amendment describing such Non-Default Changes to Purchaser, in which event a Seller’s Default shall not exist, and
this Purchaser's Closing Condition shall be deemed satisfied. In the event that Seller amends its representations and warranties promptly
upon receiving knowledge of any Change that does materially and adversely affect the matters in clause (ii) (1) through (4) above, then,
except as provided below with respect to Default Changes, Purchaser shall have the right to either (a) proceed to Closing in accordance
with this Agreement or (b) terminate this Agreement in which event the Termination Provisions shall apply. For purposes of this Section
6.2.2(B), Changes to the representations or warranties shall be deemed “Default Changes” if (X) the Change was
within Seller’s reasonable control to prevent, (Y) the Change does not qualify as a Non-Default Change, and (Z) Purchaser’s
actual damages will exceed One Million Dollars ($1,000,000.00) as a direct result of the Changes if the Purchaser elects to proceed with
the Closing. In the event Purchaser is able to establish that there has been a Default Change to any Seller representation or warranty
that Seller has not cured prior to the expiration of the Seller’s Default Cure Period, then Purchaser shall have the right to either
(i) proceed to Closing in which event the Purchase Price shall be reduced by the aggregate amount of Purchaser's estimated damages but
in no event shall the credit (the “Purchase Price Credit”) to the Purchase Price issued on the Closing Statement equal more
than Five Hundred Thousand Dollars ($500,000.00), and Seller shall not be liable to Purchaser for any further adjustments, losses, or
damages, or (ii) terminate this Agreement in which event the Termination Provisions shall apply. By way of clarification but without limiting
the rights of Purchaser pursuant to this Section 6.2.2(B), a Change that results from the acts or omissions of Elmsford 1705 or which
is beyond the reasonable control of Seller to prevent, even though it may be materially adverse to Purchaser, the Property, or the transaction
contemplated by this Agreement, shall constitute a Non-Default Change and be subject to Section 6.1.2 of this Agreement (including
the right to terminate this Agreement and the Termination Provisions shall apply). 

 

(C) no
decision, order or similar ruling shall have been issued (and remain in effect) restraining or enjoining the transactions contemplated
by this Agreement, to the extent that none of Purchaser nor any of Purchaser’s affiliates, agents, or representatives shall have
intentionally caused or colluded with the party(ies) who caused such issuance to occur;

 

(D) subject
to Section 4.3, all Mandatory Removal Items have been removed such that the Title Company shall be irrevocably committed to issue
the Title Policy to Purchaser (subject to the payment of the premium therefor) insuring the leasehold interest to the Leasehold Parcel
and the fee interest in the Fee Parcel subject only to the Permitted Exceptions, and otherwise pursuant to the terms and conditions of
this Agreement;

 

(E) Seller
shall have complied with all applicable requirements under the Ground Lease pertaining to the transfer, conveyance and assignment to Purchaser
of all of Seller’s right, title and interest in and to the Ground Lease, the Ground Lease shall be in full force and effect, and
there shall be no default thereunder, and Elmsford 1705 shall have executed and delivered to Purchaser (i) the Elmsford 1705 Estoppel
Certificate and Waiver, (ii) a recognition agreement executed by Elmsford 1705 and Elmsford 1705's lender in favor of Purchaser's lender
on terms reasonably acceptable to Purchaser's lender if required by Purchaser's lender, (iii) if requested by Purchaser's lender, an intercreditor
agreement between Elmsford 1705’s lender and Purchaser’s lender (collectively, such recognition agreement and intercreditor
agreement are referred to as the "Recognition Agreements"), and (iv) a waiver by Elmsford 1705 of its right of first
offer pursuant to the Easement Agreement;

 

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(F) the
BBB Sublease shall be in full force and effect, there shall be no uncured default thereunder and no conditions that with notice or the
passage of time would be a default, BBB shall have executed and delivered to Purchaser a Tenant Estoppel Certificate and the Termination
Agreement, and BBB shall have paid the Termination Fee into escrow with the Title Company pursuant to an escrow agreement in which BBB
unconditionally agrees that the Termination Fee shall be released at Closing and upon delivery to BBB by the Title Company of a fully
executed Termination Agreement; 

 

(G) Seller
shall have performed and observed, in all material respects, all covenants and agreements of this Agreement to be performed and observed
by Seller prior to and as of the date of Closing;

 

(H) Seller
shall deliver the Property in substantially the same condition as it was at the Expiration Date (subject however to Section 5.1 and subject
to Seller’s obligations under Section 5.3.5), excepting reasonable use and wear thereof and also excepting any condition at the
Property that has been caused by the acts or omissions of Purchaser and/or its agents and representatives; and

 

(I) the
Termination Agreement shall be fully executed by the Purchaser at Closing and by BBB prior to Closing and approved by the Seller and the
Purchaser.

 

Notwithstanding anything contained
in this Section 6.2.2 to the contrary, in the event Seller is obligated to make any payments in order to satisfy any of the foregoing
Purchaser Closing Conditions, then to the extent that Seller directs the Title Company, in writing, to cause to be delivered from the
Purchase Price the full amount of any such payment(s) to the party entitled to receive same (including, without limitation, with respect
to (a) amounts required to remove any Mandatory Removal Items and (b) sums of money due from Seller under this Agreement, which written
direction shall not have been modified, rescinded or revoked, such obligation to make such payment shall be deemed satisfied in full by
the Seller.

 

6.3. Closing
Deliveries. On or about five (5) Business Days prior to the Closing Date (but subject to finalizing the Closing Statement and
providing same to the Title Company on the Closing Date), each of Purchaser, Seller and the Title Company shall enter into the Escrow
& Closing Instruction Agreement, which shall provide, among other things, that, on or before the Closing Date: (a) Seller and Purchaser
will each deposit with the Company all of Closing Documents as required by Section 6.3.1 and Section 6.3.2 of this Agreement,
(b) on the Closing Date Purchaser will deposit with the Title Company all Purchaser Funds (including, without limitation, the balance
of the Purchase Price required to be paid after application of the Deposit thereto and all prorations, adjustments and credits required
to be made under this Agreement), and (c) on the Closing Date, solely to the extent that the parties have not provided for payment of
same from Purchase Price proceeds under the Closing Statement, Seller shall deposit with the Title Company all Seller Funds. 

 

    24

     

    

 

6.3.1. Seller’s
Deliveries in Escrow. As of or prior to the Closing Date, Seller shall deliver, and shall cause Elmsford 1705 or the tenants under
the Leases, as indicated or applicable, to deliver in escrow to the Title Company, to be held by the Title Company in accordance with
the Escrow & Closing Instruction Agreement, the following duly executed by Seller or such other party specified in this Section 6.3.1
(collectively, the “Seller Closing Documents”):

 

(i) With
respect to the Leasehold Parcel, the Ground Lease Assignment and Assumption Agreement in proper form for recording in the State of New
York, and, in connection with such assignment and assumption agreement, a New York State Combined Real Estate Transfer Tax Return and
Credit Line Mortgage Certificate, Form TP-584 required to record same in the County Clerk’s Office of the County of Westchester;

 

(ii) With
respect to the Fee Parcel, a duly executed bargain and sale deed with covenants against grantor’s acts (the “Deed”)
in the form attached hereto as Exhibit B-2 conveying fee title in and to the Fee Parcel and a New York State Combined Real Property Transfer
Tax Return and Credit Line Mortgage Certificate, TP-584 and Form RP-5217, each prepared, executed and acknowledged by Seller and in proper
form for submission (the Deed shall contain a perimeter metes and bounds description of the Fee Parcel prepared by Purchaser's surveyor,
or if there is no survey, the legal description shall be the same as seller’s vesting deed);

 

(iii)
Checks to the order of the appropriate officers in payment of all real property transfer taxes applicable
to the conveyance of the Property to the Purchaser, which checks shall be certified or official bank checks if required by the taxing
authority; 

 

(iv) A
duly executed Bill of Sale;

 

(v) A
duly executed Assignment and Assumption of Leases, together with (i) an updated rent roll, certified by Seller to be true, correct and
complete as of the Closing, in the same form as the Rent Roll attached to this Agreement as Schedule C-2, (ii) a Tenant Estoppel
Certificate, executed by each tenant under the Leases , (iii) a Tenant Notice signed by Seller and to be sent by Purchaser to each tenant
following the Closing, (iv) the Termination Agreement executed by BBB, and (v) delivery of the Termination Fee into escrow;

 

(vi) A
duly executed Assignment of Contracts and Intangibles; 

 

(vii) A
Foreign Investment in Real Property Tax Act affidavit, executed by a principal of Seller, in the form attached hereto as Exhibit F
stating that Seller is not a “foreign person” as defined in the Federal Foreign Investment in Real Property Tax Act of 1980;

 

(viii) The
Elmsford 1705 Estoppel Certificate and Waiver duly executed by Elmsford 1705 that shall be dated within thirty (30) days of the Closing
and a waiver of the right of first offer pursuant to the Easement Agreement;

 

(ix) Recognition
Agreements obtained in accordance with Section 6.2.2(E);

 

(x) An
incumbency certificate of Seller attaching true, correct and complete copies of its Articles of Organization, its operating agreement,
a good standing certificate issued by the Secretary of State of the State of New York, and a duly authorized resolution of Seller authorizing
the transactions entered into pursuant to this Agreement;

 

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(xi) Such
affidavits as the Title Company shall require in order to omit from the Title Policy all exceptions for judgments, bankruptcies or other
returns against persons or entities whose names are the same as or similar to Seller’s name, and to conduct an escrow closing in
accordance with New York law;

 

(xii) A
duly executed Closing Statement;

 

(xiii) An
Information For Real Estate 1099-S Report Filing (Form 1099-S) as required by the Code, if applicable. The parties hereto designate the
Title Company as the real estate reporting person within the meaning of Section 6045(e) of the Code, if applicable. Seller and Purchaser
shall furnish all information, including, without limitation, their taxpayer identification numbers, that may be appropriate in order
to enable the real estate reporting person to comply with the reporting requirements of Section 6045(e) of the Code; 

 

(xiv) Any
additional documents that Purchaser, Title Company may reasonably require for the proper consummation of the transactions contemplated
by this Agreement, including without limitation, additional title company affidavits; provided, however, no such additional
document shall expand any obligation, covenant, representation or warranty of Seller or result in any new or additional obligation, covenant,
representation or warranty of Seller under this Agreement beyond those expressly set forth in this Agreement; 

 

(xv) A
certificate remaking Seller’s representations as of the Closing Date;

 

(xvi) If
Seller and Purchaser enter into a binding agreement for a Like Kind Exchange, an assignment and acceptance form requested by Seller’s
1031 Exchange Company executed by Seller at no cost, expense or liability to Seller and/or Purchaser, in the form provided by such 1031
Exchange Company; and

 

(xvii)
The Limited Guaranty.

 

6.3.2. Purchaser’s
Deliveries in Escrow. As of or prior to the Closing Date, Purchaser shall (a) pay the Purchase Price as required by, and in the
manner described in, this Agreement, adjusted as set forth herein, and all other Purchaser Funds, each in immediate, same-day U.S. federal
funds wired for credit into the Title Company’s escrow account (which funds must be delivered in a manner to permit the Title Company
to deliver good funds to pay-down the liens of any Mandatory Removal Items described in clause (i) of the definition of “Mandatory
Removal Items” (and as may be more particularly set forth in the Escrow & Closing Instruction Agreement) on the Closing Date),
(b) take such action as is necessary to cause the Title Company to release the balance of the Purchase Price and all Deposit funds, together
with all accrued interest thereon, to Seller at Closing, (c) pay all other costs and expenses to be funded by Purchaser pursuant to Section
7.1.2 of this Agreement (including without limitation the premium of the Title Policy to be provided by the Title Company to the Purchaser)
and (d) deliver in escrow to the Title Company, to be held by the Title Company in accordance with the Escrow & Closing Instruction
Agreement, the following duly executed by Purchaser or such other party specified in this Section 6.3.2 (collectively, the “Purchaser
Closing Documents” and, together with the Seller Closing Documents, the “Closing Documents”):

 

(i) With
respect to the Leasehold Parcel, the Ground Lease Assignment and Assumption Agreement, and the Combined Real Estate Transfer Tax Return
and Credit Line Mortgage Certificate, Form TP-584 required to record same in the County Clerk’s Office of the County of Westchester;

 

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(ii) With
respect to the Fee Parcel, a New York State Combined Real Property Transfer Tax Return and Credit Line Mortgage Certificate, TP-584 and
Form RP-5217, each executed and acknowledged by Purchaser and in proper form for submission;

 

(iii) A
duly executed Assignment of Leases;

 

(iv) A
duly executed Assignment of Contracts and Intangibles; 

 

(v) An
incumbency certificate of Purchaser attaching true, correct and complete copies of its Articles of Organization, its operating agreement,
a good standing certificate issued by the Secretary of State of the State of New York, and a duly authorized resolution of Purchaser authorizing
the transactions entered into pursuant to this Agreement; 

 

(vi) Such
customary affidavits as the Title Company shall reasonably require to be delivered by Purchaser in connection with the issuance of the
Title Policy, and to conduct an escrow closing in accordance with New York law;

 

(vii) A
duly executed Closing Statement;

 

(viii) To
the extent required pursuant to Section 6.2.2(E) of this Agreement, Recognition Agreements in recordable form, executed by the
lender providing financing to Purchaser in connection with the Closing, and the Combined Real Estate Transfer Tax Return and Credit Line
Mortgage Certificate, Form TP-584 required to record same in the County Clerk’s Office of the County of Westchester; 

 

(ix) Any
additional documents that Seller or the Title Company may reasonably require for the proper consummation of the transactions contemplated
by this Agreement; provided, however, no such additional document shall expand any obligation, covenant, representation
or warranty of Purchaser or result in any new or additional obligation, covenant, representation or warranty of Purchaser under this Agreement
beyond those expressly set forth in this Agreement; 

 

(x) A
certificate remaking Purchaser’s representations as of the Closing Date;

 

(xi) An
assignment and acceptance form requested by Seller’s 1031 Exchange Company executed by Purchaser at no cost, expense or liability
to Seller and/or Purchaser; and

 

(xii) The
Termination Agreement.

 

6.3.3. Title
Company Deliveries. Each of Seller and Purchaser shall cause and direct the Title Company, in its capacity as escrow agent and
as the issuer of the Title Policy, to execute and deliver the Escrow & Closing Instruction Agreement.

 

6.4. Possession.
At Closing, Seller shall deliver possession of the Property to Purchaser, subject only to the Permitted Exceptions (including, without
limitation, the Leases).

 

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ARTICLE
7.

CLOSING COSTS, PRORATIONS, AND ADJUSTMENTS

 

7.1. Closing
Costs.

 

7.1.1. At
Closing, Seller shall pay with proceeds received from Purchaser on account of the Purchase Price, or otherwise deposit (as applicable
as part of the Seller Funds):

 

(i) All
state and local real property transfer taxes, sales taxes and other similar taxes applicable to the conveyance of the Property;

 

(ii) The
fees and disbursements of Seller’s counsel;

 

(iii) All
release fees and other charges required to be paid in order to release from the Property any Mandatory Removal Items;

 

(iv) The
costs to obtain the estoppel agreements and the Termination Agreement; and

 

(v) One-half
(1/2) of any escrow and/or closing fees charged by the Title Company.

 

7.1.2. At
Closing, in addition to the balance of the Purchase Price and in accordance with the terms of the Escrow & Closing Instruction Agreement
and Section 6.3.2 of this Agreement, Purchaser shall pay:

 

(i)
All premiums, fees and costs associated with the issuance of the Title Policy, together with any endorsements
thereto that Purchaser may elect to obtain, and any Survey;

 

(ii) The
fees and disbursements of Purchaser’s counsel and any other expense(s) incurred by Purchaser or its representative(s) in inspecting
or evaluating the Property;

 

(iii) Any
and all costs and expenses in connection with obtaining financing for the purchase of the Property, including without limitation and subject
to the provisions of Section 5.5, any mortgage recording tax required to be paid upon the recordation of any deed of trust, mortgage or
other security agreement executed and recorded in connection with such financing, and any fees, costs and expenses in connection with
obtaining Recognition Agreements; 

 

(iv) One-half
(1/2) of any escrow and/or closing fees charged by the Title Company; and

 

(v) The
fees to record the Ground Lease Assignment and Assumption Agreement and the Recognition Agreements.

 

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7.2. Adjustments/Prorations.
All income and expenses of the Property shall be apportioned as of 12:01 a.m. on the day of Closing (the “Cutoff Time”),
with the income and expenses accrued prior to the Cutoff Time being allocated to Seller and the income and expenses accruing on and after
the Cutoff Time being allocated to Purchaser, all as set forth in more detail below. Such prorated items shall include without limitation
the following: (i) the fixed annual rental payment, and any other items payable by the tenant to Elmsford 1705 that are not otherwise
adjusted and apportioned pursuant to this Section 7.2, under Ground Lease; (ii) all Rents; (iii) all Taxes with respect to the Property
that are payable in the calendar or fiscal year of the taxing authority in which the Closing occurs, as applicable; (iv) utility charges
for which Seller is liable, if any, such charges to be apportioned at Closing on the basis of the most recent meter reading occurring
prior to Closing (dated not more than ten (10) Business Days prior to Closing) or, if unmetered, on the basis of a current bill for each
such utility; (v) value of fuel stored on the Property, at the price then charged by Seller’s supplier, including any taxes, as
shown on the invoices of Seller’s supplier and based upon a reading of the level(s) of such fuel tank(s) performed by Seller’s
supplier no more than ten (10) Business Days prior to the Closing Date; (vi) charges under transferable licenses or permitted renewals
or replacements thereof, to the extent solely relating to any of Property and actually transferred to Purchaser at the Closing; and (vii)
any other operating expenses or other items pertaining to the Property which are customarily prorated between a purchaser and a seller
in the county in which the Property is located. All of such adjustments and allocations shall be made in cash at Closing and shall be
shown on the Closing Statement. The computation of the adjustments for the Closing Statement shall be jointly prepared by Purchaser and
Seller in accordance with Section 7.3 of this Agreement using actual calculations through the Cutoff Time and, where necessary,
estimated amounts. Any errors in the adjustments pursuant to this Article 7 shall be corrected by appropriate re-adjustment between
Seller and Purchaser after the Closing, provided that written notice of any such error, with supporting calculations, shall be given by
Purchaser to Seller or by Seller to Purchaser, as the case may be, no later than thirty (30) days after the Closing. Upon the final reconciliation
of the allocations and prorations under this Article 7, the party which owes the other party any sums hereunder shall pay such
party such sums within ten (10) days after the reconciliation of such sums. The obligations to calculate such prorations, make such reconciliations
and pay any such sums shall survive the Closing. Notwithstanding the foregoing:

 

7.2.1. Any
Taxes paid at or prior to Closing shall be prorated based upon the amounts actually paid. If Taxes due and payable during the year of
Closing have not been paid before Closing, Seller shall be charged at Closing an amount equal to that portion of such Taxes which relates
to the period before the Cutoff Time and Purchaser shall pay the Taxes prior to their becoming delinquent. Any such apportionment made
with respect to a tax year for which the tax rate or assessed valuation, or both, have not yet been fixed shall be based upon the tax
rate and/or assessed valuation last fixed. 

 

7.2.2. With
respect to the apportionment of Rents and delivery of Security Deposits, the following shall apply:

 

(i) Seller
shall, at Seller’s option, either deliver to Purchaser any Security Deposits actually held by Seller pursuant to the Leases or credit
to the account of Purchaser the amount of such Security Deposits (to the extent such Security Deposits have not been applied against delinquent
Rents or otherwise as provided in the Leases).

 

(ii) Fixed
rents payable by tenants under the Leases which are collected on or prior to the Closing in respect of the month (or other applicable
collection period) in which the Closing occurs (the “Current Month”), shall be allocated on a per diem basis
as of the Cutoff Time based upon the number of days in the Current Month prior to the Closing Date (which shall be allocated to Seller)
and the number of days in the Current Month on and after the Closing Date (which shall be allocated to Purchaser). If the Leases contain
obligations for payment of Rents other than fixed rent, and Seller shall have collected any portion of such additional rent for a period
on or after the Closing Date, then the same shall be apportioned and credit given to Purchaser for such period; it being agreed that,
to the extent that Seller has not received reimbursement or credit under this Agreement or otherwise, Seller shall have the right to retain
all expense reimbursements (and all additional rent paid on account of such expense reimbursement) received from a tenant under a Lease
to reimburse Seller for any of Seller’s third party out-of-pocket costs and expenses actually incurred prior to the Closing in connection
with (a) the enforcement of the terms of such tenant’s Lease and (b) indemnified losses suffered or incurred by Seller under the
terms of such Lease, in each case for the period prior to the Closing Date. If such additional rent has not been billed, or if billed,
has not been collected by Seller as of the Closing Date, then when the amount of such additional rent is determined and collected, the
same shall be apportioned as provided hereinbelow.

 

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(iii) Any
charges referred to in this Section 7.2.2 which are payable by any tenant directly to a third-party non-affiliate of Seller under
the applicable terms of its Lease, and for which such tenant is in default for failing to make such payment as of the Closing Date, shall
not be apportioned hereunder, and Purchaser shall accept title subject to any of such charges unpaid and Purchaser shall look solely to
the tenant responsible therefor for the payment of the same. If Seller shall have paid any of such charges to be paid directly to third
parties on behalf of any tenant, and shall not have been reimbursed therefor by the time of Closing, Seller shall provide reasonably satisfactory
evidence of such payment to Purchaser, in which event Purchaser shall pay same to Seller promptly after Purchaser’s receipt of same
from the applicable tenant.

 

(iv) If,
at the Closing, any fixed rents are unpaid or past due by any tenant under a Lease, Seller and Purchaser agree that any moneys received
by it from such tenant shall be received and held by them in trust, and shall be disbursed as follows:

 

(A) First,
to Seller and Purchaser, in an amount equal to all fixed rents owing by such tenant to Seller and Purchaser in respect of the Current
Month on a per diem basis based upon the number of days in the Current Month prior to the Closing Date (which shall be allocated to Seller)
and the number of days in the Current Month on and after the Closing Date (which shall be allocated to Purchaser);

 

(B) Next,
to Seller in an amount equal to all fixed rents owing by such tenant for the month immediately preceding the Current Month;

 

(C) Next,
after Rents for all current periods have been paid in full, to Seller, in payment of fixed rents owed by such tenant for the period prior
to the month immediately preceding the Current Month; and

 

(D) Next,
to Purchaser in an amount equal to all fixed rents owing by such tenant for the period after the Current Month through the end of the
month in which such amount is collected.

 

(v) Each
party agrees to remit reasonably promptly to the other, and in any event within fifteen (15) days after the receipt thereof, the amount
of such Rents to which such party is so entitled and to account to the other party monthly in respect of same. Each party shall have the
right from time to time following the Closing, on reasonable prior notice, to review the other party’s rental records with respect
to the Property to ascertain the accuracy of such accountings. Subsequent to the Closing, Purchaser agrees for up to six months after
Closing that it shall promptly render bills for the collection of Rents due to Seller pursuant to this Agreement; provided, that Seller
may, at its option, institute a lawsuit or collection procedure, other than one that interferes with Purchaser’s legal proceeding
to evict BBB, if any, to collect any delinquent Rents owed Seller against any tenant under the Leases. 

 

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7.2.3. Any
errors in the adjustments pursuant to this Article 7 shall be corrected by appropriate re-adjustment between Seller and Purchaser
after the Closing, provided that written notice of any such error, with supporting calculations, shall be given by Purchaser to Seller
or by Seller to Purchaser, as the case may be, no later than thirty (30) days after the Closing. Upon the final reconciliation of the
allocations and prorations under this Article 7, the party which owes the other party any sums hereunder shall pay such party such
sums within ten (10) days after the reconciliation of such sums. The obligations to calculate such prorations, make such reconciliations
and pay any such sums shall survive the Closing.

 

7.2.4. Except
as otherwise provided herein, any revenue or expense amount which cannot be ascertained with certainty as of Closing shall be prorated
on the basis of the parties’ reasonable estimates of such amount, and shall be the subject of a final proration thirty (30) days
after Closing, or as soon thereafter as the precise amounts can be ascertained. Any reconciliation of revenue or expense amounts relating
to Leases which needs to be made in connection with this Section 7.3 shall be prepared by Purchaser and submitted to Seller for
Seller’s review and approval. Purchaser shall promptly notify Seller when it becomes aware that any such estimated amount has been
ascertained. Once all revenue and expense amounts have been ascertained, Purchaser shall prepare, and certify as correct, a final proration
statement which shall be in a form consistent with the closing statement delivered at Closing and which shall be subject to Seller’s
approval. Upon Seller’s acceptance and approval (or deemed acceptance and approval) of any final proration statement submitted by
Purchaser, such statement shall be conclusively deemed to be accurate and final, and any payment due to any party as a result of such
final proration shall be made within thirty (30) days of such approval by Seller.

 

7.3. Closing
Statement. Seller shall prepare, no later than three (3) Business Days prior to the Closing, the Closing Statement, which shall
contain Seller’s best estimate of the amounts of the items requiring adjustment pursuant to this Agreement. Without limitation,
the Closing Statement shall reflect (a) payment by the Purchaser of the balance of the Purchase Price required to be paid after application
of the Deposit thereto and all prorations, adjustments and credits to the Purchase Price to be made in accordance with this Article
7 and this Agreement, and all other costs and expenses to be paid by the Purchaser (including without limitation provided for in Section
7.1.2 of this Agreement) (collectively, the “Purchaser Funds”) and (b) payment by Seller (which may be provided
for by payment of same from Purchase Price proceeds under the Closing Statement or, only if such proceeds shall be insufficient, direct
payment by Seller) of such funds as may be required to (i) pay-down the liens of any Mandatory Removal Items described in clause (i) of
the definition of “Mandatory Removal Items” (and as may be more particularly set forth in the Escrow & Closing Instruction
Agreement) on the Closing Dates and (ii) pay of all amounts due by Seller under Section 7.1.1 of this Agreement (collectively,
the “Seller Funds”). The amounts set forth on the Closing Statement shall be subject to the review and approval
of Purchaser and shall be the basis upon which the prorations and apportionments provided for in this Agreement shall be made at the Closing.
Once executed and delivered by Purchaser and Seller at the Closing, the Closing Statement shall be binding and conclusive on all parties
hereto (absent manifest error). Subject to the provisions of this Article 7, any errors in the Closing Statement, and any necessary
adjustments and reconciliations related to the same, shall be promptly corrected and made after the Closing.

 

ARTICLE
8.

REPRESENTATIONS AND WARRANTIES

 

8.1. Seller’s
Representations and Warranties. Seller represents and warrants to Purchaser:

 

8.1.1. Seller
validly exists and is in good standing in the state in which it was formed. Seller has the full right and authority and has obtained any
and all consents required to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby.
This Agreement has been, and all of the documents to be delivered by Seller at the Closing shall be, authorized and executed and constitute,
or shall constitute, as appropriate, the valid and binding obligation of Seller, enforceable in accordance with their terms. 

 

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8.1.2. Other
than as set forth in the Ground Lease, no person, firm, corporation or other entity has any right or option to acquire the Property, any
portion thereof, air rights, development rights, or any interest therein. Other than as set forth in the Ground Lease, there is no agreement
to which Seller is a party or that is binding on Seller which is in conflict with this Agreement. There is no action or proceeding pending
or, to Seller's knowledge, threatened against Seller which challenges or impairs Seller’s ability to execute or perform its obligations
under this Agreement. The execution, delivery and performance of this Agreement by Seller and the Seller Closing Documents contemplated
hereby shall not require the consent of any third party. 

 

8.1.3. Seller
is not subject to any law, order, decree, or restriction which prohibits or would be violated by this Agreement of the consummation of
this transaction.

 

8.1.4. Seller
is not a nonresident alien individual, foreign corporation, foreign partnership, foreign trust or foreign estate or a disregarded entity
owned by any of the foregoing (as those items are defined in the Internal Revenue Code and Income Tax Regulations and regulatory guidance
thereunder). 

 

8.1.5. Seller
is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code.

 

8.1.6. Seller
is not insolvent, and Seller has not (i) made a general assignment for the benefit of its creditors, (ii) admitted in writing its inability
to pay its debts as they mature, (iii) had an attachment, execution or other judicial seizure of any property interest which remains in
effect, or (iv) taken, failed to take or submitted to any action indicating a general inability to meet its financial obligations as they
accrue. Seller has not filed any petition seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief relating to Seller or any of its property under any Debtor Relief Laws, nor has any such petition been filed
against Seller. No general assignment of Seller’s property has been made for the benefit of creditors, and no receiver, master,
liquidator or trustee has been appointed for Seller or for any portion of its property. Seller shall comply with the covenants contained
in Section 5.6 of this Agreement. 

 

8.1.7. Seller
has not received from any Governmental Authority written notice of any material violation of any Laws applicable (or alleged to be applicable)
to the Property, or any part thereof. To Seller's knowledge, all permits, certificates and licenses required to own and operate the Property
as currently constructed have been issued and are in full force and effect.

 

8.1.8. Seller
has received no written notice of any claims, actions or proceedings (zoning or otherwise), including, without limitation, governmental
investigations, with respect to the Property or against Seller, or the transactions contemplated by this Agreement. To Seller's knowledge,
there are no unpaid judgments or fines against Seller or the Property.

 

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8.1.9. Seller
has received no written notice of any special or other governmental, quasi-governmental, public or private assessments for public improvements
or otherwise now affecting the Property (other than those special assessments or typical municipal maintenance and operation of such items
as sewer, water, drainage and the like which appear annually as a part of the real estate tax bill affecting the Property).

 

8.1.10. Seller
has delivered to Purchaser true, complete and accurate copies of the Ground Lease and all Leases (including all amendments, guarantees,
side letters, subordination and non-disturbance agreements and other documents relating thereto). As of the Effective Date, there are
no tenancies or other rights of use or occupancy (other than as set forth in the Ground Lease, the tenants in possession under the Leases
and as may exist pursuant to any Service Contracts) with respect to the Property. Except as may be otherwise set forth in the Rent Roll,
(a) no tenant has asserted any defense, set-off, or counterclaim with respect to its tenancy or its obligation to pay rent and other charges
due from and after the date hereof pursuant to its lease, and, except as might otherwise be set forth in its Lease, and no tenant is in
arrears with the payment of rent or other charges, (b) except as may be set forth in a tenant’s respective Lease, the tenants have
no right to any present or future rent concession, (c) any security deposits tendered by tenants have not been applied by Seller on account
of any actual or purported obligation of the tenants, (d) except as may be set forth in a tenant’s respective Lease, there are no
agreements with the tenants for additional construction, repair or maintenance of the Property, or for the installation of additional
equipment or the replacement of existing equipment or with respect to any other matter whatsoever, and (e) all brokerage commissions due
and owing with respect to the Leases shall be paid by Seller at or prior to the Closing. To Seller's knowledge, all work and other obligations
required to be performed by Seller as of or prior to Closing pursuant to the terms of the Leases or any other agreements with the tenants
have been or will be performed by the Closing.

 

8.1.11. The
Ground Lease is in full force and effect and has not been modified, amended, terminated, renewed or extended except as set forth on Schedule
A-3 attached hereto. Seller has not received any notice of default, which default remains uncured, under the Ground Lease and,
to Seller's knowledge, there are no circumstances which upon the giving of notice or lapse of time or both would constitute a default
under the Ground Lease. 

 

8.1.12. The
BBB Sublease is in full force and effect and has not been modified, amended, terminated, renewed or extended except as set forth on Schedule
C-1 attached hereto. Seller has not delivered to BBB any notice of default, which default remains uncured, under the BBB Sublease
and, to Seller's knowledge, there are no circumstances which upon the giving of notice or lapse of time or both would constitute a default
under the BBB Sublease. 

 

8.1.13. To
Seller's knowledge, Seller has good and marketable fee simple title to the Fee Parcel, subject to liens that will be paid in full, satisfied,
canceled and discharged at or prior to or at Closing.

 

8.1.14. Seller
is not an employee benefit plan (a “Benefit Plan”) subject to Part 4 of Title I of ERISA or Section 4975
of the Code or any similar provision of state or local Law, and assets of a Benefit Plan are not being used to acquire the Property, and
Seller is not a “party in interest” (as that term is defined in Section 3(14) of ERISA) with respect to any Benefit Plan that
is an investor in Purchaser. 

 

8.1.15. There
are no employment agreements, union or collective bargaining agreements, or management agreements to which Seller is a party, to Seller's
knowledge, no employment agreements, union or collective bargaining agreements exist with respect to the Property which will be binding
on Purchaser after the Closing, and there are no employees which Purchaser will be obligated to retain. 

 

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8.1.16. Neither
Seller nor any of its affiliates, nor any of their respective partners, members, shareholders or other equity owners, direct or indirect,
and none of their respective employees, officers, directors, representatives or agents is, nor shall they become, a person or entity with
whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”)
of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute,
executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit, or Support Terrorism), or other governmental action and is not engaging and shall not engage in any dealings or transactions
or be otherwise associated with such persons or entities.

 

8.1.17. To
Seller's knowledge, Schedule C-3 sets forth a full list of all Service Contracts in effect as of the Effective Date.

 

8.1.18. All
Tangible Property of Seller, if any, is free and clear of any liens or encumbrances, other than exceptions and encumbrances which are
required by this Agreement to be removed at or prior to the Closing.

  

8.1.19. Patriot
Act. None of Seller or any of its members, principals or constituents have engaged in any dealings or transactions, directly or indirectly,
(x) in contravention of any U.S. international or other money laundering regulations or conventions, including, without limitation, the
United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, the United Stated International Money Laundering
Abatement and Anti-Terrorist Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. § I et seq. as amended), or any foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation
or executive order relating thereto, or (y) in contravention of the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56, the “USA PATRIOT ACT”), Executive Order
Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), as may be amended or
supplemented from time to time (“Anti-Terrorism Order”) or on behalf of terrorists or terrorist organizations,
including those persons or entities that are included on any relevant lists maintained by the United Nations, North Atlantic Treaty Organization,
Organization of Assets Control, U.S. Securities and Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence
Agency, U.S. Internal Revenue Service, or any country organization, all as may be amended from time to time. None of Seller or any of
its members, principals or any of its constituents (A) are or will be conducting any business or engaging in any transaction with any
person appearing on the U.S. Treasury Department's Office of Foreign Assets Control list of restrictions and prohibited persons, or (B)
are a person described in section 1 of the Anti-Terrorism Order, and to the best of Seller 's knowledge, none of Seller or any of its
respective affiliates have engaged in any dealings or transactions, or otherwise been associated with any such person.

 

8.1.20. There
are no current construction projects at the Property that have been authorized by Seller and Seller has no knowledge of any other current
or planned construction projects.

 

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8.1.21. All
material casualty events, if any, have been addressed to Seller’s satisfaction and shall not interfere with Purchaser’s intended
use of the Property.

 

Except as expressly set forth
in this Agreement, Seller has not made, and shall not be deemed to have made, any oral or written representations or warranties, whether
expressed or implied, by operation of law or otherwise, it being acknowledged and agreed that Purchaser is relying only on the representations
and warranties expressly set forth in this Agreement.

 

Subject to Section 6.2.2(B),
each of the representations contained in this Section 8.1 shall be deemed to have been remade by Seller as of the Closing Date, as if
made on and as of such date, and shall survive the Closing for a period of one (1) year (the “Survival Period”). Seller
shall indemnify, defend and hold harmless Purchaser and Purchaser Parties with respect to any Losses suffered after Closing in accordance
with the provisions of Section 9.4.

 

As used herein, with respect
to Seller, “Knowledge” or “knowledge”, when used in the phrase “to Seller’s knowledge” or similar
phrases, the actual knowledge of the following individual: Martin Berger; provided, that neither Martin Berger nor any direct or indirect
owner, agent, advisor, representative, affiliate, employee, director, officer, partner, member, beneficiary, investor, servant, shareholder,
trustee, or contractor of Seller shall have any personal liability, directly or indirectly, under or in connection with this Agreement
or any other agreement made or entered into under or pursuant to the provisions of this Agreement, or any amendment or amendments to any
of the foregoing made at any time or times, heretofore or hereafter, except in the event of any fraud or other criminal activity.

 

If, prior to the Closing,
Seller becomes aware of any Change that would materially change a representation or warranty of Seller in this Agreement, then Seller
shall promptly give written notice of such Change to Purchaser, and Seller's and Purchaser's rights and obligations shall be as set forth
in Section 6.2.2(B).

 

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8.2. Purchaser
acknowledges that it is a sophisticated investor in and/or owner/operator of real estate and that, other than for the covenants, representations
and warranties made by Seller in this Agreement and the Seller Closing Documents, its valuation of and decision to purchase the Property
is based upon its own independent evaluations of such facts and materials deemed relevant by Purchaser. Except as expressly set forth
in this Agreement, Seller has not made, and shall not be deemed to have made, any oral or written representations or warranties, whether
expressed or implied, by operation of law or otherwise, (including without limitation warranties of habitability, merchantability or fitness
for a particular purpose) with respect to the Property, it being acknowledged and agreed that Purchaser is relying only on the representations
and warranties expressly set forth in this Agreement and its own independent investigations into the condition of the Property. Purchaser
further acknowledges and agrees that, to the extent permitted by law, the conveyance of the Property (including, without limitation, the
Tangible Property) to the Purchaser as provided for herein is made on an “as is” condition and basis with all faults
except as expressly provided in this Agreement. Without limiting the foregoing, PURCHASER EXPRESSLY ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY
SET FORTH IN THIS AGREEMENT, NEITHER SELLER NOR ANY PERSON ACTING ON BEHALF OF SELLER, OR ANY PERSON WHICH PREPARED OR PROVIDED ANY OF
THE MATERIALS REVIEWED BY PURCHASER AS PART OF ITS DILIGENCE ACTIVITIES, NOR ANY DIRECT OR INDIRECT OFFICER, DIRECTOR, PARTNER, MEMBER,
SHAREHOLDER, EMPLOYEE, AGENT, REPRESENTATIVE, ACCOUNTANT, ADVISOR, ATTORNEY, PRINCIPAL, AFFILIATE, CONSULTANT OR SUCCESSOR OR ASSIGN OF
ANY OF THE FOREGOING PARTIES (SELLER AND ALL OF THE OTHER PARTIES DESCRIBED IN THE PRECEDING PORTIONS OF THIS SENTENCE (OTHER THAN PURCHASER)
SHALL BE REFERRED TO HEREIN COLLECTIVELY AS THE “SELLER EXCULPATED PARTIES”) HAS MADE OR SHALL BE DEEMED TO
HAVE MADE ANY ORAL OR WRITTEN REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESSED OR IMPLIED, BY OPERATION OF LAW OR OTHERWISE (INCLUDING
WITHOUT LIMITATION WARRANTIES OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE), WITH RESPECT TO THE PROPERTY, THE
PERMITTED USE OF THE PROPERTY OR THE ZONING AND OTHER LAWS, REGULATIONS AND RULES APPLICABLE THERETO OR THE COMPLIANCE BY THE PROPERTY
THEREWITH, THE REVENUES AND EXPENSES GENERATED BY OR ASSOCIATED WITH THE PROPERTY, OR OTHERWISE RELATING TO THE PROPERTY OR THE TRANSACTIONS
CONTEMPLATED HEREIN. PURCHASER FURTHER ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, ALL MATERIALS WHICH HAVE BEEN
PROVIDED BY ANY OF THE SELLER EXCULPATED PARTIES HAVE BEEN PROVIDED WITHOUT ANY WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED AS TO
THEIR CONTENT, SUITABILITY FOR ANY PURPOSE, ACCURACY, TRUTHFULNESS OR COMPLETENESS AND, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT,
PURCHASER SHALL NOT HAVE ANY RECOURSE AGAINST ANY OF THE SELLER EXCULPATED PARTIES IN THE EVENT OF ANY ERRORS THEREIN OR OMISSIONS THEREFROM.
PURCHASER SHALL ACCEPT THE PROPERTY “AS IS” except as expressly provided in this Agreement
BASED SOLELY ON PURCHASER’S OWN INDEPENDENT INVESTIGATION AND INSPECTION OF THE PROPERTY AND NOT IN RELIANCE ON ANY INFORMATION
PROVIDED BY ANY OF THE SELLER EXCULPATED PARTIES EXCEPT FOR THE REPRESENTATIONS EXPRESSLY SET FORTH IN THIS AGREEMENT. Purchaser acknowledges
that it has had a fair and adequate opportunity to perform its due diligence with respect to the Property, or will have fully examined
the Property during the Due Diligence Period, and that, provided Purchaser does not terminate this Agreement pursuant to the terms hereof,
AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, THE PROPERTY IS BEING SOLD TO PURCHASER AND PURCHASER AGREES TO PURCHASE AND
ACCEPT THE PROPERTY, AND EACH AND EVERY PART AND COMPONENT THEREOF, IN ITS “AS IS”, “WHERE AS” CONDITION WITH
ALL FAULTS EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AS OF THE DATE HEREOF, REASONABLE WEAR AND TEAR AND FIRE AND OTHER CASUALTY
EXCEPTED. Without limiting the generality of the foregoing, except as expressly provided in this Agreement, Purchaser acknowledges and
agrees that Seller is not making and has not made and specifically negates and disclaims any property representation with respect to and
shall not otherwise have any liability with respect to any of the following: (a) the compliance or non-compliance of the Property (or
any component thereof) with any Law (including those pertaining to hazardous substances, the zoning and other laws, and regulations and
rules or relevant environmental laws applicable to the Property or the compliance of the Property therewith), (b) the presence or non-presence
of any hazardous materials or substances in, on, under or about the Property or any other component thereof, (c) the past, present or
future use of the Property, (d) the existence or non-existence of any licenses, permits, approvals or commitments from Governmental Authority(ies)
in connection with the Property; (e) any patent or latent defect with respect to the Property; (f) any errors, omissions or defects in
the design or construction of the Property; (g) the actual or projected revenue and expenses of the Property; (h) the current or future
real estate tax liability, assessment or valuation of the Property; (i) the availability of any financing for the alteration, rehabilitation
or operation of the Property from any source, including, without limitation, any state, city or federal government or any institutional
lender; (j) the current or future use of the Property, including, without limitation, the use for residential or commercial purposes;
(k) the use or occupancy of the Property or any part thereof; (l) any other aspect of the physical condition of the Property; or (m) any
other matter or thing affecting or relating to the Property or the transactions contemplated hereby. Without limiting the generality of
the foregoing provisions of this Section 8.2, (x) Purchaser has not relied upon any oral or written information from Seller or Seller
Parties unless set forth in this Agreement, and (y) Seller is not liable or bound in any manner by any verbal or written statements, representations,
real estate brokers' "set-ups," offering memorandum or information pertaining to the Property furnished by any real estate broker,
advisor, consultant, agent, employee, representative or other person. Additionally, no natural person, corporation, limited partnership,
general partnership, limited liability company, joint stock company, joint venture, association, company, trust, trustee, co-trustee,
beneficiary, or other organization or entity, or any Governmental Authority (each, a “Person”) acting on behalf
of Seller is authorized to make, and by execution hereof Purchaser acknowledges that, except as expressly set forth in this Agreement,
no Person has made, on behalf of Seller, and that Purchaser is not and shall not rely upon any property representation made by any such
Person, if any, other than the representations, agreements, statements, warranties, guaranties, and promises contained in this Agreement;
and no such other representation, warranty, agreement, guaranty, statement or promise, if any, made by any Person acting on behalf of
Seller shall be valid or binding upon Seller unless specifically set forth herein. 

 

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Environmental Matters.
Without limiting the generality of this Section 8.2, Purchaser acknowledges that it has had (or will have during the Due Diligence Period)
an opportunity to conduct its own investigation of the Property with regard to hazardous materials and compliance of the Property with
relevant environmental Laws. Purchaser is aware (or has had, or will have had during the Due Diligence Period, sufficient opportunity
to become aware) of the environmental, biological, and pathogenic conditions of, affecting or related to the Property and Purchaser agrees,
provided that Purchaser does not terminate this Agreement at or prior to the expiration of the Due Diligence Period, to take the Property
subject to such conditions. In the event Purchaser does not terminate this Agreement at or prior to the expiration of the Due Diligence
Period, Purchaser agrees to assume all costs and liabilities arising out of or in any way connected to the Property, including, but not
limited to, those arising out of hazardous materials and relevant environmental Laws. Purchaser hereby releases Seller and all Seller
Exculpated Parties from and against any and all claims, counterclaims and causes of action which Purchaser may now or in the future have
against any of the foregoing parties arising out of the existence of hazardous materials affecting the Property; provided, however, if
any contamination of the Property by hazardous materials first occurs after the Effective Date and if such contamination was not attributable
to the act or neglect of Purchaser or any employees, contractor, or agent of Purchaser and requires remediation or monitoring under applicable
law, Purchaser may terminate this Agreement and receive a refund of the Deposit by giving written notice to Seller within thirty (30)
days after learning of such contamination in which case the Termination Provisions shall apply.

 

8.3. Purchaser’s
Representations and Warranties. Purchaser represents and warrants to Seller that:

 

8.3.1. Purchaser
validly exists and is in good standing in the State of its formation. Purchaser has the full right and authority and has obtained any
and all consents required to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby.
This Agreement has been, and all of the documents to be delivered by Purchaser at the Closing shall be, as of the Closing, authorized
and properly executed and constitute, or shall constitute, as appropriate, the valid and binding obligation of Purchaser, enforceable
in accordance with their terms.

 

8.3.2. There
is no agreement to which Purchaser is a party or to Purchaser’s knowledge, binding on Purchaser which is in conflict with this Agreement.
There is no action or proceeding pending or, to Purchaser’s knowledge, threatened against Purchaser which challenges or impairs
Purchaser’s ability to execute or perform its obligations under this Agreement. The execution, delivery and performance of this
Agreement by Purchaser and the Purchaser Closing Documents contemplated hereby shall not require the consent of any third party.

 

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8.3.3. Purchaser
is not insolvent, and Purchaser has not (i) made a general assignment for the benefit of its creditors, (ii) admitted in writing its inability
to pay its debts as they mature, (iii) had an attachment, execution or other judicial seizure of any property interest which remains in
effect, or (iv) taken, failed to take or submitted to any action indicating a general inability to meet its financial obligations as they
accrue. Purchaser has not filed any petition seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation,
dissolution or similar relief relating to Purchaser or any of its property under any law relating to bankruptcy or insolvency, nor has
any such petition been filed against Purchaser. No general assignment of Purchaser’s property has been made for the benefit of creditors,
and no receiver, master, liquidator or trustee has been appointed for Purchaser for any portion of its property.

 

8.3.4. Purchaser
is not a Benefit Plan subject to Part 4 of Title I of ERISA or Section 4975 of the Code or any similar provision of state or local law,
and assets of a Benefit Plan are not being used to pay the Purchase Price. Purchaser is not a “party in interest” (as that
term is defined in Section 3(14) of ERISA) with respect to any Benefit Plan that is an investor in Seller, and Purchaser’s acquisition
of the Property shall not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or any
similar provision of state or local law. 

 

8.3.5. Neither
Purchaser nor any of its affiliates, nor any of their respective partners, members, shareholders or other equity owners, direct or indirect,
and none of their respective employees, officers, directors, representatives or agents is, nor shall they become, a person or entity with
whom U.S. persons or entities are restricted from doing business under regulations of the OFAC of the Department of the Treasury (including
those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September
24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism),
or other governmental action and is not engaging and shall not engage in any dealings or transactions or be otherwise associated with
such persons or entities.

 

8.3.6. Patriot
Act. None of Purchaser or any of its constituents have engaged in any dealings or transactions, directly or indirectly, (x) in contravention
of any U.S. international or other money laundering regulations or conventions, including, without limitation, the United States Bank
Secrecy Act, the United States Money Laundering Control Act of 1986, the United Stated International Money Laundering Abatement and Anti-Terrorist
Financing Act of 2001, Trading with the Enemy Act (50 U.S.C. § I et seq. as amended), or any foreign assets control regulations of
the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating
thereto, or (y) in contravention of the USA PATRIOT ACT, the Anti-Terrorism Order or on behalf of terrorists or terrorist organizations,
including those persons or entities that are included on any relevant lists maintained by the United Nations, North Atlantic Treaty Organization,
Organization of Assets Control, U.S. Securities and Exchange Commission, U.S. Federal Bureau of Investigation, U.S. Central Intelligence
Agency, U.S. Internal Revenue Service, or any country organization, all as may be amended from time to time. None of Purchaser or any
of its constituents (A) are or will be conducting any business or engaging in any transaction with any person appearing on the U.S. Treasury
Department's Office of Foreign Assets Control list of restrictions and prohibited persons, or (B) are a person described in section 1
of the Anti-Terrorism Order, and to the best of Purchaser 's knowledge, none of Purchaser or any of its respective affiliates have engaged
in any dealings or transactions, or otherwise been associated with any such person.

 

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Each of the representations
contained in this Section 8.3 shall be deemed to have been remade by Purchaser as of the Closing Date, as if made on and as of such date,
and shall survive the Closing through and including the Survival Period.

 

Except as expressly set forth
in this Agreement, Purchaser has not made, and shall not be deemed to have made, any oral or written representations or warranties, whether
expressed or implied, by operation of law or otherwise, it being acknowledged and agreed that Seller is relying only on the representations
and warranties expressly set forth in this Agreement.

 

As used herein, with respect
to Purchaser, “Knowledge” or “knowledge”, when used in the phrase “to Purchaser’s knowledge”
or similar phrases, the actual knowledge of the following individual: Sam Tawfik provided, that neither Sam Tawfik nor any direct or indirect
owner, agent, advisor, representative, affiliate, employee, director, officer, partner, member, beneficiary, investor, servant, shareholder,
trustee, or contractor of Purchaser shall have any personal liability, directly or indirectly, under or in connection with this Agreement
or any other agreement made or entered into under or pursuant to the provisions of this Agreement, or any amendment or amendments to any
of the foregoing made at any time or times, heretofore or hereafter, except in the event of any fraud or other criminal activity.

 

ARTICLE
9.

DEFAULT AND REMEDIES

 

9.1. Purchaser
Remedies. Subject to the provisions of Section 6.22(B) with respect to a Default Change if Purchaser alleges that Seller
has breached any of its representations or warranties set forth in this Agreement or has defaulted in the performance of Seller’s
covenants or other obligations under this Agreement, Purchaser shall provide written notice of such alleged breach or default to Seller
and Seller shall have the right to take such actions to remedy or cure prior to the expiration of the Seller’s Default Cure Period,
it being agreed that the Closing Date shall be extended on a day-for-day basis for the duration of any such Seller’s Default Cure
Period as hereinabove provided. To the extent that, following the expiration of such Seller’s Default Cure Period, a Seller’s
Default shall exist, including, without limitation, a Default Change, Purchaser shall be entitled to exercise one or more of the following
remedies: (i) seek specific performance of this Agreement and/or injunctive relief or (ii) terminate this Agreement, in which case the
Termination Provisions shall apply, or (iii) proceed to Closing, subject to the adjustment in the Purchase Price provided in Section 6.22(B).
Seller acknowledges, agrees and consents that if there shall have occurred a Seller’s Default, specific performance is an appropriate
remedy for Purchaser if Purchaser so elects. If Purchaser elects to terminate this Agreement due to a Seller’s Default, then Purchaser
shall deliver written notice of such termination to Seller and, upon such delivery, the Termination Provisions shall apply. 

 

9.2. Seller’s
Remedies. If Purchaser shall default in the performance of Purchaser’s material obligations under this Agreement prior to
Closing, Seller shall provide written notice of such alleged breach or default to Purchaser and Purchaser shall have the right to take
such actions to remedy or cure on or before the Outside Closing Date. If Purchaser shall default in the performance of Purchaser's material
obligations at Closing (including, without limitation, the delivery of the balance of the Purchase Price and all other Purchaser Funds
at Closing in accordance with the terms of this Agreement) on or before the Outside Closing Date or if Purchaser fails to cure a default
on or before the Outside Closing Date, then Seller shall have the right, as its sole and exclusive remedy under this Agreement, at law
and in equity, exercisable in Seller’s sole discretion, to terminate this Agreement by written notice to Purchaser and, upon delivery
of such notice, unless there is a Deposit Refund Event on the date of such notice, Seller shall be entitled to receive and retain the
Deposit as and for full and complete liquidated and agreed damages for such default by Purchaser, and the Title Company shall release
such Deposit from escrow and deliver same to Seller in accordance with the terms of the Escrow & Closing Instruction Agreement, and
the other Termination Provisions shall apply. SELLER AND PURCHASER AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE
THE DAMAGES WHICH SELLER MAY SUFFER UPON AN PURCHASER DEFAULT AND THAT THE DEPOSIT REPRESENTS A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT
THAT SELLER WOULD SUFFER UPON AN PURCHASER DEFAULT. SUCH LIQUIDATED AND AGREED DAMAGES ARE NOT INTENDED AS A FORFEITURE OR A PENALTY WITHIN
THE MEANING OF APPLICABLE LAW.

 

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9.3. Attorneys’
Fees. In the event either party hereto employs an attorney in connection with claims by one party against the other arising from
the operation of this Agreement, the non-prevailing party on the claim shall pay the prevailing party on the claim all reasonable fees
and expenses, including reasonable attorneys’ fees and expenses, incurred in connection with such claims.

 

9.4. Indemnification.

 

9.4.1. Subject
to the limitations in this Section 9.4 and subject to the terms of Section 6.2.2(B) and subject to the Survival Period, Seller shall indemnify,
defend, and hold Purchaser and Purchaser Parties harmless from and against any actual loss, cost, claim, demand, liability, damage, or
expense (including reasonable attorney’s fees) (collectively, “Losses”) suffered or incurred by Purchaser
and Purchaser Parties incurred (i) after the Closing to the extent directly and solely resulting from (a) a Default Change or any material
and adverse inaccuracy or untruth of any representations or warranties made by Seller in this Agreement that Purchaser learns of after
the Closing and during the Survival Period, (b) the breach by Seller of any of its covenants or obligations under this Agreement which
expressly survive the Closing, or (ii) after the termination of this Agreement to the extent resulting directly and solely from the breach
by Seller of any of its covenants or obligations under this Agreement which expressly survive such termination.

 

9.4.2. Subject
to the limitations in this Section 9.4, Purchaser shall indemnify, defend, and hold Seller and Seller Parties harmless from and against
any Losses (without regard to the amount of the Indemnification Deductible) asserted against, imposed on, or suffered or incurred by Seller
and Seller Parties incurred after the Closing to the extent resulting from (a) any inaccuracy or untruth of an representations or warranties
made by Purchaser in this Agreement, and (b) the breach by Purchaser of any of its covenants or obligations under this Agreement which
expressly survive the Closing.

 

9.4.3. The
foregoing indemnification against Losses is subject to the limitation that Seller or Purchaser, as applicable, shall be required to provide
indemnification only to the extent that the aggregate amount of all Losses incurred by the Indemnified Party (as defined herein) exceeds
One Million and 00/100 Dollars ($1,000,000.00) (the "Indemnification Deductible"). If such Losses in the aggregate exceed
the Indemnification Deductible, the Indemnifying Party (as defined herein) shall reimburse the Indemnified Party for Losses up to a maximum
of Five Hundred Thousand and 00/100 Dollars ($500,000.00) in the aggregate (the "Indemnification Cap"). The extent to
which Seller had previously provided Purchaser with a Purchase Price Credit shall be counted towards the Indemnification Cap. The Indemnified
Party shall provide evidence that is satisfactory to the Indemnifying Party of its Losses. Notwithstanding the foregoing, the Indemnification
Deductible shall not apply to amounts due from Seller as a result of any acts constituting fraud by Seller or a breach by Seller of any
of its covenants and obligations under this Agreement due to Seller's willful act or omission where Seller has a known obligation to act
under this Agreement.

 

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9.4.4. Whenever
any claim shall arise for indemnification hereunder during the Survival Period, the party entitled to indemnification (the “Indemnified
Party”) shall promptly provide written notice of such claim to the other party (the “Indemnifying Party”).
In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any claims, causes of action or other
litigation or proceedings (collectively, an “Action”) by a person or entity who is not a party to this Agreement,
the Indemnifying Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such
Action with counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense
of any such Action, with its counsel and at its own cost and expense. If the Indemnifying Party does not assume the defense of any such
Action, the Indemnifying Party shall not settle any Action without the Indemnified Party's prior written consent (which consent shall
not be unreasonably withheld or delayed). The terms and conditions of this Section 9.4 shall expressly survive the Closing
indefinitely.

 

9.4.5. In
no event shall either party be liable to the other for consequential, punitive or exemplary damages, whatever the nature of a breach by
such breaching party of its obligations under this Agreement, and each party hereby waives all claims for consequential, punitive or exemplary
damages it may have against the other party (other than in connection with an action or proceeding concerning the fraud or a willful act
or omission by the other party).

 

9.4.6. To
secure certain of Seller's indemnification obligations pursuant to this Section 9.4, Martin Berger and William K. Madden (collectively,
"Guarantor"), has executed and delivered to Landlord a guaranty (the “Limited Guaranty”) in the form
attached as Exhibit I, jointly and severally, guaranteeing to Purchaser the due and punctual payment and performance by Seller
of the Guarantied Obligation, as such term is otherwise more particularly set forth in the Limited Guaranty. At the Closing, Seller shall
cause such Limited Guaranty to be executed and delivered to Purchaser.

 

9.4.7. The
provisions of this Article 9 shall survive Closing.

 

ARTICLE
10.

MISCELLANEOUS

 

10.1. Parties
Bound. This Agreement, and the terms, covenants, and conditions herein contained, shall inure to the benefit of and be binding
upon the heirs, personal representatives, successors, and assigns of each of the parties hereto. 

 

10.2. Headings.
The article, section, subsection, paragraph and/or other headings of this Agreement are for convenience only and in no way limit or enlarge
the scope or meaning of the language hereof.

 

10.3. Invalidity
and Waiver. If any portion of this Agreement is held invalid or inoperative, then so far as is reasonable and possible the remainder
of this Agreement shall be deemed valid and operative, and, to the greatest extent legally possible, effect shall be given to the intent
manifested by the portion held invalid or inoperative. The failure by either party to enforce against the other any term or provision
of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against the other party the same or any other
such term or provision in the future.

 

10.4. Governing
Law. This Agreement shall, in all respects, be governed, construed, applied, and enforced in accordance with the laws of the State
of New York, without regard to conflicts of law principles, governing contracts negotiated and made wholly within the State of New York.
With respect to any suit, action or proceeding relating to this Agreement, each party irrevocably (a) submits to the exclusive jurisdiction
of the state and federal courts located in the State of New York, Westchester County and (b) waives any objection which it may have at
any time to the laying of venue of any such proceeding brought in any such court, waives any claim that such proceedings have been brought
in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have jurisdiction
over such party.

 

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10.5. Waiver
of Jury Trial. SELLER AND PURCHASER EACH HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE RELATIONSHIP OF THE PARTIES
HEREUNDER.

 

10.6. Survival.
Except and to the extent that this Agreement shall specifically state that a provision shall survive the Closing, none of provisions of
this Agreement shall survive the Closing, it being acknowledged that such provisions shall be deemed to be merged into or waived by the
instruments of Closing.

 

10.7. Entirety
and Amendments. This Agreement embodies the entire agreement between the parties and supersedes all prior agreements and understandings
relating to the Property. This Agreement may be amended or supplemented only by an instrument in writing executed by the party against
whom enforcement is sought. All exhibits and schedules attached hereto are incorporated herein by this reference for all purposes.

 

10.8. Time.
Whenever action must be taken (including, without limitation, the giving of notice, the delivery of documents or the funding of money)
under this Agreement, prior to the expiration of, by no later than or on a particular date, unless otherwise expressly provided in this
Agreement, such action must be completed by 5:00 p.m. (Eastern Time) on such date. However, notwithstanding anything to the contrary herein,
whenever action must be taken (including, without limitation, the giving of notice, the delivery of documents or the funding of money)
under this Agreement prior to the expiration of, by no later than or on a particular date that is not a Business Day, then such date shall
be extended until the immediately following Business Day.

 

10.9. Confidentiality.
Each of the parties hereto shall treat and hold as confidential all financial statements, agreements, Plans, reports (including without
limitation environmental reports), documents, studies, analyses, surveys and budgets that were delivered from or on behalf of any other
party hereunder prior to the Closing in connection with the transactions contemplated hereby (collectively, the “Confidential
Items”) and refrain from disclosing or using any of the Confidential Items, except as set forth in this Section 10.9.
If any party hereunder is requested or required (by oral question or request for information or documents in any legal proceeding, interrogatory,
subpoena, civil investigative demand, or similar process) to disclose any Confidential Items of another party to this Agreement, the party
subject to such request or requirement shall notify the owner of the Confidential Items in question promptly in writing of the request
or requirement so that the owner of the Confidential Items may seek an appropriate protective order or waive compliance with the provisions
of this Section 10.9. Upon any termination of this Agreement prior to the Closing, each party shall return (and shall cause its
representatives in possession of such Confidential Items to return) to the other party all tangible embodiments (and all copies) of any
of the other party’s Confidential Items that are in their possession or under their reasonable control within ten (10) business
days of such termination. The foregoing provisions shall not apply to any Confidential Item or portion thereof that (i) is or becomes
generally available to the public other than as a result of a disclosure by any party in breach of this Section 10.9, (ii) becomes
available to any party to this Agreement on a non-confidential basis from a source other than a party or representative or affiliate of
a party hereunder, (iii) is required by law or judicial order or regulation to be disclosed or is disclosed to comply with the filing
requirements of any applicable legislation or rule (including securities laws, rules or regulations, GAAP or other accounting rules or
procedures), (iv) may be disclosed in accordance with the express provisions of this Section 10.9, and/or (v) is required to be
disclosed in connection with any legal or arbitral process brought to enforce, or to defend against enforcement, of the provisions of
this Agreement. The provisions of this Section 10.9 shall survive the termination of this Agreement.

 

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10.10. Notices.
All notices required or permitted hereunder shall be in writing and shall be served on the parties at the addresses set forth below:

 

	 	To Seller:	Elmsford 119 Associates LLC
	 	 	80 Business Park Drive, Suite 306
	 	 	Armonk, New York 10504
	 	 	Attention: Martin Berger (berger@saberfund.com)
	 	 	 
	 	With a copy to:	DelBello Donnellan Weingarten
	 	 	Wise & Wiederkehr, LLP
	 	 	One North Lexington Avenue
	 	 	White Plains, New York 10601
	 	 	Attention: Lynn P. Consentino, Esq. (lpc@ddw-law.com)
	 	 	 
	 	To Purchaser:	c/o LMP Automotive
	 	 	500 East Broward Blvd Suite 1900
	 	 	Ft. Lauderdale, FL 33394
	 	 	Attention: Sam Tawfik
	 	 	sam@lmpmotors.com
	 	 	 
	 	With a copy to:	Holland & Knight LLP
	 	 	31 West 52nd Street
	 	 	New York, New York 10019
	 	 	Attention: Rita Dattola, Esq.
	 	 	Phone 212.513.3220
	 	 	rita.dattola@hklaw.com 

 

Any such notices
shall, unless otherwise provided herein, be deemed given or served (a) if sent postage prepaid, by certified mail, return receipt requested,
(b) if sent by overnight delivery using a nationally recognized overnight courier, (c) if delivery is effected by personal delivery, or
(d) by electronic mail addressed to the electronic mail address for the party to be notified, with a confirmation copy delivered by another
method permitted under this Section 10.10. Notice given in accordance herewith for all permitted forms of notice other than by
electronic mail, shall be effective upon the earlier to occur of actual delivery to the address of the addressee or refusal of receipt
by the addressee. Notice given by electronic mail in accordance herewith shall be effective upon the entrance of such electronic mail
into the information processing system designated by the recipient’s electronic mail address. Except electronic mail notices as
described above, no notice hereunder shall be effective if sent or delivered by electronic means. In no event shall this Agreement be
altered, amended or modified by electronic mail or electronic record. A party’s address may be changed by written notice to the
other party; provided, however, that no notice of a change of address shall be effective until actual receipt of such notice. Copies of
notices are for informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give
notice. Notices given by counsel to Purchaser shall be deemed given by Purchaser, and notices given by counsel to Seller shall be deemed
given by Seller.

 

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10.11. Construction.
The parties acknowledge that the parties and their counsel have reviewed this Agreement and agree that the normal rule of construction
to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement
or any exhibits or amendments hereto.

 

10.12. Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
and all of such counterparts shall constitute one Agreement. To facilitate execution of this Agreement, the parties may execute and exchange,
by telephone facsimile or pdf attachments to emails, counterparts of the signature pages.

 

10.13. Further
Assurances. In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by either
party at Closing, each party agrees to perform, execute and deliver, but without any obligation to incur any additional liability or expense,
on or after the Closing any further deliveries and assurances as may be reasonably necessary to consummate the transactions contemplated
hereby or to further perfect the conveyance, transfer and assignment of the Property to Purchaser. The provisions of this Section 10.13
shall survive the Closing.

 

10.14. Discharge
of Obligations. The delivery of all of the items specified in Section 6.3.1 of this Agreement, and the acceptance thereof
by Purchaser shall be deemed the full performance and discharge of every obligation on the part of Seller to be performed hereunder, except
those obligations of Seller that are expressly stated in this Agreement to survive the Closing. The delivery of the items specified in
Section 6.3.2 of this Agreement, and the acceptance thereof by Seller shall be deemed the full performance and discharge of every
obligation on the part of Purchaser to be performed hereunder, except those obligations of Purchaser which are expressly stated in this
Agreement to survive the Closing.

 

10.15. No
Third-Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing are and
shall be for the benefit of Seller and Purchaser only and are not for the benefit of any third party, and accordingly, no third party
shall have the right to enforce the provisions of this Agreement or of the documents to be executed and delivered at Closing. 

 

10.16. Brokerage.
Seller and Purchaser each represent and warrant to the other that it has not dealt with any broker, consultant, finder or like agent who
might be entitled to a commission or compensation on account of introducing the parties hereto, the negotiation or execution of this Agreement
or the closing of the transactions contemplated hereby. Each party agrees to indemnify and hold harmless the other party from and against
all claims, losses, liabilities and expenses, including, without limitation, reasonable attorneys’ fees and disbursements caused
by or arising out of: (a) a breach of the foregoing representation of the indemnifying party; and (b) any claim made by any broker, consultant,
finder or like agent claiming to have dealt with the indemnifying party. The provisions of this Section 10.16 shall survive the
Closing or the termination of this Agreement.

 

10.17. Assignment.
Neither Seller nor Purchaser may assign its rights, obligations and/or benefits under this Agreement without the prior written consent
of the other party, such consent to be granted or withheld in such party’s sole discretion. Unless expressly consented to in writing
by the other party, any change in control of either Seller or Purchaser, or of any of the direct or indirect ownership interests in Seller
or Purchaser, at any level or tier of ownership, whether in one transaction or a series of transactions, shall constitute an assignment
for purposes of this Section 10.17. Any other purported or attempted assignment or delegation without obtaining the prior written
consent of the other party to this Agreement hereunder shall be void and of no effect. Notwithstanding the foregoing, Purchaser may assign
this Agreement to a special purpose entity prior to or at closing.

 

    44

     

    

 

10.18. Press
Releases. Subject to their respective obligations under applicable law, and subject to the terms set forth in Section 10.8
of this Agreement, Purchaser and Seller will consult with each other before issuing, or permitting any agent or affiliate to issue, and
provide each other the opportunity to review and make reasonable comment upon, any press releases or otherwise making or permitting any
agent or affiliate to make, any public statements with respect to this Agreement and the transactions contemplated hereby and, except
as may be required by applicable law, will not issue any such press release or make any such public statement prior to such consultation.
Each of the parties to this Agreement agrees not to make any public statement with respect to this Agreement and/or the transactions contemplated
hereby without receipt of the prior approval of the other party. The terms of this Section 10.18 shall survive the Closing. For
the purposes of this Section 10.18, press releases and public statements shall not include documents prepared in connection with
obtaining equity or debt financing by Purchaser or its affiliates. 

 

10.19. Like
Kind Exchange per I.R.C. 1031. Elmsford-119 Associates, LLC contemplates carrying out a Like Kind Exchange pursuant to Section
1031 of the Internal Revenue Code (the “Code”), in connection with its sale of the Property. In the event that
Seller and Purchaser reach agreement on the terms of a replacement property or if Seller otherwise arranges a Like Kind Exchange with
a third party, Seller and the Purchaser agree at no cost, expense, and/or liability to either of them, to execute any documents reasonably
acceptable to Purchaser and reasonably requested by Seller in order to allow Seller to comply with the requirements of its Qualified Intermediary
including but not limited to an Assignment and Acceptance Form. Further, Purchaser agrees that within thirty (30) days of Sellers’
request following the Expiration Date it shall cause its affiliate LMPX Automotive Holdings, Inc. (“LMPX”) to
provide list of eligible Automobile Dealership Locations (“ADL’s”) that it is willing and able to sell
to Seller such that Seller can effectuate a Like-Kind Exchange of the Property pursuant to the Code. Purchaser shall propose terms of
sale with respect to an ADL that is of interest to Seller and the parties shall in good faith attempt to reach agreement on mutually agreeable
terms. Neither party is bound to sell or purchase an ADL unless and until the parties execute and deliver a binding written agreement.
Seller has proposed the sale and leaseback terms set forth on Exhibit H attached hereto and incorporated herein as an indication
of the terms that Seller may find acceptable but such terms are not binding on either party. In the event that Seller and Purchaser enter
into a binding agreement for a Like Kind Exchange, the Parties agree to cooperate with each other in the consummation of the Like Kind
Exchange, provided that the sale and purchase pursuant to this Agreement is not contingent on the parties’ reaching agreement on
a Like Kind Exchange and such transaction shall not delay the Closing. This Section 10.19 shall survive Closing. 

 

10.20. Proper
Execution. The submission by Purchaser to Seller or by Seller to Purchaser (or by their respective attorneys) of this Agreement
in an unsigned form will be deemed to be a submission solely for the other party’s consideration and not for acceptance and execution.
Such submission will have no binding force and effect, will not constitute an option or an offer, and will not confer any rights upon
either party or impose any obligations upon either party irrespective of any reliance thereon, change of position or partial performance.
The submission by Purchaser to Seller or Seller to Purchaser of this Agreement for execution by the other party and the actual execution
thereof by either party and delivery to the other party will similarly have no binding force and effect on the party that executed the
Agreement unless and until Purchaser and Seller will have executed this Agreement and a counterpart hereof executed by Purchaser and Seller
will have been delivered to each party.

 

10.21. No
Partnership. Nothing contained in this Agreement will be construed to create a partnership or joint venture between the parties
or their successors in interest or permitted assigns.

 

10.22. No
Recording or Notice of Pendency. The parties hereto agree that neither this Agreement nor any memorandum hereof shall be recorded.
Supplementing the other liabilities and indemnities of Purchaser to Seller under this Agreement, and notwithstanding any other provision
of this Agreement (including, without limitation, any provision purporting to create a sole and exclusive remedy for the benefit of Seller),
Purchaser agrees to indemnify and hold Seller harmless from and against any and all losses, costs, damages, liens, claims, counterclaims,
liabilities or expenses (including, but not limited to, reasonable attorneys' fees, court costs and disbursements) incurred by Seller
arising from or by reason of the recording of this Agreement, any memorandum hereof, or any notice of pendency (unless Purchaser prevails
in a final unappealable or unappealed order against Seller in the action underlying such notice of pendency) or any other instrument against
the Property in any case, by Purchaser. The provisions of this Section 10.22 shall survive the Closing or termination of this Agreement.

 

[Signature Page Follows]

 

    45

     

    

 

EXECUTION VERSION

 

IN WITNESS WHEREOF, the parties
hereto have executed this Purchase and Sale Agreement as of the Effective Date.

 

	 	Seller:
	 	 
	 	
    ELMSFORD-119 ASSOCIATES, LLC,

    a New York limited liability company

	 	
    

	 	By:	                           
	 	Name:
	 	Title: 
	 	 
	 	Purchaser:
	 	 
	 	
    LMP ELMSFORD WP RE, LLC,

    a New York limited liability company

     

    By: LMP Automotive Holdings, LLC, its sole member 

	 	 
	 	By:	     
	 	Name: 	Sam Tawfik
	 	Title: 	Manager

 

[Signature Page - Purchase and Sale Agreement]Exhibit 10.1

      

      

      

      

      

      

      
        
          
            	
                    
                      October 25, 2021

                    

                  	
                    Modine Manufacturing Company

                    1500 DeKoven Avenue

                    Racine, Wisconsin 53403-2552

                    Tel. 262.636.1200

                    Fax  262.631.7720

                  

          

        

      

    

    Joel Casterton 

    [address withheld]

     

    

    
      	
              Re:

            	
              Separation from Modine Manufacturing Company

            

    

     

    
      Dear Joel:

      

      

      As we have discussed, the company has elected to make a change to the leadership structure of the HDE organization and as a result your employment as an officer with Modine Manufacturing
        Company and certain affiliates (“Modine” or the “Company”) will be terminated. The planned effective date of this separation is October 29, 2021. This separation date can be extended with mutual written agreement.

      

      

      Subject to certain terms and conditions (including execution of a release), you are eligible to participate in and receive severance payments under the Supplemental Severance Plan, as amended
        and restated, effective January 25, 2012 (the “Severance Plan”). These payments and benefits are summarized in Attachment A hereto. The required Release Agreement is provided as Attachment B.

       

      Pursuant to certain incentive compensation plans, you were granted Retention Restricted Stock Unit Awards, options to purchase common stock, Performance Stock Awards and Management Incentive
        Plan (“MIP”) awards. You may exercise vested options to purchase common stock in accordance with the terms of your stock option award agreements and the incentive compensation plans under which they were issued after you cease to be employed with
        the Company. In order to obtain the favorable tax benefits of incentive stock options, you must exercise these options no later than 90 days after your termination of employment. Attachment C contains a list of all of your outstanding and
        vested options to purchase common stock.

       

      Under the equity plans, all Performance Stock Awards for which the performance period has not been completed will terminate. Also, separation prior to the time of equity grant vesting results
        in forfeiture of all unvested Retention Restricted Stock Unit Awards, unvested options to purchase common stock and the Performance Share awards for FY 20-22 and Performance Cash Awards for FY21-23 and FY22-24. However, in light of your service to
        the Company, and in consideration for certain additional requirements, you may receive a MIP payout, as well as continued vesting on certain Restricted Stock Unit, Stock Option and Performance Stock Awards as set forth in Attachment A, and
        subject to the terms of the Restrictive Covenant Agreement attached as Attachment D.

      

      

      Please note the following:

       

      
        
          
            
              	 	
                      •

                    	
                      Any earned but unused FY2022 vacation, minus typical wage and tax deductions, will be paid to you in a lump sum on your final active employee paycheck.

                    

            

          

        

      

       

      	

            	•	
              If you file for unemployment compensation, it will not be contested by Modine. Eligibility will be determined by the state unemployment commission.

            

       

      

    

    
      
        

    

    	

          	•	
            Your participation in all other Modine benefit programs ends upon your separation date. Information on your benefit plan options, including COBRA for health, dental and vision, life
              insurance conversion and retirement plan distributions is included with this letter.

          

     

    We also want to remind you that any person who ceases to be an officer or director (i.e., an “insider”) of the Company continues to have certain obligations under the federal securities laws.
      Specifically, in order to avoid penalties, you should be aware of the following:

     

    Insider Trading Restrictions. You may not buy or sell securities of the Company if you are in possession of material nonpublic information obtained from the Company or
      any party associated with the Company. In addition, you may not furnish ("tip") material nonpublic information about the Company to any person who might trade on the information.

     

    Short-Swing Profit Rule Applies Up to Six months After Termination. Section 16(b) of the Securities and Exchange Act of 1934, as amended, which subjects insiders to the
      loss of profits on any sale and purchase of the Company’s equity securities within a six-month period, continues to apply to non-exempt transactions that occur within less than six months of an opposite-way, non-exempt transaction that took place
      while you were an officer. According to our records, your last non-exempt transaction was more than six months ago.

     

    Form 4. You must file a Form 4 to report any non-exempt transaction in Company stock. It is our understanding that the Company has filed on your
      behalf all Forms 4 required to be filed and all transactions that are reportable on a Form 4, have been reported.

     

    Form 5. You must file a Form 5 within 45 days after the close of the Company’s current fiscal year (i.e., not later than May 15, 2021) to report any pre-termination
      transactions and any reportable post-termination transactions not previously reported on a Form 4.

     

    Exit Box. We will be happy to file any necessary Forms 4 and 5 for you after January 7, 2021. However, in the event you file them yourself, please check the “exit” box
      in the upper left-hand corner of the form.

     

    Section 16 reporting requirements are quite complex. If you have any questions regarding reporting requirements, please don’t hesitate to consult with Sylvia Stein.

     

    	 	
            Sincerely,

          
	 	 
	 	
            /s/ Brian Agen

          
	 	 
	 	
            Brian J. Agen

          

     

    

    
      
        

      
        Attachment A

        

      

    

    
     Separation Payments & Benefits

     

    Supplemental Severance Plan

     

    Under the Supplemental Severance Plan, you are eligible for separation pay and benefits as follows:

     

    	

          	•	
            Annual base salary (52 weeks of severance pay at the same base rate paid to you prior to your termination), which is subject to applicable wage and tax deductions. Severance benefits will
              be paid on a bi-weekly basis.

          

     

    	

          	•	
            If you participate in Modine’s health and/or dental plans, your active health coverage ends immediately. You may elect to continue your coverage for up to 18 months through COBRA. Modine
              will pay your full COBRA premium for the twelve (12) months following your termination of employment. This will be a taxable benefit to you. If you elect COBRA coverage beyond these twelve (12) months, you will be responsible for the full
              cost of the coverage. Additional details regarding benefit continuation will be provided to you by our COBRA administer.

          

     

    	

          	•	
            Modine will also coordinate an executive outplacement program to support you in this career transition, should you choose to participate in such program.

          

    

    

    Please note that you will not receive the foregoing separation benefits described above unless you sign the Release Agreement (“Agreement”) at Attachment B. Please review
      carefully. We advise you to consult your attorney or tax advisor prior to signing the Agreement. You have Twenty-one (21) days following your separation date to consider whether or not to sign the Agreement.

    

    

    Treatment of Certain Unvested Restricted Stock Units, Options Performance Shares, Performance Cash Awards and FY22 MIP

     

    Subject to your execution of the Restrictive Covenant Agreement, Attachment D, the Company will waive certain vesting requirements such that your unvested
      Restricted Stock Units (“RSUs”) granted under the FY19, FY20 and FY21 LTIP plans and scheduled to vest in 2022 and 2023, unvested Options granted under the FY19, FY20 and FY21 LTIP plans and scheduled to vest in 2022, and a pro-rata portion of your
      unvested Performance Shares applicable to the FY20- 22 period will continue to vest on their normal vesting schedule, and a pro-rated MIP payment for FY22 may be available.

     

    

      A-1

      
        

      
        Attachment A

        

      

    

    Outlined below is a summary of such benefits:

     

    	
            RSU Grant Date and Vesting Schedule

          	
            2022

          	
            2023

          
	 	 	

          
	
            5/30/18 LTIP RSU

          	
            1,755

          	

          
	 	 	

          
	
            5/29/19 LTIP RSU

          	
            2571

          	
            2,574

          
	 	 	 
	
            10/2/2020 LTIP RSU

          	
            5,151

          	
            5,151

          

    

    

    	
            Options Grant Date and Vesting Schedule

          	
            2022

          
	 	 
	
            5/30/18 LTIP Options

          	
            1,995

          
	 	 
	
            5/29/19 LTIP Options

          	
            3,061

          
	 	 
	
            10/2/2020 LTIP Options

          	
            5,139

          

    

    

    	

          	•	
            RSUs in the schedule above shall vest, and with respect to RSUs, and shares will be issued thereunder, pursuant to the normal vesting schedule as if you were actively employed on such
              vesting dates.

          

     

    	

          	•	
            Should a payout be earned under the FY20-22 Long-term Incentive Plan, you will receive a Performance Share payout pro-rated based upon your months of active service during the performance
              period, payable in 2022 at the same time that other active participants receive payment, if any.

          

     

    	

          	•	
            A June 2022 lump-sum payment equivalent to any FY22 MIP Payout which you would have received, if a MIP payout is authorized by the HCC committee. This payment will be pro-rated based upon
              your months of active employment during FY22.

          

     

    Please note that any remaining unvested RSUs, Options or Performance Cash Awards related to the FY20 or FY21 LTIP plans not shown on the vesting tables above, and all unvested
      RSU’s, Stock Options and Performance Cash awards related to the FY22 LTIP Plan will be forfeited effective upon your separation date.

     

    

    

      A-2

      
        

      
        Attachment B

        

      

    

    
    MODINE MANUFACTURING COMPANY

     

    RELEASE AGREEMENT (“AGREEMENT”)

     

    
      
        	 	
                1.

              	
                General Release of Claims.

              

      

    

     

    In exchange for the Severance Payment in Paragraph 8, I hereby release Modine from, and covenant not to sue Modine with respect to, any and all claims I
      have or may have against Modine.

    

    

    	 	2.	
            Claims to Which Release Applies.

          

     

    This release applies both to claims that are now known or are later discovered.

     

    

    However, this release does not apply to any claims that may arise after the date I execute this release. This release does not apply to any claims that may not be released
      under applicable law, including, but not limited to any charge or complaint filed with any administrative agencies such as the United States Equal Employment Opportunity Commission (“EEOC”).

     

    	 	3.	
            Claims Released Include Age Discrimination and Employment Claims.

          

     

    The claims released include, but are not limited to (1) claims arising out of or relating in any way to my employment with Modine or the conclusion of that employment; (2)
      claims for wrongful discharge, breach of contract, harassment, unlawful terms and conditions of employment, retaliation, defamation, invasion of privacy, discrimination (including, but not limited to, discrimination on the basis of age under the Age
      Discrimination in Employment Act, as amended (29 U.S.C. Section 621 et. seq.); Wisconsin Fair Employment Act, Wis. Stats. §111.33, et seq.; Wis. Stats. § 101.11; 943.39; Title VII of the Civil Rights Act of 1964, as amended; the Genetic Information
      Nondiscrimination Act; the Americans With Disabilities Act, as amended; Section 1981 of

     

    U.S.C. Title 42; National Labor Relations Act; Employee Retirement Income Security Act of 1974; the Equal Pay Act; state or federal parental, family and medical leave acts; invasion of privacy;
      the Uniformed Services Employment and Reemployment Rights Act (USERRA), or any other local, state, or federal military and/or veterans rights act, or any other claim based on veteran status; or arising under any other local, state or federal statute,
      ordinance, regulation or order); and (3) claims arising under any other federal, state or local law, regulation, ordinance or order that regulates the employment relationship and/or employee benefits. Neither Modine’s signing of this release, nor any
      actions taken toward compliance with its terms, constitutes Modine’s admission of any liability to me other than under this release, or of any wrongdoing under any federal, state or local laws.

     

    

    

      B-1

      
        

      Attachment B

    

    	 	4.	
            Release Covers Claims Against Related Parties.

          

     

    For purposes of this release the term “Modine” includes Modine Manufacturing Company and any of its present, former and future owners, parents, affiliates and subsidiaries, and
      its and their directors, officers, shareholders, employees, agents, servants, representatives, predecessors, successors, assigns, and retirement plan administrators and fiduciaries.

     

    Therefore, the claims released include claims I have against any such persons or entities, as of the date of my execution of this Agreement.

     

    	 	5.	
            The Terms “Claims” and “Release” are Construed Broadly.

          

     

    As used in this release, the term “claims” shall be construed broadly and shall be read to include, for example, the terms “rights”, “causes of action (whether arising in law
      or equity)”, “damages”, “demands”, “obligations”, “grievances” and “liabilities” of any kind or character. Similarly, the term “release” shall be construed broadly and shall be read to include, for example, the terms “discharge” and “waive.”

     

    	 	6.	
            Release Binding on Employee and Related Parties.

          

     

    This release shall be binding upon me and my agents, attorneys, personal representatives, executors, administrators, heirs, beneficiaries, successors and assigns.

     

    	 	7.	
            Employee Rights and Protections.

          

     

    Nothing in this Agreement, or any agreement or policy referenced in it, is intended or interpreted to prohibit me: (a) from participating, cooperating or providing information
      in an investigation by the EEOC or other government agency or entity regarding any claim released in this Agreement, any of the terms and conditions of this release or my employment with Modine, or as may be required or permitted by law; (b) from
      seeking a judicial or administrative determination regarding the validity of the waiver and release set forth in this Agreement or from filing a charge or complaint with the EEOC or other government agency or entity; or (c) from reporting possible
      violations of federal law or regulation to any government agency or entity or making any disclosures that are protected under the whistleblower provisions of federal law or regulation or otherwise cooperating with any government inquiry without
      advance approval by or notice to Modine. Further, nothing in this Agreement shall be construed to prevent me from communicating with any government agency regarding matters that are within the agency’s jurisdiction. Specifically, I may provide
      information to the Securities and Exchange Commission regarding any possible securities law violations, and recover an award from the Securities and Exchange Commission as a result of my reporting such possible violations. Modine’s acknowledgment of
      this exception does not otherwise limit the scope of the waiver and release in Paragraphs 2 – 6 of this Agreement; I do, however, waive any right to recover damages or obtain any monetary or any other personal relief of any kind based on (y) a charge
      filed with the EEOC or state or local EEO agency, or (z) any lawsuit arising from such a charge.

     

    

    

      B-2

      
        

      Attachment B

    

    	 	8.	
            Severance Payment.

          

     

    I have executed this release in consideration of the benefits under the Modine Salaried Employee Severance Plan (the “Severance Payment”), as further described in the letter to
      which this Agreement is affixed (the “Letter”) accompanying this Agreement. I acknowledge that these benefits represent consideration in addition to anything of value that I am otherwise entitled to receive from Modine. I further acknowledge that the
      benefits described in the Plan are sufficient to support this release.

    

    

    	 	9.	
            Representations.

          

     

    In connection with my decision to provide this release I acknowledge that I have not relied on any verbal or written representations by Modine other than those explicitly set
      forth in this Agreement itself.

    

    

    	 	10.	
            Opportunity to Consider this Release; Consultation with Attorney.

          

     

    Because I am over 40 years of age, the Company hereby provides me with the following disclosures to ensure that my release and waiver of claims arising under the Age
      Discrimination in Employment Act (“ADEA”) is knowing and voluntary. The Company and I agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. I acknowledge
      that the consideration of the Severance Payment given for my release under this Agreement is in addition to anything of value to which I was already entitled. By signing (and not revoking) this Agreement, I am permanently giving up, surrendering, and
      waiving any claim that the Company subjected me to unlawful discrimination or harassment, took any other unlawful adverse action against me, or violated any other provision of law in connection with my employment or termination from employment. I
      have read this release and fully understand its terms. I have been offered twenty-one (21) days to consider its terms.  MODINE HEREBY RECOMMENDS AND I ACKNOWLEDGE THAT I HAVE BEEN ADVISED IN WRITING TO CONSULT WITH
        AN ATTORNEY BEFORE SIGNING THIS RELEASE.

    

    

    	 	11.	
            Voluntary Agreement.

          

    

    

    I have entered into this Agreement knowingly and voluntarily and understand that its terms are binding on me.

     

    

    

      B-3

      
        

      Attachment B

    

    	 	12.	
            Partial Invalidity of Release.

          

     

    If any part of this Agreement is held to be unenforceable, invalid or void, then the balance of this Agreement shall nonetheless remain in full force and effect to the extent
      permitted by law.

     

    	 	13.	
            Return of Modine Property; Confidentiality.

          

     

    I have returned or will return to Modine any and all Modine property, including all equipment, telephones, keycards, records, files, papers, handbooks, Confidential Information
      (as defined below), computers and computer equipment that I had in my possession in whatever form, including electronic media.

     

    During the course of my employment with Modine, I have had access to, received and/or developed information that is confidential to Modine including, without limitation,
      information pertaining to financial matters, budgets, strategic plans, marketing, sales, customers, business plans, inventions, processes, formulas, designs, supplies, products and employees (the “Confidential Information”). Confidential Information
      shall not include any information that is in the public domain by means other than improper disclosure, but shall include non-public compilations, combinations or analysis of otherwise public information. The restrictions set forth in this paragraph
      are in addition to and not in lieu of any obligations I may have under the law with respect to Modine’s Confidential Information, including any obligations I may owe under Wis. Stat. § 134.90 or similar statutes governing trade secrets which may
      extend beyond the contractual period restrictions herein. I acknowledge and agree that all Confidential Information was or is hereby assigned to and remains the exclusive property of Modine. I agree that I will maintain the Confidential Information
      in strict confidence and not disclose it to any person or use it in any way to harm Modine for a period of two (2) years following the end of my employment unless specifically required by this Agreement, by law or by written permission of Modine.

     

    I further agree that I have not and will not, except as specifically noted below, make known the negotiations leading to and contents or terms of this Agreement except to my
      spouse, counsel or tax advisor or except as required by law or as may be necessary in order to enforce this Agreement, and agree that if disclosure is made to my spouse, counsel or tax advisor, they shall also be bound by this confidentiality
      provision and I shall take all reasonable steps to ensure that they comply with it.

     

    	 	14.	
            Headings.

          

     

    The headings and subheadings in this Agreement are inserted for convenience and reference only and are not to be used in construing this Agreement.

     

    

    

      B-4

      
        

      Attachment B

    

    	 	15.	
            Applicable Law.

          

    

    

    Wisconsin state law will apply in connection with any dispute or proceeding concerning this Agreement.

     

    	 	16.	
            Suit in Violation of this Agreement - Loss of Benefits and Payment of Costs.

          

     

    If I bring an action against Modine in violation of this Agreement or if I bring an action asking that this Agreement be declared invalid or unenforceable, I agree that prior
      to the commencement of such an action I will tender back to Modine all payments that I have received as consideration for my release under this Agreement. If my action is unsuccessful, I further agree that I will pay all costs, expenses and
      reasonable attorneys’ fees incurred by Modine in its successful defense against the action. However, the previous two sentences shall not be applicable to an action, if I bring it, challenging the validity of this Agreement under the Age
      Discrimination in Employment Act (which I may do without penalty under this release). I acknowledge and understand that all remaining benefits to be provided to me as consideration for this Agreement will permanently cease as of the date such action
      is instituted.

     

    	 	17.	
            No Further Employment.

          

     

    By executing this Agreement and accepting the Severance Payment, I agree not to seek further employment with Modine, directly or indirectly through another entity, including
      but not limited to a temporary employment agency or independent contractor.

     

    	 	18.	
            Non-disparagement.

          

     

    I agree that I will not make disparaging remarks about Modine or its products, practices, or conduct (including personnel practices), provided, however, that I may give
      truthful testimony about such matters if properly subpoenaed to do so or requested to do so by a government agency.

     

    	 	19.	
            Preservation of Rights under Benefit Plans and Indemnities.

          

     

    This Agreement shall not adversely affect my rights to receive any benefit that I am otherwise entitled to receive under any of Modine’s qualified and nonqualified benefit
      plans, or any rights I may have to indemnification under Modine’s officers and directors’ insurance coverage, Modine’s Articles of Incorporation or Bylaws or any expressly written indemnity agreement between Modine and me.

     

    

    

      B-5

      
        

      Attachment B

    

    	 	20.	
            7 Day Revocation Period.

          

     

    I understand that I have a period of seven calendar days following the date I deliver a signed copy of this Agreement to Modine Manufacturing Company, Attn: Brian J. Agen, 1500
      DeKoven Avenue, Racine, Wisconsin 53403 to revoke this Agreement by giving written notice to that person. This Agreement and my entitlement to the Severance Payment described in the Letter will be binding and effective upon the expiration of this
      seven day period if I do not revoke, but not before.

     

    	 	21.	
            Total Amount of Severance Payments.

          

     

    I understand that the Severance Payment and all other benefits payable to me in connection with this Agreement have been designed to qualify as a separation pay plan that is
      exempt from certain federal tax laws that govern the payment of non-qualified, deferred compensation. I further understand that, because of this, the total amount of severance payments that I receive, as described in the Letter, will not be greater
      than two times the lower of the following two amounts: (1) my annualized compensation for the year prior to the year of my termination (as determined by Modine under Treasury Regulation 1.409A-1(b)(9)(iii)) or (2) the dollar limitation set by the
      Internal Revenue Service under Internal Revenue Code section 401(a)(17) for the calendar year of my termination ($260,000 in 2014). In addition, I further understand that, except for possibly COBRA coverage, no severance payment or benefit due to me
      in connection with this Agreement will, under any circumstances, be provided after December 31 of the second calendar year after the year of my termination. I understand that any future employment and income tax consequences (including related
      penalties and interest) on payments or consideration received under this Agreement are my responsibility and will not provide a basis to set aside or in any way alter this release.

     

    	 	22.	
            Cooperation with Government Agencies.

          

     

    Nothing in this Agreement, including but not limited to the provisions in Sections 2, 3, 4, 5, 6, 13, and 18 above, (a) limits or affects my right to challenge the validity of
      this Agreement, including a challenge under the Age Discrimination in Employment Act of 1967, as amended; (b) interferes with my right and obligations to give truthful testimony under oath; or (c) precludes me from participating in an investigation,
      filing a charge, or otherwise communicating with the Equal Employment Opportunity or other state or federal agencies responsible for enforcing anti-discrimination laws. That notwithstanding, by signing below, I agree and acknowledge that I do,
      however, waive any right to recover damages or obtain individual relief that might otherwise result from the filing of any such charge.

     

    

      B-6

      
        

      Attachment B

    

    	 	23.	
            Entire Agreement.

          

    

    

    Unless otherwise stated in this Agreement, I acknowledge that I have not relied on any verbal or written representations by any Company representative other than those
      explicitly set forth in this Agreement. This Agreement sets forth the entire agreement between the Company and me and completely supersedes any prior agreements, oral statements or understandings concerning the termination of my employment and any
      benefits I might receive following that termination. This Agreement does not supersede my obligations and the Company's rights under any confidentiality, intellectual property, or any other restrictive covenant I may have signed with the Company. I
      agree that I am not entitled to any other severance, benefits, vacation accrual, bonus, commission or other payments of any kinds from the Company, except those described in this Agreement or in the Letter accompanying this Agreement.

    

    

    EXECUTED THIS 29th DAY OF Oct., 2021.

    

    

    
      	
              /s/ Joel Casterton

            	
               

            
	
              
                Employee's Signature

              

            	
               

            

    

     

    

    
      	Employee’s Name:	Joel Casterton	(please print)

    

    
      	
               

            

    

    

    

    Received by:

    

    

    	
            /s/ Brian Agen

          	 

     

    Modine Manufacturing Company 

    1500 DeKoven Avenue

    Racine WI 53403

     

    
      	Name:	Brian Agen 

            	
               

            	Date:	11/1/21	
               

            

    

     

    

    Title:    Vice President – Human Resources

     

        

    

      B-7

      
        

      Attachment C

    

    
    Outstanding and Vested Options

    

    

    	
            Vested But Unexercised Options

          	 
	 	 	
            ISO

            Options

          	 	
            NQ

            Options

          	 	 	 	 	 	 
	
            Casterton Vested Options

          	 	 	 	 	 	 	 	 
	
            6/2/14 Grant - $14.94

          	 	
            204

          	 	 	 	
             

             

            Option grants expire one (1) year from termination date unless ten-year grant expiration is earlier.

          	 
	
            6/2/15 Grant - $11.39

          	 	
            632

          	 	 	 	 
	
            5/31/16 Grant - $10.00

          	 	
            1,569

          	 	 	 	 
	
            6/1/17 Grant - $15.90

          	 	
            1,355

          	 	 	 	 
	
            5/30/18 Grant - $17.90

          	 	
            5,979

          	 	 	 	 
	
            5/29/19 Grant - $13.26

          	 	
            6,122

          	 	 	 	 
	
            10/2/20 Grant - $6.62

          	 	
            2,766

          	 	
            2,373

          	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	
            18,627

          	 	
            2,373

          	 	 	 	 	 	 
	
            In all cases, Incentive Stock Options (ISO) become Non-Qualified (NQ) Options ninety (90) days after termination

          	 

     

    

    

      C-1

      
        

      Attachment D

    

    
    
       RESTRICTIVE COVENANT AGREEMENT

    

    

    

    This  RESTRICTIVE  COVENANT  AGREEMENT  (this  “RCA”),  dated as  of Nov. 1, 2021 (the “Effective Date”), is
      entered into by and between Modine Manufacturing Company on behalf of itself and its affiliates, subsidiaries, and successors (the “Company” or “ Modine”), and Joel T. Casterton (“Casterton”) (collectively, referred to herein as the “parties”).

     

    WHEREAS, in connection with the termination of Casterton’s employment with the Company, the Company and Casterton have entered into a Release Agreement,
      dated Nov. 1, 2021.

     

    WHEREAS, during the course of employment, Casterton established, maintained, and/or improved knowledge of or relationships or goodwill with Company
      employees and customers and/or has learned Company’s Trade Secrets or Confidential Information (as defined below). Company’s Confidential Information, Trade Secrets, and employee relationships have been developed by Company at considerable expense
      and effort and/or over a number of years, and but for Casterton’s employment with Company, Casterton would not know Company’s Trade Secrets and Confidential Information, and Casterton would not be able to create, improve, and maintain relationships
      with Company employees. Company would not offer the additional consideration contained in this RCA if Casterton did not accept the terms hereof.

    

    

    WHEREAS, the Company and Casterton agree that the Company has a substantial and legitimate business interest in, among other things, the Company’s
      Confidential Information and Trade Secrets and employee and customer relationships.

    

    

    NOW, THEREFORE, for good and valuable consideration, to which Casterton would not otherwise be entitled without entering into this RCA, including the
      Consideration, the sufficiency of which are hereby acknowledged, the parties agree as follows:

     

    
      
        	 	
                (a)

              	
                Definitions.

              

      

    

     

    	

          	1.	
            “Business of the Company” or “the Company’s Business” means the business of Modine’s Heavy Duty Equipment business unit (“HDE”) business unit, including, without limitation, the design,
              manufacturing and sale of heat transfer components and systems and software and services related thereto, all as performed by the Company on the Termination Date or within the twenty-four (24) months prior to the Termination Date.

          

     

    	

          	2.	
            “Competitor” means any Person (including Casterton or an entity that Casterton becomes affiliated with or renders services to) that conducts or that is directly engaged in whole or in
              relevant part in any business or enterprise which is the same as, or substantially the same as, the Business of the Company.

          

     

    	

          	3.	
            “Competitive Services” means owning, managing, operating, joining, controlling, being employed by or with, or participating in any manner with a Competitor, where Casterton is providing
              the same or substantially similar services that Casterton provided to the Company during his employment.

          

     

    

    

      D-1

      
        

      Attachment D

    

    	

          	4.	
            “Competitive Products” means (i) any product which is sold or provided in competition with a product sold or offered by the HDE Unit during the twenty-four (24) months immediately
              preceding the date of Casterton’s termination of employment with the Company and for which the Company has over $1 million in annual sales during that twenty-four (24) month period, and (ii) any products which are sold or provided in
              competition with a product that the Company can show by written evidence is in active development by the Company in connection with the HDE business.

          

    

    

    	

          	5.	
            “Confidential Information” means information and the compilation of information related to the operation of the Company that derives economic value, actual or potential, from not being
              generally known to or readily available or ascertainable by other Persons who can obtain economic value from its disclosure to or use by them. Assuming the foregoing criteria are met, Confidential Information includes, but is not limited to:

          

     

    	

          	•	
            Potential acquisitions and future growth plans;

          

    	

          	•	
            Company succession and planning information;

          

    	

          	•	
            Employee personnel information;

          

    	

          	•	
            Compilations of information concerning research and development of the Company’s products or services;

          

    	

          	•	
            Designs, discoveries, ideas, algorithms, computer software code, protocols, formulas, mask works, compositions, patents, copyrights and trademarks;

          

    	

          	•	
            Names and other listings of Restricted Customers and Prospective Customers (including contact information);

          

    	

          	•	
            Proposals made to Restricted Customers or Prospective Customers or other information contained in bids or offers to such Restricted Customers or Prospective Customers;

          

    	

          	•	
            The terms of any arrangements or agreements with Customers, including the amounts paid for such services or how pricing was developed by the Company;

          

    	

          	•	
            The layout, design, and implementation of Restricted Customer-specific projects;

          

    	

          	•	
            The identity of vendors/suppliers and vendor/supplier pricing information and subcontractors;

          

    	

          	•	
            The composition or description of future services and/or products that are going to be or may be provided by the Company;

          

    	

          	•	
            The Company’s financial, marketing, and sales information;

          

    	

          	•	
            Costing information;

          

    	

          	•	
            Profit, loss, and margin information;

          

    	

          	•	
            Technical expertise and know-how developed by the Company, including the unique manner in which the Company conducts its business; and

          

    	

          	•	
            Any information disclosed to the Company by a third party (including, but not limited to, the Company’s customers and Prospective Customers) which the Company is obliged to treat as
              confidential.

          

     

    Confidential Information excludes information that:

     

    

    	

          	•	
            Is already known to the disclosed-to party prior to such disclosure, and is not obtained or derived directly or indirectly from Casterton;

          

    	

          	•	
            Is commercially available;

          

    	

          	•	
            Is or becomes known or generally available in the public domain other than through Casterton’s act or default;

          

     

    

    

      D-2

      
        

      Attachment D

    

    	

          	•	
            Is obtained from a third party lawfully in possession of the information, which is not subject to any non-disclosure or non-use obligations owed to the disclosing party or any third
              party; or

          

    	

          	•	
            Is independently protected as a Trade Secret under applicable statutory law.

          

    

    	

          	6.	
            “Consideration” means (i) the value of certain unvested Restricted Stock Units and Options under the otherwise forfeited FY19, FY20, and FY21 Long-term Incentive Plans, (ii) a performance
              share payout equivalent to any prorated FY20 -22 LTIP Performance Share Payout earned, (iii) a June 2022 lump-sum payment equivalent to any pro-rated MIP payout authorized by the HCC Committee and subject to the continued fulfillment by
              Casterton of the obligations set forth in this RCA. Any Consideration shall be subject to ordinary tax withholding and all required deductions; however, payment of any Consideration does not entitle Casterton to any retirement plan
              contributions by the Company for Casterton’s benefit or account

          

    

    

    	

          	7.	
            “Key Employee” means any person who is or was employed or engaged by the Company at any time in the twelve (12) months preceding Casterton’s Termination Date, and (i) with whom Casterton
              had material contact as a result of his position at the Company or (ii) about whom Casterton learned Confidential Information in the course of employment during the twenty-four (24) months immediately preceding Casterton’s termination. Key
              employee is limited to employees who (i) are or were managers, officers, directors, or executives of the Company and (ii) are in possession of Confidential Information and/or Trade Secrets of the Company.

          

     

    	

          	8.	
            “Key Services” means services of the type performed by an employee for the Company during the final twenty-four (24) months of their Company employment, but shall not include clerical or
              menial labor.

          

     

    	

          	9.	
            “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or other entity.

          

     

    	

          	10.	
            “Prospective Customer” means a business, and any of its  affiliates  and  subsidiaries, to whom Casterton, or one or more individuals directly or indirectly supervised, managed, or
              directed by Casterton, made a proposal to sell or provide products or services on behalf of Company in the twenty-four (24) month period immediately preceding the Termination Date.

          

     

    	

          	11.	
            “Restrictive Covenant Period” means the twelve (12) month period after Casterton’s Termination Date.

          

     

    	

          	12.	
            “Restricted Customer” means a customer of HDE, including any of Company’s affiliates and subsidiaries that operates as HDE, to which Casterton, or one or more individuals directly or
              indirectly supervised, managed, or directed by Casterton, sold or provided products or services on behalf of Company during the twenty-four (24) month period immediately preceding the Termination Date. The term Restricted Customer is limited
              to Company customers that purchased or received in excess of $100,000 (US) worth of products or services from Company during the twenty-four (24) month period immediately preceding the Termination Date.

          

    

    

    	

          	13.	
            “Termination Date” means October 29, 2021

          

    

    

      D-3

      
        

      Attachment D

    

    	

          	14.	
            “Trade Secret” shall have the same meaning as defined under any applicable Trade Secrets Act.

          

    

    	

          	(b)	
            Acknowledgements.

          

     

    Casterton agrees that the Covenants below (including the geographic and temporal scope of each individual Covenant) are necessary, reasonable, fair, valid,
      enforceable, and directly connected with the Company’s need to protect its legitimate business interests—including, but not limited to, goodwill, market reputation, Restricted Customer relationships, Prospective Customer relationships, Confidential
      Information, and Trade Secrets—and to prevent irreparable injury to the Company’s Business. Casterton agrees he has received good and valuable consideration for the covenants below (the “Covenants”).

     

    Casterton acknowledges that the Covenants will not impede Casterton’s ability to earn a livelihood. Casterton acknowledges that he is capable of obtaining
      suitable employment following the Termination Date, even though he has agreed to the Covenants. Casterton further acknowledges the Consideration is significant and will enable him to support himself and his family during the period in which the
      Covenants are in force. Casterton further agrees that the Covenants, though they may temporarily and narrowly limit future employment opportunities, are neither unduly harsh nor oppressive in curtailing Casterton's legitimate efforts to earn a
      livelihood.

     

    In exchange for Casterton’s continuing adherence to all of the Covenants, Casterton will receive the Consideration. Casterton acknowledges that the
      Consideration is not an amount to which he is already entitled and is in sole consideration for the promises  made in this RCA.

     

    	

          	(c)	
            Covenant Not to Compete.

          

     

    Casterton covenants that during the Restrictive Covenant Period, Casterton will not, directly or indirectly, provide Competitive Services:

    

    

    	

          	(i)	
            Anywhere in the United States of America. Casterton acknowledges that (i) the geographic territory in which Casterton was responsible for representing the Company includes the entire
              United States, and (ii) the nature of Casterton’s duties and responsibilities for and on behalf of the Company directly impacted and related to the Business of the Company across the United States. Therefore, Casterton expressly agrees that
              the geographic scope of this covenant is reasonably limited and should be enforced; or

          

     

    	

          	(ii)	
            In any geographic area in which or to which Casterton (i) performed work on behalf of the Company during his employment, (ii) was assigned during his employment, and/or (iii) was able to
              make contact with any Restricted Customers or Prospective Customers during the time of his employment.

          

     

    	

          	(d)	
            Covenant Not to Solicit Prospective Customers.

          

     

    Casterton covenants that during the Restrictive Covenant Period, Casterton will not, directly or indirectly, solicit, divert, or appropriate, or attempt to
      solicit, divert or appropriate, any Prospective Customers, for the purposes of providing products or services to such Prospective Customers that are within the Business of the Company, on behalf of either Casterton or any Competitor.

     

    

    

      D-4

      
        

      Attachment D

    

    Casterton agrees that the Restrictive Covenant Period will be necessary for the Company to re-establish the relationships and goodwill between its
      Prospective Customers and other employees of the Company, so that Casterton’s knowledge of the Company’s Prospective Customers, the goodwill established by Casterton’s representation of the Company, and the Company’s Confidential Information and
      Trade Secrets obtained by Casterton in the course of employment with the Company will no longer give Casterton an unfair competitive advantage with Prospective Customers.

     

    	

          	(e)	
            Covenant Not to Solicit Key Employees.

          

     

    Casterton covenants that during the Restrictive Covenant Period, Casterton shall not, directly or indirectly, without the prior written consent of the
      Company, cause or solicit, or assist others in causing or soliciting any Key Employee of the Company to terminate his or her employment with the Company to provide Key Services for a Competitor.

     

    	

          	(f)	
            Severability.

          

     

    Should any one or more of the provisions or parts of a provision contained in this RCA, for any reason, be held to be invalid, illegal or unenforceable in
      any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement or any other jurisdiction, but this RCA shall be reformed and construed in any such
      jurisdiction as if such invalid, illegal or unenforceable provision or part of a provision had never been contained in this RCA, and such provision or part shall be reformed so that it would be valid, legal and enforceable to the maximum extent
      permitted in such jurisdiction. Without limiting the foregoing, the parties intend that the covenants and agreements contained herein shall be deemed to be a series of separate covenants and agreements. If, in any legal proceeding, a court or
      arbitrator shall refuse to enforce all the separate covenants and agreements deemed to be included in parts herein, it is the intention of the parties that the remaining non-eliminated separate covenants be enforced in such a proceeding.

     

    	

          	(g)	
            Non-Disclosure and Non-Use of Confidential Information Covenant.

          

     

    Casterton agrees that, during the Restrictive Covenant Period, Casterton will not disclose to any Competitor or other Person, or make or permit any use of,
      any of the Company’s Confidential Information that Casterton has learned during his employment, by reason of employment with the Company, through the existence of any relationship with the Company, or through his/her interaction with the Restricted
      Customers, Prospective Customers, or the Company’s vendors or suppliers in any place where such disclosure may result in competitive harm to the Company.

     

    Casterton agrees that a minimum period of twelve (12) months following the Termination Date will be necessary to protect the Company’s Confidential
      Information which does not qualify as a Trade Secret, after which time Casterton’s knowledge or use of such information will no longer have as much of an injurious effect on the Company’s business operations. Casterton acknowledges that the Company
      has taken reasonable steps to control and restrict disclosure of its Confidential Information.

     

    Casterton and the Company agree that neither this provision nor the recognition of a period of protection for Confidential Information shall be deemed a
      waiver or limitation of the Company’s ability to use common law or statutory means, including any applicable Trade Secrets Act, to protect information that is a Trade Secret.

     

    

    

      D-5

      
        

      Attachment D

    

    Nothing in this RCA is intended to prohibit good faith reporting of possible violations of federal law or regulation to any government agency or entity,
      receiving compensation under any whistleblower reward program for information provided to the Securities and Exchange Commission, or in making disclosures where such disclosures are protected under federal law or regulation, and advance notice of
      such disclosures is not required to be provided to the Company.

     

    	

          	(h)	
            Non-Disclosure and Non-Use of Trade Secrets Covenant.

          

     

    Casterton agrees that after the Termination Date, Casterton will hold the Company’s Trade Secrets in trust and strictest confidence to the fullest extent
      contemplated and permitted under any applicable Trade Secrets Act or common law, and will not take any action causing any such Trade Secrets to lose their character or cease to qualify as Trade Secrets, or fail to take any action necessary in order
      to prevent such from occurring. This obligation shall last as long as the information maintains trade secret status under State or Federal law.

     

    The parties agree that the Company has taken reasonable steps to control and restrict disclosure of its Trade Secrets.

     

    Nothing in this RCA is intended to discourage or restrict Casterton from reporting any theft of Trade Secrets pursuant to the Defend Trade Secrets Act of
      2016 (“DTSA”) or other applicable state or federal law. The DTSA provides: An individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (a) is made (i) in
      confidence to a federal, state or local government official, either directly or indirectly, or to any attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation or law; or (b) is made in a complaint or other
      document filed in a lawsuit or other proceeding,  if  such filing  is  made  under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to an attorney for the
      individual and use the trade secret information in the court proceeding, if the individual (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

     

    	

          	(i)	
            Penalties for Violation.

          

     

    Casterton acknowledges and agrees that a breach of any provision of the Covenants will cause serious and irreparable damage to the Company that will be
      difficult to quantify and for which a remedy at law for monetary damages alone will not be adequate. Accordingly, Casterton agrees that if the Company brings an action to enforce its rights under any of the Covenants and establishes that Casterton
      has breached or threatened to breach any of his obligations under the Covenants, the Company shall be entitled to injunctive relief without the requirement that the Company post bond, to the extent allowed by law. Casterton specifically waives any
      assertion that there is an adequate remedy at law for any such breach of this RCA. Nothing in this RCA, however, shall be construed to prohibit the Company from pursuing any other legal or equitable remedy.

     

    Casterton further acknowledges that Company may recoup the Consideration should a court of competent jurisdiction find that he violated this RCA. Casterton
      acknowledges the sole reason the Company is providing the Consideration is in exchange for the promises made in this RCA.

     

    

      D-6

      
        

      Attachment D

    

    
      Casterton consents to personal jurisdiction in Racine, Wisconsin, and agrees that the state and federal courts having jurisdiction over Racine, Wisconsin are proper venue for any relief sought by the Company. The
        parties agree and acknowledge  that this RCA will be governed by and interpreted in accordance with the laws of the State of Wisconsin, without regard to its principles of conflicts of law.

    

    

    

    CASTERTON HAS BEEN GIVEN AN OPPORTUNITY TO CONSULT AN ATTORNEY REGARDING THIS AGREEMENT.

     

    IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto executed this RCA as of the day and year first written above.

    

    

    	 	
            MODINE MANUFACTURING COMPANY:

          
	 	 	 
	 	 	 
	 	 	
            /s/ Brian Agen

            

          	11/1/21	 
	 	 	
            Name: Brian Agen

          
	 	 	
            Title: Vice President – Human Resources

          
	 	 	 
	 	
            JOEL CASTERTON:

          
	 	 	 
	 	 	
            /s/ Joel Casterton

          	 

    

    

    
       

        

      D-7

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