Document:

EX-10.1

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

By and Between 
 THE BANK OF
NEW YORK MELLON, 
 as Seller 

And 
 MIP ONE WALL STREET
ACQUISITION LLC, 
 as Buyer 

Property 
 1-7 Wall Street a/k/a
80 Broadway 
 New York, New York 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
		
	 ARTICLE 2 GENERAL TERMS
	  	 	1	 
			
	 2.1
	  	The Transaction	  	 	1	 
	 2.2
	  	Purchase Price	  	 	2	 
		
	 ARTICLE 3 PERMITTED EXCEPTIONS; TITLE INSURANCE
	  	 	2	 
			
	 3.1
	  	Sale Subject to	  	 	2	 
	 3.2
	  	Title Evidence and Survey	  	 	3	 
	 3.3
	  	Permitted Exceptions	  	 	4	 
		
	 ARTICLE 4 APPORTIONMENTS AND PAYMENTS
	  	 	6	 
			
	 4.1
	  	Apportionments	  	 	6	 
	 4.2
	  	Taxes and Assessments	  	 	7	 
	 4.3
	  	Transfer of Utilities	  	 	9	 
	 4.4
	  	Rents Received After The Apportionment Date	  	 	9	 
	 4.5
	  	Escalation Rents	  	 	9	 
	 4.6
	  	Collection of Rents	  	 	10	 
	 4.7
	  	Security Deposits	  	 	10	 
	 4.8
	  	Transfer Taxes	  	 	10	 
	 4.9
	  	Tax Returns	  	 	10	 
	 4.10
	  	Intentionally Omitted	  	 	11	 
	 4.11
	  	Transaction Expenses	  	 	11	 
	 4.12
	  	Estimation of Prorations; Errors	  	 	11	 
	 4.13
	  	Survival	  	 	11	 
		
	 ARTICLE 5 COVENANTS REGARDING THE PROPERTY
	  	 	11	 
			
	 5.1
	  	Maintenance of the Property	  	 	11	 
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	14	 
			
	 6.1
	  	Generally	  	 	14	 
	 6.2
	  	Closing Conditions; Survival of Representations and Warranties	  	 	15	 
		
	 ARTICLE 7 REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	16	 
			
	 7.1
	  	Generally	  	 	16	 
	 7.2
	  	Property Representations	  	 	17	 
	 7.3
	  	Closing Conditions; Survival of Representations and Warranties	  	 	18	 
	 7.4
	  	Knowledge of Buyer and Seller	  	 	20	 
	 7.5
	  	Limitations on Liability	  	 	20	 

  
 i 

							
	 ARTICLE 8 CLOSING DATE
	  	 	21	 
			
	 8.1
	  	Closing	  	 	21	 
	 8.2
	  	Seller’s Post-Closing Occupancy	  	 	21	 
		
	 ARTICLE 9 CLOSING DOCUMENTS
	  	 	22	 
			
	 9.1
	  	Closing	  	 	22	 
	 9.2
	  	Further Assurances	  	 	22	 
		
	 ARTICLE 10 NOTICES
	  	 	22	 
		
	 ARTICLE 11 BROKER
	  	 	23	 
		
	 ARTICLE 12 DEFAULTS; REMEDIES
	  	 	24	 
			
	 12.1
	  	Buyer’s Default	  	 	24	 
			
	 12.2
	  	Seller’s Default	  	 	24	 
		
	 ARTICLE 13 CASUALTY; CONDEMNATION
	  	 	25	 
			
	 13.1
	  	Casualty	  	 	25	 
	 13.2
	  	Condemnation	  	 	27	 
	 13.3
	  	General Obligations Law	  	 	27	 
		
	 ARTICLE 14 AS-IS; WHERE-IS; DISCLAIMER; WAIVER OF CLAIMS
	  	 	27	 
			
	 14.1
	  	Disclaimers; As-Is	  	 	27	 
	 14.2
	  	Acceptance of Closing Documents; Waivers	  	 	29	 
	 14.3
	  	Survival	  	 	29	 
		
	 ARTICLE 15 CONFIDENTIALITY
	  	 	30	 
			
	 15.1
	  	Confidentiality	  	 	30	 
		
	 ARTICLE 16 ESCROW
	  	 	30	 
			
	 16.1
	  	Escrow Terms	  	 	30	 
	 16.2
	  	Duties of the Escrow Agent	  	 	30	 
	 16.3
	  	Disputes	  	 	31	 
	 16.4
	  	Escrow Agent/Seller Relationship	  	 	32	 
	 16.5
	  	Execution by Escrow Agent	  	 	32	 
		
	 ARTICLE 17 MISCELLANEOUS
	  	 	32	 
			
	 17.1
	  	Entire Agreement	  	 	32	 
	 17.2
	  	Modification	  	 	32	 
	 17.3
	  	Binding Agreement	  	 	33	 
	 17.4
	  	Assignment	  	 	33	 

  
 ii 

							
	 17.5
	  	No Press Releases	  	 	33	 
	 17.6
	  	Illegality	  	 	33	 
	 17.7
	  	Choice of Law	  	 	34	 
	 17.8
	  	Construction	  	 	34	 
	 17.9
	  	Agreements Enforceable Against Named Parties Only	  	 	34	 
	 17.10
	  	Ambiguities	  	 	34	 
	 17.11
	  	Sales Tax	  	 	34	 
	 17.12
	  	Expenses	  	 	35	 
	 17.13
	  	Counterparts; PDF	  	 	35	 
	 17.14
	  	Waiver of Trial by Jury	  	 	35	 
	 17.15
	  	Third Party Beneficiaries	  	 	35	 
	 17.16
	  	Jurisdiction	  	 	35	 
	 17.17
	  	No Recording	  	 	36	 
	 17.18
	  	Not an Offer	  	 	36	 
	 17.19
	  	Failure of Deposit	  	 	36	 
	 17.20
	  	No Waiver	  	 	36	 
	 17.21
	  	No Survival	  	 	37	 
	 17.22
	  	Tax Free Exchange	  	 	37	 
	 17.23
	  	Patriot Act	  	 	37	 

  

			
	SCHEDULES	  	
	Schedule 1	  	Definitions
	Schedule 2.1	  	Property Description
	Schedule 2.2.1	  	Seller’s Wiring Instructions
	Schedule 2.2.2	  	Escrow Agent’s Wiring Instructions
	Schedule 3.3.1	  	Specific Permitted Exceptions
	Schedule 5.1.8	  	Service Contracts
	Schedule 9.1.1	  	Seller’s Closing Documents
	Schedule 9.1.2	  	Buyer’s Closing Documents
		
	EXHIBITS	  	
	Exhibit A	  	Form of Deed
	Exhibit B	  	Intentionally Omitted
	Exhibit C	  	Intentionally Omitted
	Exhibit D	  	Intentionally Omitted
	Exhibit E	  	Seller’s Lease for Post-Closing Occupancy
	Exhibit F-1	  	Form of Tenant Estoppel Certificate
	Exhibit F-2	  	Form of Seller Estoppel Certificate
	Exhibit G	  	Form of FIRPTA Certificate
	Exhibit H-1	  	Form of Assignment and Assumption of Leases
	Exhibit H-2	  	Form of Assignment and Assumption of Assumed Contracts, Licenses and Permits and Indemnity
	Exhibit I	  	Form of Notice to Tenants
	Exhibit J	  	Patriot Act Disclosures
	Exhibit K	  	Bill of Sale

  
 iii 

 PURCHASE AND SALE AGREEMENT 

THIS AGREEMENT, dated as of May 20, 2014 (the “Effective Date”), is entered into by and between THE BANK OF
NEW YORK MELLON (“Seller”) and MIP ONE WALL STREET ACQUISITION LLC (“Buyer”). 

WHEREAS, Seller is the owner of the Property (as herein defined); and 

WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, all of Seller’s right, title and interest in and to
the Property. 
 NOW THEREFORE, subject to the terms and conditions of this Agreement, for and in consideration of the sum of Ten Dollars
($10.00) and other good and valuable consideration, including the mutual covenants and agreements set forth herein, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS

 For purposes of this Agreement, all capitalized terms and certain other terms used herein shall have the respective meanings
specified in Schedule I attached hereto and made a part hereof. 
 ARTICLE 2 

GENERAL TERMS 
 2.1 The
Transaction. Seller agrees to sell, transfer, convey and assign to Buyer, and Buyer agrees to purchase and accept from Seller, subject to the terms and conditions of this Agreement, fee simple title in and to that certain real property located
at and commonly known as 1-7 Wall Street a/k/a 80 Broadway, New York, New York, and as more particularly described on Schedule 2.1 attached hereto and made a part hereof (the “Land”), together with the building and
improvements (collectively, the “Building”) located on the Land (the Building and the Land, collectively, the “Premises”), and all of Seller’s right, title and interest, if any, in, to and under
(a) the Leases and the Security Deposits, (b) the following intangible property, if any, owned by Seller and pertaining exclusively to the Premises, to the extent transferable: utility contracts, plans and specifications, engineering plans
and studies, floor plans, and landscape plans, (c) all easements, rights of way, air or development rights, strips, gores, reservations, privileges, appurtenances, and other estates and rights of Seller, if any, pertaining to its interest in
the Premises, (d) all right, title and interest of Seller, if any, in and to all alleys adjoining the Premises and in and to the land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining its interest in
the Premises to the center line thereof, (e) subject to the terms of Section 5.1.8 hereof, all right, title and interest of Seller, if any and to the extent transferable, in and to the Service Contracts, (f) all right, title
and interest of Seller, if any and to the extent transferable, in and to the Licenses and Permits, (g) subject to apportionment if required hereunder, all right, title and interest of Seller, if any, in and to any award made for any

 
taking by condemnation of the Premises (such taking or damages, a “Condemnation”) or to be made in lieu thereof and in and to any unpaid award for any Condemnation, and
(h) the Personalty (collectively, the “Property”). Notwithstanding anything to the contrary contained in this Agreement and as a material inducement to Seller to enter into this Agreement, Buyer acknowledges that,
subject to Articles 7 and 12, neither this Agreement nor the Closing is contingent upon any matter whatsoever except for (x) Seller’s obligation to deliver title to the Property in the manner provided in this Agreement and to perform all
of its other material obligations hereunder and (y) Seller’s covenants and obligations that are a condition to Closing as expressly set forth in this Agreement. 

2.2 Purchase Price. 
 2.2.1
The “Purchase Price” for the Property is $585,000,000. The Purchase Price, subject to apportionments to be made as provided in this Agreement, shall be payable as follows: (i) concurrently with its execution and delivery
hereof, Buyer shall cause an amount equal to $59,500,000 to be held in escrow pursuant to the applicable terms and provisions of Article 16 hereof (the “Deposit”), and (ii) at the Closing, the balance in cash (by
wire transfer) as directed by Seller in writing. Seller may direct, among other things, that Buyer pay a portion of the Purchase Price at the Closing, in an amount or amounts specified by Seller, to persons or entities other than Seller for
Seller’s purposes, including to the Title Company for the removal of certain encumbrances on the Property and to the appropriate taxing authorities in payment of Transfer Taxes. Seller’s wiring instructions are set forth on Schedule
2.2.1 attached hereto and made a part hereof. 
 2.2.2 (a) The parties agree that the Deposit may be deposited into escrow with
Escrow Agent by bank wire in accordance with this Section 2.2.2(a). The Deposit is to be invested and held in escrow by Escrow Agent pursuant to the terms and provisions of Article 16 hereof. Escrow Agent’s wiring
instructions are set forth on Schedule 2.2.2 attached hereto and made a part hereof. 
 (b) Buyer acknowledges that in
the event the Closing occurs under this Agreement, the Deposit shall be credited against the Purchase Price and any interest earned on the Deposit shall be paid to Seller (without credit against the Purchase Price). In the event this Agreement shall
be terminated, any interest earned on the Deposit shall accrue to the benefit of the party entitled to receive the Deposit. 
 ARTICLE 3

 PERMITTED EXCEPTIONS; TITLE INSURANCE 

3.1 Sale Subject to. Seller shall convey, and Buyer shall accept, title to the Property, subject only to (a) the Permitted Exceptions and
(b) ALTA standard printed exceptions other than those that can be removed by the title affidavit of Seller to be provided pursuant to the terms hereof. 

  
 2 

 3.2 Title Evidence and Survey. 

3.2.1 Buyer acknowledges receipt from Seller of a title insurance report and commitment for an owner’s title insurance policy from the
Title Company (collectively, the “Commitment”), and a copy of the Survey. Promptly after the issuance of any updates or revisions to the Commitment, Buyer shall cause copies thereof to be furnished to Seller’s attorney,
together with a written statement (a “Supplemental Title Objection Notice”) setting forth any title exceptions that are not Permitted Exceptions (collectively, the “Non-Permitted Exceptions”),
appearing on such revisions or updates (the Commitment and any updates and revisions thereto, collectively, the “Report”). Notwithstanding anything to the contrary contained herein, Seller shall (i) eliminate any and all
of the Non-Permitted Exceptions that may be removed by the payment of a liquidated sum of money (“Monetary Liens”) not in excess of $2,000,000 (the “Removal Amount”), in the aggregate (except in the
case of clause (ii) below in which case there shall be no monetary limit upon the amount to be paid by Seller for the removal of such Non-Permitted Exceptions), and (ii) (a) remove any Non-Permitted Exceptions voluntarily caused to be
filed of record, or consented to or approved, by Seller, and (b) remove any mortgages, judgments or other liens (including mechanics or other statutory liens) upon the Property created by, consented to or approved by, or as a result of the acts
or omissions of Seller. In no event shall Seller have any obligation to discharge, remove or cause to be removed of record any Violations (as hereinafter defined) or to cause to be closed any open permit applications; provided, however, that in
connection with any Violations or open permit applications of record as of the Effective Date, Seller shall pay all fines and penalties assessed against the Property by reason of such Violations or applications, unless the cure of such Violations or
the closure of any open permit applications is the responsibility of a Tenant pursuant to its Lease. Seller shall have the right to adjourn the Closing Date, from time to time, up to forty-five (45) days in the aggregate for the purpose of
removing/eliminating such Non-Permitted Exceptions required to be removed/eliminated pursuant to the terms hereof. Notwithstanding the foregoing or anything herein to the contrary, if the removal of any mechanics’ or materialmen’s liens
filed against the Property is the responsibility of a Tenant pursuant to the terms of the Leases, Seller shall promptly deliver a notice to Tenant with respect thereto and shall use reasonable efforts (without the commencement or prosecution by
Seller of an action or proceeding against a Tenant with respect thereto) to cause a Tenant to promptly remove or bond such mechanics’ or materialmen’s lien and otherwise perform its obligations under its Lease with respect thereto. Seller
shall have no liability, nor shall Buyer be entitled to any abatement or reduction of the Purchase Price or delay or adjournment of the Closing, if such Tenant fails to comply with such obligations under its Lease. Seller shall promptly deliver to
Buyer a copy of any such notice delivered by Seller to such Tenant. 
 3.2.2 In the event that there exist Non-Permitted Exceptions which
Seller is not required to remove pursuant to the terms hereof and Seller elects, by written notice to Buyer not less than ten (10) Business Days prior to the Closing Date, not to remove such Non-Permitted Exceptions, Buyer shall elect within
five (5) Business Days after receipt of Seller’s above notice to either (i) not consummate the transactions contemplated hereby, in which event this Agreement shall be terminated and of no further force and effect, the Deposit,
together with Buyer’s Title Costs, shall be returned to Buyer, and thereafter neither of the parties hereto shall have any rights or obligations to the other hereunder, except as may be expressly provided herein to survive the termination of
this Agreement, or (ii) consummate the transactions contemplated 

  
 3 

 
hereby subject to such Non-Permitted Exceptions and proceed to Closing without an abatement of the Purchase Price. Notwithstanding the foregoing, in the event there are Monetary Liens, then Buyer
shall have the right to receive a credit against the Purchase Price in the aggregate amount of such Monetary Liens up to the Removal Amount. Buyer’s failure to timely make such election shall be deemed an election to proceed pursuant to clause
“(ii)” above. In addition, Buyer shall not be entitled to object to, and shall be deemed to have approved, any liens, encumbrances or other title exceptions (a) which the Title Company is willing to omit as exceptions to title at no
additional cost to Buyer (or with Seller agreeing to cover any such cost), or (b) which will be extinguished upon the transfer of the Property to Buyer. 

3.2.3 If a search of the title discloses judgments, bankruptcies or other similar returns against other persons having names the same as or
similar to Seller, Seller, on request by Buyer or the Title Company, shall deliver to Buyer and/or Buyer’s title insurance companies affidavits certifying that such judgments, bankruptcies or other returns are not against Seller. 

3.2.4 Seller agrees to execute, acknowledge and deliver any standard and customary owner’s title affidavit at Closing in the form
reasonably required by the Title Company and reasonably approved by Seller. 
 3.2.5 Any unpaid taxes, water charges, sewer rents, vault
charges and assessments with respect to the Property, together with interest and penalties thereon to a date not less than three (3) Business Days following the Closing Date (in each case subject to any applicable apportionment), any Monetary
Liens (up to the Removal Amount) and any mortgages or other liens created by Seller upon the Property, which can be, and are required hereunder to be, satisfied by payment of a liquidated amount and judgments against Seller which Seller is obligated
to pay and discharge pursuant to the terms hereof, together with the cost of recording or filing any instruments necessary to discharge such liens and such judgments, may be paid out of the proceeds of the money payable at the Closing to Seller.
Upon request of Seller, made at least two (2) Business Days prior to the Closing, Buyer shall provide at the Closing separate certified checks or bank checks for the foregoing payable to the order of the Title Company or the holder of any such
lien, charge or judgment, or a wire transfer of federal funds as such party shall direct, in an aggregate amount not to exceed the balance of the Purchase Price, as adjusted for apportionments required under this Agreement, at the Closing. 

3.3 Permitted Exceptions. “Permitted Exceptions” means: 

3.3.1 all matters set forth on Schedule 3.3.1 hereof; 

3.3.2 zoning, environmental, municipal, building and all other Laws applicable to the ownership, use or development of, or the right to
maintain or operate the Premises; 
 3.3.3 the state of facts shown on the Survey; 

3.3.4 subject to the terms of Section 3.2 above, the state of facts that an accurate update of the Survey or a personal inspection
of the Premises would show, provided that any such change in facts from the last date of the Survey shall not materially adversely affect the insurability of title, or use of the Building for its current use (unless such change in facts is

  
 4 

 
otherwise a Permitted Exception) and does not evidence a breach of Seller’s covenants set forth herein; 

3.3.5 liens for unpaid taxes, assessments, charges, rents and any other governmental charges with respect to the Property, which are not yet
due and payable and are apportioned in accordance with the provisions of Article 4 hereof; 
 3.3.6 the Existing Leases, subleases, if
any, and New Leases entered into in accordance with this Agreement, it being agreed that such Leases and tenancies may be terminated by Seller between the Effective Date and the Closing because of defaults, or due to the expiration of the term; 

3.3.7 any liens (including Monetary Liens not exceeding the Removal Amount) in accordance with Section 3.2.1 and
Section 3.2.5, which Seller is required to remove or eliminate pursuant to the terms of this Agreement), provided that Seller shall remove same at Closing or give Buyer a credit in the aggregate amount of such liens, and that the Title
Company will omit the same from Buyer’s title insurance policy; 
 3.3.8 possible lack or revocability of the right, if any, to maintain
or use or receive value for any vaults, marquees, stoops, awnings, signs and sidewalk openings provided the same shall not prohibit or materially adversely affect the use of any portion of the Building for its current use, or the insurability of
title; 
 3.3.9 possible minor projections and/or encroachments of retaining walls, foundations, stoops, areas, steps, sills, trim, cornices,
standpipes, fire escapes, coal chutes, casings, ledges, water tables, lintels, porticos, keystones, windows, hedges, copings, cellar doors, sidewalk elevators, fences, fire escapes and the like, or similar projections or objects upon, under or above
any adjoining buildings and/or streets or avenues or those belonging to adjoining premises which encroach upon the Property and are not shown on the Survey, or within any set-back areas and not shown on the Survey, provided the same do not have a
material adverse effect on the use of the Building for its current use, the insurability of title; and minor variations between the lines of record title and fences, retaining walls, hedges, and the like; 

3.3.10 So long as the Title Company shall omit the same from Buyer’s and its lender’s policies, any financing statements, chattel
mortgages, conditional bills of sale or other form of security interest against personalty not owned by Seller, no longer located on the Property or filed more than five (5) years prior to the Closing (and not timely renewed); 

3.3.11 any and all notes or notices of any violation of law or municipal ordinances, orders or requirements affecting the Property
(“Violations”) or open permit applications which, in either case, excluding any fines or penalties in connection therewith which Seller shall pay or remove prior to Closing, and are noted in or issued by any federal, state,
county or municipal department, agency, authority or bureau having or asserting jurisdiction (each, a “Governmental Authority; 

3.3.12 liens for unpaid franchise, corporate, transfer, license, estate, inheritance or other similar taxes of any person or entity previously
in the chain of title, provided that the 

  
 5 

 
Title Company shall agree to insure without additional premium to Buyer against collection of the same out of the Property; 

3.3.13 the rights, if any, of any Governmental Authority having or asserting jurisdiction thereof, with respect to any vaults under the
sidewalks beyond the Building line; 
 3.3.14 consents of record by Seller or any former owner of the Property for the erection of any
structure or structures on, under or above any street or streets on which the Property may abut provided such consents do not have a material adverse effect on the insurability of title or use of the Building for its current use; 

3.3.15 rights of utility companies to lay, maintain and repair pipes, lines, conduits, cable boxes and other installations on, under and across
the Property and any rights, easements and licenses in favor of, or agreements with any public utility company, including, but not limited to, gas, electricity, steam, telephone, fiber optic, cable and other telecommunication providers and private
sewer agreements provided that such consents do not have a material adverse effect on the insurability of title, or the use of the Building for its current use; and 

3.3.16 such other matters with respect to which Buyer expressly has agreed to take subject to or assume pursuant to the provisions of this
Agreement; 
 ARTICLE 4 

APPORTIONMENTS AND PAYMENTS 

4.1 Apportionments. The following shall be apportioned between Seller and Buyer with respect to the Property, as of the close of
business of the day immediately preceding the expiration or sooner termination date under the “Seller’s Lease” (as defined in Section 8.2) (the “Apportionment Date”), and the net aggregate amount
thereof either shall be paid by Buyer to Seller or Seller to Buyer, within thirty (30) days following the Apportionment Date: 

(a) All Real Estate Taxes (as defined in the Seller’s Lease) shall be prorated based on the actual current tax bill.
If such tax bill has not yet been received by the Apportionment Date, then Buyer and Seller shall estimate the Real Estate Taxes based upon Buyer’s and Seller’s good faith estimate of the change in the amount of the previous year’s
tax bill and Buyer and Seller shall after the Closing report the Real Estate Taxes as soon as the actual current tax bill is available. All amounts payable for Real Estate Taxes accruing on or prior to the Apportionment Date shall be the obligation
of Seller and all amounts payable for Real Estate Taxes accruing after the Apportionment Date shall be the obligation of Buyer. If, by one hundred eighty (180) days after the Apportionment Date, any additional or supplemental Real Estate Taxes
are assessed against the Premises by reason of back assessments, corrections to previous tax bills or other events occurring prior to the Apportionment Date, Buyer and Seller shall re-prorate the Real Estate Taxes following the Apportionment Date.
Any delinquent Real Estate Taxes on the Premises shall be paid on the Apportionment Date; 

  
 6 

 (b) water rates and charges, sewer taxes and rents and electricity, steam and
other utility charges, except those required to be paid directly by Tenants and subject to the terms of Section 4.3 hereof. 

(c) fuel oil and liquid propane gas, if any, at the cost per gallon most recently charged to Seller, based on the
supplier’s measurements thereof taken within five (5) Business Days of the Apportionment Date; 
 (d) Rents
and other revenues derived from the Leases, if, as, and when collected in accordance with the provisions of this Article 4, including Section 4.4; 

(e) insurance proceeds received by Seller, if any, and payable to Buyer pursuant to Article 13 hereof to the extent
not applied to repair or restore the Property in accordance with the provisions of this Agreement; 
 (f) charges and
payments under any Assumed Contracts or permitted renewals or replacements thereof, and any deposits made thereunder, transferred to Buyer pursuant to this Agreement, as identified on Schedule 5.1.8; 

(g) annual municipal permit and inspection fees and other fees for Licenses and Permits assigned to Buyer, if any; and

 (h) all other operating expenses with respect to the Property to the extent such matters are customarily apportioned
in connection with real estate closings of commercial properties located in New York, New York. 
 4.2 Taxes and Assessments. 

4.2.1 If, on the Apportionment Date, all or any portion of the Property shall be or shall have been affected by assessments (including with
respect to business improvement districts), that are, or which may become, payable in annual installments, of which the first installment is then a charge or lien or has been paid or if any of the improvements to be paid for thereby are in place or
commenced, then, for purposes of this Agreement only, Seller shall pay all installment(s) then due and owing or attributable to the period prior to the Apportionment Date, and Buyer shall pay all remaining installments as the same become due and
payable. 
 4.2.2 To the extent that any refund of Real Estate Taxes, assessments (including with respect to business improvement districts),
water rates and charges, sewer taxes and rents or any other utility made or received after the Apportionment Date with respect to the Property is applicable to a period before the Apportionment Date, such refund or credit shall be payable to Seller
or returned by Buyer to Seller, subject to Tenants having a right to any portion of such refund. To the extent any refund is paid directly to Seller, Seller agrees to promptly pay the same to Buyer to the extent that any Tenants may be entitled to
any portion of such refund (whether or not such Tenants are then in default), unless Seller has paid such refund to the Tenants directly and Seller agrees to indemnify Buyer and hold Buyer harmless from and against any Losses incurred by Buyer
arising from Seller’s payment to Buyer of insufficient, or nonpayment of, funds to properly refund all Tenants for periods prior to the Apportionment Date which are entitled to any portion of such refund. In the event any of such funds are paid
to 

  
 7 

 
Buyer, Buyer agrees to indemnify Seller and hold Seller harmless from and against any Losses incurred by Seller arising from Buyer’s failure to pay any such funds received from Seller to any
Tenants which are entitled to any portion of such refunds. 
 4.2.3 To the extent that any refund of Real Estate Taxes, assessments
(including with respect to business improvement districts), water rates and charges or sewer taxes and rents made after the Apportionment Date with respect to the Property is applicable to a period after the Apportionment Date, such refund shall be
payable to Buyer or returned by Seller to Buyer, subject to the pro rata reasonable costs incurred in obtaining same and to Tenants having a right to any portion of such refunds. In the event any of such funds are paid to Seller, Seller
agrees to indemnify Buyer and hold Buyer harmless from and against any Losses incurred by Buyer arising from Seller’s failure to pay any such funds to Buyer and to any Tenants which are entitled to any portion of such refunds. To the extent
Buyer commences or continues the pursuit of such refunds after the Apportionment Date, Buyer agrees to indemnify Seller and hold Seller harmless from and against all Losses incurred by Seller in the event of any claim by any Tenant that Buyer’s
(as distinguished from Seller’s) pursuit of such refunds was inadequate or insufficient. 
 4.2.4 If Seller has heretofore filed or
hereafter files applications for the correction of the assessed valuation of the Property and/or has heretofore instituted or hereafter institutes certiorari proceedings to review such assessed valuations for any prior tax years, Seller shall have
sole control of such proceedings and Seller is hereby authorized to continue, at its sole cost and expense, such proceedings, including the right to withdraw, compromise and/or settle the same or cause the same to be brought on for trial and to
take, conduct, withdraw and/or settle appeals, and Buyer hereby consents to such actions as Seller may reasonably take therein. Buyer acknowledges that Seller has or shall file an application for the correction of the assessed valuation of the
Property for the tax year 2014/2015 and may file an application for any tax year occurring during the term of Seller’s Lease. Except as otherwise provided herein (i.e., rights of Tenants), any tax savings or refund for any year or years
prior to the tax year in which the Closing herein occurs and any tax savings or refunds attributable to the period prior to the Apportionment Date, shall belong solely to Seller, except as set forth below. Buyer or Seller, as the case may be, shall
execute all consents, receipts, instruments and documents which may reasonably be requested in order to facilitate instituting or settling such proceeding, as the case may be, and collecting the amount of any refund or tax savings. The net refund of
Real Estate Taxes, if any, for such fiscal tax year in which the Apportionment Date occurs shall be divided between Seller and Buyer in accordance with the apportionment of Real Estate Taxes pursuant to the provisions hereof, after deducting
therefrom a pro rata share of all reasonable expenses, including reasonable attorneys’ fees reasonably and necessarily incurred by Seller in obtaining such refund. For the avoidance of doubt, except as otherwise expressly provided above,
Seller shall not have the right to commence or prosecute any tax proceeding affecting the period following the Closing Date and, to the extent Seller is expressly permitted hereunder to commence and/or prosecute any such tax proceeding, Seller shall
be required to obtain Buyer’s prior written approval of any settlement, compromise or withdrawal of such tax proceeding which Buyer shall not unreasonably withhold or delay. The parties shall cooperate with each other in connection with any tax
proceeding affecting the period following the Closing Date through the expiration of the Seller Lease. 

  
 8 

 4.3 Transfer of Utilities. Buyer, at its sole cost and expense, shall cause the
transfer of all utility services for the Property to Buyer’s name as of the Apportionment Date and Seller shall cooperate with Buyer in connection therewith. Promptly after Buyer receives a statement of such charges for the period during which
the Apportionment Date occurs, Buyer and Seller shall adjust the apportionment made pursuant to Section 4.1(b) above to the extent necessary for Seller to have paid such charges for the period ending on the day immediately preceding the
Apportionment Date, and Buyer to have paid such charges for the period from and after the Apportionment Date. Buyer shall make all required deposits on account with utility companies or on account with municipalities and shall cooperate with Seller
in having such deposits, which are currently held by such companies and municipalities, returned to Seller, as of the Apportionment Date. However, Seller shall be solely responsible for obtaining the return of its own utility company deposits, if
any.  
 4.4 Rents Received After The Apportionment Date. Subject to Section 4.6 hereof, if Buyer or Seller,
as the case may be, shall receive Rents under the Leases after the Apportionment Date from a Tenant who is in arrears in the payment of Rents as of the Apportionment Date under any of the Leases, the same shall be applied as follows: 

4.4.1 first, to Rents due for the calendar month in which the Apportionment Date occurs, to be apportioned through the date prior to the
Apportionment Date between Seller and Buyer on a per diem basis; 
 4.4.2 next, to Rents then due and unpaid for the calendar month(s) after
the month in which the Apportionment Date occurs, to be received and retained for the account of Buyer; and 
 4.4.3 last, to Rents due and
unpaid for the calendar month(s) preceding the calendar months described in clause 4.4.2 to be paid to Seller. 
 The parties agree to remit
forthwith the amount of such past due Rents which is collected in accordance with the foregoing. On the Apportionment Date, Seller shall (x) furnish or cause to be furnished to Buyer a statement of prepaid and uncollected Rents under the
Leases, if any, and (y) credit or pay to Buyer any such Rents collected by Seller which pertain to any period of time on or after the Apportionment Date. On or before the thirtieth (30th) day
of each calendar month to occur in the period commencing with the month after the calendar month in which Apportionment Date occurs, and ending one hundred eighty (180) days following the Apportionment Date, Buyer shall render an accounting to
Seller with respect to Rents allocable to any extent to the period prior to the Apportionment Date. Subject to Section 4.6 hereof, if Seller shall receive Rents under the Leases after the Apportionment Date, the same shall be promptly
remitted to Buyer for application in the same order of priority as aforesaid. 
 4.5 Escalation Rents. 

4.5.1 Subject to the provisions of the last sentence of this Section 4.5.1, at the end of the fiscal year with respect to which any
Additional Rent is payable under the Leases, there shall be a calculation of the amount of such Additional Rent to which Seller and Buyer shall be entitled pro rata, with Seller being entitled to an amount equal to the amount of

  
 9 

 
Additional Rent multiplied by a fraction, expressed as a percentage, the numerator of which is the number of days in said fiscal year with respect to which Additional Rent under the Leases was
payable prior to the Apportionment Date, and the denominator of which is the total number of days in said fiscal year during which Additional Rent under the Leases was payable, and Buyer shall be entitled to the remaining portion of such Additional
Rent, provided that there shall be deducted from Seller’s and Buyer’s shares their respective proportionate share of any reasonable attorneys’ fees and costs and expenses of collection thereof actually incurred. If either party shall
have received Additional Rents with respect to the Leases for such fiscal year in excess of the amount to which it is entitled pursuant hereto, such excess shall be paid by the party not entitled thereto to the other party promptly after such
calculation to be applied as aforesaid. Anything to the contrary contained in this Section 4.5.1 notwithstanding, if a Tenant is in arrears in the payment of Additional Rent under the Leases as of the Apportionment Date, the provisions
of Section 4.4 hereof shall apply. 
 4.6 Collection of Rents. After the Apportionment Date, Buyer shall bill Tenant for
Rents as required by the Leases and shall use commercially reasonable efforts (excluding litigation) to collect any and all Rents due pursuant thereto. Seller shall have the right subsequent to the Apportionment Date to bring a legal proceeding
against Tenants no longer in possession to enforce collection of past due Rents owed to Seller by Tenant. Nothing in this Section 4.6 or any other provision of this Agreement shall be construed as an agreement on the part of Buyer to
refrain from its right to terminate the Leases after the Apportionment Date pursuant to its terms. 
 4.7 Security Deposits. From and
after the Effective Date, Seller’s application of any Security Deposits shall be limited by the provisions of Section 5.1.4 hereof. At least thirty (30) days prior to the Apportionment Date, Seller shall furnish Buyer with a
schedule certifying the unapplied portion of any Security Deposits which both are held by Seller and shall have been theretofore deposited by Tenants and Seller shall, within thirty (30) days following the Apportionment Date, pay to Buyer, or
credit Buyer with, the aggregate amount of such unapplied deposits set forth on such schedule, together with all interest, if any, earned thereon and on deposit and required to be paid to Tenants. Buyer shall indemnify and hold Seller free and
harmless from any liability to Tenants with respect to Buyer’s holding any such Security Deposits transferred to and received by Buyer. Seller shall indemnify and hold Buyer free and harmless from any liability to a Tenant with respect to any
Security Deposits which Seller failed to deliver to Buyer. 
 4.8 Transfer Taxes. Seller shall be responsible for all real
property and real estate transfer taxes imposed by New York State and New York City in connection with the recording of the deed to the Property and the sale, assignment, transfer and conveyance of the Property to Buyer as contemplated by the
provisions of this Agreement (collectively, the “Transfer Taxes”). Seller may pay the Transfer Taxes, if any, from the balance of the Purchase Price paid at the Closing.  

4.9 Tax Returns. At the Closing, Buyer and Seller shall deliver to the Title Company the returns, questionnaires, certificates,
affidavits and other documents required in connection with the payment of the Transfer Taxes (collectively, the “RE Tax Returns”). If the procedures required by New York State and/or New York City require that any RE Tax
Returns 

  
 10 

 
be filed, reviewed or approved prior to the Closing Date, Buyer and Seller shall complete, sign and swear to the RE Tax Returns and deliver same to the Title Company for delivery to the
appropriate authority sufficiently in advance of the Closing Date so as to permit the sale contemplated hereby to be consummated by the Closing Date. 

4.10 Intentionally Omitted. 

4.11 Transaction Expenses. Buyer shall be responsible for the payment of (i) Buyer’s legal fees, (ii) any third party
professional and consulting fees incurred by Buyer, (iii) any escrow fees, (iv) the cost of updating or recertifying the Survey, if Buyer requests the same, (v) the cost of the owner’s title insurance policy and any lender’s
title policy, if applicable, (vi) the cost of all endorsements, extended coverage, or upgrades to Buyer’s or any lender’s title insurance policy, if applicable, (vii) the cost of any financing obtained by Buyer in connection with
the transaction contemplated herein, including, without limitation, any mortgage recordation taxes and (viii) all recording and filing fees, including, but not limited to, those in connection with the Deed. Except as expressly provided herein,
each party shall bear its own costs and expenses, including attorney, accountant and other consultant fees, in connection with the execution and negotiation of this Agreement and the consummation of the transactions contemplated hereby. Seller shall
pay the cost of recording or filing any documents required to be recorded or filed in order to deliver title to the Property in accordance with the terms of this Agreement. 

4.12 Estimation of Prorations; Errors. In any case where sufficient information is not available at the Apportionment Date to make an
accurate proration, Seller and Buyer shall reasonably estimate the proration at the Apportionment Date and shall make a recalculation of the apportionment of the same as soon as the necessary information becomes available, at which time Seller or
Buyer, as the case may be, promptly shall make an appropriate payment to the other based upon such recalculation; provided, however, all prorations described in this Article 4 shall become final as of the close of business six
(6) months after the Apportionment Date, whether or not such information becomes available, except with regard to any and all adjustments for Real Estate Taxes and assessments, as referred to in Sections 4.2.1 and 4.5.1 of this
Agreement, which shall be handled in accordance with the terms of said Sections. 
 4.13 Survival. The provisions of this Article
4 and the parties’ obligations hereunder shall survive the Closing and the Apportionment Date. 
 ARTICLE 5 

COVENANTS REGARDING THE PROPERTY 

5.1 Maintenance of the Property. 

5.1.1 Between the Effective Date and the Closing (a) Seller shall maintain and operate the Property in substantially the same manner as
the Property is currently being maintained and operated (reasonable wear and tear excepted) (it being agreed that Seller shall not be obligated to perform any capital expenditures or other expenditures, unless required by Law or as otherwise
provided herein), including maintenance of substantially the same levels of 

  
 11 

 
existing casualty and liability insurance as may exist as of the Effective Date with respect to the Property, (b) Seller shall not construct any capital improvements upon the Property except
for those made in the ordinary course of maintaining and/or operating the Property or pursuant to a Lease or which are necessary because of emergency situations or to bring the Property into compliance with applicable Laws; (c) Seller shall not
make nor consent to the making of any alterations, renovations, additions or the like to the Property except for those made in the ordinary course of operating the Property or pursuant to a Lease or which are necessary because of emergency
situations or to bring the Property into compliance with applicable Laws; (d) Seller shall not sell, assign, or otherwise transfer any air or development rights in the Property; (e) Seller shall not submit any application relating to, or
otherwise sell, encumber or transfer any rights relating to, zoning, rezoning or other land use matter for the Property without Buyer’s express written consent; and (f) Seller shall not (i) voluntarily subject the Property to any
additional liens, encumbrances, covenants or easements (unless required by Governmental Authority), (ii) consent in writing to any change to the zoning or use classification of the Property, or (iii) sell, pledge, or grant any option,
right of first refusal or right of first offer with respect to the Property or Seller’s interest therein. Ordinary wear and tear is excepted from any obligations of Seller hereunder and the provisions of Sections 13.1 and 13.2 shall
govern with respect to any events of casualty or condemnation. 
 Notwithstanding the foregoing, to the extent that Seller would be
permitted to take any of the actions described above under the express terms of the Seller’s Lease (even though Seller’s Lease is not then effective), then the provisions in the Seller’s Lease shall control. Between the Closing Date
and the expiration date of the Seller’s Lease, Seller shall operate and maintain the Property as provided in the Seller’s Lease. 

5.1.2 Seller does not guarantee, represent or warrant to Buyer that any of the Leases will be in effect on the Closing Date or whether or not
any Tenant shall be in full compliance with the terms of its respective Lease. Further, Buyer acknowledges that whether or not the Leases are in effect or Tenants are in compliance with their respective terms shall not be a condition to Closing.

 5.1.3 Between the Effective Date and the Closing Date, any new lease, renewal, extension, sublease, or other occupancy transaction shall
not be entered into without the prior written consent of Buyer in each instance, (such lease, renewal, extension, sublease, or amendment shall be known as a “New Lease”). 

5.1.4 Except as set forth in this Agreement, Seller shall not apply any Security Deposits on account of any rental due or to become due under
the Leases other than in accordance with the applicable provisions of the Lease, between the Effective Date and the date of Closing; absent an express provision in the Leases to the contrary, Seller shall not return any such Security Deposits to
Tenant thereunder with respect to the Leases unless Tenant shall have actually vacated the Property and the conditions relating thereto under the Lease have been satisfied. In the event that Tenant shall be in default of any monetary obligation
under the Leases beyond the expiration of any applicable notice or cure period between the Effective Date and the date of Closing, Seller shall have the right to apply any Security Deposits under the Leases to cure any such default(s), provided that
Seller shall defend, indemnify and hold Buyer 

  
 12 

 
harmless from and against any claim by such Tenant that Seller wrongfully appropriated and/or applied such sums (such obligation to survive the Closing). 

5.1.5 Between the Effective Date and the Closing Date, Seller shall not, except as hereinafter expressly provided, without Buyer’s express
written consent, (a) modify or otherwise change in any manner any of the material terms, covenants or conditions of the Leases; (b) accept an early surrender or consent to the early termination or cancellation of the Leases; (c) grant
any concession or rent abatement to a Tenant for any period following the Apportionment Date unless expressly provided for under the presently existing terms of the Leases; or (d) commit to do any new work, repairs, replacements or other
improvement work for Tenant under the Leases unless required by the terms of the Lease or a New Lease. 
 5.1.6 Intentionally Omitted. 

5.1.7 With respect to any matter to be submitted to Buyer for its consent pursuant to this Article 5, Buyer shall consent or refuse to
consent, which consent may be withheld upon and subject to the terms hereof, in writing within ten (10) Business Days after receipt by Buyer of Seller’s request for consent and all related materials (including, if applicable, a copy of any
broker agreements, work letters or other items imposing any monetary or other obligations upon the landlord thereunder) regarding the matter for which consent is being requested, as reasonably requested by Buyer. If Buyer does not consent or refuse
within such ten (10) Business Days, then Seller shall have the right to issue to Buyer a second request for consent. The failure of Buyer to timely consent or refuse to consent within five (5) Business Days of such second request shall be
deemed consent by Buyer to the matter in question. 
 5.1.8 Subject to the terms of this Section 5.1.8, at least seventy-five
(75) days prior to the expiration of the Seller’s Lease, Buyer may advise Seller in writing which Service Contracts Buyer wants Seller to assign (or caused to be assigned) and which Service Contracts Buyer wants Seller to terminate (or
cause to be terminated), and Schedule 5.1.8 shall be marked to reflect same. If Buyer does not so notify Seller by such date, effective as of the expiration or sooner termination of Seller’s Lease, Seller shall assign (or caused to be
assigned) to Buyer those Service Contracts that cannot by their terms be terminated by the Seller prior to the expiration of the Seller Lease and listed on Schedule 5.1.8 hereto (the “Assumed Contracts”). All other
Service Contracts (the “Unassumed Contracts”) shall be terminated effective upon the expiration of the Seller’s Lease at Seller’s expense. Buyer acknowledges that, prior to the Closing and during the term of
Seller’s Lease, Seller may substitute certain of the Service Contracts on Schedule 5.1.8, provided that any new Service Contract shall be terminable upon no more than 30 days’ notice, at no cost to Buyer. Notwithstanding the
foregoing, Buyer acknowledges and agrees that (a) not all Assumed Contracts may be freely assignable by Seller (or its managing agent), and may require the consent of the counterparties thereto (the “Contract
Counterparties”) and (b) certain of the Service Contracts may cover other properties owned by Seller and Seller may determine not to assign (or cause to be assigned) such Service Contracts to Buyer, and any such Service Contracts
Seller determines not to assign shall be deemed Unassumed Contracts. To the extent that consent of any Contract Counterparties to the assignment and assumption of an Assumed Contact shall be necessary, Seller agrees that it shall request such
consent from the subject Contract Counterparties, provided however, that Buyer acknowledges and agrees that (A) Seller shall have no obligation to incur any expense or 

  
 13 

 
liability, or grant any financial or contractual concession, in connection with obtaining the consent from any of the Contract Counterparties, and (B) in the event that, as of the
Apportionment Date, any of the Contract Counterparties fails or refuses to grant consent, if necessary, to the assignment of its Assumed Contract, said Assumed Contract shall automatically be deemed to be an Unassumed Contract. Provided that the
Closing occurs hereunder, Seller shall terminate (or cause to be terminated) such Unassumed Contracts effective as of the Apportionment Date, and if an Unassumed Contract cannot be terminated without the payment of a termination fee, Seller shall be
responsible for the payment of the termination fee that shall be payable thereunder. This Section shall survive the Closing and the Apportionment Date. 

5.1.9 Seller has apprised Buyer of the presence of Bargaining Unit Employees at the Property. Nothing in this Agreement, or in this
Section 5.1.9, obligates Buyer to assume any applicable collective bargaining agreement, or to hire any of the Bargaining Unit Employees, unless otherwise required by the new collective bargaining agreement to take effect from and after
January 1st, 2015. To the extent Buyer, at the expiration of Seller’s Lease, agrees to hire any of the Bargaining Unit Employees, Buyer shall notify Seller and provide Seller with the names of the Bargaining Unit Employees Buyer will hire,
as soon as practicable, and in no event later than sixty (60) days prior to the expiration of Seller’s Lease. 
 5.1.10 Seller
shall grant Buyer, its agents, prospective lender, and employees reasonable access to the Property at Buyer’s sole risk, cost and expense. All of such entries upon the Property shall be at reasonable times during normal business hours, after at
least 24 hours’ prior notice to Seller, and Seller shall have the right to accompany Buyer during any activities performed by Buyer on the Property. Buyer (i) shall coordinate each such inspection through Seller and Seller’s property
manager or on-site staff, and (ii) shall not unreasonably interfere with the rights of Seller’s tenants. Buyer shall defend and indemnify Seller and hold Seller, Seller’s members, officers, tenants, agents, contractors and employees
and the Property harmless from and against any and all losses, costs, damages, claims, or liabilities, including but not limited to, mechanic’s and materialmen’s liens and Seller’s attorneys’ fees, arising out of or in connection
with Buyer’s entry upon the Property as allowed herein (expressly excluding any matters which are merely discovered by reason of Buyer’s inspections). 

ARTICLE 6 

REPRESENTATIONS AND WARRANTIES OF BUYER 

6.1 Generally. Buyer represents and warrants that: 

6.1.1 (a) Buyer is a duly formed and validly existing limited liability company under the laws of the state or commonwealth of its
formation and is in good standing under the laws of the state or commonwealth of its formation and, to the extent required by law, qualified to do business under the laws of the State of New York, (b) Buyer has the full right, authority and
power to enter into this Agreement, to consummate the transactions contemplated herein and to perform its obligations hereunder and under those Closing Documents to which it is a party, (c) each of the Persons executing this Agreement and the
Closing Documents on behalf of Buyer is authorized to do so, and (d) this Agreement and each of the Closing Documents constitutes a 

  
 14 

 
valid and legally binding obligation of Buyer enforceable against Buyer in accordance with its terms; 

6.1.2 there are no legal or administrative proceedings pending or, to the best of Buyer’s actual knowledge, without investigation,
threatened against or affecting Buyer that would adversely affect Buyer’s legal authority or financial ability to perform its obligations hereunder and under the Closing Documents to which it is a party; 

6.1.3 the execution and delivery of this Agreement and the Closing Documents, the consummation of the transactions contemplated hereby and the
performance by Buyer of its obligations hereunder and under the Closing Documents to which it is a party, do not and will not (a) violate or conflict with any judgment, decree or order of any court or any Law or permit applicable to it, or
(b) breach any provisions of, or constitute a default under, any contract, agreement, instrument or obligation to which it is a party or by which Buyer is bound; 

6.1.4 the execution and delivery of this Agreement and the Closing Documents by Buyer does not, and the performance of its obligations
hereunder and under the Closing Documents to which it is a party will not, to Buyer’s actual knowledge, require the consent or approval of any public authority or any other Person which has not been obtained; 

6.1.5 Buyer is not the subject of and does not contemplate or anticipate being the subject of any voluntary or involuntary proceeding under
Title 11 of the United States Code or under any state laws relating to the protection of debtors, or subject of any general assignment for the benefit of creditors, and Buyer is able to pay its debts as they become due; and 

6.1.6 Buyer’s Federal Tax Identification Number is 46-5693971. 

6.2 Closing Conditions; Survival of Representations and Warranties. 

The following are conditions precedent to the obligations of Seller to close title under this Agreement, any or all of which may, at
Seller’s option, be waived in writing: 
 6.2.1 Except as the same may be updated by Buyer in writing to maintain accuracy due to one or
more factual changes arising after the Effective Date (it being understood by the parties hereto that Buyer shall not have the right to update any of its representations and warranties because of a factual change arising from a breach of
Buyer’s obligations hereunder or a prior material misrepresentation by Buyer), each of the representations and warranties of Buyer set forth in this Agreement shall be deemed to have been repeated by Buyer, at and as of the Closing Date with
the same force and effect as if first made on and as of such date. It shall be a condition to Seller’s obligation to close hereunder that all such representations and warranties of Buyer be true and correct in all material respects as of the
Closing Date. 
 6.2.2 The representations and warranties of Buyer set forth in this Agreement shall survive the Closing for a period of six
(6) months following the Closing, except that the representations and warranties set forth in Section 6.1.1 shall survive the Closing without limitation. 

  
 15 

 6.2.3 Buyer shall have executed and delivered all of the documents and other items required
pursuant to Schedule 9.1 of this Agreement and shall have performed all other material covenants, undertakings and obligations herein agreed to be performed by it, and complied with all material conditions required by this Agreement to be
performed or complied with by Buyer at or prior to the Closing. 
 ARTICLE 7 

REPRESENTATIONS AND WARRANTIES OF SELLER 

7.1 Generally. Seller represents and warrants to Buyer as of the Effective Date and, except as herein noted, as of the Closing Date,
that: 
 7.1.1 (a) Seller is a duly formed and validly existing banking corporation under the Laws of the state or commonwealth of its
formation and is in good standing under the Laws of the state or commonwealth of its formation and, to the extent required by Law, qualified to do business under the Laws of the State of New York, (b) Seller has the full right, authority and
power to enter into this Agreement, to consummate the transactions contemplated herein and to perform its obligations hereunder and under those Closing Documents to which it is a party, (c) the Person executing this Agreement and the Closing
Documents on behalf of Seller is authorized to do so, and (d) this Agreement and each of the Closing Documents constitutes a valid and legally binding obligation of Seller enforceable against Seller in accordance with its terms; 

7.1.2 (a) there are no legal or administrative proceedings pending or, to the best of Seller’s actual knowledge, without
investigation, threatened against or affecting Seller that may adversely affect its legal authority or financial ability to perform its obligations hereunder and under the Closing Documents to which it is a party and (b) except as set forth in
the Title Report and in the Diligence Website, to the best of Seller’s knowledge, Seller has received no written notices of Violations from any Governmental Authority with respect to the Property; 

7.1.3 the execution and delivery of this Agreement and the Closing Documents, the consummation of the transactions contemplated hereby, and the
performance by Seller of its obligations hereunder and under the Closing Documents to which it is a party do not and will not conflict with or violate any Law, rule, judgment, regulation, order, writ, injunction or decree of any court or
governmental or quasi-governmental entity having jurisdiction over Seller, including the United States of America, the State of New York or any political subdivision of either of the foregoing, or any decision or ruling of any arbitrator to which
Seller is a party or by which Seller is bound or affected, or breach any provisions of, or constitute a default under, any contract, agreement, instrument or obligation to which Seller is a party or by which it is bound; 

7.1.4 the execution and delivery of this Agreement and the Closing Documents by Seller does not, and the performance of its obligations
hereunder and under the Closing Documents to which it is a party will not, require the consent or approval of any public authority or any other Person which has not been obtained; 

  
 16 

 7.1.5 Seller is not the subject of and does not contemplate or anticipate being the subject of
any voluntary or involuntary proceeding under Title 11 of the United States Code or under any state laws relating to the protection of debtors, or subject of any general assignment for the benefit of creditors, and Seller is solvent and able to pay
its debts as they become due; and 
 7.1.6 Seller’s Federal Tax Identification Number is 13-5160382. 

7.2 Property Representations. 

7.2.1 Seller represents and warrants to Buyer that, as of the Effective Date and the Closing Date, with respect to the Property: 

(a) The following leases are the only existing leases of space in the Building: (a) Agreement of Lease executed on
September 28, 2006 by Seller’s predecessor-in-interest, The Bank of New York and JPMorgan Chase Bank, National Association (the “Chase Lease”), and (b) Standard Form of Office Lease dated as of July 31,
1999 between Seller’s predecessor-in-interest, The Bank of New York and Airhant News, Inc., as amended by (i) First Amendment to Agreement of Lease dated as of July 31, 2009, (ii) Second Amendment to Agreement of Lease dated as
of September 28, 2009 and (iii) Third Amendment to Agreement of Lease dated as of August 28, 2013 (as amended, the “Newsstand Lease”). The Chase Lease and the Newsstand Lease are collectively referred to as the
“Existing Leases”, and together with New Leases (if any), collectively, the “Leases” . Except for the Existing Leases, there are no other space leases affecting the Property. Seller or the Broker has
delivered, or has otherwise made available to Buyer, a true and complete copy of the Existing Leases (together with all amendments, modifications, and supplements thereto). Except as expressly set forth in this Section or elsewhere in this Agreement
or Closing Documents, Seller makes no representation or warranty with respect to the Existing Leases; 
 (b) Subject to
the rights of Seller under Section 4.1 hereof and under the Seller’s Lease, the security deposit (“Security Deposit”) under the Existing Leases are as follows: there is no security deposit under the Chase
Lease and there is a $10,183.14 cash Security Deposit under the Newsstand Lease; 
 (c) to Seller’s actual
knowledge, there is no pending, nor has Seller received any notice of any contemplated, condemnation or eminent domain proceeding, or zoning change, affecting the Property or any part thereof; 

(d) (i) Seller is not aware of any material default under the Leases, (ii) all of the Rents reserved under the
Leases are being billed to the Tenant under the Leases, and (iii) no rents or other sums under the Leases have been prepaid for more than thirty (30) days in advance; 

(e) Seller is not a “foreign person” within the meaning of Section 1445 of the United States Internal
Revenue Code of 1986, as amended, and the regulations promulgated thereunder; 

  
 17 

 (f) There are no outstanding brokerage and leasing agreements with respect to the
Property that would be binding on Buyer after the Closing Date. There are no accrued, due, owing, or to be due, obligations of Seller relating to the Leases (including, without limitation, any broker fees, work and improvement obligations, lease
buyout costs, free rental periods, or moving allowances, tenant concessions, tenant improvement costs, and/or other lease-related financial obligations); 

(g) Schedule 5.1.8 sets forth a true and complete list of all Service Contracts relating to the Property as of the
Effective Date (either with Seller or its managing agent). Buyer acknowledges that any or all of the Service Contracts may not be in effect, or may be replaced by new Service Contracts, as of the Apportionment Date; 

(h) Seller has neither received nor delivered any notice of default with respect to any Service Contract that remains
uncured as of the Effective Date; 
 (i) (i) Seller has not granted to any Person, and to Seller’s knowledge,
no Person has, a purchase option or right of first refusal for the purchase of the Property, and (ii) Seller has not sold, assigned, transferred, conveyed, licensed or encumbered in any way any zoning or development rights (including, without
limitation, air rights) relating to the Property, and Seller has not entered into and will not enter into prior to the Closing any agreement to accomplish same; and 

(j) Seller has advised Buyer that the cleaners working at the Building are the employees of the cleaning company for the
Building. The engineers working at the Property are members of Local 94-94A-94B International Union of Operating Engineers AFL_CIO, pursuant to a collective bargaining agreement effective January 1, 2011 (“Union
Agreement”). A true, correct, and complete copy of the Union Agreement has been made available to Buyer and/or is posted on the Diligence Website. Other than the Bargaining Unit Employees, there are no union employees of Seller (or any
affiliate of Seller) at the Property. 
 (k) Seller has not consented to any sublease, license or other occupancy agreement
which may have been granted by the Tenants under the Leases the term of which extends beyond the term of the respective Lease, and Seller has no knowledge of any such sublease, license or other occupancy agreement. 

7.3 Closing Conditions; Survival of Representations and Warranties. The following are conditions precedent to the obligation of Buyer to
close title under this Agreement, any or all of which may at Buyer’s option be waived in writing: 
 7.3.1 No representation or warranty
made by Seller in this Agreement contains any untrue statement of a material fact. 
 7.3.2 The representations and warranties made by Seller
in this Agreement shall be deemed to be repeated as of the Closing Date and shall be true and correct in all material respects as of the Closing Date, except as the same may be updated by Seller to reflect any factual change arising after the date
of this Agreement. In the event any update of such representations and warranties of Seller results in a material adverse change to the Property and 

  
 18 

 
the rights to be received by Buyer under this Agreement, and Seller does not cure (or does not cause the same to be cured) prior to the Closing, the sole and exclusive remedy of Buyer in such
event shall be to terminate this Agreement by notice to Seller given no later than three (3) days after the Scheduled Closing Date and upon such termination, Buyer shall be entitled to receive a refund of the Deposit and neither of the parties
hereto shall have any rights or obligations to the other hereunder except those expressly stated to survive the termination of this Agreement. 

7.3.3 At the time of the Closing, the Title Company shall be irrevocably ready, willing and able to issue a title insurance policy with respect
to the Property in favor of Buyer subject only to the Permitted Exceptions and such other matters as Buyer has agreed in this Agreement or otherwise in writing to accept the Property subject to. 

7.3.4 Neither Seller nor any of the parties comprising Seller shall have filed a voluntary petition in bankruptcy or shall have had an
involuntary petition filed against it which has not been answered or stayed within thirty (30) days of the petition being filed. 

7.3.5 Seller shall have delivered all of the documents and other items required pursuant to Section 9.1.1 of this Agreement and
shall have performed all other material covenants, undertakings and obligations herein agreed to be performed by it, and complied with all material conditions required by this Agreement to be performed or complied with by Seller at or prior to the
Closing. 
 7.3.6 Seller shall request and Buyer shall accept a tenant estoppel certificate (“Estoppel Certificate”) from
the Tenant under the Chase Lease either in the form such Tenant is required to give under the Chase Lease or, if no such form is specifically prescribed, substantially in the form annexed hereto as Exhibit F-1, but Seller shall have no
obligation to make any payment or institute any action or proceeding pursuant to the Chase Lease in order to satisfy this Section. As a condition precedent to Buyer’s obligation to close hereunder, Buyer shall receive at or before Closing an
original duly executed and delivered Estoppel Certificate from Chase substantially in the form of Exhibit F-1 attached hereto or in the specific form, if any, Chase is required to give under its Lease, which shall in no event be dated more
than sixty (60) days prior to the Closing Date. Seller, promptly after receipt thereof, shall deliver the executed Estoppel Certificate to Buyer. If the Estoppel Certificate is not received by Buyer on or prior to the Closing Date, then Seller
shall, in lieu thereof and in satisfaction of the obligation to deliver an Estoppel Certificate from Chase, deliver to Buyer a certificate substantially in the form attached hereto as Exhibit F-2 provided the certifications therein (and any
adjustments thereto) confirm, and are not inconsistent with, Seller’s representation and warranties set forth in this Agreement (a “Seller Estoppel”). Seller’s certificate shall lapse as to unasserted claims by Buyer after
a period of ninety (90) days from the Closing Date. Buyer acknowledges that it shall be required to take title subject to any matter set forth in the Estoppel Certificate provided the certifications therein are not otherwise inconsistent (in a
material way) with Seller’s representations and warranties set forth in this Agreement and do not otherwise constitute a default by Seller hereunder. 

7.3.7 The representations, warranties and certifications of Seller set forth in this Agreement shall survive the Closing for a period of six
(6) months following the expiration of the Seller Lease, except that the representations and warranties set forth in Section 7.1.1 shall 

  
 19 

 
survive the Closing without limitation. Notwithstanding the foregoing, to the extent that an Estoppel Certificate complying with the requirements of Section 7.3.6 hereof is delivered
to Buyer hereunder, any corresponding Seller’s representation and warranty relating to the Lease covered in a Seller Estoppel which is confirmed by such Estoppel Certificate shall, notwithstanding the survival of representations and warranties
set forth herein, be deemed to lapse as of the date of receipt thereof by Buyer. 
 If the foregoing conditions shall not be satisfied (or
waived in writing by Buyer), then Buyer shall have the right to terminate this Agreement and receive a refund of the Deposit, provided that the condition not so satisfied or waived by Buyer is material in nature given the size and scope of this
transaction in that it shall have a material adverse financial impact on Buyer or the Property (unless such financial impact is ascertainable and Seller elects to reimburse Buyer for such amount). For the avoidance of doubt, to the extent
susceptible of being cured by Seller, Seller, at its expense, shall cure any immaterial misrepresentation or any immaterial covenant required to be performed by Seller under this Agreement, at Seller’s expense. 

7.4 Knowledge of Buyer and Seller. Notwithstanding anything to the contrary contained herein, if any of Seller’s representations
and warranties set forth in this Article 7 shall be untrue or misleading and the same were actually known to Buyer, or, other than the representations set forth in Sections 7.1.2 (a) and 7.2.1 (a)-(d), Constructively Known to
Buyer (as hereinafter defined), in each case, prior to the Effective Date, then Seller shall not have made, nor be deemed to have made, such misrepresentation hereunder or otherwise be, nor be deemed to be, in default hereunder by reason thereof nor
shall the accuracy and correctness of such representations or warranties be a closing condition hereunder. All references in this Agreement to the knowledge of Seller shall be deemed to mean the actual present knowledge of Paul McNulty. Seller
represents that Paul McNulty is in a position to have actual present knowledge of the matters set forth in Section 7.2.1 hereof. Information shall be deemed “Constructively Known” to Buyer if such information is
contained in any due diligence documents or information posted on (and not removed from) the Diligence Website at least three (3) Business Days prior to the Effective Date. 

7.5 Limitations on Liability. If Buyer commences a legal proceeding within a period of one hundred eighty (180) days following
expiration of the Seller Lease, and a court of competent jurisdiction determines, pursuant to a final, non-appealable order in connection with such proceeding, that (i) Seller was in breach of a representation or warranty as of the date made in
any material respect (subject to the provisions of Sections 7.3 and 7.4 hereof), (ii) Buyer suffered actual damages (as distinguished from consequential damages) (the “Damages”) by reason of such breach, and
(iii) such breach was not actually known to Buyer or, other than the representations set forth in Sections 7.1.2 (a) and 7.2.1 (a)-(d)), such breach was not Constructively Known to Buyer, in each case, on or prior to the Closing
Date, then Buyer shall be entitled to receive from Seller an amount equal to the Damages. In no event shall Buyer be entitled to sue, seek, obtain or be awarded Damages from Seller, unless and until the aggregate amount of all Damages for which
Seller has liability exceeds the sum of Two Hundred Fifty Thousand Dollars ($250,000.00) (the “Material Breach Threshold”), whereupon Seller shall be liable to Buyer for all Damages suffered by Buyer above the Material Breach
Threshold, but in no event shall Seller be liable to Buyer for any Damages to Buyer in excess of the sum of Four 

  
 20 

 
Million Dollars ($4,000,000.00) (“Seller’s Maximum Liability Amount”). Notwithstanding anything to the contrary contained in this Section 7.5, Seller
shall not be liable or responsible to Buyer for any Damages unless the aggregate amount of such Damages exceeds the Material Breach Threshold, and if the Damages exceed such amount, Buyer shall be responsible for (and Seller shall not be liable or
responsible for) all such Damages up to and including $250,000.00. No Damages shall be payable in respect of any individual event that results in Damages of less than $250,000.00. Buyer shall not be entitled to make any claim for Damages hereunder
with respect to the breach of any particular representation and warranty contained herein, after the survival period therefor, if any. 

ARTICLE 8 
 CLOSING DATE

 8.1 Closing. 

The consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place on
September 22, 2014 (the “Scheduled Closing Date”). At any time at least ten (10) Business Days prior to the Scheduled Closing Date, Buyer shall have the one time right, upon written notice to Seller, to adjourn the
Scheduled Closing Date until not later than September 29, 2014 (the “Scheduled Adjourned Closing Date”), which shall become the Scheduled Closing Date for all purposes under this Agreement and, as to which Scheduled
Adjourned Closing Date, TIME SHALL BE OF THE ESSENCE with respect to the obligations of Buyer under this Agreement. In addition to any other rights of Seller under this Agreement to adjourn the Scheduled Closing Date, Seller may adjourn the
Scheduled Closing Date to a date not later than October 31, 2014, by giving notice thereof to Buyer not later than September 19, 2014. The Scheduled Closing Date, or any such other date to which the Closing may be adjourned
(a) by Seller (by not greater than sixty (60) days in the aggregate (in order to satisfy a condition to closing), provided that Seller may not adjourn the Scheduled Closing Date by more than an aggregate of ninety (90) days under this
Section 8.1 and pursuant to its adjournment rights under Section 3.2.1), or (b) by mutual agreement of Buyer and Seller (it being agreed that neither party shall have any obligation to agree to another adjournment of the
Closing except as expressly permitted pursuant to the terms of this Agreement), is referred to herein as the “Closing Date”. The Closing shall be held at the offices of Seller’s attorneys, Loeb & Loeb LLP, 345
Park Avenue, New York, New York 10154 or at the office of the Buyer’s lender or its counsel, provided such offices are in the Borough of Manhattan (it being agreed that the holding of the Closing at the offices of Buyer’s lender or its
counsel is not intended to and shall not be construed as making the transactions contemplated hereby contingent upon Buyer obtaining any type of financing). 

8.2 Seller’s Post-Closing Occupancy. At the Closing and as part of the Closing Documents to be delivered by the parties pursuant to
Article 9, Seller and Buyer shall enter into a lease in the form annexed hereto as Exhibit E with respect to Seller’s post-closing occupancy of the Property (the “Seller’s Lease”). 

  
 21 

 ARTICLE 9 

CLOSING DOCUMENTS 
 9.1
Closing. 
 9.1.1 At the Closing, contemporaneously with Buyer’s delivery to Seller of all of the Closing Documents required to be
delivered by Buyer hereunder, Seller shall deliver or cause to be delivered to Buyer, duly executed by Seller in recordable form, where applicable, those Closing Documents to be delivered by Seller as set forth on Schedule 9.1.1 attached
hereto and made a part hereof. 
 9.1.2 At the Closing, contemporaneously with Seller’s delivery to Buyer of all of the Closing
Documents required to be delivered by Seller hereunder, Buyer shall deliver or cause to be delivered to Seller those Closing Documents to be delivered by Buyer, duly executed by Buyer in recordable form, where applicable, as set forth on Schedule
9.1.2 attached hereto and made a part hereof (the documents described in this Section 9.1.1 and in Section 9.1.2 and all other documents required to be delivered hereunder are referred to collectively as the
“Closing Documents”). 
 9.2 Further Assurances. Seller and Buyer each agrees, at any time and from time to
time at or after the Closing and after the Apportionment Date, to execute, acknowledge where appropriate, and deliver or cause to be executed, acknowledged and delivered such further instruments and documents and to take such other action as the
other party or the Title Company may reasonably request to carry out the intent and purpose of this Agreement. The provisions of this Section 9.2 shall survive the Closing and the Apportionment Date. 

ARTICLE 10 
 NOTICES

 Any notice, demand or request required or permitted to be given under this Agreement (collectively,
“notices”) must be in writing and given to the party to whom or which such notice is being sent, (a) by certified mail, postage prepaid, return receipt requested, (b) by nationally recognized overnight delivery
service with receipt acknowledged in writing or (c) by hand delivery, against a signed receipt, addressed as follows: 
 If to Seller,
to: 
 The Bank of New York Mellon 

101 Barclay Street, 15E 
 New
York, New York 10286 
 Attn: Director of Real Estate Services 

with copies to: 
 The Bank of New
York Mellon 
 BNY Mellon Center 

  
 22 

 500 Grant Street 

Suite 1910 
 Pittsburgh, PA 15258

 Attention: Real Estate Counsel and 

Loeb & Loeb LLP 
 345
Park Avenue 
 New York, New York 10154 

Attn: Kenneth W. Sold 
 If to
Buyer, to: 
 c/o Macklowe Properties 

767 Fifth Avenue 
 New York, NY
10153 
 Attn: Harry Macklowe 

With copies to: 
 Paul Hastings
LLP 
 75 East 55th Street 
 New
York, New York 10022 
 Attn: Peter C. Olsen, Esq. 

If to Escrow Agent, to: 

Loeb & Loeb LLP 
 345
Park Avenue 
 New York, New York 10154 

Attn: Raymond A. Sanseverino, Esq. 
 In the event
of mailing, notices shall be deemed effective upon delivery or refusal of delivery; in the event of overnight delivery, notices shall be deemed effective on the next Business Day following deposit with the delivery service with appropriate receipt.
From time to time either party may designate another or additional addresses for all purposes of this Agreement by giving the other party no less than ten (10) days’ prior notice of such change of address in accordance with the provisions
of this Article 10. Each party’s counsel shall have the right to deliver notices on behalf of its client and any such notice shall be effective as if sent by such party. 

ARTICLE 11 
 BROKER

 Seller and Buyer each represents and warrants to the other that it has not dealt with any broker or agent in connection with the
transaction contemplated by this Agreement other than CBRE, Inc. (the “Broker”). Buyer hereby indemnifies Seller and Seller-Related Parties and holds Seller and Seller-Related Parties harmless from and against any and all
claims for commission, fee or other compensation by any other Person (other than the Broker) who shall 

  
 23 

 
claim to have dealt with Buyer or any Buyer-Related Parties in connection with this Agreement and for any and all costs incurred by Seller and Seller Related Parties in connection with such
claims, including reasonable attorneys’ fees and disbursements. Seller agrees to pay the commission due to the Broker in connection with this transaction pursuant to a separate agreement. Seller hereby indemnifies Buyer and Buyer-Related
Parties and holds Buyer and Buyer-Related Parties harmless from and against any and all claims for commission, fee or other compensation by any Person (including the Broker) who shall claim to have dealt with Seller or any Seller-Related Parties in
connection with this Agreement and for any and all costs incurred by Buyer and Buyer-Related Parties in connection with such claims, including reasonable attorneys’ fees and disbursements. The provisions of this Article 11 shall survive
the Closing or the sooner termination of this Agreement. 
 ARTICLE 12 

DEFAULTS; REMEDIES 

12.1 Buyer’s Default. If Buyer shall (a) fail or refuse to close on the Scheduled Closing Date (as the same may be adjourned)
as required by the terms of this Agreement, (b) intentionally breach its obligations under Section 17.4 hereof, or (c) otherwise be in material default hereunder of any of its material obligations, which default under
(b) or (c) shall continue for five (5) Business Days after written notice thereof is delivered by Seller to Buyer, the parties hereto agree that the damages that Seller would sustain as a result thereof would be substantial, but would
be difficult to ascertain. Accordingly, the parties hereto agree that in the event of such default, failure or refusal by Buyer, Seller’s sole remedy shall be to terminate this Agreement and retain the Deposit as its sole and full and complete
liquidated damages, in which case Buyer and Seller shall have no further rights or obligations under this Agreement, except those expressly provided herein to survive the termination of this Agreement. Nothing contained in this Section shall limit
or diminish Buyer’s obligations or liabilities under Article 11 and Section 17.12 hereof. Notwithstanding anything to the contrary contained herein (but subject to the following sentence), Buyer may cure any breach of this
Agreement (other than under Section 17.4) by payment of the full Purchase Price on the Scheduled Closing Date (as the same may be adjourned) and performing all its other material obligations at the Closing. Notwithstanding the foregoing,
Seller shall not be obligated to (but may) convey the Property to Buyer or to a Buyer Affiliate under Section 17.4 if the representation made by Buyer in Section 17.23.2 is false (whether or not “to the best of
Buyer’s knowledge”). 
 12.2 Seller’s Default. If Seller shall default in any of its material obligations hereunder
(and such default shall continue for five (5) Business Days after written notice thereof is delivered by Buyer to Seller) or any material representations herein shall be untrue when made or on the Scheduled Closing Date (as the same may be
adjourned) in any material way (and same is not cured), then Buyer shall be entitled either: (1) to terminate this Agreement and receive the return of the Deposit and Buyer’s Title Costs and Buyer’s actual out-of-pocket damages
(including, without, limitation, reasonable attorneys’ fees) not to exceed an aggregate amount of $250,000, and neither of the parties hereto shall have any rights or obligations to the other hereunder except those expressly stated to survive
the termination of this Agreement, or (2) to seek specific performance by Seller of its obligations under this Agreement by commencing an action within thirty (30) days after the expiration of the five (5) Business Day notice period

  
 24 

 
referenced above, it being understood that if Buyer does not commence an action for specific performance within thirty (30) days after the expiration of the five (5) Business Day notice
period referenced above, then Buyer’s sole remedy shall be to receive a return of the Deposit, receipt of Buyer’s Title Costs (subject to the terms and conditions of Article 16) Buyer’s actual out-of-pocket damages (including,
without, limitation, reasonable attorneys’ fees) not to exceed an aggregate amount of $250,000, and terminate this Agreement. Buyer expressly agrees however, that Buyer shall not have the right to seek or recover any consequential, punitive or
other damages (in excess of the reimbursements described above) or any similar additional sums or amounts by reason of such failure or refusal. Buyer shall have no right to seek specific performance if Seller is prohibited from performing
Seller’s obligations hereunder by reason of any law, regulation or other legal requirement applicable to Seller. Nothing contained in this Section shall limit or diminish Seller’s obligations or liabilities under Article 11 and
Section 17.12 hereof. 
 ARTICLE 13 

CASUALTY; CONDEMNATION 

13.1 Casualty. If all or any part of the Property is damaged by fire or other casualty occurring prior to the Closing, whether or not
such damage affects a material part of the Property, then: 
 13.1.1 if the Repair Estimate (as hereinafter defined) is less than or equal to
Twenty Million Dollars ($20,000,000), neither party shall have the right to terminate this Agreement and the parties shall nonetheless consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any
liability or obligation on the part of Seller by reason of said destruction or damage; provided, however, that, in such event, (a) Seller shall assign to Buyer and Buyer shall have the right to make a claim for and to collect and
retain (x) any casualty insurance proceeds payable under the casualty insurance policies in effect with respect to the Property on account of said physical damage or destruction as necessary to perform repairs to the Property and/or to rebuild
the Property to substantially the same condition as existed prior to the occurrence of such fire or other casualty less (y) any costs incurred by Seller to collect such proceeds and any portion of such proceeds that Seller uses to make
temporary or emergency repairs to the Property and (b) Buyer shall receive a credit against the balance of the Purchase Price due at Closing for the unpaid amount of the deductible on such casualty insurance policy. In such event, upon receipt
of such casualty insurance proceeds, Buyer shall restore the Property to the condition that existed prior to the occurrence of such fire or other casualty. 

13.1.2 if the Repair Estimate exceeds Twenty Million Dollars ($20,000,000), Buyer shall have the option, exercisable within fifteen
(15) Business Days after receipt by Buyer of the Repair Estimate as described in Sections 13.2 and 13.3 hereof (but subject to Buyer’s right to object to the Repair Estimate), TIME BEING OF THE ESSENCE, to terminate this Agreement
by delivering notice thereof to Seller, whereupon the Deposit shall be returned to Buyer, subject to the terms and conditions of Section 16 hereof, and this Agreement shall be deemed canceled and of no further force or effect, and
neither party shall have any further rights or liabilities against or to the other except for the Effective Date Surviving Obligations. If a fire 

  
 25 

 
or other casualty described in this Section 13.1.2 occurs, and Buyer does not timely elect to terminate this Agreement, then Buyer and Seller shall consummate this transaction in
accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Seller by reason of said destruction or damage and, in such event, (a) Seller shall assign to Buyer and Buyer shall have
the right to make a claim for and to collect and retain (x) any casualty insurance proceeds payable under the casualty insurance policies in effect with respect to the Property on account of said physical damage or destruction as necessary to
perform repairs to the Property and/or to rebuild the Property to substantially the same condition as existed prior to the occurrence of such fire or other casualty less (y) any costs incurred by Seller to collect such proceeds and any portion
of such proceeds that Seller uses to make temporary or emergency repairs to the Property and (b) Buyer shall receive a credit against the balance of the Purchase Price due at Closing for the unpaid amount of the deductible on such casualty
insurance policy. In such event, upon receipt of such casualty insurance proceeds, Buyer shall restore the Property to the condition that existed prior to the occurrence of such fire or other casualty. Notwithstanding anything to the contrary in
Section 13.1.1 or Section 13.1.2, if casualty insurance proceeds or the right to make a claim for and to collect such proceeds under the casualty insurance policies are to be assigned pursuant to Section 13.1.1 or
Section 13.1.2, but same shall not be assignable, and/or such proceeds shall be insufficient to repair the Property and/or to rebuild the Property to substantially the same condition as existed prior to the occurrence of such fire or
other casualty, then same shall be deemed a failure of a condition precedent to Buyer’s obligation to proceed to Closing. 
 13.1.3 The
estimated cost to repair and/or restore (the “Repair Estimate”) shall be established by estimates obtained by Seller from independent contractors, subject to Buyer’s review and reasonable approval and the provisions of
Section 13.1.4 hereof. 
 13.1.4 Any disputes under this Section 13 as to the estimated cost of repair or restoration
shall be resolved by expedited arbitration before a single arbitrator acceptable to both Seller and Buyer in their reasonable judgment in accordance with the rules of the American Arbitration Association; provided, however, that if Seller and
Buyer do not agree on an arbitrator within five (5) days after a dispute arises, then either party may request the American Arbitration Association to designate an arbitrator in the Borough of Manhattan, New York. Such arbitrator shall be an
independent architect having at least ten (10) years of experience in the construction of first-class office/retail buildings in Manhattan. The determination of the arbitrator shall be conclusive and binding upon the parties. The costs and
expenses of such arbitrator shall be borne equally by Seller and Buyer. Each party shall have the opportunity to submit a written report of up to 10 pages in connection with any such dispute. 

13.1.5 If the Repair Estimate is not delivered to Buyer at least fifteen (15) Business Days prior to the then Scheduled Closing Date in
accordance with the terms hereof, the Scheduled Closing Date shall automatically be extended until the later of (I) the date that is fifteen (15) Business Days following the delivery of such estimate in accordance with the terms hereof and
(II) if any dispute is submitted to arbitration in accordance with Section 13.3 hereof, then fifteen (15) Business Days following the date of the determination of the arbitrator. 

13.1.6 Notwithstanding anything to the contrary contained in this Agreement, if the Property is damaged by fire or other casualty and this
Agreement is not terminated in the 

  
 26 

 
circumstances described above, but either (a) greater than twenty-five (25%) percent of the area of the Property is damaged or rendered untenantable or (b) less than twenty-five
(25%) percent of the area of the Property is damaged or rendered untenantable but such repair and restoration would not be completed within six (6) months after the Closing, then either Seller or Buyer, upon notice to the other party, may
elect not to enter into Seller’s Lease and Buyer may, but shall not be obligated to, repair and restore the Property. 
 13.2
Condemnation. If, prior to the Closing, all or a Material Part (as hereinafter defined) of the Property is taken by eminent domain, Buyer may, by notice to Seller given within ten (10) Business Days after notice to Buyer of the taking,
elect to cancel this Agreement. In the event that Buyer shall so timely elect, the Deposit shall be paid to Buyer and this Agreement shall terminate, whereupon neither of the parties hereto shall have any rights or obligations to the other hereunder
except those expressly stated to survive the termination of this Agreement. Unless this Agreement is so canceled, or if less than a Material Part of the Property is taken by eminent domain, this Agreement shall remain in full force and effect in
which event Seller shall, on the Closing Date, and upon receipt of the balance of the Purchase Price, assign and pay over to Buyer any awards and sums of money collected by Seller as an award for any taking by eminent domain, after deducting its
reasonable attorneys’ fees and disbursements in connection with such proceeding. In addition, Seller shall assign, transfer and set over to Buyer all of Seller’s right, title and interest in and to any portion of any condemnation award not
yet received by Seller. For purposes of this Section 13.2, “Material Part” shall mean shall mean a taking of more than twenty (20%) percent of the floor area of the Building. 

13.3 General Obligations Law. The provisions of this Article 13 are intended to constitute an “express provision to the
contrary” within the meaning of Section 5-1311 of the New York General Obligations Law. The provisions of this Article 13 shall survive the Closing. 

ARTICLE 14 
 AS-IS;
WHERE-IS; 
 DISCLAIMER; WAIVER OF CLAIMS 

14.1 Disclaimers; As-Is. 

14.1.1 BUYER ACKNOWLEDGES THAT IT IS A SOPHISTICATED BUYER, WITH EXPERIENCE IN OWNING, LEASING AND OPERATING REAL PROPERTY IN THE NATURE OF THE
PROPERTY. BUYER REALIZES THE NATURE OF THIS TRANSACTION, UNDERSTANDS AND IS FREELY TAKING ALL RISKS, IF ANY, INVOLVED IN CONNECTION WITH THIS TRANSACTION AND ACKNOWLEDGES THAT THE SAME IS REFLECTED IN THE PURCHASE PRICE AND THE TERMS UPON WHICH
BUYER IS WILLING TO PURCHASE AND SELLER IS WILLING TO SELL. 
 14.1.2 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE
CLOSING DOCUMENTS, THE PROPERTY IS BEING SOLD BY SELLER, AND BUYER AGREES TO ACCEPT THE PROPERTY IN AS-IS AND WHERE-IS CONDITION ON THE EFFECTIVE DATE (SUBJECT TO REASONABLE WEAR AND 

  
 27 

 
TEAR AND SELLER’S OBLIGATIONS HEREIN TO MAINTAIN (OR CAUSE TO BE MAINTAINED) THE PROPERTY BETWEEN THE EFFECTIVE DATE AND THE CLOSING DATE IN THE MANNER REQUIRED UNDER THIS AGREEMENT). BUYER
ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT (I) BUYER HAS HAD AMPLE OPPORTUNITY TO MAKE AN INDEPENDENT INVESTIGATION AND EXAMINATION OF THE PROPERTY (AND ALL MATTERS RELATED THERETO), AND TO BECOME FULLY FAMILIAR WITH THE PHYSICAL CONDITION AND
ENVIRONMENTAL CONDITIONS OF THE PROPERTY, INCLUDING THE OPPORTUNITY TO INSPECT, EXAMINE, INVESTIGATE AND SAMPLE THE PROPERTY TO BUYER’S SATISFACTION AND, ACCORDINGLY, BUYER SHALL RELY ON THAT INSPECTION, EXAMINATION, INVESTIGATION AND SAMPLING,
(II) BUYER HAS HAD THE OPPORTUNITY TO INSPECT, EXAMINE AND INVESTIGATE ALL LAWS, ORDINANCES, AND GOVERNMENTAL RULES AND REGULATIONS AND LICENSES AND PERMITS RELATING THERETO AND IS PURCHASING THE PROPERTY SUBJECT TO ANY VIOLATIONS THEREOF (BUT NOT
ANY FINES OR PENALTIES IN CONNECTION THEREWITH), (III) BUYER HAS HAD THE OPPORTUNITY TO INDEPENDENTLY INVESTIGATE, ANALYZE AND APPRAISE THE VALUE AND THE PROFITABILITY OF THE PROPERTY AND (IV) SELLER AND SELLER-RELATED PARTIES HAVE NOT MADE ANY
VERBAL OR WRITTEN REPRESENTATIONS, WARRANTIES OR STATEMENTS OF ANY NATURE OR KIND WHATSOEVER TO BUYER, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO ANY MATTER WHATSOEVER, EXCEPT AS EXPRESSLY SET FORTH HEREIN AND IN THE CLOSING DOCUMENTS, AND, IN
PARTICULAR, EXCEPT AS EXPRESSLY SET FORTH HEREIN AND IN THE CLOSING DOCUMENTS, NO REPRESENTATIONS OR WARRANTIES HAVE BEEN MADE OR SHALL BE MADE WITH RESPECT TO (A) THE PHYSICAL CONDITION OR OPERATION OF THE PROPERTY, INCLUDING THE EXISTENCE OF
ANY ENVIRONMENTAL HAZARDS OR CONDITIONS THEREON (INCLUDING THE PRESENCE OF ASBESTOS CONTAINING MATERIALS OR THE RELEASE OR THREATENED RELEASE OF HAZARDOUS MATERIALS), (B) THE REVENUES OR EXPENSES OF THE PROPERTY, (C) THE ZONING AND OTHER
LAWS AND/OR ANY PERMANENT OR TEMPORARY CERTIFICATE OF OCCUPANCY APPLICABLE TO THE PROPERTY OR THE COMPLIANCE OF THE PROPERTY THEREWITH, (D) THE STATUS OF ANY APPROVALS REQUIRED FOR THE DEVELOPMENT OF THE PROPERTY, (E) THE NATURE AND EXTENT
OF ANY MATTER AFFECTING TITLE TO THE PROPERTY, (F) THE QUANTITY, QUALITY, OR CONDITION OF THE PERSONALTY, (G) WHETHER OR NOT THE REAL ESTATE TAXES CURRENTLY ASSESSED AGAINST THE PROPERTY ACCURATELY REFLECT THE VALUE THEREOF, (H) THE
TAX LIABILITY OF THE PROPERTY, (I) THE ASSESSED VALUE OF THE PROPERTY AND THE TAX LIABILITY THEREFOR SUBSEQUENT TO THE CLOSING, OR (J) ANY OTHER MATTER OR THING AFFECTING OR RELATING TO THE PROPERTY, OR ANY PORTION THEREOF, THE INTERESTS
THEREIN TO BE CONVEYED TO BUYER PURSUANT TO THE TERMS OF THE TRANSACTIONS CONTEMPLATED HEREBY. BUYER HAS HAD THE OPPORTUNITY TO INSPECT THE PROPERTY AND WILL RELY ON THAT INSPECTION AND OTHER FURTHER INSPECTIONS AND RIGHTS WHICH ARE PROVIDED FOR IN
THIS AGREEMENT AND/OR THE CLOSING DOCUMENTS. 

  
 28 

 
EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, BUYER RELEASES SELLER, THE SELLER RELATED PARTIES AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS FROM AND AGAINST ANY AND
ALL CLAIMS WHICH BUYER OR ANY PARTY RELATED TO OR AFFILIATED WITH BUYER (EACH, A “BUYER RELATED PARTY”) HAS OR MAY HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING RELATED TO OR IN CONNECTION WITH THE PROPERTY, INCLUDING THE DUE
DILIGENCE DOCUMENTS AND INFORMATION DELIVERED TO BUYER OR OTHERWISE REFERRED TO HEREIN, THE LEASES AND THE TENANTS THEREUNDER, ANY CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION AND ANY ENVIRONMENTAL CONDITIONS, AND NEITHER
BUYER NOR ANY BUYER RELATED PARTY SHALL LOOK TO SELLER, THE SELLER RELATED PARTIES OR THEIR RESPECTIVE SUCCESSORS AND ASSIGNS IN CONNECTION WITH THE FOREGOING FOR ANY REDRESS OR RELIEF. THIS RELEASE SHALL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO
EACH OF ITS EXPRESS TERMS AND PROVISIONS, INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION. 
 14.1.3
EXCEPT AS SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, SELLER HEREBY SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY, ORAL OR WRITTEN, EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW OR OTHERWISE, WITH RESPECT TO THE MATTERS REFERRED TO IN
THIS SECTION 14.1 AND ANY WARRANTY OF CONDITION, HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, IN RESPECT TO THE PROPERTY. BUYER DECLARES AND ACKNOWLEDGES THAT THIS EXPRESS DISCLAIMER SHALL BE CONSIDERED A MATERIAL AND
INTEGRAL PART OF THIS SALE AND IS REFLECTED IN THE CONSIDERATION PAYABLE BY BUYER HEREUNDER AND, AS AN INDUCEMENT FOR SELLER TO PROCEED WITH THIS TRANSACTION, BUYER FURTHER DECLARES AND ACKNOWLEDGES THAT THIS DISCLAIMER HAS BEEN BROUGHT TO THE
ATTENTION OF BUYER AND EXPLAINED IN DETAIL AND THAT BUYER HAS VOLUNTARILY AND KNOWINGLY CONSENTED THERETO. 
 14.2 Acceptance of Closing
Documents; Waivers. Except for those matters expressly set forth in this Agreement to survive the Closing and/or the Apportionment Date, and except for the agreements of Seller and Buyer set forth in the Closing Documents or otherwise entered
into at the Closing, Buyer’s acceptance of the Deed and the other Closing Documents shall be and be deemed to be an acknowledgment by Buyer that Seller has fully performed, discharged and complied with all of Seller’s obligations,
covenants and agreements hereunder and that Seller shall have no further liability with respect thereto. 
 14.3 Survival. The
provisions of this Article 14 shall survive the Closing. 

  
 29 

 ARTICLE 15 

CONFIDENTIALITY 
 15.1
Confidentiality. Buyer agrees that any inspections of the Property and due diligence documents delivered or made available to Buyer shall (i) be held in strict confidence by Buyer and Buyer’s representatives, employees and attorneys,
(ii) not be used for any purpose other than the investigation and evaluation of the Property by Buyer and Buyer’s representatives, employees and agents and prospective lenders and investors, and (iii) not be disclosed, divulged or
otherwise furnished to any other person or entity except to Buyer’s attorneys, permitted assignees, investors, prospective lenders and investors or as required by law. 

The provisions of this Article 15 shall survive the termination of this Agreement. 

ARTICLE 16 
 ESCROW

 16.1 Escrow Terms. The Deposit shall be held in escrow by Escrow Agent in accordance with the following terms: 

(a) Escrow Agent shall deposit the Deposit in a money market account or similar interest-bearing account at Citibank, N.A.
or purchase a Treasury Bill issued by the United States Government. Anything contained herein to the contrary notwithstanding, any interest that shall accrue shall be for the benefit of, and paid to, the party entitled to receive the Deposit as
herein provided, as and when such Deposit is paid; 
 (b) Upon Closing, Escrow Agent shall release the Deposit to Seller
to be applied in partial payment of the Purchase Price; and 
 (c) In the event of any termination of this Agreement
pursuant to which the Deposit is payable to (i) Seller, Escrow Agent shall pay the Deposit directly to Seller, or (ii) Buyer, Escrow Agent shall pay the Deposit directly to Buyer after which, in any of such events, Escrow Agent shall be
released from any and all obligations under this Agreement in respect of the Deposit. 
 16.1.2 Escrow Agent shall not commingle the Deposit
with any funds of Escrow Agent or others (other than, in accordance with Escrow Agent’s ordinary operation of its attorney’s trust account for holding third-party funds in compliance with all applicable law and ethical restrictions) and
shall upon request advise the parties of the number of the bank account in which the deposit is made. 
 16.2 Duties of the Escrow
Agent. It is agreed that: 
 16.2.1 The duties of Escrow Agent are only as herein specifically provided, and, except for the provisions
of Section 16.1 hereof, are purely ministerial in nature, and Escrow Agent shall incur no liability whatsoever except for its willful misconduct or gross negligence; 

  
 30 

 16.2.2 In the performance of its duties hereunder, Escrow Agent shall (i) be entitled to
rely upon any document, instrument or signature believed by it to be genuine and signed by either of the other parties or their successors or as may be issued by any bank or institution and (ii) neither be responsible for, or under, nor
chargeable with knowledge of, the terms and conditions of any other agreement, instrument or document executed in connection herewith, and shall be required to act in respect of the Deposit only as provided in this Agreement; 

16.2.3 Escrow Agent may assume that any person purporting to give any notice of instruction on behalf of Buyer or Seller in accordance with the
provisions of this Agreement has been duly authorized to do so; 
 16.2.4 Escrow Agent shall not be bound by any modification of this
Agreement unless a fully executed copy of the same has been delivered to Escrow Agent; 
 16.2.5 Except as provided in
Section 16.3 hereof, Seller and Buyer shall jointly and severally reimburse and indemnify Escrow Agent for, and hold it harmless from and against, any and all loss, liability, costs or expenses in connection herewith, including
reasonable attorneys’ fees and disbursements, incurred without willful misconduct or gross negligence on the part of the Escrow Agent, arising out of or in connection with its acceptance of, or the performance of its duties and obligations
under, this Agreement, as well as the reasonable costs and expenses of defending against any claim or liability arising out of or relating to this Agreement; 

16.2.6 Upon disbursement of the Deposit being held pursuant to this Agreement in accordance with the terms of this Agreement, Escrow Agent
shall be released and discharged from and against any and all actions, causes of action, suits, debts, contracts, controversies, agreements, liabilities, damages, judgments, claims and demands whatsoever, in Law or in equity by reason of, or in
connection with, this Agreement; 
 16.2.7 Escrow Agent shall be entitled to rely upon, and shall be fully protected from all liability,
loss, cost, damage or expense in acting or omitting to act pursuant to, any instruction, order, judgment, certification, affidavit, demand, notice, opinion, instrument or other writing delivered to it hereunder without being required to determine
the authenticity of such document, the correctness of any fact stated therein, the propriety of the service thereof or the capacity, identity or authority of any party purporting to sign or deliver such document; 

16.2.8 Escrow Agent may consult with counsel of its choice, which may include attorneys in the firm of Loeb & Loeb LLP, and shall not
be liable for any action taken or omitted to be taken in good faith by Escrow Agent in accordance with the advice of such counsel; and 

16.2.9 Escrow Agent shall not be entitled to any fee for performing its duties hereunder. 

16.3 Disputes. Escrow Agent is acting as stakeholder only with respect to the Deposit. Upon Closing, Escrow Agent shall release the
Deposit to Seller to be applied in partial payment of the Purchase Price and the interest accrued thereon shall be paid to Seller in accordance with Section 2.2 hereof. In all other cases other than Closing, unless Escrow Agent shall
receive joint 

  
 31 

 
written authorization from Buyer and Seller regarding the delivery of the Deposit, then prior to the release of the Deposit to Buyer or Seller, as the case may be, Escrow Agent shall deliver a
notice to Buyer and Seller that it intends to deliver the Deposit to Buyer or Seller, as the case may be. If no notice is received by Escrow Agent from Buyer or Seller within seven (7) Business Days of Escrow Agent’s delivery of the notice
as aforesaid directing Escrow Agent to not so release the Deposit, then Escrow Agent shall make the requested delivery. If there is any dispute as to whether Escrow Agent is obligated to deliver the Deposit or as to whom the Deposit is to be
delivered, Escrow Agent shall not be required to make any delivery, but in such event Escrow Agent shall either (x) hold the same until receipt by Escrow Agent of an authorization in writing, signed by all of the parties having any interest in
such dispute, directing the disposition of the Deposit, or (y) in the absence of such authorization, Escrow Agent shall hold the Deposit until the final, non-appealable determination of the rights of the parties in an appropriate proceeding. If
such written authorization is not given, or proceedings for such determination are not begun within thirty (30) days after a dispute arises and diligently continued, Escrow Agent may, but is not required to, bring an appropriate action or
proceeding for leave to deposit the Deposit in a court of competent jurisdiction pending such determination. Escrow Agent shall be reimbursed for all reasonable costs and expenses of such action or proceeding, including reasonable attorneys’
fees and disbursements, by the party determined not to be entitled to the Deposit. Upon making delivery of the Deposit in the manner provided in this Agreement, Escrow Agent shall have no further liability hereunder. 

16.4 Escrow Agent/Seller Relationship. Buyer acknowledges that Escrow Agent represents Seller in the transactions contemplated by this
Agreement and, accordingly, agrees and consents to Escrow Agent’s continued representation of Seller at the Closing and in the event of any dispute hereunder. 

16.5 Execution by Escrow Agent. Escrow Agent has executed this Agreement solely to evidence Escrow Agent’s receipt of the Deposit
and its agreement to hold the Deposit in escrow, and to deliver same pursuant to and in accordance with the provisions of this Agreement. 

ARTICLE 17 

MISCELLANEOUS 
 17.1
Entire Agreement. This Agreement, the Exhibits and Schedules annexed hereto (which are incorporated herein by reference), and any contemporaneously executed agreements, are the entire agreement between Seller and Buyer concerning the sale of the
Property and all understandings and agreements heretofore had or made between the parties hereto re merged in this Agreement which, together with aforementioned agreements and other items, alone fully and completely expresses the agreement of the
parties hereto. 
 17.2 Modification. Except as otherwise provided herein, this Agreement may not be changed, modified, supplemented
or terminated, except by an instrument executed by the parties hereto which are or will be affected by the terms of such change, modification, supplement or termination. Either party hereto may waive any of the terms and conditions of this Agreement
made for its benefit, provided such waiver is in writing and signed by the party waiving such term or condition. 

  
 32 

 17.3 Binding Agreement. Subject to the provisions of this Agreement, including
Section 17.4, the terms, covenants, agreements, conditions, representations and warranties contained in this Agreement shall inure to the benefit of and be binding upon the respective parties hereto. This Agreement shall not inure to the
benefit of or be enforceable by any other Person. 
 17.4 Assignment. Buyer shall not have the right to assign its interest in and to
this Agreement without the prior written consent of Seller, which may be granted or denied in Seller’s sole and absolute discretion. Any transfers of any direct or indirect beneficial interests in Buyer shall, for purposes of this
Section 17.4, be deemed to constitute an assignment by Buyer. Any assignment by Buyer without Seller’s prior written consent shall be deemed null and void and shall be a material default by Buyer hereunder entitling Seller, at its
option, to exercise any of its powers, privileges, rights or remedies under this Agreement or at law or in equity. Notwithstanding anything to the contrary contained in this Section 17.4, Buyer shall have the one-time right, without
consent by Seller, to assign this Agreement (including the Deposit and all rights hereunder) to a Buyer Affiliate (as defined below), provided that Buyer delivers to Seller notice of such assignment at least two (2) Business Days prior to the
Closing (which notice shall include a representation that the proposed assignee satisfies the criteria for a Buyer Affiliate and the identity of the Beneficial Owners of the Buyer Affiliate to enable Seller to perform its customary searches to
confirm that the representation contained in Section 17.23.2 remains accurate), and at or prior to Closing, a fully executed copy of the assignment and assumption agreement. “Buyer Affiliate” shall mean any entity
in which Harry Macklowe, Al Mirqab Capital SPC (and/or one or more of its affiliates), and QInvest, LLC (and/or an individual investor advised by QInvest, LLC) owns more than 25% of the legal and beneficial interests at the time of the Closing. In
the event that Seller consents to an assignment of this Agreement (in its sole and absolute discretion) or in the event of an assignment to a Buyer Affiliate, no such assignment shall relieve the named Buyer of its obligations hereunder. Any Buyer
Affiliate shall complete and deliver the Patriot Act Disclosure Form in the form of Exhibit J attached hereto. 
 17.5 No Press
Releases. The parties hereto agree that no press or other publicity release or communication to the general public concerning the transactions contemplated by this Agreement shall be issued by any party without Buyer’s and Seller’s
prior written approval, unless same is required (i) by Governmental Authorities or (ii) to effect the transactions contemplated by this Agreement, provided that Seller’s prior written approval shall not be unreasonably withheld or
delayed so long as such press or publicity release or communication does not identify Seller. It is understood that the foregoing shall not preclude either party hereto from (a) discussing the substance of the transaction contemplated in this
Agreement or any of the terms thereof with its respective attorneys, accountants, professional consultants, prospective investors, prospective lenders or any of their respective counsel or other representatives, or (b) complying with applicable
Laws. The terms of this Section 17.5 shall expressly survive the Closing or the sooner termination of this Agreement but shall not survive the expiration date of Seller’s Lease. 

17.6 Illegality. If any term or provision of this Agreement or the application thereof to any Person or circumstance shall, to any
extent, be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to Persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each

  
 33 

 
term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by Law. 

17.7 Choice of Law. THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES ANNEXED HERETO, SHALL BE GOVERNED BY, INTERPRETED UNDER, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 
 17.8 Construction. The headings and captions of the
various Articles and Sections of this Agreement have been inserted solely for purposes of convenience, are not part of this Agreement, and shall not be deemed in any manner to modify, explain, expand or restrict any of the provisions of this
Agreement. Unless stated to the contrary, all references to Articles, Sections, paragraphs or clauses herein shall be to the specified Article, Section, paragraph or clause of this Agreement, and all references to Exhibits and Schedules shall be to
the specified Exhibits and Schedules attached hereto. All Exhibits and Schedules attached hereto are made a part hereof. All terms defined herein shall have the same meaning in the Exhibits and Schedules, except as otherwise provided therein. All
references in this Agreement to “this Agreement” shall be deemed to include the Exhibits and Schedules attached hereto. The terms “hereby”, “hereof”, “hereto”,
“hereunder” and any similar terms as used in this Agreement, refer to this Agreement in its entirety and not only to the particular portion of this Agreement where the term is used. Whenever in this Agreement provision is made for
the payment of attorneys’ fees, such provision shall be deemed to mean reasonable attorneys’ fees and paralegals’ fees. The term “including” when used herein shall mean “including, without
limitation.” Wherever in this Agreement the singular number is used, the same shall include the plural, and the masculine gender shall include the feminine and neuter genders, and vice versa, as the context shall require. 

17.9 Agreements Enforceable Against Named Parties Only. 

17.9.1 The covenants and agreements of Buyer herein are accepted by Seller as the covenants and agreements of the entity named as Buyer at the
top of the first page of this Agreement and of no other Person, and shall be enforceable by Seller against Buyer and its permitted assigns, only and not against any other Person as either disclosed or undisclosed principals. 

17.9.2 The covenants and agreements of Seller herein are accepted by Buyer as the covenants and agreements of the banking corporation named as
Seller at the top of the first page of this Agreement and of no other Persons, and shall be enforceable by Buyer and its permitted assigns against said banking corporation only and not against any other Persons as either disclosed or undisclosed
principals. 
 17.10 Ambiguities. Each party acknowledges that it and its counsel have reviewed this Agreement, and the parties hereby
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. 

17.11 Sales Tax. Any sales tax, if any, payable in respect of any Personalty shall be the sole responsibility of Buyer and Buyer agrees
to indemnify Seller from and against any loss, cost 

  
 34 

 
or expense (including, but not limited to interest or penalties) Seller may incur in connection with any sales tax due thereon. Seller and Buyer acknowledge and agree that, although the
Personalty is an integral part of the subject transaction, no part of the Purchase Price is attributable thereto. The provisions of this Section shall survive the Closing. 

17.12 Expenses. If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged
dispute, breach, default or misrepresentation in connection with any of the provisions of this Agreement, the successful or prevailing party or parties shall be entitled to recover its reasonable fees and costs, including reasonable attorneys’
fees, court costs and other costs incurred in such action or proceeding, in addition to any other relief to which it or they may be entitled. The provisions of this Section shall survive the Closing or earlier termination of this Agreement. 

17.13 Counterparts; PDF. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of
which shall constitute one and the same Agreement. Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical
thereto except having attached to it additional signature pages. Electronic (PDF) signatures on this Agreement transmitted by email confirmed as received by a party shall be binding and effective for all purposes as if original signature pages were
delivered by the parties. 
 17.14 Waiver of Trial by Jury. THE RESPECTIVE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, OR FOR THE ENFORCEMENT OF ANY REMEDY UNDER ANY STATUTE,
EMERGENCY OR OTHERWISE. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING OR EARLIER TERMINATION OF THIS AGREEMENT. 
 17.15 Third
Party Beneficiaries. Except as expressly set forth herein, no Person other than the parties hereto and their permitted assigns, shall have any rights or claims under this Agreement. 

17.16 Jurisdiction. 

17.16.1 FOR THE PURPOSES OF ANY SUIT, ACTION OR PROCEEDING INVOLVING THIS AGREEMENT, BUYER AND SELLER EACH HEREBY EXPRESSLY SUBMITS TO THE
JURISDICTION OF ALL FEDERAL AND STATE COURTS SITTING IN THE COUNTY OF NEW YORK IN THE STATE OF NEW YORK AND CONSENTS THAT ANY ORDER, PROCESS, NOTICE OR MOTION OR OTHER APPLICATION TO OR BY ANY SUCH COURT OR A JUDGE THEREOF MAY BE SERVED AS PERMITTED
BY LAW, AND BUYER AND SELLER EACH AGREES THAT SUCH COURTS SHALL HAVE EXCLUSIVE JURISDICTION OVER ANY SUCH SUIT, ACTION OR PROCEEDING COMMENCED BY EITHER PARTY. 

  
 35 

 17.16.2 BUYER AND SELLER EACH HEREBY IRREVOCABLY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT BROUGHT IN ANY FEDERAL OR STATE COURT SITTING IN THE COUNTY OF NEW YORK IN THE STATE OF NEW YORK AND HEREBY FURTHER IRREVOCABLY
WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

17.16.3 THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING OR EARLIER TERMINATION OF THIS AGREEMENT. 

17.17 No Recording. Each party hereto covenants and agrees that it has no right and in no event will either party record or cause to be
recorded this Agreement or any memorandum hereof or affidavit, assignment or other document relating to this Agreement (other than a lis pendens filed/recorded in connection with Buyer’s enforcement of its rights hereunder) and, if
either party breaches the provisions of this Section, the other party shall have the option of terminating this Agreement and retaining the Deposit (in Seller’s case, as liquidated damages). 

17.18 Not an Offer. Notwithstanding anything herein to the contrary, it is to be strictly understood and agreed that (a) the
submission by Seller to Buyer of any drafts of this Agreement or any correspondence with respect thereto shall (i) be deemed submission solely for Buyer’s consideration and not for acceptance and execution, (ii) have no binding force
or effect, (iii) not constitute an option for the purchase of the Property or conveyance of the Property by Seller to Buyer and (iv) not confer upon Buyer or any other party any title or estate in the Property, (b) the terms and
conditions of this Agreement shall not be binding upon either party hereto in any way unless and until it is unconditionally executed and delivered by both parties in their respective sole and absolute discretion and all conditions precedent to the
effectiveness thereof including, but not limited to, the delivery of the Deposit to Escrow Agent, shall have been fulfilled or waived in writing, and (c) if this Agreement is not so executed and delivered for any reason whatsoever (including,
without limitation, either party’s willful or other refusal to do so or bad faith), neither party shall be liable to the other with respect to this Agreement on account of any written, oral or parole representations, negotiations, or drafts,
comments or correspondence between the parties or their respective agents or representatives on any legal or equitable theory (including, without limitation, part performance, promissory estoppel, undue enrichment, detrimental reliance, breach of
good faith negotiation obligation or otherwise) 
 17.19 Failure of Deposit. If the payment made on account of the Deposit is by
check, and if such check fails collection in due course, and such failure is not corrected by Buyer within two (2) Business Days after notice of such failure, Seller, at its option, may declare this Agreement null, void and of no force and
effect, and may pursue its remedies against Buyer upon such check or in any other manner permitted by law, such remedies being cumulative. 

17.20 No Waiver. Except as may otherwise be expressly provided herein, the failure of either party hereto to seek redress for any
breach, or to insist upon the strict performance, of any covenant or condition of this Agreement by the other shall not be, or be deemed to be, a waiver of the breach or failure to perform (unless the time specified herein for the exercise of such
right, 

  
 36 

 
or satisfaction of such condition, has expired), nor prevent a subsequent act or omission in violation of, or not strictly complying with, the terms hereof from constituting a default hereunder.

 17.21 No Survival. Except as otherwise expressly provided to the contrary in this Agreement, the delivery and acceptance of the
Deed at the Closing shall be deemed to constitute full compliance by Seller with all of the terms, conditions and covenants of this Agreement on Seller’s part to be performed, and the representations, warranties, covenants or other obligations
of Seller set forth in this Agreement shall not survive the Closing, and no action based thereon shall be commenced after the Closing. 

17.22 Tax Free Exchange. Either party (the “Exchangee”) acknowledges that the other party (the
“Exchangor”) may wish to utilize the transaction contemplated by this Agreement as part of a tax free exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. Exchangee shall reasonably cooperate
with Exchangor and any qualified intermediary selected by Exchangor, at Exchangor’s sole cost and expense, in Exchangor’s efforts to effectuate and coordinate the Closing as part of such a tax free exchange, provided that
(i) Exchangor shall pay all out-of-pocket costs or expenses incurred by Exchangee directly as a result of such exchange; (ii) Exchangee shall not be required to purchase any replacement property in connection with any such exchange or
incur any liability to any third party as a result of such exchange; (iii) the Closing will not be postponed, other than as may be permitted under this Agreement, due to such exchange; (iv) such exchange shall have no adverse tax or other
economic impact on the Exchangee; and (v) the Exchangor shall indemnify and hold harmless the Exchangee from any and all cost, claim, liability, damage or expense incurred by the Exchangee as a result of such exchange. Exchangor may assign this
Agreement and its rights hereunder to any qualified intermediary for the purpose of completing a tax free exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. In the event of such an assignment, the documents and
instruments to be delivered by Exchangee at the Closing shall, at such qualified intermediary’s option, be delivered to such qualified intermediary or its designee. 

17.23 Patriot Act. 

17.23.1 Disclosure. At the Closing, Buyer shall execute and deliver to Seller a disclosure form in the form of Exhibit J attached
hereto (“Patriot Act Disclosure Form”) setting forth the information required by the form for each individual and entity that owns a direct or indirect legal or beneficial interest in Buyer (each, a “Beneficial
Owner”). 
 17.23.2 Representation. Neither the Buyer nor any Beneficial Owner (i) is listed on the Specially
Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury or is the subject or target of any other Sanctions (defined below), (ii) is in violation of any Anti-Terrorism Law
(defined below), (iii) is under investigation by any governmental authority for (or has been charged with) violating any Anti-Terrorism Law, or (iv) has been notified that any of its or their assets have been “frozen” by any
governmental authority. 
 As used herein, 

  
 37 

 “Anti Terrorism Law” means any Law related to money laundering or financing
terrorism including, without limitation, (a) the Patriot Act, (b) The Currency and Foreign Transactions Reporting Act (31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959) (also known as the
“Bank Secrecy Act”), (c) the Trading With the Enemy Act (50 U.S.C. § 1 et seq.), and (d) Executive Order 13224 (effective September 24, 2001). 

“Sanctions” means sanctions administered or enforced by (a) the US Department of the Treasury’s Office of Foreign
Assets Control, (b) the US Department of State, (c) the United Nations Security Council, (d) the European Union, (e) Her Majesty’s Treasury of the United Kingdom, and (f) other relevant sanctions authority. 

  
 38 

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

			
	 SELLER:
  

THE BANK OF NEW YORK MELLON

		
	By:	 	 /s/ Dean M. Steigauf

	Name:	 	Dean M. Steigauf
	Title:	 	Managing Director

 PURCHASE AND SALE AGREEMENT –
ONE WALL STREET 

 
			
	 BUYER:
  

MIP ONE WALL STREET ACQUISITION LLC

		
	By:	 	 /s/ Harry Macklowe

		 	Harry Macklowe
		 	Authorized Signatory

 PURCHASE AND SALE AGREEMENT –
ONE WALL STREET 

 
			
	 For Purposes of Article 16:
  

The undersigned Escrow Agent hereby acknowledges receipt of the Deposit and agrees that it shall hold the same, and any interest accruing thereon, if any, in
escrow pursuant to the provisions of Article 16 hereof.
  
 LOEB & LOEB LLP

Escrow Agent

		
	By:	 	 /s/ Raymond A. Sanseverino

		 	Raymond A. Sanseverino, partner

 PURCHASE AND SALE AGREEMENT –
ONE WALL STREET 

 SCHEDULE 1 

DEFINITIONS 
 For all
purposes of this Agreement, the following terms shall have the respective meanings specified below:  
 “Additional
Rents” means additional percentage, tax, overage and escalation rents, insurance charges, rubbish removal charges, sprinkler charges, water charges, utility charges, HVAC charges, electricity charges and other similar amounts payable
under the Leases as well as all amounts deemed to be additional rent or Additional Rent under the Leases and all other amounts payable to Tenant under the Leases. 

“Agreement” means this Agreement, the Exhibits and Schedules and all amendments, modifications and extensions hereto
and thereto. 
 “Apportionment Date” shall have the meaning set forth in Section 4.1.  

“Assumed Contracts” shall have the meaning set forth in Section 5.1.8.  

“Bargaining Unit Employees” shall mean those individuals who are employees of Seller (or its managing agent) at the
Property and who are represented by The International Union of Operating Engineers, Local 94-94A-94B, AFL-CIO, and covered by a collective bargaining agreement. 

“Beneficial Owner” shall have the meaning set forth in Section 17.23.1.  

“Broker” shall have the meaning set forth in Article 11.  

“Building” shall have the meaning set forth in Section 2.1. 

“Business Day” means each day, except Saturdays, Sundays and all days observed by the federal government as legal
holidays and/or which commercial banks in New York State are not required or authorized to be closed for business. 

“Buyer” shall have the meaning set forth in the preamble. 

“Buyer-Related Parties” means, individually and collectively, and to the extent applicable, (i) Buyer,
(ii) affiliates of Buyer, (iii) the shareholders, officers, directors, employees, members and constituent partners of Buyer and/or of any direct or indirect partner or member of or corporate joint-venturer with Buyer, and/or of any
affiliate of Buyer, and (iv) permitted assigns of Buyer. 
 “Buyer Title Costs” means an amount equal to the
actual charges incurred by Buyer for examination of title to the Property and for the cost of an update of the Survey, if any.  

“Closing” shall have the meaning set forth in Article 8. 

 “Closing Date” shall have the meaning set forth in Article 8. 

“Closing Documents” shall have the meaning set forth in Section 9.1.2.  

“Commitment” shall have the meaning set forth in Section 3.2.1.  

“Condemnation” shall have the meaning set forth in Section 2.1.  

“Contract Counterparties” shall have the meaning set forth in Section 5.1.8.  

“Deed” means the bargain and sale deed, without covenants against grantor’s acts, to the Property to be delivered
by Seller to Buyer pursuant to Section 9.1.1 in the form of Exhibit A attached hereto. For convenience, Seller may omit from the Deed the recital of any or all of the “subject to” clauses herein contained and/or any
other title exceptions, defects or objections which have been waived or consented to by Buyer pursuant to and in accordance with this Agreement. 

“Deposit” shall have the meaning set forth in Section 2.2.1. 

“Diligence Website” means the website created and administered through IntraLinks with respect to the Property. 

“Effective Date” shall have the meaning set forth in the introductory paragraph of page 1 of this Contract. 

“Escrow Agent” means the law firm of Loeb & Loeb LLP, having an office at 345 Park Avenue, New York, New York
10154. 
 “Estoppel Certificate” shall have the meaning set forth in Section 7.3.6.  

“Exchangee” shall have the meaning set forth in Section 17.22. 

“Exchangor” shall have the meaning set forth in Section 17.22. 

“FIRPTA Certificate” shall have the meaning set forth in Schedule 9.1.1.  

“Existing Leases” shall have the meaning set forth in Section 7.2.1.  

“Governmental Authority” shall have the meaning set forth in Section 3.3.11.  

“Hazardous Material” shall mean all materials and substances now or hereafter subject to any Environmental Laws,
including (i) all substances which are designated pursuant to Section 311(b)(2)(A) of the Federal Water Pollution Control Act (“FWPCA”), 33 U.S.C. § 1251, et seq., (ii) any element, compound,
mixture, solution, or substance which is designated pursuant to Section 102 of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. § 9601, et seq.,
(iii) any hazardous waste having the characteristics which are identified under or listed pursuant to Section 3001 of the Resource Conservation and Recovery Act, 42 U.S.C. § 6901, et seq., (iv) any toxic pollutant
listed under Section 307(a) of FWPCA, (v) any hazardous air pollutant which is listed under Section 112 of the Clean Air Act, 

 
42 U.S.C. § 7401, et seq., (vi) any imminently hazardous chemical substance or mixture with respect to which action has been taken pursuant to Section 7 of the Toxic
Substances Control Act, 15 U.S.C. § 2601, et seq., (vii) “hazardous materials” within the meaning of the Hazardous Materials Transportation Act, 49 U.S.C. § 5101, et seq., (viii) any element
or compound contained in the list of hazardous substances adopted by the United States Environmental Protection Agency (“EPA”) or by the New York Department of Environmental Conservation (“DEC”), (ix) petroleum or petroleum
by-products, (x) asbestos containing materials, (xi) any radioactive material or substance, (xii) all toxic wastes, hazardous wastes and hazardous substances as defined by, used in, controlled by, or subject to all implementing
regulations adopted and publications promulgated pursuant to the foregoing statutes, and (xiii) any other hazardous or toxic substance or pollutant identified in or regulated under any other applicable federal, state or local Environmental
Laws. 
 “Land” shall have the meaning set forth in Section 2.1. 

“Law” means any law, rule, code, regulation, ordinance, moratorium, injunctive proceeding, restriction or similar
matter imposed by any federal, state, municipal or local government or any public or quasi-public board, authority, commission, agency or department thereof having jurisdiction over the Property, or any portion thereof and/or Buyer or Seller. 

“Leases” shall have the meaning set forth in Section 7.2.1. 

“Licenses and Permits” shall mean any and all transferable permits, licenses, approvals, authorization and
certificates required or used in connection with the ownership, use, maintenance, operation and occupancy of the Property. 

“Losses” shall mean any damages, losses, claims, encumbrances, deficiencies, costs and expenses, including, without
limitation, reasonable attorneys’ fees and other costs and expenses incident to any claim. 
 “Material Breach
Threshold” shall have the meaning set forth in Section 7.5.  
 “Material Part”
shall have the meaning set forth in Section 13.2. 
 “New Lease” shall have the meaning set forth in
Section 5.1.3. 
 “Non-Permitted Exceptions” shall have the meaning set forth in
Section 3.2.1.  
 “Notices” shall have the meaning set forth in Article 10.  

“Patriot Act Disclosure Form” shall have the meaning set forth in Section 17.23.1. 

“Permitted Exceptions” shall have the meaning set forth in Section 3.3.  

“Person” means an individual, corporation, partnership, limited liability company, limited liability partnership,
joint venture, association, joint stock company, trust, 

 
unincorporated organization or the federal government or any state or local government or any agency or political subdivision thereof. 

“Personalty” shall mean the fixtures, equipment, machinery, inventory, appliances and other items of movable property
(and replacements thereof) now owned or hereafter acquired by Seller and located in or upon, and used in connection with, the operation of the Property. For the avoidance of doubt, the Personalty does not include any personal property owned or
leased by Tenants or other third parties or owned or leased by Seller but which is not used in the operation of the Property (as distinguished from property used by Seller in connection with the occupancy of its premises in the Building). 

“Premises” shall have the meaning set forth in Section 2.1.  

“Property” shall have the meaning set forth in Section 2.1.  

“Purchase Price” shall have the meaning set forth in Section 2.2.1.  

“Removal Amount” shall have the meaning set forth in Section 3.2.1.  

“Rents” means fixed minimum rent and Additional Rents. 

“Report” shall have the meaning set forth in Section 3.2.1.  

“RE Tax Return” shall have the meaning set forth in Section 4.9.  

“Scheduled Adjourned Closing Date” shall have the meaning set forth in Article 8. 

“Scheduled Closing Date” shall have the meaning set forth in Article 8.  

“Security Deposit” shall have the meaning set forth in Section 7.2.1.  

“Seller” shall have the meaning set forth in the preamble.  

“Seller Estoppel” shall have the meaning set forth in Section 7.3.6.  

“Seller-Related Parties” means individually and collectively, Seller and its employees, agents, representatives and
contractors and affiliates of Seller. 
 “Service Contracts” shall mean means any written or oral service,
maintenance, landscaping, operating, repair, equipment lease, employment, management, supply, construction or other similar contract or agreement relating to the operation or maintenance of the Property, together with all amendments and
modifications thereof in effect from time to time. 
 “Supplemental Title Objection Notice” shall have the meaning set
forth in Section 3.2.1. 
 “Survey” means the survey prepared by Earl B. Lovell – S.P. Belcher, Inc. dated
May 16, 1966, as updated by visual examination made on February 3, 2014. 

 “Tenant” shall mean the tenant under the Chase Lease and the Newsstand
Lease (as applicable) more particularly described herein or any Tenant under any New Lease. 
 “Title Company” shall
mean First American Title Insurance Company and/or such other nationally-recognized title company or title companies as Buyer may elect. 

“Transfer Taxes” shall have the meaning set forth in Section 4.8. 

“Unassumed Contracts” shall have the meaning set forth in Section 5.1.8.  

“Violations” shall have the meaning set forth in Section 3.3.11.EX-10.1

 Exhibit 10.1 

PURCHASE AND SALE AGREEMENT 

This PURCHASE AND SALE AGREEMENT (the “Agreement”) is made and entered into as of the 27th day of May, 2014 by and among BRE Del GP LLC (“BRE GP”) and BRE Del LP LLC (“BRE LP”), each a Delaware limited liability company (each a “Seller”
and collectively, the “Sellers”), and SHR Del Partners, LP, a Delaware limited partnership (“Purchaser”). 

BACKGROUND 
 WHEREAS,
Sellers and Purchaser are partners of BSK Del Partner L.P., a Delaware limited partnership (the “Partnership”) pursuant to the terms of that certain Limited Partnership Agreement of the Partnership dated as of February 4, 2011
(the “Partnership Agreement”), among Sellers and Purchaser. 
 WHEREAS, BRE GP desires to sell to Purchaser, and Purchaser
desires to purchase from BRE GP, all of BRE GP’s general partnership interests in the Partnership (the “GP Interest”), on the terms and conditions set forth in this Agreement. 

WHEREAS, BRE LP desires to sell to Purchaser, and Purchaser desires to purchase from BRE LP, all of BRE LP’s limited partnership
interests in the Partnership (the “LP Interest”’ together with the GP Interest, collectively, the “Interests”), on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for such other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

SALE, PURCHASE PRICE, CLOSING 
 1.1 Sale of
Interests. (a) On the Closing Date, pursuant to the terms and subject to the conditions set forth in this Agreement, Sellers shall sell, convey, transfer and deliver to Purchaser, and Purchaser shall purchase and accept from Sellers, the
Interests free and clear of all liens, encumbrances, pledges, security interests or charges of any kind or nature whatsoever (other than the obligations and restrictions set forth in the Partnership Agreement). Notwithstanding the foregoing, and
subject to the conditions set forth in this Agreement, Purchaser may elect to have an affiliate of Purchaser accept the GP Interest directly from BRE GP, in which event BRE GP shall sell, convey, transfer and deliver the GP Interest to
Purchaser’s affiliate designee at the Closing. If Purchaser so elects, Purchaser shall nevertheless remain obligated to deliver one hundred percent (100%) of the Purchase Price to Sellers at the Closing, on the terms and subject to the
conditions set forth in this Agreement. 
 (b) The transfer of the Interests shall include the transfer of all Interest-Related Rights. For
purposes of this Agreement, “Interest-Related Rights” 

  
 1 

 
means all of the Sellers’ right, title and interest in, to and under the Partnership and the Partnership Agreement including, without limitation, all of Sellers’ right, title and
interest in, to and under all (i) distributions after the Closing Date of profits and income of the Partnership, (ii) capital distributions after the Closing Date from the Partnership, (iii) distributions after the Closing Date of
cash flow by the Partnership, (iv) property of the Partnership to which either Seller now or in the future may be entitled, (v) other claims which either Seller now has or may in the future acquire against the Partnership and its property,
(vi) proceeds of any liquidation upon the dissolution of the Partnership and winding up of its affairs, (vii) other rights of Sellers to receive any distributions or other payments of any kind whatsoever from or in respect of the
Partnership or in any way derived from the Hotel or from the ownership or operation thereof after the Closing Date, whether any of the above distributions consist of money or property, and (viii) all other rights, benefits and obligations of
Sellers as a partner in the Partnership including, without limitation, rights to reports and accounting information; provided, however that the Interest-Related Rights shall not include the proceeds of the sale of the Interests
contemplated hereby, and the transfer of the Interest-Related Rights shall be subject to the provisions of Section 7.16(b) of this Agreement. 

1.2 Purchase Price. The purchase price for the Interests is $210,000,000.00 (the “Purchase Price”). The Purchase Price shall not be
subject to any proration or adjustment. The parties agree that the Partnership shall not make any distribution to any Seller or Purchaser between the date hereof and the Closing. All cash held by the Partnership shall be retained by Purchaser
following the Closing. The Purchase Price shall be paid by Purchaser to Sellers in cash at Closing, by wire transfer of immediately available funds to an account specified in writing by Sellers. 

1.3 Closing. The closing of the sale and purchase of the Interests (the “Closing”) shall take place on the date two business days
following the date on which all of the conditions set forth in Article III have been satisfied or waived (the “Closing Date”). The Closing shall be held at 12:00 P.M. at the offices of Simpson Thacher & Bartlett LLP,
425 Lexington Avenue, New York, New York 10017, or at such other location agreed upon by the parties hereto, or in escrow with all documents and funds delivered to an escrow agent mutually acceptable to the parties. The Parties agree that the
Closing and the delivery of documents at the Closing may be effected remotely by means of an exchange of facsimile signatures or electronically scanned copies of original or facsimile signatures as mutually agreed by the Parties. 

ARTICLE II 
 REPRESENTATIONS AND
WARRANTIES 
 2.1 Seller Representations and Warranties. Each of the Sellers hereby represents and warrants to Purchaser on a joint and several
basis, as follows (it being agreed that the provisions of this Section 2.1 shall survive the Closing, but not the termination of this Agreement): 

(a) Capacity; Authority; Validity. Each Seller is a limited liability company, duly organized, validly existing and in good standing
under the laws of the State of Delaware. Each Seller has all necessary limited liability company power and authority to enter into this Agreement, to perform the obligations to be performed by Seller hereunder and to consummate the transactions
contemplated hereby. This Agreement, the sale of the Interests and the consummation by Sellers of the transactions contemplated hereby have been duly and validly authorized by all necessary limited liability company action of Sellers. This Agreement
has been duly executed and delivered by each Seller and constitutes the legal, valid and binding obligation of each Seller, enforceable against each Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity). 

  
 2 

 (b) Restrictions. Neither the execution, delivery and performance of this Agreement by
Sellers nor the consummation of the transactions contemplated hereby will conflict with or result in a breach of any term or provision of, or constitute a default or violation under or accelerate performance under (i) the certificate of
formation, limited liability company agreement or any other organizational or governing documents of either Seller, (ii) any material agreement, contract or instrument to which either Seller is a party or (iii) any law or order to which
either Seller is subject or otherwise bound. 
 (c) Consents, Filings, etc. Other than (i) any consent or approval which may be
required under the terms of the Partnership Agreement, (ii) the Lender Notice, (iii) the Lender’s acceptance of the Additional Insolvency Opinion and (iv) such consents and approvals as have been made or obtained, the execution
and delivery of this Agreement and the performance and consummation of the transactions contemplated hereby will not require any filing, consent or approval under the certificate of formation, limited liability company agreement or any other
organizational or governing documents of either Seller, or any other material contract, agreement or instrument to which either Seller is a party. 

(d) Title to Interests. The GP Interest is wholly-owned legally and beneficially by BRE GP, free and clear of all liens, encumbrances,
pledges, security interests or charges of any kind (other than pursuant to the Partnership Agreement). The LP Interest is wholly-owned legally and beneficially by BRE LP, free and clear of all liens, encumbrances, pledges, security interests or
charges of any kind (other than pursuant to the Partnership Agreement). Other than pursuant to the Partnership Agreement, there is no outstanding right, subscription, warrant, call, unsatisfied preemptive right, option or other agreement of any kind
to purchase, dispose of or encumber all or any portion of the Interests. 
 (e) Compliance with Securities Laws. Neither Sellers nor
anyone acting on Sellers’ behalf has offered to sell the Interests by means of any general solicitation or general advertising. 
 (f)
No Lawsuits. There is no lawsuit, proceeding or investigation pending or, to the knowledge of Sellers, threatened in writing, against either Seller that would prevent or delay consummation of the transactions contemplated hereby or would

  
 3 

 
materially and adversely affect either Seller’s title to the Interests. There is no action or suit by either Seller pending or threatened against others relating to the Interests or the
Partnership. Schedule 2.1(f) attached hereto sets forth a complete list of all lawsuits filed after February 4, 2011 (the “BRE Acquisition Date”) currently pending against or with respect to the Partnership or any of its
subsidiaries as depicted on Exhibit A attached hereto (each, a “Subsidiary” and collectively, the “Subsidiaries”) as of the date hereof, for which Sellers have received written notice. 

(g) Anti-Corruption. The execution and delivery of this Agreement by Sellers and their performance and compliance with the terms of
this Agreement will not violate the Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act of 2012, or, where applicable, the legislation enacted by member states and signatories implementing the OECD Convention Combating Bribery of
Foreign Officials (collectively, “Anti-Corruptions Laws”) or any other law, regulation, administrative decree or order to which either Seller is subject. 

(h) Compliance with Laws. Since the BRE Acquisition Date, Sellers have not received any written notification from any governmental
authority alleging any liability under or violation of any law or order by the Partnership, any of its Subsidiaries or the Hotel. 
 (i)
Organizational Matters. Except as set forth on Schedule 2.1(i) attached hereto, the Partnership Agreement and the organizational documents of its Subsidiaries have not been amended by BRE GP since the BRE Acquisition Date. Since the
BRE Acquisition Date, BRE GP has not caused the Partnership nor any of its Subsidiaries to issue any partnership interests, limited liability company interests, shares of capital stock or any subscriptions, options, warrants, phantom rights,
appreciation rights, profit participation rights, convertible securities or other agreements or commitments of any character relating to the issued or unissued equity securities of, or interests in, the Partnership or any of its Subsidiaries. Since
the BRE Acquisition Date, BRE GP has not caused the shares of capital stock, limited liability company interests, partnership interests and other equity securities of the Subsidiaries to be transferred, sold or pledged (other than pursuant to the
terms of the Mortgage Loan, the Mezzanine A Loan and the Mezzanine B Loan). 
 (j) Business Activities. Since the BRE Acquisition
Date, BRE GP has not caused the Partnership nor any of its Subsidiaries to engage in any business, activities or operations other than the management, ownership, leasing and operation of the Hotel, the ownership of the shares of capital stock,
limited liability company interests, partnership interests and other equity securities of the Subsidiaries of the Partnership, and activities incident thereto. 

(k) Material Agreements. Except as set forth on Schedule 2.1(k) attached hereto, BRE GP has not executed any amendments to the
Mortgage Loan Agreement or Mezzanine Loan Agreements on behalf of the Partnership or its Subsidiaries since March 8, 2013. Since August 1, 2013, BRE GP has not executed any amendments to the Management Agreement on behalf of the
Partnership or its 

  
 4 

 
Subsidiaries. Since the BRE Acquisition Date, Sellers have not received any written notice of default under the Mortgage Loan, the Mezzanine A Loan, the Mezzanine B Loan or the Management
Agreement. Sellers have provided to Purchaser a complete copy of each written agreement legally binding upon the Partnership or any of its Subsidiaries that was executed by BRE GP on behalf of the Partnership or its Subsidiaries since the BRE
Acquisition Date and that involves annual payments in excess of $500,000. 
 (l) Liabilities. As of the date hereof, BRE GP has not
caused the Partnership or its Subsidiaries to incur any indebtedness for borrowed money other than the Mortgage Loan, the Mezzanine A Loan and the Mezzanine B Loan. 

2.2 Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to Sellers, as follows (it being agreed that the provisions
of this Section 2.2 shall survive the Closing, but not the termination of this Agreement): 
 (a) Capacity; Authority; Validity.
Purchaser is a limited partnership, duly organized, validly existing and in good standing under the laws of the State of Delaware. Purchaser has all necessary power and authority to enter into this Agreement, to perform the obligations to be
performed by Purchaser hereunder and to consummate the transactions contemplated hereby. This Agreement and the consummation by Purchaser of the transactions contemplated hereby have been duly and validly authorized by all necessary actions of
Purchaser. This Agreement has been duly executed and delivered by Purchaser and constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity). 

(b) Restrictions. Neither the execution, delivery and performance of this Agreement by Purchaser nor the consummation of the
transactions contemplated hereby will conflict with or result in a material breach of any term or provision of, or constitute a default or violation under or accelerate performance under (i) the certificate of formation, partnership agreement
or any other organizational or governing documents of Purchaser, (ii) any agreement, contract or instrument to which Purchaser is a party or (iii) any law or order to which Purchaser is subject or otherwise bound. 

(c) Consents, Filings, etc. Other than (i) any consent or approval which may be required under the terms of the Partnership
Agreement, (ii) to the extent the Mortgage Loan Agreement, the Mezzanine A Loan Agreement and/or the Mezzanine B Loan Agreement were amended by BRE GP as the general partner of the Partnership following March 8, 2013, any consents that may
be required under the terms of the Mortgage Loan, Mezzanine A Loan or Mezzanine B Loan, (iii) the Lender Notice, (iv) the Lender’s acceptance of the Additional Insolvency Opinion and (iv) such consents and approvals as have been
made or obtained, the execution and delivery of this Agreement and the performance and consummation of the transactions contemplated hereby will not require any filing, consent or approval under Purchaser’s organizational or governing
documents, or any other material contract, agreement or instruments to which Purchaser is a party. 

  
 5 

 (d) No Lawsuits. There is no lawsuit, proceeding or investigation pending or, to the
knowledge of Purchaser, threatened in writing, against Purchaser that would prevent or delay consummation of the transactions contemplated hereby or would materially and adversely affect the Interests. There is no action or suit by Purchaser pending
or threatened against others relating to the Interests or the Partnership. 
 (e) Accredited Investor. Purchaser is an
“accredited investor” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), or has such knowledge and experience in financial matters as to be capable of evaluating the risks and merits of any
investment in the Interests. Purchaser is acquiring the Interests for its own account for investment and not with a view to, or for resale in connection with, the distribution or other disposition thereof in violation of the Securities Act.
Purchaser understands that resale of the Interests may be subject to restrictions in the Partnership Agreement and compliance with all applicable securities laws. 

(f) Anti-Corruption. The execution and delivery of this Agreement by Purchaser and its performance and compliance with the terms of
this Agreement will not violate any Anti-Corruption Laws or any other law, regulation, administrative decree or order to which it is subject. 
 2.3
Covenant of Purchaser. Strategic Hotels & Resorts, Inc. (“Strategic”), the indirect parent of Purchaser, shall use its commercially reasonable efforts to receive at least $210,000,000 of cash proceeds, net of all
fees and expenses associated therewith, on or prior to June 13, 2014, from a public sale of shares of its capital stock. 
 ARTICLE III

 CONDITIONS PRECEDENT TO CLOSING 
 3.1
Conditions Precedent to Sellers’ Obligations. The obligations of Sellers to consummate the transfer of the Interests to Purchaser or its designee on the Closing Date is subject to the satisfaction (or waiver by Sellers) as of the Closing
of the following conditions: 
 (a) Each of the representations and warranties made by Purchaser in this Agreement shall be true and correct
in all material respects when made and on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date. 

(b) Purchaser shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be
performed or complied with by Purchaser on or before the Closing. 
 (c) No order or injunction of any court or administrative agency of
competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any governmental authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits the transfer of the Interests or the
consummation of any other transaction contemplated hereby. 

  
 6 

 (d) No action, suit or other proceeding shall be pending which shall have been brought by any
person or entity (other than the parties hereto and their affiliates) (i) to restrain, prohibit or change in any material respect the purchase and sale of the Interests or the consummation of any other transaction contemplated hereby or
(ii) seeking material damages with respect to such purchase and sale or any other transaction contemplated hereby. 
 (e) Sellers shall
have received all of the documents required to be delivered by Purchaser under Section 4.1. 
 (f) Sellers shall have received evidence
that the Additional Insolvency Opinion required to be delivered under Section 5.2.10(d) of the Mortgage Loan Agreement and Mezzanine Loan Agreements has been accepted by the Mortgage Lender, Mezzanine Lenders and Approved Rating Agencies, as
applicable. 
 (g) Sellers shall have received the Purchase Price in accordance with Section 1.2. 

3.2 Conditions Precedent to Purchaser’s Obligations. The obligation of Purchaser to purchase the Interests on the Closing Date is subject to the
satisfaction (or waiver by Purchaser) as of the Closing of the following conditions: 
 (a) Each of the representations and warranties made
by Sellers in this Agreement shall be true and correct in all material respects when made and on and as of the Closing Date as though such representations and warranties were made on and as of Closing Date. 

(b) Sellers shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be
performed or complied with by Sellers on or before the Closing. 
 (c) No order or injunction of any court or administrative agency of
competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any governmental authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits the transfer of the Interests or the
consummation of any other transaction contemplated hereby. 
 (d) No action, suit or other proceeding shall be pending which shall have been
brought by any person or entity (other than the parties hereto and their affiliates) (i) to restrain, prohibit or change in any material respect the purchase and sale of the Interests or the consummation of any other transaction contemplated
hereby or (ii) seeking material damages with respect to such purchase and sale or any other transaction contemplated hereby. 

  
 7 

 (e) Purchaser shall have received evidence that the Additional Insolvency Opinion required to be
delivered under Section 5.2.10(d) of the Mortgage Loan Agreement and Mezzanine Loan Agreements has been accepted by the Mortgage Lender, Mezzanine Lenders and Approved Rating Agencies, as applicable. 

(f) Purchaser shall have received all of the documents required to be delivered by Seller under Section 4.2. 

(g) There shall not have occurred any fire or other material casualty that causes damage to the Hotel or any portion thereof that costs in
excess of $15,000,000.00 to repair. 
 (h) Subject to Section 2.3, Strategic shall have raised at least $210,000,000 of cash proceeds,
net of all fees and expenses associated therewith, from a public sale of shares of its capital stock. 
 ARTICLE IV 

CLOSING DELIVERIES. 
 4.1 Purchaser Closing
Deliveries. At the Closing, Purchaser shall deliver the following documents: 
 (a) an assignment and assumption of Interests (the
“Interest Assignment”) in substantially the form of Exhibit B, duly executed by Purchaser and/or its designee; 

(b) a duly executed and sworn secretary’s certificate from Purchaser certifying that Purchaser has taken all necessary action to
authorize the execution of all documents being delivered hereunder and the consummation of all of the transactions contemplated hereby and that such authorization has not been revoked, modified or amended; 

(c) an executed and acknowledged incumbency certificate from Purchaser certifying the authority of the officers of Purchaser to execute this
Agreement and the other documents delivered by Purchaser to Sellers at the Closing; 
 (d) an executed notice to the Mortgage Lender and
Mezzanine Lenders required to be delivered under Section 5.2.10(d) of the Mortgage Loan Agreement and Mezzanine Loan Agreements (the “Lender Notice”); and 

(e) evidence that the Additional Insolvency Opinion required to be delivered under Section 5.2.10(d) of the Mortgage Loan Agreement and
Mezzanine Loan Agreements has been accepted by the Mortgage Lender, Mezzanine Lenders and Approved Rating Agencies, as applicable. 

  
 8 

 4.2 Seller Closing Deliveries. At the Closing, Sellers shall deliver the following documents: 

(a) The Interest Assignment with respect to the Interests, duly executed by each Seller; 

(b) a duly executed and sworn secretary’s certificate from each Seller certifying that each Seller has taken all necessary action to
authorize the execution of all documents being delivered hereunder and the consummation of all of the transactions contemplated hereby and that such authorization has not been revoked, modified or amended; 

(c) an executed and acknowledged incumbency certificate from Seller certifying to the authority of the officers of Seller to execute this
Agreement and the other documents delivered by Seller to Purchaser at the Closing; 
 (d) a duly executed affidavit of Seller certifying
that Seller is not a “foreign person” as defined in the federal Foreign Investment in Real Property Tax Act of 1980, and the 1984 Tax Reform Act, as amended; 

(e) the Lender Notice; and 
 (f)
evidence that the Additional Insolvency Opinion required to be delivered under Section 5.2.10(d) of the Mortgage Loan Agreement and Mezzanine Loan Agreements has been accepted by the Mortgage Lender, Mezzanine Lenders and Approved Rating
Agencies, as applicable. 
 ARTICLE V 

MORTGAGE LOAN AND MEZZANINE LOANS 
 5.1
Mortgage Loan and Mezzanine Loan; Guaranty Release. 
 (a) Purchaser acknowledges that at the Closing, the Partnership’s interest
in the Hotel will be encumbered by the Mortgage Loan, the Mezzanine A Loan and the Mezzanine B Loan. Purchaser and Sellers covenant and agree to comply with the requirements of the Mortgage Loan, the Mezzanine A Loan and the Mezzanine B Loan, if
any, for the transaction contemplated pursuant to this Agreement to be deemed not to be a “Transfer” under each of the Mortgage Loan Agreement, the Mezzanine A Loan Agreement and the Mezzanine B Loan Agreement. Sellers and Purchaser shall
execute and deliver such information and documents, if any, as is required or reasonably requested by Mortgage Lender, Mezzanine A Lender, Mezzanine B Lender and/or any applicable rating agencies to effect the transaction contemplated pursuant to
this Agreement. 
 (b) Without limiting the forgoing, Sellers and Purchaser shall each use commercially reasonable efforts to
(i) deliver the Lender Notice within 30 days of the Closing Date and (ii) deliver the Additional Insolvency Opinion in accordance with Section 5.2.10(d) of the Mortgage Loan Agreement and Mezzanine Loan Agreements. 

  
 9 

 ARTICLE VI 

DEFAULT 
 6.1 Purchaser Default. 

(a) This Agreement may be terminated by Sellers in its entirety on or after June 17, 2014, if (i) any of the conditions precedent to
Seller’ obligations set forth in Section 3.1 have not been satisfied or waived by Seller as of such date or (ii) there is a material breach or default by Purchaser in the performance of its obligation to purchase the Interests under
this Agreement. 
 (b) In the event this Agreement is terminated pursuant to Section 6.1(a), this Agreement shall be null and
void and of no further force or effect and neither party shall have any rights or obligations against or to the other except (i) for those provisions hereof which by their terms expressly survive the termination of this Agreement and
(ii) as set forth in Section 6.1(c). 
 (c) In the event Seller terminates this Agreement pursuant to
Section 6.1(a) as a result of a material breach or default by Purchaser in the performance of its obligations under this Agreement, then Purchaser shall pay $250,000.00 to the Sellers, by wire transfer of same day funds, within two
(2) business days of such termination, and this Agreement shall be null and void and of no further force or effect and neither party shall have any rights or obligations against or to the other except for those provisions hereof which by their
terms expressly survive the termination of this Agreement. In lieu of terminating this Agreement, in the event of a material breach or default by Purchaser in the performance of its obligations hereunder, Seller may seek to specifically enforce the
terms and conditions of this Agreement. 
 6.2 Seller Default. (a) This Agreement may be terminated by Purchaser in its entirety on or after
June 17, 2014, if (i) any of the conditions precedent to Purchaser’s obligations set forth in Section 3.2 have not been satisfied or waived by Purchaser on or prior to such date or (ii) there is a material breach or default
by Seller in the performance of its obligations under this Agreement. In lieu of terminating this Agreement, in the event of a material breach or default by Seller in the performance of its obligations hereunder, Purchaser may, as its sole and
exclusive remedy, seek to specifically enforce the terms and conditions of this Agreement. If Purchaser elects to terminate this Agreement, Purchaser agrees to, and does hereby, waive all other remedies against Seller which Purchaser might otherwise
have at law or in equity by reason of such default by Seller. 
 (b) In the event this Agreement is terminated pursuant to
Section 6.2(a), this Agreement shall be null and void and of no further force or effect and neither party shall have any rights or obligations against or to the other except for those provisions hereof which by their terms expressly
survive the termination of this Agreement. 

  
 10 

 ARTICLE VII 

MISCELLANEOUS 
 7.1 Transaction Costs.
Except as otherwise expressly provided in this Agreement, each of Sellers and Purchaser will pay its own costs and expenses (including attorneys’ fees) in connection with this Agreement and the transactions contemplated hereby. Sellers, on the
one hand, and Purchaser, on the other hand, each shall be responsible for and shall pay fifty percent (50%) of any state or local transfer taxes due and payable arising under this Agreement. Purchaser shall be responsible for all costs imposed
by the Mortgage Lender, Mezzanine Lenders and Approved Rating Agencies in connection with the sale of the Interests to Purchaser and the cost of the Additional Insolvency Opinions. The provisions of this Section 7.1 shall survive the Closing,
but not the termination of this Agreement. 
 7.2 Brokers. Each party hereby represents and warrants to the other party hereto that it has dealt with
no broker, salesman, finder or consultant with respect to this Agreement or the transactions contemplated hereby. Each party hereby agrees to indemnify, protect, defend and hold the other party hereto harmless from and against all claims, losses,
damages, liabilities, costs, expenses (including reasonable attorneys’ fees and disbursements at the investigative, trial and appellate levels) and charges resulting from such party’s breach of the foregoing representation in this
Section 7.2. The provisions of this Section 7.2 shall survive the Closing or termination of this Agreement. 
 7.3 Assignment. Neither this
Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any party without the prior written consent of the other party hereto. 

7.4 Entire Agreement. This Agreement supersedes any other agreement, whether written or oral, which may have been made or entered into by the parties
hereto relating to the matters contemplated hereby, and, together with the Interest Assignment, constitutes the entire agreement of the parties. Except as expressly set forth in this Agreement and the Interest Assignment, no party hereto is making
any representations or warranties, express or implied, as to such party, the Partnership or the Interests. 
 7.5 Amendments and Waivers. This
Agreement may be amended, modified, superseded, or canceled, and any of the terms, representations, warranties or covenants hereof may be waived, only by written instrument executed by each of the parties hereto or, in the case of a waiver, by the
party waiving compliance. 
 7.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original, but
all of which together shall constitute one and the same instrument. 
 7.7 Successors and Assigns. This Agreement shall be binding upon, inure to the
benefit of, and may be enforced by, each of the parties to this Agreement and its successors and permitted assigns. 

  
 11 

 7.8 Governing Law. This Agreement shall be governed by and construed, interpreted and enforced in
accordance with the laws of the State of New York. 
 7.9 Submission to Jurisdiction. Purchaser and each Seller irrevocably submits to the exclusive
jurisdiction of (a) the Supreme Court of the State of New York, New York County and (b) the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of this
Agreement or any transaction contemplated hereby. Purchaser and each Seller further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth above shall be effective
service of process for any action, suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence. Purchaser and Seller irrevocably and unconditionally
waive trial by jury and irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (a) the Supreme Court of the State of
New York, New York County and (b) the United States District Court for the Southern District of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum. If any litigation is commenced by any party hereto under this Agreement, all third party fees, costs and expenses, including reasonable attorneys’ fees and court
costs, incurred by the prevailing party in such litigation shall be reimbursed by the losing party; provided, that, if a party to such litigation prevails in part, and loses in part, the court presiding over such litigation shall award a
reimbursement of the third party fees, costs and expenses incurred by such party on an equitable basis. 
 7.10 Cooperation and Further Assurances.
Sellers and Purchaser agree to execute any further instruments or perform any acts which are or may become reasonably necessary to carry out the intent of this Agreement. The provisions of this Section 7.10 shall survive the Closing, but not
the termination of this Agreement. 
 7.11 Severability. Each provision of this Agreement shall be considered separable, and if, for any reason, any
provision or provisions hereof are determined to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable
any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 

7.12 Headings. Section titles are for convenience of reference only and shall not control or alter the meaning of this Agreement set forth in the
text.  
 7.13 Tax Matters. The parties agree that the purchase and sale of the Interests will result in a termination of the Partnership for
U.S. federal and any other applicable income tax purposes on the Closing Date. The allocation of income and deduction to Seller, and all other tax reporting or other tax matters for the taxable year of the Partnership ending on the Closing Date, and
all prior taxable years, shall be in accordance with the terms and conditions of the Partnership Agreement, and such provisions shall survive the Closing 

  
 12 

 
Date to the extent required to implement the intent of this provision. Each party hereto shall cooperate, as and to the extent reasonably requested by the other party hereto, in connection with
the filing of tax returns and any audit, litigation, or other proceeding with respect to state or federal income, sales, gross and other taxes which relate to the ownership, sale and/or transfer of Sellers’ Interests hereunder, all at the sole
cost of such requesting party. The provisions of this Section 7.13 shall survive the Closing, but not the termination of this Agreement. 
 7.14
Notices. All notices, demands or requests made pursuant to, under or by virtue of this Agreement must be in writing and shall be (a) personally delivered, (b) delivered by express mail, Federal Express or other comparable overnight
courier service, or (c) faxed (and confirmed by telephone), as follows: 
 To Purchaser: 

Strategic Hotels & Resorts, Inc. 

200 West Madison, Suite 1700 

Chicago, Illinois 60606 

Attention: Paula Maggio 

Facsimile: 312-658-5799 
 with
copies thereof to: 
 Perkins Coie LLP 

131 South Dearborn Street, Suite 1700 

Chicago, Illinois 60603 

Attention: Bruce A. Bonjour 

Facsimile: 312-324-9650 
 To
Seller: 
 c/o Blackstone Real Estate Advisors VI L.P. 

345 Park Avenue 
 New York, NY
10154 
 Attention: William J. Stein and Judy Turchin 

Facsimile: (212) 583-5726 
 with
copies thereof to: 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention: Sasan Mehrara, Esq. 

Facsimile: (212) 455-2502 
 All notices
(A) shall be deemed to have been given on the date that the same shall have been received in accordance with the provisions of this Section and (B) may be given either by a party or by such party’s attorneys. Any party may, from time
to time, specify as its address for purposes of this Agreement any other address upon the giving of 10 days’ prior written notice thereof to the other parties. 

  
 13 

 7.15 Defined Terms. (a) Capitalized terms which are used but not defined in this Agreement shall have
the meanings assigned to such terms in the Partnership Agreement. 
 (b) For purposes of this Agreement, the following terms shall have the
meanings set forth adjacent thereto: 
 (i) “Additional Insolvency Opinion” shall have the meaning assigned thereto in the
Mortgage Loan Agreement and Mezzanine Loan Agreements, as applicable. 
 (ii) “Approved Rating Agencies” shall have the
meaning assigned thereto in the Mortgage Loan Agreement and Mezzanine Loan Agreements, as applicable 
 (iii) “Guaranty”
shall have the meaning assigned thereto in the Mortgage Loan Agreement. 
 (iv) “Hotel” means the hotel commonly known as
the Hotel del Coronado located at 1500 Orange Avenue, Coronado, California 92118. 
 (v) “Lease” shall have the meaning
assigned thereto in the Mortgage Loan Agreement. 
 (vi) “Loan Documents” shall have the meaning assigned thereto in the
Mortgage Loan Agreement. 
 (vii) “Management Agreement” means that certain Management Agreement, dated as of
August 1, 2013, between KSL HdC 2012 Management II, LLC, as Manager and Hotel Del Coronado, LP, as Owner. 
 (viii) “Mezzanine
A Guaranty” shall have the meaning assigned thereto in the Mortgage Loan Agreement. 
 (ix) “Mezzanine A Lender”
shall have the meaning assigned thereto in the Mortgage Loan Agreement. 
 (x) “Mezzanine A Loan” shall have the meaning
assigned thereto in the Mortgage Loan Agreement. 
 (xi) “Mezzanine A Loan Agreement” shall have the meaning assigned
thereto in the Mortgage Loan Agreement. 
 (xii) “Mezzanine A Loan Documents” shall have the meaning assigned thereto in
the Mortgage Loan Agreement. 

  
 14 

 (xiii) “Mezzanine B Guaranty” shall have the meaning assigned thereto in the
Mortgage Loan Agreement. 
 (xiv) “Mezzanine B Lender” shall have the meaning assigned thereto in the Mortgage Loan
Agreement. 
 (xv) “Mezzanine B Loan” shall have the meaning assigned thereto in the Mortgage Loan Agreement. 

(xvi) “Mezzanine B Loan Agreement” shall have the meaning assigned thereto in the Mortgage Loan Agreement. 

(xvii) “Mezzanine B Loan Documents” shall have the meaning assigned thereto in the Mortgage Loan Agreement. 

(xviii) “Mezzanine Lenders” shall mean, collectively, the Mezzanine A Lender and Mezzanine B Lender. 

(xix) “Mezzanine Loan Agreements” shall mean, collectively, the Mezzanine A Loan Agreement and Mezzanine B Loan Agreement.

 (xx) “Mortgage Borrower” shall mean BSK Del Partners, LLC, a Delaware limited liability company. 

(xxi) “Mortgage Lender” shall mean, collectively, JPMorgan Chase Bank, National Association and German American Capital
Corporation. 
 (xxii) “Mortgage Loan” the loan made by Mortgage Lender to Mortgage Borrower in accordance with the
Mortgage Loan Agreement. 
 (xxiii) “Mortgage Loan Agreement” shall mean that certain Loan Agreement, dated as of
March 8, 2013, between Mortgage Borrower, as borrower and Mortgage Lender, as lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

7.16 Release of Seller; Indemnity. 
 (a)
Release. Upon the Closing Date, Purchaser shall, on behalf of itself and each of its predecessors, successors, present and former affiliates, subsidiaries, parents, assigns, officers, directors, stockholders, partners, managers, members,
employees and agents and each and all of their respective Affiliates and subsidiaries (collectively, the “Purchaser Related Parties”) release and forever discharge Seller and its respective predecessors, successors, present and
former affiliates, subsidiaries, parents, assigns, officers, directors, stockholders, partners, managers, members, employees and agents and each and all of their respective Affiliates and subsidiaries (collectively, the “Seller Related
Parties”) from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, controversies, agreements, promises, damages, (whether compensatory, punitive, statutory, interest, costs, attorneys’ fees
or otherwise), 

  
 15 

 
judgments, executions, claims, counterclaims, demands, and other forms of liability howsoever denominated, whether at law or in equity, whether based on contract, tort, statute or otherwise
(collectively, the “Released Claims”), which each and all of the Purchaser Related Parties now owns or holds, has at any time heretofore owned or held or may hereafter own or hold against any one or more of the Seller Related
Parties as a result of, arising out of or relating in any way to the Partnership Agreement, the Partnership, any Subsidiary, any Loan Document or Mortgage or the Property and any other lease, license, agreement, arrangement or understanding (whether
written or otherwise) in any way related to or arising out of the foregoing. Notwithstanding the foregoing, the term “Released Claims” shall not include any claims arising out of obligations under this Agreement. The release described this
Section 7.16(a) shall be self-operative upon the Closing and shall not require the execution of any additional instrument. The provisions of this Section 7.16(a) shall survive the Closing, but not the termination of this Agreement. 

(b) Indemnity. Notwithstanding anything in this Agreement or the Partnership Agreement to the contrary or the sale of the Interests and
the Interest-Related Rights to Purchaser, from and after the Closing, Seller shall continue to be entitled to all of the rights and benefits of Section 6.3 of the Partnership Agreement. 

7.17 Survival. The representations, warranties and covenants which expressly survive the Closing contained in this Agreement shall survive the Closing
(and none shall merge into any instrument of conveyance) until the first anniversary of the Closing Date (the “Survival Period”). Notwithstanding the foregoing, Purchaser shall only be entitled to recover damages actually incurred
by Purchaser arising out of a breach by Sellers of the representations and warranties of Sellers contained in this Agreement or covenants of Sellers under this Agreement which expressly survive the Closing (i) if such damages, in the aggregate,
exceed an amount equal to $200,000.00 (the “Basket”), and in such event, Sellers shall only be responsible for the amount in excess of the Basket and (ii) in no event shall Sellers’ liability under this Agreement in any
event exceed $7,000,000.00 in the aggregate. During the first six (6) months of the Survival Period, Sellers (individually or collectively) shall hold reserves and not make cash distributions to their partners or members that would result in
Sellers (individually or collectively) retaining less than $3,000,000. If, prior to the Closing, Purchaser obtains or has actual knowledge of any inaccuracy or breach of any representation or warranty of Sellers contained in this Agreement (a
“Purchaser-Waived Breach”) and Purchaser nonetheless proceeds with and consummates the Closing, then Purchaser shall be deemed to have waived and forever renounced any right to assert a claim for indemnification or any other claim
or cause of action under this Agreement, whether at law or in equity, on account of any such Purchaser-Waived Breach. In no event shall Purchaser be entitled to seek or obtain consequential, speculative, special, punitive or exemplary damages
against Seller. 
 [Remainder of Page Intentionally Left Blank] 

  
 16 

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

			
	SELLER:
	
	BRE DEL GP LLC, a Delaware limited liability company
		
	By:	 	 /s/ Tyler Henritze

	Name:	 	Tyler Henritze
	Title:	 	Senior Managing Director
	
	BRE DEL LP LLC, a Delaware limited liability company
		
	By:	 	 /s/ Tyler Henritze

	Name:	 	Tyler Henritze
	Title:	 	Senior Managing Director
	
	PURCHASER:
	
	SHR DEL PARTNERS, LP, a Delaware limited partnership
		
	By:	 	SHC del GP, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Diane M. Morefield

	Name:	 	Diane M. Morefield
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

  
 17 

 Exhibit A 

Subsidiaries of the Partnership 

(See attached) 

  
 

 

  
 ii 

 Exhibit B 

Form of Assignment and Assumption of Interests 

Assignment and Assumption of Interests 

ASSIGNMENT AND ASSUMPTION OF INTERESTS (this “Assignment”) dated as of June     , 2014, by and between
[BRE Del GP LLC / BRE Del LP LLC], a Delaware limited liability company (the “Assignor”) and [SHR Del Partners, LP, a Delaware limited partnership / SHR Del Partners GP, LLC, a Delaware limited liability company] (the
“Assignee”). 
 Background 

This Assignment is being executed and delivered pursuant to that certain Purchase and Sale Agreement dated as of May     ,
2014 (the “Purchase Agreement”) by and among BRE Del GP LLC, BRE Del LP LLC, and SHR Del Partners, LP. All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Purchase Agreement. 

Assignment and Assumption 

1. Assignment. In consideration of Ten ($10.00) Dollars in hand paid by Assignee, the receipt and sufficiency of which is hereby
acknowledged, Assignor does hereby assign, transfer and set over unto Assignee, all of Assignor’s right, title and interest in and to the [GP / LP] Interest. 

2. Assumption. Assignee hereby accepts the foregoing assignment and assumes all of Assignor’s duties and obligations with respect
to the [GP / LP] Interest arising from and after the date of this Assignment (whether such duties and obligations arise under the relevant organizational documents of the Partnership or applicable law), all pursuant to the terms and conditions of
the Purchase Agreement. 
 3. Withdrawal. Immediately following the assignment described in paragraph 1 of this Assignment, each
Assignor shall and does hereby withdraw from the Partnership as a partner of the Partnership, and shall thereupon cease to be a partner of the Partnership, and shall thereupon cease to have or exercise any right or power as a partner of the
Partnership. 
 4. Continuation of the Partnership. The assignment of the [GP / LP] Interest and the withdrawal of Assignor as a
partner of the Partnership shall not dissolve the Partnership and the business of the Partnership shall continue. 
 5. Binding
Effect. This Assignment shall be binding upon, and shall inure to the benefit of the parties hereto and their respective successors and assigns. 

  
 iii 

 6. Governing Law. This Assignment shall be governed and construed in accordance with the
laws of the State of Delaware. 
 7. Execution in Counterparts. This Assignment may be executed in one or more counterparts, each of
which when so executed and delivered shall be deemed an original, but all of which taken together shall constitute but one and the same instrument. 

[Signature Page Follows] 

  
 iv 

 IN WITNESS WHEREOF, Assignor and Assignee have duly executed this instrument as of the day first
above written. 
  

			
	ASSIGNOR:
	
	BRE DEL GP LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	- OR -
	
	BRE DEL LP LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ASSIGNEE:
	
	SHR DEL PARTNERS, LP, a Delaware limited partnership
		
	By:	 	SHC del GP, LLC
	Its:	 	General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	- OR -
	
	SHR DEL PARTNERS GP LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 2.1(f) 

Lawsuits 
  

	1.	Clark, Candice v. Hotel del Coronado, personal injury claim (slip and fall) served on April 4, 2013, covered by Zurich North American Insurance, Claim No. 9620184379 

 Schedule 2.1(i) 

Organizational Matters 
  

	1.	First Amendment to Second Amended and Restated Agreement of Limited Partnership of Hotel Del Coronado, LP, dated as of January 1, 2013. 

  
 ii 

 Schedule 2.1(k) 

Loan Amendments 
  

	1.	First Amendment to Mezzanine A Loan Agreement, dated as of March 28, 2013 between Mezzanine A Lender and BSK Mezz 1, LLC, a Delaware limited liability company.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]