Document:

exhibit101212312021

(220 Alhambra Circle)      62435143;1  Exhibit 10.12*                PURCHASE AND SALE AGREEMENT    (220 Alhambra Circle, Coral Gables, FL)      SELLER: 220 ALHAMBRA PROPERTIES LLC, a Florida  limited liability company      PURCHASER: FNLI AUDAX LLC, a Delaware limited liability  company    November 24, 2021      REGARDING CERTAIN REAL PROPERTY AND IMPROVEMENTS                                          _______  * Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) the   registrant treats such information as private and confidential.        12792878.3      Purchase and Sale Agreement  

 

1 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  PURCHASE AND SALE AGREEMENT    THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made effective as  of November 24, 2021 (the “Effective Date”), by and between 220 Alhambra Properties LLC, a   Florida limited liability company (“Seller”), and FNLI Audax LLC, a Delaware limited liability   company (together with its permitted assigns, “Purchaser”).    RECITALS    A. Seller is the owner of (i) that certain parcel of real estate identified on Exhibit A  attached hereto (the “Land”), (ii) the buildings, parking areas, structures and other improvements  located thereon, including but not limited to all site work, landscaping, fixtures and utilities [     ] the “Buildings”), (iii) all land lying in the bed of any street, road or  avenue opened or proposed, public or private, in front of or adjoining the Land, and any strips and  gores adjoining or adjacent to the Land (collectively, the “Additional Property Rights” and  together with the Land, the Appurtenant Rights (as hereinafter defined), and the Buildings,  collectively, the “Real Property”), (iv) the machinery, equipment and systems used in the  operation of the Buildings that are “fixtures” pursuant to applicable law, including, but not limited   to electrical, plumbing, heating, ventilation and air-conditioning equipment, and fire sprinklers and  fire suppression equipment (but specifically excluding any such items that are not “fixtures”  pursuant to applicable law, any trade fixtures (collectively, the “Fixtures”), (v) all drawings, plans,  specifications and surveys relating to the Property; all approvals, guaranties and warranties relating  to the Property; all permits, certificates of occupancy, authorizations and approvals necessary f or  the ownership of the Property; and all other intangible property related to the Property, excluding  any tradenames, trademarks or other intellectual property of Seller (collectively, the “Intangible  Property”) and (vi) attendant rights appurtenant to any of the foregoing, including, without  limitation, all easements, rights-of-way, and privileges appurtenant to the Land (collectively, the  “Appurtenant Rights”, and together with the Real Property, Buildings, Fixtures and Intangible  Property, collectively, the “Property”); and    B. Seller desires to sell to Purchaser the Property in accordance with the terms and  subject to the conditions of this Agreement.    NOW, THEREFORE, in reliance on the foregoing and in consideration of the mutual  covenants contained in this Agreement, and for other good and valuable consideration, the receipt  and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:    1. PURCHASE AND SALE OF THE PROPERTY. Subject to and in accordance  with the terms and conditions set forth in this Agreement, Purchaser shall purchase from Seller and  Seller shall sell to Purchaser the Property.    2. PURCHASE PRICE. The total consideration to be paid by Purchaser to Seller for   the Property is One Hundred Thirty Five Million and 00/100 Dollars ($135,000,000), payable in cash or  other immediately available funds in accordance with the following provisions (the  “Purchase  Price”).    2.1 Earnest Money. No later than [  ] days after the Effective Date,  and as a condition precedent to this Agreement being binding on Seller, Purchaser shall deliver to  

 

2 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  [    ] (“Escrow Agent”) the sum of [   ] Dollars ($[    ]) (such amount, together with any interest earned thereon, the “Earnest Money”) by  wire transfer or other immediately available funds. The Earnest Money shall be invested as  Purchaser so directs in a standard money market interest-bearing account at a federally insured  financial institution reasonably acceptable to Purchaser and Escrow Agent. Any and all interest  earned on the Earnest Money shall be reported to Purchaser’s federal tax  identification number.  Except as expressly set forth herein to the contrary, the Earnest Money shall become nonrefundable  upon the expiration of the Due Diligence Period (as defined in Section 8.1 below) if Purchaser  notifies Seller in writing on or before the expiration of the Due Diligence Period that Purchaser  elects to proceed with the transaction contemplated by this Agreement and effectuate the Closing in  accordance with the terms hereof. Notwithstanding the prior sentence, if (a) Purchaser notifies  Seller, in writing, on or before the expiration of the Due Diligence Period that Purchaser elects to  terminate the transaction, (b) Purchaser is deemed to elect to terminate the transaction in  accordance with Section 8.1 below, (c) the transaction fails to close because of Seller’s default under  this Agreement or failure of a condition precedent to Purchaser’s obligations to close, or (d)  otherwise set forth in this Agreement, the Earnest Money shall be returned to the Purchaser by  Escrow Agent. If the transaction closes in accordance with the terms of this Agreement, then   Escrow Agent shall deliver the Earnest Money to Seller at Closing as payment toward the Purchase  Price. The parties hereto acknowledge and agree that [   ] Dollars ($[  ])  of the Earnest Money shall be deemed independent consideration paid from Purchaser to  Seller  for entering into this Agreement and such amount shall be paid from Purchaser to Seller for  entering into this Agreement and such amount shall be paid to Seller in the event the parties fail to  close on the sale of the Property on the Closing Date or if Purchaser terminates this Agreement for  any reason at any time.    3. TITLE POLICY; SURVEY; PROPERTY INFORMATION.    3.1 Purchaser acknowledges and agrees that Seller has provided to Purchaser   (including, without limitation, through postings on a datasite) copies of the following documents for  the Property, (i) Seller’s current ALTA as-built survey [  ] (the “Existing Survey”), (ii) a  copy of Seller’s owner’s policy of title insurance for the Property, prepared for Seller in connection  with Seller’s purchase of the Property (the “Existing Title Policy”) and (iii) Seller’s [  ]  Environmental Site Assessments [  ] (the “Existing Environmental Reports” and, together  with the Existing Survey, Existing Title Policy and Existing Phase Environmental Reports,  collectively, the “Current Property Documents”).    3.2 Purchaser will cause to be ordered for the Property a commitment (the “Title  Commitment”) for a new extended coverage owner’s policy of title insurance (ALTA 2006 form)  to be issued by [   ] (the “Title Insurer”) to Purchaser in the amount of the  Purchase Price, insuring Purchaser as the fee owner of the Real Property dated as of the date and  time the Deed is recorded, together with such endorsements as Purchaser may reasonably  require subject only to the Permitted Exceptions (as hereinafter defined) (the “Title Policy”), in   form and substance reasonably approved by Purchaser prior to the end of the Due  Diligence  Period (as defined in Section 8.1 below). Seller shall use commercially reasonable efforts in  cooperating with Purchaser to remove any exceptions that can be reasonably removed from the  Title Commitment by Seller’s delivery of a customary owner’s title affidavit and gap  indemnity   in form and substance reasonably acceptable to Seller. Notwithstanding the foregoing,  

 

3 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  Seller shall be required to cure or satisfy the following items at or prior to Closing (a) judgment   liens, mechanics’ liens, materialmen’s liens and all other monetary liens, encumbrances or security  interests against the Property, including, without limitation, mortgages, deeds of trust and related  UCC financing statements that were created by the acts or omissions of Seller [     ], (b) encumbrances that have been voluntarily placed against the Property by Seller  after the Effective Date without Purchaser’s prior written consent, (c) exceptions that can be  removed from the Title Commitment by Seller’s delivery of a customary owner’s title af fidavit  and gap indemnity in the form attached hereto as Exhibit C (the “Owner’s Affidavit and Gap  Indemnity”) or such other form of title affidavit or gap indemnity as may be reasonably  acceptable to the Title Insurer and Seller, and (d) any exceptions that Seller agrees in writing to   cure or satisfy at or prior to Closing (all of the foregoing hereinafter collectively referred to as  the “Seller’s Required Removal Items”). [       ].    In the event any updates to the Title Commitment or the Existing Survey disclose any new  matter or condition on or after the date that is [   ] days prior to the expiration of  the Due Diligence Period (“New Title Matter”) to which Purchaser objects (and is not otherwise   covered by clause (b) in the prior paragraph), Purchaser shall deliver notice thereof to Seller (the   “New Title Matter Notice”) prior to the date that is the earlier of (a) the Closing Date and (b)[    ] days after Purchaser receives such update to the Title Commitment or Existing  Survey. Seller shall have [   ] days after the receipt of any New Title Matter Notice  (and the Closing Date shall be automatically extended as necessary to accommodate such time  period) to notify Purchaser in writing (each such notice, a “Seller Response”) that Seller will  either (i) cause each such New Title Matter contained in the New Title Matter Notice to be removed  or (ii) not cause such New Title Matters to be removed. If Seller fails to timely deliver a Seller  Response, Seller shall be deemed to have elected not to cure any New Title Matters. In the event  Seller elects, or is deemed to have elected, not to cure any New Title Matters in the New Title Matter  Notice, Purchaser may either (x) elect to terminate this Agreement by delivering notice of such  election to Seller within  [   ]  days (and the Closing Date shall be automatically  extended as necessary to accommodate such time period) after receipt of the Seller Response (or [    ] days after  Seller is deemed to have responded, if applicable), in which  event the Earnest Money shall be promptly returned to Purchaser, this Agreement shall  terminate, and neither party shall have any rights or obligations hereunder except for those which  expressly survive termination of this Agreement or (y) waive such New Title Matters and proceed  to the Closing in accordance with the terms of this Agreement. In the event Seller elects to  cause  any New Title Matter to be removed, and Seller is unable to do so prior to the Closing Date,  Purchaser may either (A) terminate this Agreement by giving Seller written notice of such  termination, in which event the Earnest Money shall be promptly returned to Purchaser, this  Agreement shall terminate, and neither party shall have any rights or obligations hereunder except  for those which expressly survive termination of this Agreement, or (B) waive such New Title  Matters and proceed to the Closing in accordance with the terms of this Agreement.  Notwithstanding anything to the contrary contained herein, Seller shall be obligated in all events to  remove, cure or satisfy any Seller’s Required Removal Items.  

 

4 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  3.3 Purchaser shall not be obligated to proceed with the Closing unless and until  the Title Insurer is prepared to issue at Closing the Title Policy, subject only to the Permitted   Exceptions. “Permitted Exceptions” means the following: (1) the lien of any real estate taxes and  assessments for the tax year in which the Closing occurs and subsequent periods; and (2) such other  matters set forth in the Title Commitment or Existing Survey (or any updates thereto) which are   approved or deemed approved by Purchaser in accordance with Section 3.2. Seller has provided to  Purchaser (including, without limitation, through postings on a data site), the Property Information  (as hereinafter defined). “Property Information” shall mean any of the materials and information  described on Exhibit E attached hereto, to the extent such materials or information are in Seller’s   current possession and reasonable control. In addition, Seller shall provide to Purchaser any  documents or information concerning the Property reasonably requested by Purchaser from time to  time.    4. CLOSING. The payment of the Purchase Price, the transfer of ownership of the   Property, and the satisfaction of all other terms and conditions of the transaction contemplated by  this Agreement (the “Closing”) shall occur on the date that is [  ] days after the expiration  of the Due Diligence Period or such earlier date as may be mutually agreed to by Purchaser and  Seller (such day being sometimes referred to as the “Closing Date”), through escrow at the office  of the Title Insurer [       ]. If the date for Closing  provided for in this Section 4, falls on a Saturday, Sunday or legal holiday, then the Closing  Date shall be the next business day. The Closing shall be effective as of [     ] the Closing Date (the “Effective Time”).    4.1 Seller’s Closing Deliveries. At or prior to the Closing, Seller shall execute  and deliver or cause to be delivered to Escrow Agent (or as otherwise expressly provided below)   each of the documents described below: (a) one original duly executed and acknowledged special  warranty deed for the Property conveying fee simple title to the Property to Purchaser, in the form  attached here to as Exhibit F (the “Deed”); (b) one original Seller’s non-foreign affidavit in the form  attached hereto as Exhibit G, which shall be duly executed and delivered by the transferor (within  the meaning of Code Section 1445) of the Property; (c) one duly executed counterpart of the Closing  Statement (as defined in Section 4.4 below); (d) such evidence of Seller’s power and authority to   execute this Agreement and related documents as Title Insurer may reasonably request; (e) any   transfer tax statement, affidavit, declaration and/or filing that may be required by the state, county  and/or municipality, as applicable, in which the Property is located to record the Deed; (f) such other  instruments and documents which shall be reasonably necessary in connection with the transaction  contemplated herein and which do not impose, create, or potentially create any liability or expense  upon Seller not expressly required under this Agreement; (g) two original counterparts duly executed  and acknowledged by Seller of a Lease, in the form attached hereto as Exhibit H, whereby Seller, as  “Tenant”, shall lease the Property back from Purchaser, as “Landlord”, in accordance with the terms  thereof (the “Lease”); (h) two original counterparts duly executed by Seller of an assignment   agreement transferring to Purchaser all of Seller’s right, title and interest in any Intangible Property  relating to the Property, if any, in the form attached hereto as Exhibit I (the “General  Assignment”); (i) an estoppel certificate with respect to the Lease executed by Seller (as the  “Tenant” under the Lease) in the form required by the Lease, reflecting no defaults thereunder; (j) an  original Owner’s Affidavit duly executed by Seller in the form of Exhibit C attached hereto [     ]; (k) one original Gap Indemnity duly executed by Seller in the  form of Exhibit D attached hereto; (l) an original bill of sale duly executed by Seller in the form attached  hereto as Exhibit K (the “Bill of Sale”); (m)[      ], (n) [   

 

5 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1        ] and (o) to the extent in Seller’s  possession or control, all maintenance records and operating manuals pertaining to the Property, all  drawings, plans, specifications and surveys relating to the Property, all approvals, guaranties and warranties  relating to the Property, all licenses, franchises, permits, certificates of occupancy, authorizations and  approvals necessary for the ownership of the Property (which materials under this clause (o) may be either   delivered at Closing or left at the management office at the Property).    4.2 Purchaser’s Closing Deliveries. At Closing Purchaser shall deliver or cause  to be delivered to Escrow Agent (a) the Purchase Price, as adjusted by the application of the Earnest  Money, in accordance with Section 2; (b) one counterpart executed by Purchaser of the Closing  Statement, (c) such evidence of Purchaser’s power and authority to execute this Agreement and   related documents, as Title Insurer may reasonably request; (d) two Purchaser executed counterparts  of the Lease; (e) two Purchaser executed counterparts of the General Assignment; (f) a Purchaser  executed W-9; (g) any transfer tax statement, affidavit, declaration and/or filing that may be required  to be executed by Purchaser by the state, county and/or municipality, as applicable, in which the   Property is located to record the Deed; (h) one Purchaser executed counterparts of the Bill of Sale;  (i) [       ] and (j) such other instruments and documents  which shall be reasonably necessary in connection with the transaction contemplated  herein  and  which do not impose, create, or potentially create any liability or expense upon Purchaser not  expressly required under this Agreement. Purchaser’s and Seller’s obligation, if any, to provide the  files and materials listed herein shall survive the Closing. The Closing Statement may be signed in  electronic or facsimile counterparts on the Closing Date.    4.3 Intentionally Omitted.    4.4 Closing Prorations and Adjustments. The provisions of this Section 4.4 shall  survive the Closing (or earlier termination of this Agreement in accordance with its terms). Seller  shall cause the Escrow Agent to prepare a statement of the prorations and adjustments required by  this Agreement (the “Closing Statement”), and submit Seller’s best effort estimate of the Closing  Statement to Purchaser for approval at least [   ] days prior to the Closing Date.  The items listed below are to be equitably prorated or adjusted as of [       ] the Closing Date (the “Effective Time”), it being understood that  for purposes of prorations and adjustments, Seller shall be deemed the owner of the Property on  or prior to the Effective Time and Purchaser shall be deemed the owner of the Property af ter the  Effective Time.    4.4.1 Property Charges. No proration shall be made of real estate and  personal property taxes, utility charges, or maintenance or operating expenses with respect to the  Property, as such charges are the responsibility of Seller, as “Tenant”, under the Lease.  The  foregoing provisions of this Section 4.4 shall survive the Closing.    4.5 Transaction Costs.  

 

6 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  4.5.1 Seller’s Costs. Seller shall pay in connection with this Agreement (i)  the fees and disbursements of Seller’s counsel, (ii) one-half of the fees and costs due Escrow Agent  for its services, (iii) costs of releasing Seller’s Required Removal Items and of recording such   releases, if any, relating to the Property, (iv) the costs of any transfer taxes (including any   documentary stamp taxes) and like charges based on the Purchase Price or otherwise associated   with the sale and conveyance of the Property to Purchaser, (v) the standard coverage portion of the  Title Policy, (vi) all due diligence costs, including, but not limited to, the costs of surveys, [   ] environmental reports, zoning reports, any inspections and site  visits, any property condition reports, any appraisals and any other reports ordered by Purchaser  or Seller (or at the request of Purchaser) in connection with the purchase and sale of the Property  and any updates to the foregoing (regardless of whether such reports and/or updates were  ordered at the direction of Seller or Purchaser), in an amount not to exceed [     ] Dollars ($[  ]) (the “Due Diligence Costs”), (vii)  any brokerage commissions and (vii) the cost of any recording fees in connection with the  recordation of the Deed or any memorandum of lease that the parties may elect to record in the  real property records. [          ].    4.5.2 Purchaser’s Costs. Purchaser shall pay in connection with this  Agreement (i) the fees and disbursements of Purchaser’s counsel, (ii) one-half of the fees and costs  due Escrow Agent for its services, (iii) all costs associated with the extended coverage portion of  the Title Policy and any endorsements requested by Purchaser and (iv) the cost of any lender’s   policy of title insurance requested by Purchaser’s lender.    4.5.3 The foregoing costs in Sections 4.5.1 and 4.5.2 shall be paid by the  responsible party whether or not Closing occurs, but only to the extent actually incurred. All other  costs and charges of the Escrow not otherwise provided for in this Agreement shall be allocated in   accordance with the closing customs for the county in which the Property is located or, if no such  closing custom exists or is applicable, such costs and charges shall be split evenly between   Purchaser and Seller.    The provisions of this Section 4.5 shall survive the Closing (or any earlier termination of this  Agreement in accordance with its terms).    5. CASUALTY LOSS AND CONDEMNATION. If, prior to Closing, the Property,   or any part thereof shall be condemned or taken by eminent domain (which shall include the  institution of any condemnation or eminent domain proceedings, notice of such action or proceeding  being given or threatened or any conveyance made in lieu of such proceedings) or destroyed or   damaged by fire or other casualty, Seller shall promptly so notify Purchaser. In the event of a  material loss (hereinafter defined), Purchaser shall have the option to terminate this Agreement by  giving notice to Seller within [   ] days after receipt of Seller’s notice (and the  Closing Date shall be extended to give effect to such time period). If the condemnation, eminent  domain (or pending or threatened condemnation or eminent domain), destruction or damage does  not result in a material loss or if it results in a material loss and Purchaser elects not to terminate  this Agreement,  

 

7 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  then Seller and Purchaser shall consummate the transaction contemplated by this Agreement  notwithstanding such condemnation, destruction or damage, and Seller shall repair and restore the  Property, as “Tenant” under and in accordance with the terms of the Lease. If Purchaser elects to   terminate this Agreement, the Earnest Money shall be promptly returned to Purchaser, this   Agreement shall terminate and neither party shall have any further rights or obligations under this  Agreement except as otherwise provided for in this Agreement. For purposes of this Section 5 , a  “material loss” means if (i) the damage caused by the casualty exceeds [   ]  of the Purchase Price (including, without limitation, permit fees, any costs associated with  engineering, architect and/or other design and repair fees and costs related thereto), as estimated  by an independent general contractor designated by Seller and reasonably approved by Purchaser,   (ii) the casualty or taking (A) gives Seller, as tenant, the right to terminate the Lease and Seller  does not reaffirm Seller’s agreement to sign the Lease at Closing and not terminate the Lease as a  result of such casualty or taking or (B) causes a violation of any laws (including any change which  causes the Property to be non-conforming with respect to any applicable zoning law) or otherwise  materially affects the operations on the Property, (iii) the taking would have a material adverse  effect on access to the or parking at the affected Property, (iv) the portion of the Property that is  subject to the taking consists of any Buildings, or has a value in excess of [   ]  of the Purchase Price, as estimated by an independent general contractor designated by Seller and  reasonably approved by Purchaser, or (v) the casualty is an uninsured or underinsured casualty  and Seller, in its sole and absolute discretion, does not elect to (A) cause the damage to be f ully  repaired or restored in accordance with the terms of the Lease.    6. BROKERAGE. Seller and Purchaser shall each indemnify and hold the other  harmless from and against any and all claims of all brokers and finders claiming by, through or  under the indemnifying party and in any way related to the sale and purchase of the Property, this  Agreement or otherwise, including, without limitation, attorneys’ fees and expenses incurred by the  indemnified party in connection with such claim.    7. DEFAULT AND REMEDIES. In the event either party defaults in the  performance of any of the covenants or obligations required to be observed or performed by such  party (such defaulting party being hereinafter referred to as the “Defaulting Party”) pursuant to the  terms of this Agreement, the non-defaulting party (the “Non-Defaulting Party”), before seeking any  remedies hereunder, shall provide the Defaulting Party with written notice of such default (“Default  Notice”). The Defaulting Party shall have [   ] days from receipt of such Default  Notice to cure such default before the Non-Defaulting Party may exercise the remedies set  forth in Subsections 7.1 and 7.2 below.    7.1 Purchaser’s Remedies. IN THE EVENT OF A SELLER DEFAULT  UNDER ANY OF THE TERMS OF THIS AGREEMENT ON OR PRIOR TO THE CLOSING  DATE, AND SUCH DEFAULT IS NOT CURED WITHIN THE [   ] DAY  PERIOD PROVIDED FOR IN SECTION 7, ABOVE, AND AS A RESULT THEREOF THE  CLOSING DOES NOT OCCUR, PURCHASER, AS PURCHASER’S SOLE REMEDY, SHALL  BE ENTITLED, AT ITS OPTION, TO (A) SPECIFIC PERFORMANCE OF THIS AGREEMENT;  PROVIDED THE ACTION IS COMMENCED NO LATER THAN [   ] DAYS  AFTER THE DATE OF THE DEFAULT NOTICE, OR (B) TERMINATE THIS AGREEMENT IN  WHOLE AND RECEIVE THE RETURN OF THE EARNEST MONEY. [         ] SELLER SHALL BE OBLIGATED TO  REIMBURSE PURCHASER FOR ALL REASONABLE OUT-OF- POCKET COSTS ACTUALLY  

 

8 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  INCURRED BY PURCHASER AS A RESULT OF SUCH DEFAULT, IN AN AMOUNT NOT TO  EXCEED $[ ] IN THE AGGREGATE FOR ALL SUCH OUT-OF-POCKET COSTS (AND  SELLER SHALL PAY SUCH COSTS WITHIN [  ] DAYS AFTER RECEIPT OF A  WRITTEN STATEMENT FROM PURCHASER DETAILING SUCH COSTS). THE PARTIES  ACKNOWLEDGE AND AGREE THAT, IN THE EVENT THAT PURCHASER CHOOSES THE  REMEDY PROVIDED FOR IN CLAUSE (B) OF THE PRECEDING SENTENCE, THE PAYMENT OF  THE OUT-OF-POCKET COSTS [   ] AND THE RETURN OF THE EARNEST  MONEY (AS CONTEMPLATED BY CLAUSE (B)) SHALL REPRESENT FULL COMPENSATION  AND LIQUIDATED DAMAGES TO PURCHASER IN THE EVENT THAT THE CLOSING FAILS TO  OCCUR DUE TO THE DEFAULT OF SELLER. NOTWITHSTANDING ANYTHING TO THE  CONTRARY HEREIN, IF SELLER SELLS ALL OR ANY PORTION OF THE PROPERTY TO A  THIRD PARTY PREVENTING A SUIT FOR SPECIFIC PERFORMANCE BY PURCHASER,  THEN  PURCHASER SHALL HAVE THE RIGHT TO SEEK ALL REMEDIES AT LAW AND IN EQUITY,   INCLUDING, WITHOUT LIMITATION, A SUIT FOR DAMAGES WITHOUT REGARD FOR THE  LIABILITY LIMITATION. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 7.1,  PURCHASER MAY NOT SEEK ANY OTHER REMEDIES AGAINST SELLER AND WAIVES ALL  RIGHTS TO DAMAGES OF ANY OTHER KIND OR NATURE, INCLUDING, WITHOUT  LIMITATION, COMPENSATORY, DIRECT, INDIRECT, CONSEQUENTIAL, EXEMPLARY OR  PUNITIVE DAMAGES.      Seller’s Initials Purchaser’s Initials    7.2 Seller’s Remedies. Purchaser and Seller acknowledge that it would be  extremely impractical and difficult to ascertain the actual damages which would be suffered by   Seller if the Closing is not consummated due solely to a default of Purchaser and provided Seller is  not in default (in each case, subject to the notice and cure rights set forth in Section 7). Purchaser  and Seller have considered carefully the loss to Seller occasioned by taking the Property of f the   market as a consequence of the negotiation and execution of this Agreement, the expenses of Seller  incurred in connection with the preparation of this Agreement and Seller’s performance hereunder,  and the other damages, general and special, which Purchaser and Seller realize and recognize Seller  will sustain but which Seller cannot at this time calculate with absolute certainty. Based on all those  considerations, Purchaser and Seller have agreed that the damage to Seller in such event would   reasonably be expected to be equal to the sum of the Earnest Money. Accordingly, if the Closing is  not consummated due solely to a default of Purchaser and provided Seller is not in default (in each  case, subject to the notice and cure rights set forth in Section 7), then Seller’s sole and exclusive   remedy shall be the right to retain the Earnest Money as full and complete liquidated damages.    THE PARTIES FURTHER ACKNOWLEDGE AND AGREE THAT (A) PURCHASER  SEEKS TO LIMIT ITS LIABILITY UNDER THIS AGREEMENT TO THE AMOUNT OF  THE EARNEST MONEY IN THE EVENT THIS AGREEMENT IS TERMINATED AND   THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT DOES NOT CLOSE  DUE TO A DEFAULT OF PURCHASER UNDER THIS AGREEMENT, AND (B) THE  PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE  

 

9 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  OR PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO  SELLER.      Seller’s Initials Purchaser’s Initials    7.3 Post-Closing Remedies. After Closing, except for remedies that cannot be  waived as a matter of law and injunctive and provisional relief, Section 10 shall govern the  procedures and exclusive remedies for breaches of this Agreement (including any covenant,   obligation, representation or warranty contained in this Agreement or in any certificate delivered   pursuant to this Agreement).    8. CONDITIONS PRECEDENT.    8.1 Due Diligence Period. Purchaser shall have until [   ]  on  the date that is [  ] days after the Effective Date (such period, the “Due Diligence  Period”) to conduct and approve any investigations, studies or tests desired by Purchaser, in  Purchaser’s sole discretion, to determine the feasibility of acquiring the Property, except for title  and survey matters (which shall be governed by the provisions of Section 3.2). During the Due  Diligence Period and subject to the restrictions and limitations set forth in this Section 8.1 and  Section 12.8, upon notice, Seller shall provide Purchaser and/or its designated representatives  access to the Property at reasonable times to conduct, at Purchaser’s sole cost and expense, its due  diligence with respect to the Property. Seller shall have an ongoing obligation during the  pendency of this Agreement to provide Purchaser with any Property Information that is created  or  modified in any respect after the commencement of the Due Diligence Period, however, the  provision of any new, modified or updated Property Information shall not reset or otherwise  change the start date of the Due Diligence Period. If Purchaser determines (in its sole discretion)  not to pursue the transaction contemplated herein for any reason or no reason whatsoever, then  Purchaser may terminate this Agreement by written notice to Seller given at any time prior to the  expiration of the Due Diligence Period. Purchaser shall be deemed to have elected to terminate  this Agreement pursuant to this Section 8.1 unless Purchaser notifies Seller in writing on or before  the expiration of the Due Diligence Period that Purchaser elects to proceed with the transaction  contemplated by this Agreement and effectuate the Closing in accordance with the terms hereof .  If   Purchaser elects to terminate this Agreement, or is deemed to have elected to terminate this  Agreement, pursuant to this Section 8.1, the Earnest Money less the Independent Consideration  and less one-half of the escrow fees shall be promptly returned to Purchaser by Escrow Agent, this  Agreement shall terminate, and neither party shall have any rights or obligations hereunder except  for those which expressly survive termination of this Agreement. Notwithstanding any other  provision of this Agreement, no inspection of the Property shall be undertaken without [  ]  day’s prior written notice to Seller, which may be given via email to Orlando Valea  (ovalea@amerantbank.com). Seller or Seller’s representative shall have the right to  be present at  any or all inspections; provided, however, that an inspection shall not be unreasonably delayed if,  after being given notice of such inspection as provided herein and a reasonable opportunity to be  present, Seller or a representative of Seller is unable to accompany  Purchaser and/or its  representatives at the time of such inspection. No inspection shall involve physically invasive  procedures without the prior written consent of Seller (the scope, timing and inspection of which  shall all be subject to Seller’s prior written consent). Any inspection or test shall be performed by a  person (x) properly licensed and qualified, (y) who has obtained all appropriate  

 

10 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  permits for performing such inspection or test and (z) otherwise acceptable to Seller. Upon the   completion of any inspection or test of the Property, Purchaser shall repair any damage to the   Property resulting from the inspection or test so that the Property is restored to its condition prior to  such inspection or test. Notwithstanding anything to the contrary contained in this Agreement,   Purchaser shall indemnify, defend (with counsel reasonably acceptable to Seller) and hold Seller and  its affiliates, equity holders, employees, directors, officers, managers, agents, representatives, and  successors and permitted assigns (collectively, the “Seller Related Parties”) harmless from and  against any and all actual out-of-pocket loss, cost, expense, liability, damage, demand, proceeding,  obligation, third party cause of action or claim to the extent arising out of or resulting from  Purchaser’s right of entry upon and inspection and testing of the Property as provided for in  this   Section 8.1; provided, however, the foregoing shall not include any loss, cost, expense, liability ,   damage, demand, proceeding, obligation, cause of action or claim that arise from (1) pre-existing  conditions discovered by Purchaser during its inspection, so long as (and only to the extent that)   Purchaser did not cause or exacerbate such conditions, (2) the presence of hazardous materials in, on  or beneath the Property, or any noncompliance by Seller with applicable law during any inspection  conducted pursuant to the terms of this Agreement or (3) the gross negligence or willful misconduct  of Seller or any other Seller Related Parties. In no event shall Purchaser be liable for punitive,   special or consequential damages. Such indemnity shall survive the Closing and any termination of  this Agreement. [           ].     8.2 Conditions to Purchaser’s Obligation to Close. The obligations of Purchaser  under this Agreement are subject to the fulfillment, at or before the Closing, of the following  conditions (which may be waived in whole or in part by Purchaser in its sole discretion):    8.2.1 Seller’s Performance. Seller shall have performed in all material  respects all covenants and obligations required by this Agreement to be performed or delivered by it  on or before the Closing Date. Seller shall have delivered to Escrow Agent all documents and other  items referred to in Section 4.1.    8.2.2 Accuracy of Seller’s Representations and Warranties.  Each of  Seller’s representations and warranties set forth in Section 9.1 below shall be true and correct in all  material respects as of the Closing, as modified by any Pre-Closing Disclosures (as def ined in   Section 9.2 below).    8.2.3 Title Policy. The Title Insurer shall be irrevocably committed to  issuing the Title Policy in the form required hereunder.    8.2.4 KYC Requirements. Seller shall have truthfully and accurately  completed and delivered to Purchaser the “know your customer” application form attached hereto  as Exhibit J (the “KYC Application”) no less than [  ] days prior to the Closing, and  Seller satisfactorily completes Purchaser’s customary Know Your Customer background check.  

 

11 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  8.2.5 Upon the written request of Purchaser, Seller shall deliver Purchaser’s  (or Purchaser’s lender’s) preferred form of subordination, non-disturbance and attornment  agreement (“SNDA”) for the Lease [        ].    8.3 Conditions to Seller’s Obligation to Close. The obligations of Seller under  this Agreement are subject to the fulfillment, at or before the Closing, of the following conditions  (which may be waived in whole or in part by Seller in its sole discretion):    8.3.1 Accuracy of Purchaser’s Representations and Warranties. Each of   Purchaser’s representations and warranties set forth in Section 9.3 below shall be materially true  and correct as of the Closing.    8.3.2 Purchaser’s Performance. Purchaser shall have performed in all  material respects all covenants and obligations required by this Agreement to be performed or   delivered by it on or before the Closing Date. Purchaser shall have delivered to Escrow Agent all  documents and other items referred to in Section 4.2.    9. REPRESENTATIONS, WARRANTIES AND COVENANTS.    9.1 Seller’s Representations and Warranties. Seller hereby represents and  warrants to Purchaser as to the following matters, as of the Effective Date:    9.1.1 Organization and Authority. Seller is duly organized and in good   standing under the laws of the state of its organization. Seller has the power and authority under its  organizational documents to sell, transfer, convey and deliver the Property to be sold and purchased  hereunder, and all action and approvals required thereunder have been duly taken and obtained.   The execution of this Agreement by Seller, the consummation by Seller of the transactions herein  contemplated, and the execution and delivery of all documents to be executed and delivered by   Seller, have been or will be on or prior to Closing duly authorized by all requisite action on Seller’s  part and this Agreement has been and all documents to be delivered by Seller pursuant to  this   Agreement, will be on or prior to Closing, duly executed and delivered by Seller and is or will be on  or prior to Closing, as the case may be, binding upon and enforceable against Seller in accordance  with their respective terms. No approvals or consents by third parties or Governmental Authorities  (as hereinafter defined) are required in order for Seller to consummate the transactions  contemplated hereby. The representations and warranties of Seller contained in this Section 9.1.1  shall survive [   ].    9.1.2 No Conflict. The execution and delivery of this Agreement, the  consummation of the transactions provided for herein and the fulfillment of the terms hereof will  not result in a breach of any of the terms or provisions of, or constitute a default under, any   provision of (i) Seller’s organizational documents, (ii) any material instrument or agreement to   which Seller is a party to, (iii) to Seller’s Knowledge, any applicable law, rule or regulation, or (iv)  to Seller’s Knowledge, any order or decree of any court or Governmental Authority (as hereinafter  defined) of any nature by which Seller is bound. “Governmental Authority” shall mean any   governmental or quasi-governmental agency, department, board, commission, or bureau or other  

 

12 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  governmental or quasi-governmental agency entity or instrumentality. The representations and  warranties of Seller contained in this Section 9.1.2 shall survive [    ].    9.1.3 Condemnation. Seller has not received from any Governmental  Authority any written notice of any, condemnation or eminent domain proceedings affecting the   Property or any part thereof, and to Seller’s Knowledge, no such proceedings are threatened with  respect to the Property or any part thereof.    9.1.4 Proceedings. There are no actions, suits, litigations or other  proceedings by any person, firm, corporation or Governmental Authority now pending, or to   Seller’s Knowledge, threatened, against or affecting the Property or any part thereof. Seller has not  been served with any litigation which is still pending against Seller, with respect to its ownership of  the Property, or affecting Seller or any of its assets in a way that could reasonably be expected to  result in the issuance of an order restraining, enjoining or otherwise prohibiting or making illegal  the consummation of any of the transactions contemplated by this Agreement, and to Seller’s   Knowledge, no such litigation has been threatened. The representations and warranties of Seller   contained in the immediately preceding sentence of this Section 9.1.4 shall survive [     ].    9.1.5 Intentionally Omitted.    9.1.6 Bankruptcy. Seller has not commenced (within the meaning of any  federal or state bankruptcy law) a voluntary case, consented to the entry of an order f or relief   against it in an involuntary case, or consented to the appointment of a custodian of it or for all or   any substantial part of its property, nor has a court of competent jurisdiction entered an order or   decree under any federal or state bankruptcy law that is for relief against Seller in an involuntary  case or appointed a custodian of Seller for all or any substantial part of its respective property. No  attachments, execution proceedings, assignments for the benefit of creditors, insolvency,  bankruptcy, reorganization or other proceedings are pending or, to Seller’s knowledge, threatened  against Seller, nor are any such proceedings contemplated by Seller, nor to Seller’s knowledge do  any grounds exist for any such proceedings to be instituted against Seller. The representations and  warranties of Seller contained in this Section 9.1.6 shall survive [    ].    9.1.7 Brokers. No broker or finder has acted for Seller or any of its  affiliates in connection with this Agreement or the transactions contemplated hereby and no person  is entitled to any brokerage fee, finder’s fee or commission in respect thereof based upon   arrangements made by or on behalf of Seller for which Purchaser could be liable. The  representations and warranties of Seller contained in this Section 9.1.7 shall survive Closing.    9.1.8 Compliance With Laws. Seller has not received written notice  alleging any material violation of law (including any Environmental Law (as hereinafter defined)),  municipal or county ordinances or other legal requirements with respect to the Property where such  violation remains outstanding, and to Seller’s Knowledge, no such violation exists.    9.1.9 Right of First Offer or Right of First Refusal. To Seller’s Knowledge,  no other person or entity has any right or option (including any right of first refusal or right of first  offer) to purchase all or any part of the Property or any interest therein. The representations and  

 

13 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  warranties of Seller contained in this Section 9.1.9 shall survive Closing [   ].    9.1.10 [        ].    9.1.11 Seller Not a Foreign Person. Seller is not a “foreign person” which  would subject Purchaser to the withholding tax provisions of Section 1445 of the Internal Revenue  Code of 1986, as amended. The representations and warranties of Seller contained in this Section  9.1.11 shall survive [    ].    9.1.12 Executive Order No. 133224. Seller is in compliance with the  requirements of Executive Order No. 133224, 66 Fed Reg. 49079 (September 25, 2001) Office of  Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation or  other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or  orders are collectively called the “Orders”). Seller (i) is not listed on the Specially Designated   Nationals and Blocked Persons List (hereinafter defined) maintained by OFAC pursuant to  the   Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of  the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are   collective referred to as the “Lists”), (ii) has not been determined by competent authority to  be   subject to the prohibitions contained in the Orders, and (iii) excluding any holders of any publicly  held entity, is not owned or controlled by, or acts for or on behalf of, any person or entity on the   Lists or any other person or entity who has been determined by competent authority to be subject to  the prohibitions contained in the Order. The representations and warranties of Seller contained in  this Section 9.1.12 shall survive for a period of [   ].    9.1.13 Intentionally Omitted.    9.1.14 “Seller’s Knowledge” or any similar phrase shall mean the current  actual knowledge, without independent investigation or any implied duty to investigate or make any  inquiries, of Carlos Iafigliola. Such individual shall have no personal liability in any manner   whatsoever hereunder or otherwise related to the transactions contemplated hereby. Seller represents  and warrants that Carlos Iafigliola is the person (i) having direct responsibility for the day to day   operation and management of the Property or (ii) who otherwise has knowledge of the matters set  forth in this Section 9.1.    9.1.15 Intentionally Omitted.    9.2 Representations Remade. As of Closing, Seller shall be deemed to remake  and restate the representations set forth in Section 9.1, except that the representations shall be  updated by delivering written notice to Purchaser on or prior to Closing in order to reflect any fact,  matter or circumstance which Seller has become aware of, other than facts, matters or circumstances  that Seller has been informed of by Purchaser or any agent of Purchaser, that would make any of  Seller’s representations or warranties contained herein untrue or incorrect in any material respect   (any such disclosure being referred to as a “Pre-Closing Disclosure”). If any Pre-Closing  

 

14 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  Disclosure would cause any representation or warranty contained herein to no longer be true and   correct in all material respects, Purchaser shall have the right to terminate this Agreement by   delivering written notice to Seller thereof on or prior to the Closing Date, in which event the Earnest  Money shall be promptly returned to Purchaser and the parties shall have no further obligations   hereunder except as expressly provided otherwise herein; provided, however, that if the Pre-Closing  Disclosure is a result of a Seller default, Purchaser shall have the remedies set forth in Section 7.1.  For the avoidance of doubt, in no way shall this Section 9.2 limit or restrict Purchaser’s rights and  remedies under Section 7.1. [         ].    9.3 Purchaser’s Representations and Warranties. Purchaser represents and  warrants as of the Effective Date that:    9.3.1 Organization. Purchaser is duly organized and in good standing  under the laws of the state of its organization. Purchaser has full limited liability company power  and authority under its organizational documents to execute and deliver this Agreement, and has, or  will have on or prior to Closing, full power and authority to perform its obligations hereunder and  to consummate the transactions contemplated hereby. Purchaser is, or shall be on or prior to  Closing, duly qualified, licensed or admitted to do business and in good standing in the state in   which the Property is located. No approvals or consents by third parties or Governmental  Authorities (as hereinafter defined) are required in order for Purchaser to consummate the   transactions contemplated hereby. The representations and warranties of Purchaser contained in   this Section 9.3.1 shall survive Closing.    9.3.2 Authority. The execution and delivery by Purchaser of this  Agreement, and the performance by Purchaser of its obligations hereunder, have been or will be   duly and validly authorized by all necessary requisite action on the part of Purchaser.  This  Agreement has been duly and validly executed and delivered by Purchaser and constitutes legal,  valid and binding obligations of Purchaser enforceable against Purchaser in accordance with its   terms. The representations and warranties of Purchaser contained in this Section 9.3.2 shall survive  Closing.    9.3.3 No Conflict. The execution and delivery of this Agreement, the  consummation of the transactions provided for herein and the fulfillment of the terms hereof will  not result in a breach of any of the terms or provisions of, or constitute a default under, any  provision of (i) Purchaser’s organizational documents, (ii) any material instrument or agreement to  which Purchaser is a party to, (iii) to Purchaser’s Knowledge, any applicable law, rule or regulation,  or (iv) to Purchaser’s Knowledge, any order or decree of any court or Governmental Authority of  any nature by which Purchaser is bound. The representations and warranties of Purchaser contained  in this Section 9.3.3 shall survive Closing.    9.3.4 Litigation. There are no actions or proceedings pending or, to  Purchaser’s Knowledge, threatened against, relating to or affecting Purchaser or any of its assets   that could reasonably be expected to result in the issuance of an order restraining, enjoining or   otherwise prohibiting or making illegal the consummation of any of the transactions contemplated  by this Agreement. The representations and warranties of Purchaser contained in this Section 9.3.4  shall survive Closing.  

 

15 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  9.3.5 Brokers. No broker or finder has acted for Purchaser or any of its   affiliates in connection with this Agreement or the transactions contemplated hereby and no person  is entitled to any brokerage fee, finder’s fee or commission in respect thereof based upon   arrangements made by or on behalf of Purchaser for which Seller could be liable. The  representations and warranties of Purchaser contained in this Section 9.3.5 shall survive Closing.    9.3.6 “Specially Designated National or Blocked Person” means a  Person (a) designated by the Office of Foreign Assets Control at the U.S. Department of the  Treasury, or other U.S. governmental entity, and appearing on the List of Specially Designated   Nationals and Blocked Persons (http://www.ustreas.gov/offices/enforcement/ofacisdn/ index.shtml),  which List may be updated from time to time; or (b) with whom Purchaser or Seller is prohibited  from engaging in transactions by any trade embargo, economic sanction or other prohibition of  United States law, regulation, or Executive Order of the President of the United States; and (ii)   “Person” means an individual, corporation, partnership, limited liability company, trust, business  trust, association, joint stock company, joint venture, sole proprietorship, unincorporated  organization, Governmental Authority or any other form of entity not specifically listed herein.   Purchaser represents and warrants to Seller, knowing that Seller is relying on such representation  and warranty, that Purchaser is not a Specially Designated or Blocked Person. Seller represents and  warrants to Purchaser, knowing that Purchaser is relying on such representation and warranty, that  Seller is not a Specially Designated or Blocked Person.    9.3.7 Purchaser Not a Foreign Person. Purchaser is not a “foreign person”  which would subject Seller to the withholding tax provisions of Section 1445 of the Internal   Revenue Code of 1986, as amended. The representations and warranties of Purchaser contained in  this Section 9.3.7 shall survive Closing.    9.3.8 Executive Order No. 133224. Purchaser is in compliance with the   requirements of the Orders. Purchaser (i) is not listed on the Lists, (ii) has not been determined by  competent authority to be subject to the prohibitions contained in the Orders, and (iii) excluding any  holders of any publicly held entity, to Purchaser’s Knowledge, is not owned or controlled by, or   acts for or on behalf of, any person or entity on the Lists or any other person or entity who has been  determined by competent authority to be subject to the prohibitions contained in the Orders. The   representations and warranties of Purchaser contained in this Section 9.3.8 shall survive Closing.    9.3.9 Contracts. There are no contracts or agreements entered into by, or  binding upon, Seller and affecting the Property, which will be binding upon Purchaser after the   Closing Date.    “Purchaser’s Knowledge” or any similar phrase shall mean the current, actual knowledge,  without independent investigation or any implied duty to investigate or make any inquiries of,  [   ]. Such individuals shall have no personal liability in any manner whatsoever   hereunder or otherwise related to the transactions contemplated hereby. Purchaser represents and  warrants that [   ] is the person who has knowledge of the matters set forth in this  Section 9.3.    9.4 Seller’s Covenants.  

 

16 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  9.4.1. From the Effective Date until the expiration of the Due Diligence   Period, Seller shall not enter into any leases, licenses or occupancy agreements affecting the   Property, without Purchaser’s prior written consent, which shall not be unreasonably withheld,   conditioned or delayed [          ].  From and after the expiration of the Due Diligence Period (if this Agreement is not terminated  in   accordance with the terms hereof) until the Closing or sooner termination of this Agreement,  Seller shall not enter into any leases, licenses or occupancy agreements affecting the  Property, or  any amendments thereto [       ], without obtaining  Purchaser’s prior written consent, which may be withheld in Purchaser’s [  ]  discretion. If Purchaser fails to give Seller notice of its approval or disapproval of any such  proposed action requiring its approval hereunder within [   ] days after Seller  notifies Purchaser of Seller’s desire to take such action, then Purchaser shall be  deemed to  have  given its approval to the action or matter described in Seller’s request.    9.4.2. Seller covenants and agrees that from the Effective Date until the   Closing or sooner termination of this Agreement, Seller shall (a) maintain and operate the Property  in substantially the same condition and manner as the Property is currently maintained and operated;  (b) deliver to Purchaser, promptly after receipt by Seller, all written notices of any violations issued  to Seller by any Governmental Authorities with respect to the Property and any other material   notices received from any Governmental Authority with respect to the Property; (c) maintain the   insurance with respect to the Property currently in effect; and (d) not, without the prior written   consent of Purchaser, take any action before any Governmental Authority, the object of which would  be to change the present zoning of or other land use limitations upon the Property (or any portion   thereof) or its potential use.    9.4.3. From the Effective Date until the Closing or sooner termination of this  Agreement, Seller covenants to: (a) not place any mortgage or any other encumbrance, easement,   covenant, condition, right-of-way, license or restriction on the Property that materially and adversely  affects title to the Property as same exists on the Effective Date and which will be binding following  the Closing; (b) not alter, amend or become a party to any new service agreement [     ] the Property, after Closing, (c) not settle any condemnation   claim or insurance casualty claim relating to the Property without Purchaser’s prior written  consent, which prior to the expiration of the Due Diligence Period shall not be unreasonably  withheld or delayed, and after the expiration of the Due Diligence Period may be withheld in   Purchaser’s sole discretion; and (d) not make any material alterations to the Property without the   prior written approval of Purchaser, which prior to the expiration of the Due Diligence Period shall  not be unreasonably withheld or delayed, and after the expiration of the Due Diligence Period may  be withheld in Purchaser’s sole discretion.    9.4.4. From the Effective Date until the Closing or sooner termination of this  Agreement, Seller agrees that Seller shall not accept or entertain offers, negotiate, solicit interest or  otherwise enter into discussions involving the sale, joint venture, financing, disposition or other   transaction involving the Property, any portion thereof, or any interest therein.    10. INDEMNIFICATION.   [   ]  

 

17 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1    11. SATISFACTION OF LIENS. If at the Closing there are any liens on the Property   which Seller is obligated to pay and discharge, Seller or Purchaser, with Seller’s written approval,  shall have the right to instruct the Title Insurer to use any cash portion of the Purchase Price to   satisfy the same.    12. MISCELLANEOUS.    12.1 Entire Agreement. All understandings and agreements heretofore had  between Seller and Purchaser with respect to the Property are merged in this Agreement, which   alone fully and completely expresses the agreement of the parties.    12.2 Assignment. Neither this Agreement nor any interest hereunder shall be   assigned or transferred by Purchaser without first obtaining the written consent of Seller, which   consent may be withheld in Seller’s reasonable, good faith discretion. Notwithstanding the  foregoing, Purchaser may assign its rights under this Agreement to any entity affiliated with,  

 

18 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  controlled by, or under common control with Purchaser without Seller’s consent.  Subject to  the   foregoing provisions, this Agreement shall be binding upon and enforceable against, and shall inure  to the benefit of, Purchaser and Seller and their respective legal representatives, successors and   permitted assigns.    12.3 Modifications. This Agreement shall not be modified or amended except in a  written document signed by Seller and Purchaser.    12.4 Time of Essence. Time is of the essence of this Agreement. In the  computation of any period of time provided for in this Agreement or by law, the day of the act or  event from which the period of time runs shall be excluded, and the last day of such period shall be  included, unless it is not a business day, in which case the period shall be deemed to run until the end  of the next day which is a business day. As used herein, the term “business day” means any day  which is not a Saturday, Sunday, federal legal holiday or day on which banks in [  ] are  closed.    12.5 Governing Law. This Agreement shall be governed and interpreted in  accordance with the laws of the state of [  ].    12.6 Notices. All notices, requests, demands or other communications required or  permitted under this Agreement shall be in writing and delivered personally or by certified mail,   return receipt requested, postage prepaid, by electronic mail, or by overnight courier (such as Federal  Express), addressed as follows below. All notices given in accordance with the terms hereof shall be  deemed given when received or upon refusal of delivery, provided that notices delivered via email as  hereinabove provided shall be deemed given once such notice or other communication is transmitted  to the email address for each party set forth below their respective addresses; provided, that a copy  of the notice, demand or request sent by email shall also be sent by one of the other methods set forth  herein within [  ] day. Either party hereto may change the address for receiving notices,   requests, demands or other communication by notice sent in accordance with the terms of this   Section 12.6.    If to Seller:    Carlos Iafigliola  EVP & Chief Financial Officer  220 Alhambra Circle  Coral Gables, FL 33134  Tel. (305) 460-8601  Email: CIafigliola@amerantbank.com  with a copy to:  Orlando Valea  Vice President  Facilities Management  220 Alhambra Circle Suite 450  Coral Gables, Florida 33134  Tel. (305) 460-2022  

 

19 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  Email: OValea@amerantbank. com  And              If to Purchaser:  Mariola Triana Sanchez  General Counsel  220 Alhambra Circle  Coral Gables, FL 33134  Tel. (305) 441-5620  Email: MSanchez@amerantbank.com      FNLI Audax LLC  [     ]  [    ]  [    ]  [    ]  [    ]  and [    ]   [    ]   [    ]   [    ]   [    ]  with a copy to: [    ]   [    ]   [    ]   [    ]   [    ]    12.7 “AS IS” SALE. ACKNOWLEDGING THE PRIOR USE OF THE  PROPERTY AND PURCHASER’S OPPORTUNITY TO INSPECT THE PROPERTY,   PURCHASER AGREES, SUBJECT TO THE REPRESENTATIONS AND WARRANTIES  SET FORTH IN SECTION 9.1 ABOVE OR IN ANY DOCUMENTS EXECUTED BY  SELLER PURSUANT TO THIS AGREEMENT (THE “EXPRESS REPRESENTATIONS”)  TO TAKE THE PROPERTY “AS-IS,” “WHERE-IS,” AND WITH ALL FAULTS AND  CONDITIONS THEREON. PURCHASER ACKNOWLEDGES AND AGREES THAT,  SUBJECT TO THE EXPRESS REPRESENTATIONS, SELLER HAS NOT MADE, DOES  NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS,  WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY  KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL  OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH   RESPECT TO (A) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY,  INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY; (B) THE  

 

20 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE SUITABILITY OF THE  PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY  CONDUCT THEREON, (D) THE COMPLIANCE OF OR BY THE PROPERTY OR ITS  OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY  APPLICABLE GOVERNMENTAL AUTHORITY OR BODY; (E) THE HABITABILITY,  MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE  PROPERTY; OR (F) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY, AND  SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS REGARDING TERMITES OR  WASTES, AS DEFINED BY THE U.S. ENVIRONMENTAL PROTECTION AGENCY  REGULATIONS AT 40 C.F.R., OR ANY HAZARDOUS SUBSTANCE, AS DEFINED BY   THE COMPREHENSIVE ENVIRONMENTAL RESPONSE COMPENSATION AND  LIABILITY ACT OF 1980 (“CERCLA”), AS AMENDED, AND REGULATIONS  PROMULGATED THEREUNDER. OTHER THAN IN CONNECTION WITH THE  EXPRESS REPRESENTATIONS, PURCHASER, ITS SUCCESSORS AND ASSIGNS,  HEREBY WAIVE, RELEASE AND AGREE NOT TO MAKE ANY CLAIM OR BRING  ANY COST RECOVERY ACTION OR CLAIM FOR CONTRIBUTION OR OTHER  ACTION OR CLAIM AGAINST SELLER OR SELLER’S AFFILIATES (OTHER THAN AS  TENANT PURSUANT TO THE LEASE) BASED ON (A) ANY ENVIRONMENTAL LAW  (AS DEFINED BELOW), (B) ANY DISCHARGE, DISPOSAL, RELEASE, OR ESCAPE OF  ANY CHEMICAL, OR ANY MATERIAL WHATSOEVER, ON, AT, TO, OR FROM THE  PROPERTY, OR (C) ANY ENVIRONMENTAL CONDITIONS WHATSOEVER ON,  UNDER, OR IN THE VICINITY OF THE PROPERTY. THE PROVISIONS OF THIS  SECTION 12.7 SHALL SURVIVE THE CLOSING AND ANY TERMINATION OF THIS  AGREEMENT. “ENVIRONMENTAL LAW” SHALL MEAN ANY LAW, ORDINANCE,  RULE, REGULATION, ORDER, JUDGMENT, INJUNCTION OR DECREE NOW OR  HEREAFTER RELATING TO POLLUTION OR SUBSTANCES OR MATERIALS WHICH  ARE CONSIDERED TO BE HAZARDOUS OR TOXIC, INCLUDING, WITHOUT  LIMITATION, THE RESOURCE CONSERVATION AND RECOVERY ACT (42 U.S.C. §  6901 ET SEQ.), CERCLA, THE HAZARDOUS MATERIALS TRANSPORTATION ACT (49  U.S.C. § 1801 ET SEQ.), THE CLEAN WATER ACT (33 U.S.C. § 1251 ET SEQ.), THE SAFE  DRINKING WATER ACT (21 U.S.C. § 349, 42 U.S.C. § 201 ET SEQ. AND § 300 ET SEQ.),  THE TOXIC SUBSTANCES CONTROL ACT (15 U.S.C. § 2061 ET SEQ.), THE  EMERGENCY PLANNING AND COMMUNITY RIGHT TO KNOW ACT (42 U.S.C. § 1100  ET SEQ.), THE CLEAN AIR ACT (42 U.S.C. § 7401 ET SEQ.), AND ANY STATE AND  LOCAL ENVIRONMENTAL LAWS, ALL AMENDMENTS AND SUPPLEMENTS TO ANY  OF THE FOREGOING AND ALL REGULATIONS AND PUBLICATIONS  PROMULGATED OR ISSUED PURSUANT THERETO.    PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS  CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS  OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND  ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY  OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY  AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN  WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR  DISCHARGED FROM THE PROPERTY. EXCEPT IN CONNECTION WITH THE  EXPRESS WARRANTIES, UPON CLOSING, PURCHASER ACKNOWLEDGES THAT  

 

21 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION  DEFECTS AND ADVERSE PHYSICAL AND ENVIRONMENTAL CONDITIONS, MAY   NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND  PURCHASER, UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED,  RELINQUISHED AND RELEASED SELLER (AND SELLER’S AFFILIATES, OTHER   THAN AS TENANT PURSUANT TO THE LEASE) FROM AND AGAINST ANY AND ALL  CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN  TORT), LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING  ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR  UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST  SELLER (AND SELLER’S AFFILIATES, OTHER THAN AS TENANT PURSUANT TO   THE LEASE) AT ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR  PATENT CONSTRUCTION DEFECTS OR PHYSICAL CONDITIONS, VIOLATIONS OF  ANY APPLICABLE LAWS AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS,  CIRCUMSTANCES OR MATTERS REGARDING THE PROPERTY.    NOTHING CONTAINED IN THIS SECTION 12.7 SHALL  LIMIT OR SERVE AS A WAIVER, RELEASE OR  DISCHARGE OF ANY CLAIM PURCHASER HAS OR  MAY HAVE AGAINST SELLER WITH RESPECT TO  THE EXPRESS REPRESENTATIONS OR ANY CLAIM IT  MAY HAVE AGAINST SELLER AS TENANT PURSUANT  TO THE LEASE.    PURCHASER HEREBY SPECIFICALLY ACKNOWLEDGES THAT PURCHASER  HAS CAREFULLY REVIEWED THIS SECTION, AND DISCUSSED ITS IMPORT WITH  LEGAL COUNSEL, IS FULLY AWARE OF ITS CONSEQUENCES, AND THAT THE  PROVISIONS OF THIS SECTION ARE A MATERIAL PART OF THIS AGREEMENT;   PROVIDED, HOWEVER, SUCH RELEASE, WAIVER OR DISCHARGE SHALL NOT  APPLY AND SHALL BE OF NO FORCE OR EFFECT FOR ANY CLAIMS ARISING OUT  OF SELLER’S FRAUD.      Seller’s Initials Purchaser’s Initials    In no event shall the above provisions of Section 12.7 be construed to release Seller from any of its  express representations, warranties or covenants pursuant to this Agreement or the documents   delivered by Seller at Closing pursuant to this Agreement, or from any right Purchaser may have to  implead Seller following the Closing relating to third party claims asserted against Purchaser with  respect to matters occurring prior to the Closing and during Seller’s ownership of the Property.    12.8 Confidentiality. Except as may be required by law, without the prior written  consent of Seller, and unless the Closing occurs, Purchaser shall use the same degree of care with   respect to Information (hereinafter defined) as Purchaser employs with respect to its own proprietary  or confidential information of like importance, and shall not disclose to any third party the existence  of this Agreement or any term or condition thereof or the results of any inspections or studies   undertaken in connection herewith or make any public pronouncements, issue any press releases or  

 

22 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  otherwise furnish the Information or any information regarding this Agreement, or the transactions  contemplated hereby to any third party; provided, however, that the foregoing shall not be construed  to prevent Purchaser from making (i) disclosures to Purchaser’s Representatives (as hereinafter   defined), (ii) any disclosure required by any applicable law or regulation or judicial process with   prior notice to Seller, or (iii) any disclosure to the extent such information or mate rials (1) are  already in the public domain, (2) is or become generally available to the public other than as a result  of a disclosure by Purchaser, (3) is or become available to Purchaser on a non-confidential basis   from a source other than Seller who is not subject to a confidentiality agreement with, or other   obligation of secrecy to, Seller prohibiting such disclosure, or (4) are independently developed by  Purchaser or its representatives without reference to the Information. For purposes hereof,  “Information” shall mean and shall be deemed to include, without limitation, the following written  information provided by or on behalf of Seller to Purchaser, its agents, employees, representatives,  consultants, investors, partners, lenders, attorneys or other professionals (collectively, “Purchaser’s  Representatives”) either prior to or following the Effective Date: (a) all documentation and/or   information described in or relating to this Agreement, including, without limitation, the Lease, the  Property Information, and all other information regarding the operation, ownership, maintenance,   management, or occupancy of the Property; (b) the Survey; and (c) any reports, tests, or studies   (together with the results of such studies and tests obtained or provided by, or on behalf of, Seller).  Notwithstanding the foregoing, Seller’s delivery and Purchaser’s use of the Information are subject  to the following terms: Purchaser shall (i) accept and hold all Information in confidence using the   same degree of care with respect to Information as Purchaser employs with respect to its own   proprietary or confidential information of like importance; (ii) not copy, reproduce, distribute or   disclose the Information to any third party other than Purchaser’s Representatives, except as  permitted in this Section 12.8; (iii) not use the Information for any purpose other than in connection  with the transactions contemplated hereunder; and (iv) not knowingly use the Information in any   manner detrimental to Seller or the Property. Purchaser agrees to transmit the Information only to  those Purchaser’s Representatives who are participating in the evaluation of the acquisition of the   Property, who are informed of the terms of this Section 12.8 of this Agreement and who are  instructed not to make use of the Information in a manner inconsistent herewith. [                ] . Seller shall  not disclose any of the material terms of this Agreement (except to the extent as may be required   by law or as required by the Title Insurer, or to Seller’s agents, employees, representatives,  consultants, lenders attorneys or other professionals), provided, that following the Closing, and  subject to Section 12.12 below, the occurrence of the Closing, Seller shall be entitled to make  such disclosures as are reasonably appropriate in connection with the subject transaction.    12.9 Tax Disclosure Provision. Notwithstanding anything herein to the contrary,  any party to this Agreement (and any employee, representative, or other agent of any party to this  Agreement) may disclose to any and all persons, without limitation of any kind, the tax treatment  and tax structure of any transaction contemplated by this Agreement and all materials of any kind  (including opinions or other tax analyses) that are provided to it relating to such tax treatment and  tax structure; provided, however, that such disclosure may not be made to the extent required to be  kept confidential to comply with any applicable federal or state securities laws. The provisions of  

 

23 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  this Section 12.9 are intended to comply with the requirements of the presumption set f orth in   Treasury Regulations Section 1.6011-4 (b) (3) and are not intended to permit the disclosure of any  information that is not subject to the requirements of such presumption.    12.10 Reports. If for any reason Purchaser does not consummate the Closing (other  than because of a breach by Seller hereunder), then Purchaser shall, upon Seller’s written request,  either (a) return to Seller any and all studies, reports, surveys and other information, data and/or   documents relating to the Property or any part thereof provided to Purchaser by or at the request of  Seller or Seller’s Affiliates, or (b) certify to Seller that Purchaser has destroyed all such documents;  provided that, Purchaser shall return to Seller copies of all the full-sized surveys provided to  Purchaser by Seller’s counsel, if any. Notwithstanding the foregoing, Purchaser (x) will be entitled to  retain one copy of the Information for compliance purposes or for the purposes of defending or   maintaining litigation or threatened litigation, subject to the continued application of the provisions  of Section 12.8 and (y) will not be obligated to erase Information that is contained in an archived   computer system made in accordance with its security and/or disaster recovery procedures on the   understanding that any such retained Information shall remain subject to the continued application of  the provisions of Section 12.8.    12.11 Reporting Person. Seller and Purchaser hereby designate Escrow Agent to   act as and perform the duties and obligations of the “reporting person” with respect to the transaction  contemplated by this Agreement for purposes of 26 C.F.R. Section 1.6045-4(e)(5) relating to the   requirements for information reporting on real estate transactions closed on or after January 1, 1991.  In this regard, Seller and Purchaser each agree to execute at Closing, and to cause Escrow Agent to   execute at Closing, a Designation Agreement, designating Escrow Agent as the reporting person   with respect to the transaction contemplated by this Agreement.    12.12 Press Releases. [        ]  the parties hereto shall not issue any press releases or public statements, with respect to the  transactions contemplated hereby or consummated in accordance with the terms hereof [             ].    12.13 Counterparts. This Agreement may be executed in any number of identical  counterparts, any or all of which may contain the signatures of less than all of the parties, and all of  which shall be construed together as but a single instrument. To facilitate the execution and delivery  of this Agreement, the parties may execute and exchange counterparts of the signature pages by  facsimile or portable document format (PDF), each of which shall be deemed an original and   admissible as best evidence for the execution and delivery of this Agreement by the parties hereto,  and the signature page of either party to any counterpart may be appended to any other counterpart.    12.14 Construction. This Agreement shall not be construed more strictly against  Seller merely by virtue of the fact that the same has been prepared by Seller or its counsel, it being  recognized both of the parties hereto have contributed substantially and materially to the preparation  of this Agreement.    12.15 Attorneys’ Fees. In the event of litigation between the parties with respect to  this Agreement or the transactions contemplated hereby, the prevailing party therein shall be entitled  to recover from the losing party all of its costs of enforcement and litigation, including, but not  

 

24 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  limited to, its reasonable attorneys’ and paralegal fees, witness fees, court reporters’ fees and other  costs of suit.    12.16 ERISA. Each party represents to the other that it is not deemed for any   purpose of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or  Section 4975 of the Code, to hold assets of any (1) “employee benefit plan” as defined in, and   subject to the fiduciary responsibility provisions of, ERISA, or (2) “plan” as defined in and subject  to Section 4975 of the Code.    12.17 Severability. Wherever possible, each provision of this Agreement shall be  interpreted in such manner as to be effective and valid under applicable law, but if any provision of  this Agreement shall be prohibited by or invalid under applicable law, such provision shall be  ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such  provision or the remaining provisions of this Agreement.    12.18 Further Assurances. Seller and Purchaser shall execute and deliver any and  all additional papers, documents, and other assurances, and shall do any and all acts and things   reasonably necessary (but without an increase in liability or decrease in rights of such party under  this Agreement, other than to a de minimis extent) in connection with the performance of their   obligations hereunder and to carry out the intent of this Agreement.    12.19 Waiver. One or more waivers of any covenant, term or condition of this   Agreement by either party shall not be construed as a waiver of any subsequent breach of the same  covenant, term or condition. The consent or approval by either party to or of any act by the other   party requiring such consent or approval shall not be deemed to waive or render unnecessary consent  to or approval of any subsequent similar act.    12.20 Relationship of the Parties. Nothing herein contained shall be deemed or   construed by the parties hereto, nor by any third party, as creating the relationship of principal and  agent or of partnership or of joint venture between the parties hereto, it being understood and agreed  that no provision contained herein, nor any acts of the parties hereto shall be deemed to create the  relationship between the parties hereto other than the relationship of seller and purchaser.    12.21 Waiver of Jury Trial. TO THE MAXIMUM EXTENT PERMITTED BY  LAW, PURCHASER AND SELLER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION,  PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO   AGAINST THE OTHER ON, OR IN RESPECT OF, ANY MATTER WHATSOEVER ARISING  OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP  OF PURCHASER AND SELLER HEREUNDER, OR ARISING OUT OF THE TRANSACTION  CONTEMPLATED BY THIS AGREEMENT.        [SIGNATURES ON FOLLOWING PAGE]  

 

Signature Page Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their  duly authorized representatives as of the date first above written.    SELLER:      220 ALHAMBRA PROPERTIES LLC,  a Florida limited liability company      By:    Name:     Its:           [SIGNATURES CONTINUE ON NEXT PAGE]  

 

Signature Page Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1    PURCHASER:    FNLI AUDAX LLC,  a Delaware limited liability company      By:    Name:     Its:           [SIGNATURES CONTINUE ON NEXT PAGE]  

 

Signature Page Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1    SOLELY TO EVIDENCE ITS AGREEMENT TO ITS OBLIGATIONS SET FORTH IN SECTION  2 OF THIS AGREEMENT:    ESCROW AGENT: [      ]    By:     Name:  Title:                [END OF SIGNATURE PAGES.]  

 

List of Schedules Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  LIST OF SCHEDULES AND EXHIBITS    [   ]  Exhibit A Legal Description  Exhibit B [Intentionally Omitted]  Exhibit C Form of Owner’s Affidavit and Gap Indemnity  Exhibit D [Intentionally Omitted]  Exhibit E Property Information  Exhibit F Form of Deed  Exhibit G Form of Non-Foreign Affidavit  Exhibit H Form of Lease Assignment  Exhibit I Form of General Assignment  Exhibit J Form of KYC Application  Exhibit K Form of Bill of Sale  [   ]    

 

Schedule 9.1.10 Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  SCHEDULE 9.1.10   [   ]      

 

Exhibit A Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  EXHIBIT A  LEGAL DESCRIPTION  All that certain property located in the City of Coral Gables, County of Miami-Dade, State of  Florida described as follows:    Lots 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24, in Block 28, of CORAL  GABLES SECTION K, according to the Plat thereof, as recorded in Plat Book 8, at Page 33, of  the Public Records of Miami-Dade County, Florida.    And    Lot 5, in Block 24, of REVISED PLAT OF CORAL GABLES SECTION L, according to the  Plat thereof, as recorded in Plat Book 8, at Page 85, of the Public Records of Miami-Dade  County, Florida.  

 

  62435143;1  EXHIBIT B  [INTENTIONALLY OMITTED]                                                                                                    12792878.3 Exhibit B Purchase and Sale Agreement  (220 Alhambra Circle)  

 

Exhibit C Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  EXHIBIT C    FORM OF OWNER’S AFFIDAVIT AND GAP INDEMNITY        OWNER’S AFFIDAVIT & GAP INDEMNITY      STATE OF     COUNTY OF     )  ) ss:  )      , of  (“Owner”), the Owner of  the premises described in Title Commitment No. 3020- (the “Title Commitment”), and in  consideration of [  ] (the “Company”) issuing its  policy of title insurance insuring an interest in the real estate described therein, and being first duly sworn on  oath, states as follows:    1. That Owner is the owner of, or has an ownership interest in, the real estate more particularly  described in the Title Commitment (the “Property”).    2. That Owner has owned, or has had an ownership interest in, the Property continuously for the last    years.    3. That Owner’s possession of the Property has been peaceable and undisturbed, and that title to the  Property has never been disputed or questioned.    4. That no proceedings in bankruptcy or receivership have been instituted by or against the Owner   within the last ten (10) years, and that the Owner has never made an assignment for the benefit of   creditors.    5. That there is not any action or proceeding now pending in any State or Federal Court in the United  States, to which the Owner is a party; nor is there any State or Federal Court judgment,  State or   Federal Tax Lien, or any other State or Federal lien of any kind or nature against the Owner, which  could constitute a lien or charge upon the Property.    6. That the Owner’s charter is in full force and effect and no proceeding is pending for its dissolution or  annulment. That all license, state franchise, and city corporation taxes, if applicable, due and payable  by the Owner have been paid in full.    7. That there are not any delinquent real estate taxes or unpaid current real estate taxes; nor any pending  or levied assessments on the Property, including but not limited to those for trees, sidewalks, streets,  sewers and water lines.    8. That Owner is in sole possession of the Property, and that no other party has possession, or has a right  of possession under any tenancy, lease or other agreement, written or oral, other than the tenants   listed on EXHIBIT A attached hereto. Further, unless noted on EXHIBIT A, Owner has not granted  any option or rights of first refusal to purchase the Property.  

 

Exhibit C Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  9. That Owner has not contracted for, received any notice regarding, and does not know of any  improvement, alteration or change to be made in or about the Property other than as set forth on   EXHIBIT B, and there has not been any new construction or major repair work performed on the  Property for at least days for which the Owner has contracted or been a party thereto. That the  Owner has not contracted for, or been a party thereto, any labor to be supplied to the Property, or for  any materials to be delivered thereto, that might become the subject of a lien upon the Property and  that has not been paid for.    10. That other than as set forth on EXHIBIT B, there has not been any new construction or major repair   work performed on the Property for at least days for which a tenant has contracted. That no  tenant has contracted for, or been a party thereto, any labor to be supplied to the Property, or for any  materials to be delivered thereto, that might become the subject of a lien upon the Property and that  has not been paid for.    11. That other than those items shown on EXHIBIT B, there is routine maintenance being conducted on  the Property in an amount not exceeding $ , which will be paid in the ordinary  course of business.    12. That there are not any unpaid bills or claims for labor, services, or materials, nor any recorded or   unrecorded mortgages, home improvement loans, chattel mortgages, conditional bills of sale,   retention of title agreements, security agreements, agreements not to sell or encumber, financing  statements, or personal property leases, which affect the Property or which affect any fixtures,   appliances, or equipment now installed in or on the Property.    13. That none of the easements referred to in Schedule B of the Title Commitment interfere with the  beneficial use of the improvements erected on the Property.    14. That the covenants and restrictions contained in the Title Commitment have not been violated and  affiant knows of no facts which would cause such violation, nor has Owner received any notices of  any violations thereof.    15. That the Owner is not and has not been in the business of and the Property has not been and will not  be used for the business of (a) purchasing on credit any of the following: perishable fruits, vegetables  or other perishable agricultural commodities, poultry, meat or poultry or meat products on credit, (b)  distributing, processing, wholesaling, canning, storing or serving perishable fruits, vegetables or other  perishable agricultural commodities, poultry, meat or poultry or meat products and there are no   matters pending against the Owner that could give rise to a trust or lien that would attach to the   property under The Perishable Agricultural Commodities Act, 1930 (7 U.S.C. §§499a, et seq.) or the  Packers and Stockyards Act (7 U.S.C. §§181 et seq.) or under similar state laws.    16. That the Company has been requested to issue its policy or policies of title insurance referenced   above in favor of the Insured named therein.    AND WHEREAS, the Company is unwilling to issue said policy or policies until the closing  instrument(s) under which the insured acquires an interest in said Property is/are filed for record in the  appropriate recording office(s);    AND WHEREAS, the parties in the transaction have requested the Company to provide a so-called  “New York Style Closing” which provides for the unconditional delivery of the closing instrument(s) between  the parties and the passing of consideration therefore.  

 

Exhibit C Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  NOW THEREFORE it is agreed that in consideration of the Company issuing its policy or policies  without making exception therein of matters which may arise between the most recent effective date of the  title commitment (the last date upon which the search of title is effective) and the date the documents creating  the interest being insured have been filed for record and which matters may constitute an encumbrance on or   affect said title, the undersigned agrees to promptly defend, remove, bond or otherwise dispose of any  encumbrance, lien or objectionable matter to title (collectively, “objection(s) to title”) which may arise or be  filed, as the case may be, against the captioned Property during the period of time between the most recent  effective date of Title Commitment and date of recording of all closing instruments, and to hold harmless and  indemnify the Company against all expenses, costs and reasonable attorneys fees which may arise out of its  failure to so remove, bond or otherwise dispose of any said objection(s) to title.  

 

Exhibit D Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  EXHIBIT D  [INTENTIONALLY OMITTED]  

 

Exhibit E Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  EXHIBIT E  PROPERTY INFORMATION  • A copy of Seller’s title policy and most current survey for the property.  • A copy of Seller’s insurance certificates for the property  • A complete copy of all leases, if any, affecting the property.  • A rent roll for the property, if applicable, listing tenant names, current delinquencies,  defaults and options (if any).    • A copy of seller’s property condition report for the property.  • Past three years operating history detailing capital improvements completed,  • Building plans, all governmental permits or approvals for improvements made by Seller.  • All governmental permits or approvals for improvements made by Seller or in Seller’s  possession.    • Notices from any governmental or quasi-governmental agency regarding any alleged or  actual violations.    • Real estate and personal property tax bills for the current year and the prior three (3) years.  • Utility bills for the current year and the prior three (3) years, as well as any capacity letters  from the appropriate authorities.    • All environmental and soil reports and studies.  • A copy of any zoning report that Seller had done for the property.  • Flood elevation certificate  

 

  62435143;1  EXHIBIT F    FORM OF DEED  SPECIAL WARRANTY DEED  This instrument was prepared by:    [    ]  [    ]  [    ]  [    ]    And after recording returned to:    [    ]  [    ]  [    ]  [    ]        Parcel ID #: [ ]    SPECIAL WARRANTY DEED    THIS SPECIAL WARRANTY DEED, made this day of , 2021, by 220  ALHAMBRA PROPERTIES LLC, a Florida limited liability company (“Grantor”), having an  address at 220 Alhambra Circle, Coral Gables, FL 33134 in favor of  [ ], a Delaware limited liability company (“Grantee”), having  an address at [        ].    WITNESSETH that the GRANTOR, for and in consideration of the sum of Ten ($10.00)  Dollars, and other good and valuable consideration to GRANTOR in hand paid by GRANTEE, the  receipt and sufficiency whereof is hereby acknowledged, has conveyed, granted, bargained and sold  to the said GRANTEE and GRANTEE'S successors and assigns forever, the land situate, lying and  being in the County of Miami-Dade, State of Florida, as described on Exhibit “A” attached hereto  and, by this reference, made a part hereof.    SUBJECT TO: (i) Taxes for the year 2022 and subsequent years; (ii) zoning, building   codes and other governmental regulations; and (iii) all such matters described on Exhibit “B”  attached hereto and, by this reference, made a part hereof ((i) through (iii), collectively, “Permitted  Exceptions”), without reimposing same.    Together with all the tenements, hereditaments and appurtenances thereto belonging or in  anywise appertaining.  

 

  62435143;1  TO HAVE AND TO HOLD, the same in fee simple forever.    AND the GRANTOR hereby covenants with said GRANTEE that GRANTOR is lawfully seized of  said land in fee simple; that GRANTOR has good right and lawful authority to sell and convey said  land; that Grantor will WARRANT AND DEFEND said property against all persons lawfully  claiming, or to claim the same, by, through and under Grantor, but not otherwise, subject to  the   Permitted Exceptions.      IN WITNESS WHEREOF, GRANTOR has hereunto set its hand and seal the day and year  first above written.    WITNESSES:            Name:          Name:    220 ALHAMBRA PROPERTIES LLC, a  Florida limited liability company      By:    Name:    Title:      (corporate seal)      STATE OF FLORIDA )  ) SS  COUNTY OF MIAMI-DADE )    The foregoing instrument was acknowledged before me by means of ☐ physical presence or  ☐ online notarization, this      day of , 2021, by ,      of 220 ALHAMBRA PROPERTIES LLC, a Florida limited liability company, on  behalf of said corporation, who is personally known to me or produced    as identification.      Notary Public, State of Florida  Printed Name:         My Commission Expires:  

 

  62435143;1  EXHIBIT A TO SPECIAL WARRANTY DEED  DESCRIPTION OF THE PROPERTY  LEGAL DESCRIPTION    All that certain property located in the City of Coral Gables, County of Miami-Dade, State of  Florida described as follows:    Lots 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24, in Block 28, of CORAL  GABLES SECTION K, according to the Plat thereof, as recorded in Plat Book 8, at Page 33, of  the Public Records of Miami-Dade County, Florida.    And    Lot 5, in Block 24, of REVISED PLAT OF CORAL GABLES SECTION L, according to the  Plat thereof, as recorded in Plat Book 8, at Page 85, of the Public Records of Miami-Dade  County, Florida.  

 

  62435143;1  EXHIBIT B TO SPECIAL WARRANTY DEED  PERMITTED EXCEPTIONS      [TO BE ATTACHED]                                                                                                    12792878.3 Exhibit F Purchase and Sale Agreement  (220 Alhambra Circle)  

 

  62435143;1  EXHIBIT G  FORM OF NON-FOREIGN AFFIDAVIT        NON-FOREIGN TRANSFEROR'S CERTIFICATION    Section 1445 of the Internal Revenue Code of 1986 (as amended, the “Code”) provides that a  transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. For  U.S. tax purposes (including Section 1445 of the Code), the owner of a disregarded entity (which has  legal title to a U.S. real property interest under local law) will be the transferor of the property and  not the disregarded entity. To inform [ ], a [  ] (“Transferee”), that  withholding of tax is not required upon the disposition of a U.S. real property interest by 220  ALHAMBRA PROPERTIES LLC, a Florida limited liability company (“Propco”) in that certain real  property located at 220 Alhambra Circle, Coral Gables, FL (the “Property”), the undersigned   ("Transferor"), hereby certifies the following as of [  ], 2021:    1. Transferor is not a foreign corporation, foreign partnership, foreign trust, or foreign  estate (as those terms are defined in the Code and Income Tax Regulations);    2. Transferor is the sole member of Propco, which is the record title owner of the  Property;    3. Transferor's U. S. employer identification number is .    4. Transferor's office address is:    [ ]  [ ]  [ ]    5. Transferor is not a "disregarded entity" as defined in IRS Regulation 1.1445-  2(b)(2)(iii).    Transferor understands that this certification may be disclosed to the Internal Revenue   Service by Transferee and that any false statement contained herein could be punished by f ine,   imprisonment or both.    Under penalties of perjury, I declare that I have examined this certification and to the best of  my knowledge and belief it is true, correct and complete, and I further declare that I have authority to  sign this document on behalf of Transferor.    [Signatures appear on following page.]              12792878.3  

 

Exhibit G Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1    SIGNATURE PAGE TO    NON-FOREIGN TRANSFEROR'S CERTIFICATION    TRANSFEROR      220 ALHAMBRA PROPERTIES LLC,  a Florida limited liability company      By:    Name:     Its:     

 

Exhibit H Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  EXHIBIT H  FORM OF LEASE  [SEE ATTACHED]  

 

Exhibit I  Purchase and Sale Agreement  (220 Alhambra Circle)      62435143;1  EXHIBIT I    FORM OF GENERAL ASSIGNMENT  ASSIGNMENT AGREEMENT    This Assignment Agreement (the “Agreement”) dated as of , 2021 (the  “Effective Date”), is by and between 220 Alhambra Properties LLC, a Florida limited liability  company (“Assignor”), and [ ] (“Assignee”).    WHEREAS, Assignor, as Seller, and [ ], a [ ], as  Purchaser [("Original Purchaser")], have entered into that certain Purchase and Sale Agreement  dated as of September        , 2021 [as modified by amendment dated  ,]  ([collectively, ](the “Purchase Agreement”), providing for, among other things, the transfer and sale  by Assignor to [Original Purchaser] of all of Assignor’s interest, if any and to the extent transferable,  in all Intangible Property relating to the Property described in the Purchase Agreement (collectively,  the “Premises”) (each capitalized term used herein and not otherwise defined herein shall have the  meaning given to such term in the Purchase Agreement), if any such Intangible Property exists and  only to the extent, if any, that Assignor has an interest therein; and    [WHEREAS, Original Purchaser assigned its right, title and interest in and to the Purchase  Agreement with respect to the Premises to Assignee pursuant to that certain Assignment of Purchase  and Sale Agreement dated as of _, 2021; and]    WHEREAS, Assignor desires to assign to Assignee, and Assignee desires to assume, all of  Assignor’s right, title and interest, if any, in and to the Intangible Property (if any, collectively, the  “Assigned Property”);    NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of   which are hereby acknowledged, Assignor and Assignee agree as follows:    1. Assignment. Assignor does hereby convey and assign to Assignee, its successors and  assigns, and Assignee does hereby assume, all of Assignor’s right, title and interest, if any, in and to  the Assigned Property; provided, however, that to the extent the assignment of any Assigned  Property shall require the consent of any other party, this Agreement shall not constitute a contract to  assign the same or any rights or liabilities thereunder if an attempted assignment thereof would cause  a breach of the terms of the Assigned Property, and the assignment of such Assigned Property shall  not be effective unless and until the consent of such other party shall have been obtained.    2. Binding Agreement. The terms and conditions of this Agreement shall be binding  upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns.    3. Interpretation. If there is any conflict as to the terms of this Agreement and the   Purchase Agreement, the terms of the Purchase Agreement shall prevail.  

 

Exhibit I  Purchase and Sale Agreement  (220 Alhambra Circle)      62435143;1  4. Headings. The headings of this Agreement are for reference only and shall not limit  or define the meaning of any provision of this Agreement.    5. Counterparts. The parties agree that this Agreement may be executed by the parties  in one or more counterparts and each of which shall be deemed an original, but all of which together  shall constitute one and the same instrument.    [signature page follows]  

 

Exhibit I Purchase and Sale Agreement  (220 Alhambra Circle)  12792878.3      62435143;1  IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement as of the  date set forth above.    ASSIGNOR: 220 ALHAMBRA PROPERTIES LLC,  a Florida limited liability company      By:   Name:   Title:           ASSIGNEE: [ ],  a Delaware limited liability company      By:   Name:   Title:     

 

(220 Alhambra Circle)      62435143;1  EXHIBIT J    FORM OF KYC APPLICATION    [TO BE ATTACHED]                                                                                                        12792878.3 Exhibit J Purchase and Sale Agreement  

 

(220 Alhambra Circle)      62435143;1  EXHIBIT K  FORM OF BILL OF SALE  BILL OF SALE    This Bill of Sale is given pursuant to that certain Purchase and Sale Agreement dated as of  [ ], 2021, between 220 ALHAMBRA PROPERTIES LLC, a Florida limited liability   company (“Seller”), and [ ], a Delaware limited liability company  (“Purchaser”) (the “Purchase Agreement”), providing for the sale of certain property in the City of  Coral Gables, County of Miami-Date, State of Florida.    FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the   undersigned, Seller hereby sells, transfers, assigns and conveys to Purchaser all right, title and   interest of Seller, if any, in and to all articles of personal property located on or used exclusively in  connection with the ownership of the Property, but excluding any Tenant Property, as such term is  defined in the Purchase Agreement.          ASSIGNOR: 220 ALHAMBRA PROPERTIES LLC,  a Florida limited liability company      By:   Name:   Title:           ASSIGNEE: [ ],  a Delaware limited liability company      By:   Name:   Title:                 12792878.3 Exhibit K Purchase and Sale Agreement  

 

Exhibit L Purchase and Sale Agreement  (220 Alhambra Circle)      62435143;1  EXHIBIT L    [   ]    [To be attached]  

 

Exhibit L Purchase and Sale Agreement  (220 Alhambra Circle)      62435143;1exhibit101312312021

62427499;2  Exhibit 10.13*                                      LEASE    Between    FNLI AUDAX LLC, a Delaware limited liability company  as Landlord,  and    220 ALHAMBRA PROPERTIES LLC, a Florida limited liability company  as Tenant    Date of Lease: As of December 15, 2021                    _______  * Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) the   registrant treats such information as private and confidential.      

 

-i-    62427499;2  TABLE OF CONTENTS    Page      PART I1  FUNDAMENTAL LEASE PROVISIONS; DEFINITIONS........................................... 1  PART II ................................................................................................................................ 10  PREMISES ................................................................................................................ 10  NO MERGER OF TITLE ........................................................................................... 10  USE ........................................................................................................................... 10  FIXED RENT ............................................................................................................ 11  NET LEASE; TRUE LEASE...................................................................................... 12  CONDITION ............................................................................................................. 13  LIENS ....................................................................................................................... 14  REPAIRS AND MAINTENANCE ............................................................................. 14  COMPLIANCE WITH LAWS ................................................................................... 16  ACCESS TO PREMISES ........................................................................................... 16  WAIVER OF SUBROGATION ................................................................................. 17  DAMAGE; DESTRUCTION ..................................................................................... 17  CONDEMNATION ................................................................................................... 20  ASSIGNMENT AND SUBLETTING ......................................................................... 24  ALTERATIONS ........................................................................................................ 24  SURRENDER............................................................................................................ 26  SUBORDINATION OF LEASE................................................................................. 26  TENANT’S OBLIGATION TO DISCHARGE LIENS................................................ 27  UTILITIES ................................................................................................................ 27  TENANT DEFAULT ................................................................................................. 27  LANDLORD ASSIGNMENT OF WARRANTIES ..................................................... 32  RENT PAYMENTS ................................................................................................... 33  HOLDOVER ............................................................................................................. 33  NOTICES .................................................................................................................. 33  INDEMNITY............................................................................................................. 34  TENANT TO COMPLY WITH MATTERS OF RECORD .......................................... 35  OBLIGATIONS TO MODIFY EASEMENTS ............................................................ 35  TAXES ...................................................................................................................... 37  INSURANCE ............................................................................................................ 39  LANDLORD EXCULPATION .................................................................................. 40  LANDLORD’S TITLE............................................................................................... 40  QUIET ENJOYMENT ............................................................................................... 41  BROKER................................................................................................................... 41  TRANSFER OF TITLE; INFORMATION REGARDING LANDLORD ..................... 41  HAZARDOUS MATERIALS .................................................................................... 42  WAIVER OF LANDLORD’S LIEN ........................................................................... 48  ESTOPPEL CERTIFICATE ....................................................................................... 48  NOTICE OF LEASE .................................................................................................. 48  MISCELLANEOUS................................................................................................... 48  

 

-iii-    62427499;2  LIST OF SCHEDULES AND EXHIBITS:    Schedule 1 Fixed Rent Amounts  Exhibit A Legal Description of Premises  Exhibit B Form of Subordination, Non-Disturbance and Attornment Agreement  Exhibit C List of Environmental Reports  Exhibit D Notice of Transfer  Exhibit E Guaranty of Lease Form  

 

62427499;2  LEASE    This Lease (this “Lease”) is made on the Date of Lease specified below, between the  Landlord and the Tenant specified below.            Lease:  PART I    FUNDAMENTAL LEASE PROVISIONS; DEFINITIONS    The following list sets out certain fundamental provisions and definitions pertaining to this    1. Date of Lease/Lease  Commencement Date:  As of December 15, 2021  2. Landlord name, and state of   and type of entity (“Landlord”)  FNLI AUDAX LLC, a Delaware limited liability  company    3.    Landlord business address:    [   ]  4. Landlord notice address: [   ]       with copy to: Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.  2029 Century Park East, Suite 3100  Los Angeles, CA 90067  Attention: Erin F. Natter, Esq. (052740-27)  Email: EFNatter@mintz.com  5. Tenant name, and state of and  type of entity:     220 Alhambra Properties LLC, a Florida limited  liability company  6. Tenant business address: 220 Alhambra Circle  Coral Gables, FL 33134  7. Tenant notice address: 220 Alhambra Circle  Coral Gables, FL 33134    Carlos Iafigliola  EVP & Chief Financial Officer  

 

-2-    62427499;2          with copy to:  220 Alhambra Circle  Coral Gables, FL 33134  Tel. (305) 460-8601  Email: CIafigliola@amerantbank.com      Orlando Valea  Vice President  Facilities Management  220 Alhambra Circle, Suite 450  Coral Gables, Florida 33134  Tel. (305) 460-2022  Email: OValea@amerantbank. com  And  Mariola Triana Sanchez  General Counsel  220 Alhambra Circle  Coral Gables, FL 33134  Tel. (305) 441-5620  Email: MSanchez@amerantbank.com    8. Guarantor: Amerant Bancorp Inc., a Florida corporation    9. Premises: That certain lot or parcel of real estate which is described on Exhibit A hereto,  together with all improvements situated on said property (together with all right, title and  interest of Landlord in and to the lighting, electrical, mechanical, plumbing and heating,   ventilation and air conditioning systems used in connection with said property, and all   other carpeting, draperies, appliances and other fixtures and equipment attached or  appurtenant to said property), and all rights, easements, rights of way, and other  appurtenances thereto.    10. Building: The building and other improvements located on the parcel of land described  on Exhibit A hereto.    11. Term: Shall commence on the Commencement Date, and shall expire on December 14,   2039; all subject to all terms and conditions of this Lease.    12. Lease Year: The first “Lease Year” of this Lease shall commence on the Commencement  Date and shall continue for twelve (12) complete calendar months thereafter (unless the   Commencement Date is a day other than the first (1st) day of a calendar month, in which  event the initial fractional month, together with the next succeeding twelve (12) months,  shall constitute the first Lease Year) and each succeeding Lease Year shall commence on  the first day of the calendar month after the expiration of the immediately preceding Lease  Year and shall continue for twelve (12) calendar months thereafter.  

 

-3-    62427499;2  14. Date of Rent Commencement: The Commencement Date  15. Fixed Rent (See Section 5 of Part II): Shall mean the amounts set forth on Schedule 2  hereto for the respective periods specified thereon.  17. Lender: [   ] (if and so long as it has a Loan outstanding which is  secured by the Premises); or any other person that makes a loan or loans (such loan or   loans collectively referred to herein as the “Loan”) to Landlord which is secured by a   mortgage, deed of trust or similar instrument with respect to the Premises and of which   Tenant is advised in writing by Landlord. Any such Loan may be evidenced by one or   more promissory notes (collectively referred to herein as the “Note”).  18. Lender business address:  19. Lender notice address:  20. Lease Default Rate: the lower of (a) [   ] in effect from time to time  or (b) the highest rate permitted to be contracted for under applicable Law. [    ]. It is the intention of the parties hereto to conform strictly to the  applicable usury Laws, and whenever any provision herein provides for payment by  Tenant to Landlord of interest at a rate in excess of the highest legal rate permitted to be  charged, such rate herein provided to be paid shall be deemed reduced to such  highest  legal rate.  21. Permitted Encumbrances: shall mean taxes (as defined in Section 31 of Part II),  Legal   Requirements (as defined in Section 10 of Part II), any matters consented to by Landlord  and Tenant and Lender in writing, those covenants, restrictions, reservations, liens,   conditions, encroachments, easements, encumbrances and other matters of title that affect  the Premises as of the Lease Commencement Date or which arise due to the acts or   omissions of Landlord with Tenant’s consent, after the Lease Commencement Date.  22. Exhibits: All Exhibits and Schedules to this Lease are incorporated herein by this  reference.  23. Payment of Fixed Rent: As set forth in Section 5(a) of Part II, Fixed Rent shall be initially   paid by wire transfer to the account set forth in the rent direction letter from Landlord to  Tenant delivered concurrently with the execution and delivery of this Lease.  24. Threshold Repair Amount: shall mean, at any time, an amount equal to the product of  [    ]. If [   ] shall become unavailable to the public  because publication is discontinued, or otherwise, Landlord will substitute therefor a  comparable index based upon changes in the cost of living or purchasing power of  the  consumer dollar published by any other governmental agency or, if no such index shall  be available then a comparable index published by a major bank or other financial  institution.  

 

-4-    62427499;2  25. Certain Definitions: The following terms shall have the definitions given to them in the  following Sections of this Lease:   Additional Rent Section 5(d) of Part II   alteration Section 16(a) of Part II   Appraiser Section 13(d) of Part II   business day Section 44(l) of Part II   Casualty Section 13(a) of Part II   Commercial Closure Section 40(c) of Part II   Condemnation Section 14(a) of Part II   [   ] [   ]   [   ] [   ]   Date of Rent Commencement Section 14 of Part I   Dedications Section 30 of Part II   Designated Person Section 44(n) of Part II   Discount Rate Section 23(g) of Part II   Due Date Section 5(a) of Part II   Easements Section 30 of Part II   Environmental Laws Section 40(a) of Part II   Environmental Claim Section 40(d) of Part II   Event of Default Section 23 of Part II   [   ] [   ]   guaranties Section 24 of Part II   Hazardous Materials Section 40(a) of Part II   Indemnified Parties Section 28 of Part II   Interest Rate Section 9 of Part II   Involuntary Conversion Termination Date Section 14(b) of Part II   Laws Section 10 of Part II   Lease Commencement Date Section 1 of Part I   Legal Requirements Section 10 of Part II   Loan Section 17 of Part I   Major Condemnation Section 14(b) of Part II   Matters of Record Section 29 of Part II   Minimum Rating Section 13(c) of Part II   Moody’s Section 13(c) of Part II   Mortgage Section 20(a) of Part II   Net Proceeds Section 13(c) of Part II   Note Section 17 of Part I   Notice of Breach Section 23(h) of Part II   person(s) Section 44(k) of Part II  [   ] [   ]  Regulated Activity Section 40(b) of Part II  Remedial Work Section 40(c) of Part II  Restoration Cost Section 13(d) of Part II  Restoration Section 13(c) of Part II  Restriction Section 40(c) of Part II  

 

-5-    62427499;2  Signs Section 14 of Part II  SNDA Agreement Section 20(a) of Part II  Taking Section 14(a) of Part II  tax or taxes Section 31 of Part II  Tenant’s Termination Notice Section 14(b) of Part II  Term Section 11 of Part I  Termination Casualty Section 13(d) of Part II  Third Parties Section 40(b) of Part II  trade fixtures Section 19 of Part II  [   ] [   ]  

 

-6-    62427499;2  PART II    PREMISES    1. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, for the  Term and on the conditions herein provided, the Premises described in Section 9 of Part I hereof,  subject, however, to the Permitted Encumbrances.    NO MERGER OF TITLE    2. There shall be no merger of this Lease nor of the leasehold estate created hereby   with the fee estate in or ownership of the Premises by reason of the fact that the same entity may   acquire or hold or own (i) this Lease or the leasehold estate created hereby or any interest therein   and (ii) the fee estate or ownership of any of the Premises or any interest therein. No such merger  shall occur unless and until all persons having any interest in (x) this Lease and the leasehold estate  created hereby, and (y) the fee estate in the Premises including, without limitation, Lender’s   interest therein, shall join in a written, recorded instrument effecting such merger.    [RESERVED]    3. [Reserved].    USE    4. Tenant may use the Premises for any lawful purpose. In no event shall the Premises  be used for any purpose which shall violate any of the provisions of any Permitted Encumbrance   or any covenants, restrictions or agreements hereafter created by or consented to by Landlord and  Tenant applicable to the Premises. Tenant agrees that with respect to the Permitted Encumbrances  and any covenants, restrictions or agreements hereafter created by or consented to by Landlord   and Tenant, Tenant shall observe, perform and comply with and carry out the provisions thereof   required therein to be observed and performed by Landlord as the fee owner of the Premises.    FIXED RENT    5. (a)      Commencing as of the Date of Rent Commencement, Tenant shall pay  Fixed Rent to Landlord, or to Lender if directed by Landlord in writing, at the business address of  Landlord or Lender, as the case may be, specified herein, or at such other address as Landlord or   Lender, as the case may be, shall from time to time designate by written notice to Tenant.  Fixed  Rent shall be due and payable on the first day of each month commencing on the Date of  Rent   Commencement, during the Term (each such date being referred to herein as a “Due Date”).    (b) If the Lease Commencement Date shall be on any day other than the first   day of a calendar month, then Tenant shall pay to Landlord on the Lease Commencement Date the  Fixed Rent and other charges for the remaining portion of such month including and after the Lease  Commencement Date, prorated (based on the first full month’s Fixed Rent and other charges) on   a per diem basis.    (c) If any installment of Fixed Rent is not paid on the respective Due Date,   Tenant shall pay Landlord interest on such overdue payment at the Lease Default Rate, accruing  

 

-7-    62427499;2  from the Due Date of such payment until the same is paid. All Fixed Rent and Additional Rent  shall be payable in U.S. Dollars.    (d) Commencing as of the Lease Commencement Date, all taxes, costs,  expenses, and other amounts which Tenant is required to pay pursuant to this Lease (other than   Fixed Rent), together with every fine, penalty, interest and cost which may be added for non -  payment or late payment thereof, shall constitute additional rent hereunder (“Additional Rent”).  All Additional Rent shall be paid directly by Tenant to the party to whom such Additional Rent is   due. If Tenant shall fail to pay any such Additional Rent or any other sum due hereunder when the  same shall become due (and if no due date is specified, then such amounts shall be payable on   demand), Landlord shall have all rights, powers and remedies with respect thereto as are provided  herein or by Law in the case of non-payment of any Fixed Rent and shall,  except as expressly  provided herein, have the right, not sooner [  ] after notice to Tenant (except in  the   event of an emergency, as reasonably determined by Landlord, in which case prior notice shall not  be necessary) of its intent to do so, to pay the same on behalf of Tenant, and Tenant shall repay  such amounts to Landlord on demand. Tenant shall pay to Landlord interest at the Lease Default   Rate on all overdue Additional Rent and other sums due hereunder, in each case paid by Landlord  or Lender on behalf of Tenant, from the date of payment by Landlord or Lender until repaid by   Tenant.    NET LEASE; TRUE LEASE    6. (a) The obligations of Tenant hereunder shall be separate and independent  covenants and agreements, and Fixed Rent, Additional Rent and all other sums payable by Tenant  hereunder shall continue to be payable in all events, and the obligations of Tenant hereunder shall  continue during the Term, unless the requirement to pay or perform the same shall have been   terminated pursuant to the provisions of Section 13(d) or Section 14 of this Part II. This is an  absolutely net lease and Fixed Rent, Additional Rent and all other sums payable hereunder by   Tenant shall be paid without notice or demand, and without setoff, counterclaim, recoupment,   abatement, suspension, reduction or defense. This Lease is the absolute and unconditional  obligation of Tenant, and the obligations of Tenant under this Lease shall not be affected by any   interference with Tenant’s use of any of the Premises for any reason, including, but not limited to,  the following: (i) any damage to or destruction of any of the Premises by any cause whatsoever   (except as otherwise expressly provided in Section 13 of this Part II), (ii) any Condemnation   (except as otherwise expressly provided in Section 14 of this Part II), (iii) the prohibition,  limitation or restriction of Tenant’s use of any of the Premises, (iv) any default on the part of   Landlord under this Lease or under any other agreement, (v) any latent or other defect in, or any   theft or loss of any of the Premises, (vi) any violation of Section 35 of this Part II by Landlord   (provided, that this Section 6(a)(vii) shall not limit Tenant’s rights, if any, to seek injunctive relief  against Landlord for violation of said Section 35 of this Part II) or (viii) any other cause, whether  similar or dissimilar to the foregoing, any present or future Law to the contrary notwithstanding.   All costs and expenses (other than depreciation, interest on and amortization of debt incurred by   Landlord, and costs incurred by Landlord in financing or refinancing the Premises) and other   obligations of every kind and nature whatsoever relating to the Premises and the appurtenances   thereto and the use and occupancy thereof which may arise or become due and payable with respect  to the period which ends on the expiration or earlier termination of the Term in accordance with   the provisions hereof (whether or not the same shall become payable during the Term or thereafter)  

 

-8-    62427499;2  shall be paid and performed by Tenant. Tenant shall pay all expenses related to the maintenance   and repair of the Premises, and taxes and insurance costs. This Lease shall not terminate and Tenant  shall not have any right to terminate this Lease (except as otherwise expressly provided in Section  13 or Section 14 of this Part II), or to abate Fixed Rent or Additional Rent during the Term.    (b) Landlord and Tenant agree that this Lease is a true lease and does not  represent a financing arrangement. Each party shall reflect the transaction represented hereby in   all applicable books, records and reports (including income tax filings) in a manner consistent with  “true lease” treatment rather than “financing” treatment.    (c) Tenant shall remain obligated under this Lease in accordance with its terms  and shall not take any action to terminate, rescind or avoid this Lease, notwithstanding any   bankruptcy, insolvency, reorganization, liquidation, dissolution or other proceeding affecting  Landlord or any action with respect to this Lease which may be taken by any trustee, receiver or   liquidator or by any court.    CONDITION    7. Tenant acknowledges that Tenant is fully familiar with the physical condition of the  Premises and that Landlord makes no representation or warranty express or implied, with respect   to same. EXCEPT FOR LANDLORD’S COVENANT OF QUIET ENJOYMENT SET  FORTH IN SECTION 35 OF THIS PART II, LANDLORD MAKES NO AND EXPRESSLY  HEREBY DENIES ANY REPRESENTATIONS OR WARRANTIES REGARDING THE  CONDITION OR SUITABILITY OF, OR TITLE TO, THE PREMISES TO THE EXTENT  PERMITTED BY LAWS, AND TENANT WAIVES ANY RIGHT OR REMEDY  OTHERWISE ACCRUING TO TENANT ON ACCOUNT OF THE CONDITION OR  SUITABILITY OF THE PREMISES, OR (EXCEPT WITH RESPECT TO LANDLORD’S  WARRANTY SET FORTH IN SECTION 35 OF THIS PART II) TITLE TO THE  PREMISES, AND TENANT AGREES THAT IT TAKES THE PREMISES “AS IS,”  WITHOUT ANY SUCH REPRESENTATION OR WARRANTY, INCLUDING, WITHOUT  LIMITATION, ANY IMPLIED WARRANTIES. Tenant has examined the Premises and title   to the Premises, and has found all of the same satisfactory for all purposes.    LIENS    8.    (a) Tenant shall not, directly or indirectly, create, or permit to be created or to   remain, and shall remove and discharge (including, without limitation, by any statutory bonding  procedure or any other bonding procedure reasonably satisfactory to Landlord and Lender which   shall be sufficient to prevent any loss of the Landlord’s or Lender’s interest in the Premises) within   [ ] after obtaining knowledge thereof, any mortgage, lien, encumbrance or  other charge on the Premises or the leasehold estate created hereby or any Fixed Rent or  Additional Rent payable hereunder which arises for any reason, other than: the Landlord’s  Mortgage (and any assignment of leases or rents collateral thereto); the Permitted Encumbrances;  and any mortgage, lien, encumbrance or other charge created by or resulting from any act or  omission by Landlord or those claiming by, through or under Landlord (other than Tenant). If  Tenant shall fail to cause such mortgage, lien, encumbrance or other charge forthwith  to  be so  discharged or bonded, then in  

 

-9-    62427499;2  addition to any other right or remedy of Landlord, Landlord may bond over or, if Tenant fails to   discharge same within [   ] discharge the same by paying the amount claimed  to be due, and the amount so paid by Landlord, including reasonable attorneys’ fees incurred by   Landlord either in defending against such lien or in procuring the bonding or, after the passage of  such [   ] period, discharge of such lien, together with interest thereon at the Lease   Default Rate, shall be due and payable by Tenant to Landlord as Additional Rent.    (b) Landlord shall not be liable for any labor, services or materials furnished to  Tenant or to any party holding any portion of the Premises through or under Tenant and no   mechanic’s or other liens for any such labor, services or materials shall attach to the Premises or   the leasehold estate created hereby. Landlord and Tenant agree that Tenant will not have authority  to create or suffer any lien for labor or materials on Landlord’s interest in the Premises. Nothing   contained in this Lease shall be construed as consent on the part of Landlord to subject the estate   of Landlord to liability under the Construction Lien Law of the State of Florida, it being expressly  understood that Landlord’s estate shall not be subject to such liability. No work performed by   Tenant pursuant to this Lease, whether in the nature of erection, construction, alteration or repair,   shall be deemed to be for the immediate use and benefit of Landlord, so that no mechanic’s or   other lien shall be allowed against the estate of Landlord by reason of any consent given b y  Landlord to Tenant to improve the Premises.    REPAIRS AND MAINTENANCE    9. (a) Tenant shall keep, maintain and repair, at its sole cost and expense, the   Premises, including, without limitation, the roof, walls, footings, foundations, HVAC, mechanical  and electrical equipment and systems in or serving the Premises and structural and nonstructural   components and systems of the Premises, parking areas, sidewalks, roadways and landscaping in   good repair and appearance, and shall make all repairs and replacements (substantially equivalent  in quality and workmanship to the original work) of every kind and nature, whether foreseen or   unforeseen, which may be required to be made in order to keep and maintain the Premises in  as   good repair and appearance as they were on the Lease Commencement Date, except for ordinary  wear and tear and (other than for any Restoration required by the terms of this Lease) any damage  to the Premises by any Termination Casualty to or Major Condemnation of the Premises. Tenant  shall do or cause others to do all shoring of the Premises or of the foundations and walls of  the   Building and every other act necessary or appropriate for the preservation and safety thereof   (including, without limitation, any repairs required by Law as contemplated by Section 10 of this   Part II), by reason or in connection with any excavation or other building operation upon the   Premises, and Landlord shall have no obligation to do so. Landlord shall not be required to make   any repair, replacement, maintenance or other work whatsoever, or to maintain the Premises in any  way, and Tenant waives the right to make repairs, replacements or to perform maintenance or other  work at the expense of the Landlord, which right may be provided for in any Laws. Nothing in   the preceding sentence shall be deemed to preclude Tenant from being entitled to insurance   proceeds or awards for any taking to the extent provided in this Lease. Tenant shall, in all events,   make all repairs, replacements and perform maintenance and other work for which it is responsible  hereunder, in a good, proper and workmanlike manner.    (b) If, at any time prior to or during the Term [    ], all or  any part of the Building shall encroach upon any property, street or right-of -way adjoining or  adjacent to the Premises, or shall violate the  

 

-10-    62427499;2  agreements or conditions affecting the Premises or any part thereof, or shall violate any Laws or   Legal Requirements, or shall hinder, obstruct or impair any easement or right-of-way to which the  Premises is subject, then, promptly after written request of Landlord (unless such encroachment,   violation of any agreements or conditions of record, hindrance, obstruction or impairment is a   Permitted Encumbrance in existence as of the Lease Commencement Date) or of any person  affected thereby, Tenant shall, at its sole expense, either (i) obtain valid and effective waivers or   settlements of all claims, liabilities and damages resulting therefrom, or (ii) make such cha nges,   including alterations to the Building (subject, however, to Tenant’s maintenance and  repair  obligations in Section 9(a) of this Part II) and take such other action as shall be necessary to remove  or eliminate such encroachments, violations, hindrances, obstructions or impairments, provided   that, if Landlord’s or Lender’s consent is required for such changes pursuant to this Lease,   Landlord’s or Lender’s consent shall not be unreasonably withheld, conditioned or delayed.    (c) If Tenant shall be in default under any of the provisions of this Section 9,   Landlord may, after [   ] written notice to Tenant and failure of Tenant to cure  during said period, but without notice in the event of an emergency, do whatever is necessary to   cure such default as may be appropriate under the circumstances for the account of and at the  expense of Tenant. If an emergency exists, Landlord shall use reasonable efforts to notify Tenant  of the situation by phone or other available communication before taking any such action to cure  such default. All reasonable sums so paid by Landlord and all reasonable costs and expenses  (including, without limitation, reasonable attorneys’ fees and expenses) so incurred, together with  interest at the Lease Default Rate from the date of payment or incurring of the expense, shall  constitute Additional Rent payable by Tenant under this Lease and shall be paid by Tenant to  Landlord on demand.    (d) Notwithstanding anything to the contrary contained herein, if during the last  five (5) years of the Term, Tenant determines that any element of the Buildings (including the   exterior, roof, load-bearing walls or other structural portions of the Buildings, electrical, utility ,   HVAC, transportation or other building systems, or parking, drive or other access areas) needs to  be replaced (as opposed to operation or routine repair and maintenance), and Tenant has received  reasonable estimates from qualified third party contractors that the cost of such replacement will   cost in excess of [    ] to complete, then Tenant shall notify Landlord of  same, together with Tenant’s reasonable estimate of the costs and expenses of  performing such  replacement, and documentation supporting such estimate. If within [   ] after  such notice from Tenant, Landlord approves such replacement, then (x) Tenant shall perform the  same in accordance with the requirements of this Lease, (y) the costs and expenses  thereof  reasonably incurred by Tenant shall be amortized, together with interest at the Interest Rate,  over  the reasonably anticipated remaining useful life of the element of such replacement and (z)   within [  ] after Tenant notifies Landlord of completion thereof (which notice  shall be accompanied by reasonable substantiation of such costs and expenses), Landlord shall  reimburse Tenant for such amortized amounts allocable to periods after the scheduled expiration   of the Term (such amounts, collectively, the “Landlord Amortization Amount”). If Landlord does  not so approve such repair, replacement alteration or improvement, then Tenant shall be released  from any obligations to perform such repair or replacement under this Section 9 or any of the other  terms and conditions of the Lease. As used herein, “Interest Rate” means the simple per annum  interest rate equal to the lesser of [      ].  

 

-11-    62427499;2  COMPLIANCE WITH LAWS    10. During the Term Tenant shall comply with all Laws and Legal Requirements  relating to the Premises. As used herein, (i) the term “Laws” shall mean all present and future  laws, statutes, codes, ordinances, orders, judgments, decrees, injunctions, rules, regulations and   requirements, even if unforeseen or extraordinary, of every duly constituted governmental  authority or agency (but excluding those which by their terms are not applicable to  and do not   impose any obligation on Tenant, Landlord or the Premises or which are due to take effect af ter   expiration of the Term), and (ii) the term “Legal Requirements” shall mean all Laws and all  covenants, restrictions and conditions now or in the future of record which may be applicable to   Tenant, Landlord (with respect to the Premises) or to all or any part of or interest in the Premises,   or to the use, manner of use, occupancy, possession, operation, maintenance, alteration, repair or  reconstruction of the Premises.    ACCESS TO PREMISES    11. Upon not less than [   ] reasonable notice to Tenant (which notice  may be given by electronic mail), and during Tenant’s business hours, Landlord and Lender and   their respective employees, contractors, agents and representatives may enter onto the Premises to  (i) show the Premises to purchasers and potential purchasers, and to mortgagees and potential   mortgagees, or (ii) for the purpose of inspecting the Premises or performing any work which   Landlord is permitted to perform under this Lease; provided, that, for purposes of subpart (ii) of   this sentence, Landlord and Lender shall not be required to give notice prior to entry onto the   Premises during the continuance of an Event of Default or in the event of an emergency situation.  [              ]    WAIVER OF SUBROGATION    12. Notwithstanding anything in this Lease to the contrary, Landlord and Tenant each   waive any rights of action for negligence against the other party, which may arise during the Term  for damage to the Premises or to the property therein resulting from any fire or other casualty, but  only to the extent covered by insurance or to the extent the same would have been covered by the   insurance had Tenant maintained the insurance to be maintained under this Lease.    DAMAGE; DESTRUCTION    13. (a) In the event of any damage to or destruction of the Premises by fire, the   elements or other casualty during the Term (a “Casualty”), Tenant shall, in consultation with   Landlord, adjust, collect and compromise any and all claims covered by insurance.    (b) In the event of any such Casualty (whether or not insured against), this   Lease shall not be affected in any manner by reason of such Casualty, the Term shall continue and  there shall be no abatement or reduction of Fixed Rent, Additional Rent or of any other sums  payable by Tenant hereunder. Tenant, notwithstanding any applicable Laws, present or future,  

 

-12-    62427499;2  waives all rights to quit or surrender the Premises or any portion thereof because of the total or  partial destruction of thereof (prior to the expiration of this Lease).    (c) Except in the event of a Termination Casualty, all proceeds of any insurance  required to be carried hereunder less any reasonable expenses of Landlord or Lender in collecting  such proceeds (the “Net Proceeds”) shall be delivered to Tenant to apply in accordance with the   terms of this Lease if (i) the estimated cost of restoring or repairing the Premises to as nearly as   possible to its value, condition, character, utility and useful life immediately before such  Condemnation or Casualty, but in any event assuming the Premises have been maintained in   accordance with the requirements of Section 9 of this Part II (such restoration or repair of the  Premises, whether in connection with a Condemnation or a Casualty, as the context requires, herein  called a “Restoration”), shall be the Threshold Repair Amount or less and (ii) no Event of Default  has occurred and is continuing, at the time of delivery of the Net Proceeds. In all other events the  Net Proceeds shall be delivered to a trustee which shall be [   ], selected by  Landlord and Tenant and reasonably satisfactory to Lender (the  “Trustee”) to be held and  disbursed in accordance with the provisions of Section 13(e) of this Part II; provided, however,  that if at the time of the delivery of the Net Proceeds a Mortgage is in existence, the Lender or  the servicer of the Loan may act as Trustee without the consent of either Landlord or Tenant.    (d) Tenant shall, whether or not the Net Proceeds of such insurance are  sufficient for the purpose or delivered to Tenant, promptly complete the Restoration of the   Improvements damaged by any such Casualty (including, without limitation, any alterations   previously made by Tenant hereunder) in compliance with all requirements set forth in this Lease   and all Legal Requirements, and such Restoration shall be completed in such a manner as not to   impair the market value or usefulness of the Premises for use in Tenant’s ordinary course of   business, all at Tenant’s sole cost and expense. Notwithstanding the foregoing, if a Casualty occurs  [      ] (a “Termination Casualty”), then, so   long as no Event of Default then exists, Tenant may elect not to complete the Restoration provided  such election is made within [   ] after the date of such Termination Casualty,  in which event Tenant may terminate this Lease by notice to Landlord and Lender on the date f or  termination specified in such notice (which date shall be a Due Date which is [      ] after such notice but, in any event, not later than [    ]). Except for such termination expressly provided for above in this  paragraph (d), Tenant shall not have any right to abate the payment of Fixed Rent or Additional  Rent as a result of any Casualty. [        ].    (e) If the Restoration Cost exceeds the Threshold Repair Amount, before  commencing the Restoration the architects, general contractor(s), and plans and specifications for  the Restoration shall be approved by Landlord and Lender, which approval shall not be  unreasonably withheld or delayed; and which approval shall be granted to the extent that the plans  

 

-13-    62427499;2  and specifications depict a Restoration which is substantially similar to the improvements and  equipment which existed prior to the occurrence of the Casualty or Taking, whichever is  applicable, or, if the Building was under construction prior thereto, which depict a Restoration to   the condition to which the Building was to have been constructed.    CONDEMNATION    14. (a)       Promptly upon obtaining knowledge of any proceeding for condemnation   or eminent domain with respect to the Premises (a “Taking” or “Condemnation”), Tenant and  Landlord shall each notify the other and Lender, and each shall be entitled to participate in  such  proceeding at Tenant’s sole expense. Subject to the provisions of this Section 14, Tenant hereby   irrevocably assigns to Landlord’s Lender or to Landlord, in that order, any award o r payment in   respect of any Condemnation of the Premises, except that (except as hereinafter provided) nothing  in this Lease shall be deemed to assign to Landlord or Lender any award relating to the value of   the leasehold interest created by this Lease or any award or payment on account of an interruption  of Tenant’s business at the Premises or the Tenant’s trade fixtures, moving expenses and out -of-  pocket expenses incidental to the move, if available, to the extent Tenant shall have a right to make  a separate claim therefor against the condemnor, it being agreed, however, that Tenant shall in no   event be entitled to any payment that reduces the award to which Landlord is or would be entitled  for the condemnation of Landlord’s interest in the Premises.    (b) If (i) the entire Premises or (ii) a material portion of the Building or land   comprising a portion of the Premises the loss of which would, in Tenant’s reasonable judgment,   render the Premises unsuitable for Restoration or for the continued use and occupancy in Tenant’s  business after Restoration, shall be subject of a Taking (a “Major Condemnation”), then not later   than [  ] after such Taking has occurred, Tenant shall serve written notice  upon Landlord and Lender (“Tenant’s Termination Notice”) of Tenant’s intention to terminate this  Lease on any Fixed Rent payment Due Date specified in such notice, which Due Date (the  “Involuntary Conversion Termination Date”) shall be [      ]  after Tenant’s Termination Notice but, in any event, not later than [   ].    (c) In the event of any Taking of a portion of the Premises which does not result  in a termination of this Lease, the net award resulting from the Taking, i.e., after deducting  therefrom all reasonable expenses incurred in the collection thereof, shall be held in accordance   with Section 13(c) of this Part II. In the event of any such Taking, Tenant shall promptly commence  and diligently complete the Restoration (as defined in Section 13(c) of this Part II) of the Premises  in accordance with all Laws and Legal Requirements and all other terms of this Lease.  Any net  award from Condemnation not resulting in a termination of this Lease shall be disbursed in the   same manner as set forth with respect to Net Proceeds in Section 13(c) of this Part II.    (d) No agreement with any Taking authority in settlement of or under threat of   any Taking shall be made by Landlord or Lender without Tenant’s prior written consent (provided,  that Tenant’s consent shall not be required if an Event of Default then exists and is continuing), or  by Tenant without Landlord’s and Lender’s prior written consent.    (e) In the case of any Taking, all Fixed Rent, Additional Rent and other  obligations of Tenant shall continue unabated until the termination of this Lease.  

 

-14-    62427499;2  ASSIGNMENT AND SUBLETTING    15. (a) Tenant shall have the right to sublet the whole or any part of the Premises  (provided the term thereof does not extend beyond the Term of this Lease), for use for any lawful  purpose (subject to the limitations of Section 4(a) of this Part II), provided Tenant and Guarantor   shall remain liable for the obligations of Tenant hereunder, which liability of Tenant shall be and   remain that of a primary obligor and not a guarantor or surety. Tenant shall not assign the Lease   without Landlord’s prior written consent, which Landlord may withhold in its commercially  reasonable discretion. Without limitation, any of the following shall be deemed an assignment of   this Lease: any assignment or transfer of any direct or indirect ownership interest in  Tenant, in   whole or in part, by operation of Law or otherwise, regardless of the number of tiers of ownership,  in one or more transactions, in such a manner that greater than [   ] of the direct  or indirect ownership interests in Tenant are assigned or transferred; provided, however, Tenant  shall be permitted to assign this Lease, without first obtaining Landlord’s prior written consent, to  a purchaser of all or substantially all of the assets of Guarantor. Tenant agrees that in the case of   an assignment of this Lease that is either consented to by Landlord or for which no consent is  necessary, Tenant shall, within [   ] after the execution and delivery of any such   assignment, deliver to Landlord (i) a duplicate original of such assignment in recordable form and  (ii) an agreement executed and acknowledged by the assignee in recordable form wherein the  assignee shall agree to assume and agree to observe and perform all of the terms and provisions of  this Lease on the part of the Tenant to be observed and performed from and after the date of such  assignment, and both Tenant and Guarantor shall remain labile for the obligations of Tenant   hereunder, notwithstanding any such assignment, which liability of Tenant shall be and remain that  of a primary obligor and not a guarantor or surety. In the case of a sublease, Tenant shall, within   [    ] after the execution and delivery of such sublease, deliver to Landlord a  duplicate original of such sublease. Any sublease entered into after the Lease Commencement  Date shall be subject and subordinate to this Lease. [       ].    (b) Upon the occurrence of an Event of Default under this Lease, Landlord shall  have the right to collect and enjoy all rents and other sums of money payable under any sublease   of any of the Premises, and Tenant hereby irrevocably and unconditionally assigns such rents and  money to Landlord, which assignment may be exercised upon and after (but not before) the   occurrence of an Event of Default.    ALTERATIONS    16. (a) Tenant may make any structural or non-structural, interior and/or exterior  alterations, changes, additions, improvements, reconstructions or replacements of any of the   Premises (“alterations”), other than those which would result in a diminution in the value of the   Premises. Tenant shall obtain the prior written consent of Landlord and Lender to any alteration  which would result in a diminution in the value of the Premises, which consent may be withheld   in each such person’s sole discretion.  

 

-15-    62427499;2  (b) Tenant shall do all such work in a good and workmanlike manner, at its own  cost, and in accordance with Laws and Legal Requirements. Tenant shall discharge, within [ ]  (by payment or by filing the necessary bond, or otherwise), any mechanics’,  materialmen’s  or  other lien against the Premises and/or Landlord’s interest therein, which lien may arise out of any  payment due for any labor, services, materials, supplies, or equipment furnished  to or for Tenant  in, upon, or about the Premises.    (c) At Tenant’s sole cost and without liability to Landlord, Landlord agrees to   cooperate with Tenant (including signing applications upon Tenant’s written request) in obtaining  any necessary permits, variances and consents for any alterations which Tenant is permitted to   make hereunder; provided none of the foregoing shall, in any manner, result in a material reduction  of access to or ingress to or egress from the Premises, a diminution in the value of the Premises, a  change in zoning having a material adverse effect on the ability to use the Premises by Tenant or  otherwise have a material adverse effect on the ability to use the Premises by Tenant.    (d) Tenant agrees that in connection with any alteration: (i) the fair market value  of the Premises shall not be lessened after the completion of any such alteration, or its structural   integrity impaired; (ii) the alteration and any alteration theretofore made or thereafter to be made   shall not in the aggregate reduce the gross floor area of the Building by more than [ ]; (iii)  all such alterations shall be performed in a good and workmanlike manner, and shall be  expeditiously completed in compliance with all Legal Requirements; (iv) Tenant shall promptly  pay all costs and expenses of any such alteration; (v) Tenant shall procure and pay for all permits  and licenses required in connection with any such alteration; and (vi) all alterations shall be made  (in the case of any alteration the estimated cost of which in any one instance exceeds the Threshold  Repair Amount) under the supervision of an architect or engineer and in accordance with plans   and specifications which shall be submitted to Landlord and Lender (for information purposes   only) prior to the commencement of the alterations.    (e) All contracts and payments to contractors, subcontractors, suppliers and  other persons in connection with the Completion Work and any alteration, Restoration, repair or   other work performed at the Premises shall be entered into, made and performed in compliance   with all Laws and Legal Requirements.    SIGNS    17. At Tenant’s sole cost, Tenant may install, replace, relocate and maintain and repair  in and on the Building, such signs, awnings, lighting effects and fixtures as may be used from time  to time by Tenant (collectively, “Signs”). At Tenant’s sole cost and without liability to Landlord,  Landlord agrees to cooperate with Tenant (including signing applications upon Tenant’s written   request) in obtaining any necessary permits, variances and consents for Tenant’s Signs. All Signs   of Tenant shall comply with Laws and Legal Requirements.    [RESERVED]    18. [Reserved].  

 

-16-    62427499;2  SURRENDER    19. At the expiration or other termination of this Lease, Tenant shall surrender the   Premises to Landlord in as good order and condition as they were at the commencement of the   Term or may be put in thereafter in accordance with this Lease, reasonable wear and tear and (other  than for any Restoration required by the terms of this Lease) damage to the Premises by any   Termination Casualty or Major Condemnation of the Premises excepted. All alterations  (including, without limitation, Tenant’s trade fixtures, satellite communications dish and  equipment, conveyor systems, and other similar equipment and shelving (“ trade f ixtures”) that  Tenant, at its discretion, elects to not remove from the Premises) shall become the property of   Landlord and shall remain upon and be surrendered with the Premises as a part thereof at the   termination or other expiration of the Term. At the expiration or termination of the Term, Tenant   shall remove any trade fixtures that Tenant, at its discretion, elects to remove, as well as its signs   and identification marks, from the Premises. Tenant agrees to repair any and all damage caused by  such removal. Trade fixtures and personal property not so removed at the end of the Term or   within [   ] after the earlier termination of the Term for any reason whatsoever  shall become the property of Landlord, and Landlord may thereafter cause such property  to  be  removed from the Premises. Landlord shall not in any manner or to any extent be obligated to  reimburse Tenant for any property which becomes the property of Landlord as a result of  such  expiration or earlier termination. The provisions of this Section 19 shall survive the termination  or expiration of this Lease.    SUBORDINATION OF LEASE    20. (a) This Lease shall be subject and subordinate to any Mortgage and to all  advances made upon the security thereof, provided that Lender shall execute and deliver to Tenant  an agreement substantially in the form attached as Exhibit B hereto (“SNDA Agreement”),  providing that Lender recognizes this Lease and agrees to not disturb Tenant’s possession of the   Premises in the event of foreclosure if Tenant is not then in default hereunder beyond any  applicable cure period. Tenant agrees, upon receipt of such SNDA Agreement, to  execute such  SNDA Agreement and such further reasonable instrument(s) as may be necessary to so subordinate  this Lease. The term “Mortgage” shall include any mortgages, deeds of trust or any other similar   hypothecations on the Premises securing Lender’s Loan to Landlord, regardless of whether or not  such Mortgage is recorded.    (b) Tenant agrees to attorn, from time to time, to Lender, and to any purchaser  of the Premises, for the remainder of the Term, provided that Lender or such purchaser shall then   be entitled to possession of the Premises, subject to the provisions of this Lease. This subsection   shall inure to the benefit of Lender or such purchaser, shall apply notwithstanding that, as a matter  of Law, this Lease may terminate upon the foreclosure of the Mortgage (in which event the parties  shall execute a new lease for the remainder of the Term containing the provisions of this Lease),   shall be self-operative upon any such demand, and no further instrument shall be required to give   effect to said provisions. Each such party shall however, upon demand of the other, execute   instruments in confirmation of the foregoing provisions reasonably satisfactory to the requesting  party acknowledging such subordination, non-disturbance and attornment and setting f orth the   terms and conditions hereof.  

 

-17-    62427499;2  (c) Tenant hereby consents to any assignment of this Lease by Landlord to or  for the benefit of any Lender. Without limitation of the preceding sentence, Tenant hereby  specifically consents to any Assignment of Lease and Rents executed by Landlord to and for the   benefit of the Lender named herein.    TENANT’S OBLIGATION TO DISCHARGE LIENS    21. Prior to the imposition of any fine, lien, interest or penalty Tenant shall timely  pay and discharge all amounts and obligations which Tenant assumes or agrees to pay or  discharge pursuant to this Lease, together with every fine, penalty and interest with respect  thereto.    UTILITIES    22. Tenant agrees to timely pay for all utilities consumed by it in the Premises, prior to  delinquency.    TENANT DEFAULT    23. (a) Any of the following occurrences or acts shall constitute an Event of Default  (herein so called) under this Lease: if (i) Tenant shall default in the payment when due of any  installment of Fixed Rent payable hereunder, and such default shall continue for [   ]  after the Due Date thereof; or (ii) Tenant shall default in the payment when due of any  installment of Additional Rent payable hereunder and such default shall continue for [    ] after notice of such default is sent to Tenant by Landlord (or Lender); or (iii) the  failure by Tenant to maintain insurance as required under this Lease; or (iv) Tenant shall default  in fulfilling any of the other covenants, agreements or obligations of this Lease, and such default  shall continue for more than [   ] after written notice thereof from Landlord  (or Lender) specifying such default, provided, that if Tenant has commenced to cure within said [    ] and thereafter is in good faith diligently prosecuting same to  completion, said [   ] period shall be extended, for a reasonable time (not to  exceed [   ] or, with respect to a breach of  Tenant’s obligations under Section  40 of this Part II, such longer period as may reasonably be necessary to cure such default so  long  as (A) Tenant delivers to Landlord a certificate of a qualified environmental remediation specialist  that such default could not be cured within such [   ] but is curable, and (B)  Tenant is in good faith diligently prosecuting such cure to completion) where, due to the nature  of a default, it is unable to be completely cured within [   ]; or (v) any execution  or attachment shall be issued against Tenant or any of its property whereby the Premises shall be  taken or occupied or attempted to be taken or occupied by someone other than Tenant, and the  same shall not be bonded, dismissed, or discharged as promptly as possible under the  circumstances; or (vi) Tenant or Guarantor (A) shall make any assignment or other act for the  benefit of creditors, (B) shall file a petition or take any other action seeking relief under any state  or federal insolvency or bankruptcy Laws, or (C) shall have an involuntary petition or any other  action filed against either of them under any state or federal insolvency or bankruptcy Laws which  petition or other action is not vacated or dismissed within [ ] after the commencement  thereof; or (vii) the estate or interest of Tenant in the Premises or of Guarantor  shall be levied  upon or attached in any proceeding and such estate or interest is about to be sold or transferred and  such process shall not be vacated or discharged within [  ] after such levy or  attachment; (viii) any material representation or warranty made by Tenant to Landlord or  the  

 

-18-    62427499;2  Lender herein or in connection with Landlord’s purchase of the Premises or in any document  delivered pursuant to this Lease is materially misleading or intentionally false when made; or (ix)  there is any default by Guarantor under the Guaranty. [         ].    (b) If an Event of Default shall have occurred and be continuing, Landlord shall  be entitled to all remedies available at law or in equity [   ]. Upon the giving of  such notice, the Term of this Lease and the estate hereby granted shall expire and terminate on  such date as fully and completely and with the same effect as if such date were the date herein  fixed for the expiration of the Term of this Lease, and all rights of Tenant hereunder shall expire  and terminate, but Tenant shall remain liable as hereinafter provided.    (c) To the extent allowed by applicable law, if an Event of Default shall have  occurred and be continuing, Landlord shall have the immediate right, whether or not the Term of   this Lease shall have been terminated pursuant to Section 23(b) of this Part II, to re-enter and  repossess the Premises and the right to remove all persons and property therefrom by summary   proceedings, ejectment, any other legal action or in any lawful manner Landlord determines to be   necessary or desirable. Landlord shall be under no liability by reason of any such re-entry,  repossession or removal. No such re-entry, repossession or removal shall be construed as an   election by Landlord to terminate this Lease unless a notice of such termination is given to Tenant  pursuant to Section 23(b) of this Part II.    (d) At any time or from time to time after a re-entry, repossession or removal  pursuant to Section 23(c) of this Part II, whether or not the Term of this Lease shall have been   terminated pursuant to Section 23(b) of this Part II, Landlord may (but, except to the extent  expressly required by any applicable Law, shall be under no obligation to) relet the Premises f or   the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant,   for such term or terms and on such conditions and for such uses as Landlord, in its absolute   discretion, may determine. Landlord may collect any rents payable by reason of such reletting.   Except to the extent required by applicable Law, Landlord shall not be liable for any failure to relet  the Premises or for any failure to collect any rent due upon any such reletting.  [    ].  

 

-19-    62427499;2  (e) No expiration or termination of the Term of this Lease pursuant to Section   23(b) of this Part II, by operation of law or otherwise, and no re-entry, repossession or removal  pursuant to Section 23(c) of this Part II or otherwise, and no reletting of the Premises pursuant to   Section 23(d) of this Part II or otherwise, shall relieve Tenant of its liabilities and obligations   hereunder, all of which shall survive such expiration, termination, re-entry, repossession, removal  or reletting [   ].    (f) In the event of any expiration or termination of the Term of this Lease or re-  entry or repossession of the Premises or removal of persons or property therefrom by reason of the  occurrence of [  ], Tenant shall pay to Landlord all Fixed Rent, Additional Rent and  other sums required to be paid by Tenant, in each case together with interest thereon at the Lease  Default Rate from the due date thereof to and including the date of such expiration, termination,  re-entry, repossession or removal; and thereafter, Tenant shall, until the end of what would have  been the Term of this Lease in the absence of such expiration, termination, re-entry, repossession  or removal and whether or not the Premises shall have been relet, be liable to  Landlord for, and  shall pay to Landlord, as liquidated and agreed current damages: (i) all Fixed  Rent, Additional  Rent and other sums which would be payable under this Lease by Tenant in the absence of any  such expiration, termination, re-entry, repossession or removal, less (ii) the net proceeds, if  any,  of any reletting effected for the account of Tenant pursuant to Section 23(d) of this Part II,  af ter  deducting from such proceeds all reasonable expenses of Landlord in connection with such  reletting, including, without limitation, all repossession costs, brokerage commissions,   reasonable attorneys’ fees and expenses (including, without limitation, fees and expen ses of  appellate proceedings), alteration costs and expenses of preparation for such reletting. Tenant shall  pay such liquidated and agreed current damages on the dates on which Fixed Rent would be   payable under this Lease in the absence of such expiration, termination, re-entry, repossession or  removal, and Landlord shall be entitled to recover the same from Tenant on each such date.    (g) At any time after any such expiration or termination of the Term of this   Lease or re-entry or repossession of the Premises or removal of persons or property thereon by   reason of the occurrence of an Event of Default [   ], as applicable, whether or not  Landlord shall have collected any liquidated and agreed current damages pursuant to Section  23(f)  of this Part II, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to   Landlord on demand, as and for liquidated and agreed final damages for Tenant’s default and in   lieu of all liquidated and agreed current damages beyond the date of such demand (it being agreed  that it would be impracticable or extremely difficult to fix the actual damages), an amount equal   to [      ], in each case from the date of such  demand (or, if it be earlier, the date to which Tenant shall have satisfied in full its obligations  under Section 23(f) of this Part II to pay liquidated and agreed current damages) for what would be  the then-unexpired Term of this Lease in the absence of such expiration, termination, re -entry,  repossession or removal, discounted at the [    ] but in no event  greater than the non- default rate of interest for the Loan (such lower rate being referred to  as the  “Discount Rate”) over  (B) the amount of such rental loss that Tenant proves could be reasonably avoided by commercially  reasonable mitigation efforts by Landlord, discounted at the Discount Rate for the same period,   plus (ii) all reasonable legal fees and other costs and expenses incurred by Landlord and Lender as  

 

-20-    62427499;2  a result of Tenant’s default under this Lease. If any Law shall limit the amount of liquidated final  damages to less than the amount above agreed upon, Landlord shall be entitled to the maximum   amount allowable under such Law.    Mention in this Lease of any particular remedy shall not preclude Landlord f rom   any other remedy at law or in equity, including the right of injunction. Tenant waives any rights   of redemption granted by any Laws if Tenant is evicted or dispossessed, for any cause, or if   Landlord obtains possession of the Premises by reason of the violation by Tenant of  any of the   terms of this Lease. Further, without limitation of any other provision of this Lease, Tenant, on its  own behalf and for its legal representatives, successors and assigns, and on behalf of all persons  claiming through or under this Lease, together with creditors of all classes, and all other persons   having an interest therein, does hereby waive, surrender and give up all right or privilege which it  may or might have by reason of any present or future Law or decision, to redeem the Premises or  have a continuance of this Lease for any part of the Term hereof after having been dispossessed or  ejected therefrom by process of law or otherwise.    (h) In addition to the foregoing remedies set forth in this Section 23 and all  other remedies available at law or in equity, and regardless of whether or not an Event of Default  has occurred under this Lease, if Tenant has failed to perform any of its duties, obligations,   covenants or agreements under this Lease, Landlord may give notice to Tenant that it has failed to  perform any such duty, obligation, covenant or agreement (herein called a “Notice of Breach”) and  may thereafter pursue any rights or remedies available to it at law or in equity including, without  limitation, filing a suit for damages as a result of such breach or a suit for specific performance of  any such duties, obligations, covenants or agreements. Any Notice of Breach delivered under this   Section 23(h) or any such rights or remedies pursued by Landlord shall not be deemed to be a   notice of default under any provision of this Section 23 and shall not result, with or without the   passage of time, in an Event of Default existing under this Lease; provided, that the delivery of  any such Notice of Breach shall not limit Landlord’s right (which right will not be exercised   without the consent of Lender so long as the Premises are subject to a Mortgage which requires   Lender’s consent for the exercise thereof) to subsequently deliver notice (with respect to the same  event or condition which is the subject of such Notice of Breach or any other event or condition)   which will declare or, with the passage of time, result in an Event of Default hereunder.  Further,  after delivery of any such Notice of Breach, but without notice in the event of an emergency, if   Tenant fails to cure such breach during the time that Tenant has to cure such breach under Section  23(a) above, Landlord may do whatever is reasonably necessary to cure such breach as may be   appropriate under the circumstances for the account of and at the expense of Tenant. All reasonable  sums so paid by Landlord and all reasonable costs and expenses (including attorneys’ f ees and   expenses) so incurred, together with interest thereon at the Lease Default Rate from the date of   payment, shall constitute Additional Rent payable by Tenant under this Lease and shall be paid by  Tenant to Landlord on demand.    LANDLORD ASSIGNMENT OF WARRANTIES    24. Landlord assigns to Tenant, without recourse or warranty whatsoever, all  warranties, guaranties and indemnities, express or implied, and similar rights which Landlord may  have against any manufacturer, seller, engineer, contractor or builder with respect to the Premises,  including, but not limited to, any rights and remedies existing under contract or pursuant to  the   Uniform Commercial Code (collectively, the “guaranties”). Such assignment shall remain in effect  

 

-21-    62427499;2  during the Term. Landlord hereby agrees to execute and deliver at Tenant’s expense such further   documents, including powers of attorney (which shall contain indemnity agreements from Tenant  to Landlord which shall be in form reasonably satisfactory to Landlord), as Tenant may reasonably  request in order that Tenant may have the full benefit of the assignment of guaranties effected or   intended to be effected by this Article. Upon the occurrence of a termination or the expiration of   this Lease, the guaranties shall automatically revert to Landlord.    RENT PAYMENTS    25. If Landlord’s interest in this Lease shall pass to another, or if the Fixed Rent or   Additional Rent hereunder shall be assigned, or if a party other than Landlord shall become entitled  to collect the Fixed Rent or Additional Rent due hereunder, then notice thereof shall be given to   Tenant by Landlord in writing. Until such notice and proof shall be received by Tenant, Tenant   may continue to pay the rent due hereunder to the one to whom, and in the manner in which, t he  last preceding installment of rent hereunder was paid, and each such payment shall fully discharge  Tenant with respect to such payment.    Tenant shall not be obligated to recognize any agent for the collection of rent or otherwise  authorized to act with respect to the Premises until written notice of the appointment and the extent  of the authority of such agent shall be given to Tenant by the one appointing such agent.    HOLDOVER    26. If Tenant shall hold over after the expiration date of the Term, or if  Tenant shall  hold over after the date specified in any termination notice given by Tenant under Section 13(d) or  14(b) of this Part II, then, in either such event, Tenant shall be a month-to-month Tenant on the   same terms as herein provided, except that the monthly Fixed Rent will be [      ].    NOTICES    27. Whenever, pursuant to this Lease, notice or demand shall or may be given to either  of the parties (including Lender) by the other, and whenever either of the parties shall desire to   give to the other any notice or demand with respect to this Lease or the Premises, each such notice  or demand shall be in writing, and any Laws to the contrary notwithstanding, shall not be effective  for any purpose unless the same shall be given or served as follows: (i) by mailing the same to the  other party by registered or certified mail, return receipt requested, (ii) by delivery by nationally   recognized overnight courier service provided a receipt is required, in each case at its Notice   Address set forth in Part I hereof, or at such other address as either party may from time to time   designate by notice given to the other or (iii) by electronic mail, so long as such notice shall also   be sent [   ] by one of the methods described in clauses (i) or (ii). The date of   receipt of the notice or demand shall be deemed the date of the service thereof (unless delivery of  the notice or demand is refused or rejected, in which case the date of such refusal or rejection shall  be deemed the date of service thereof).  

 

-22-    62427499;2  INDEMNITY    28. TENANT SHALL DEFEND LANDLORD AND ANY OF LANDLORD’S  OWNERS, PARTNERS, TRUSTEES, BENEFICIAL OWNERS, MEMBERS,  MANAGERS, EMPLOYEES, AGENTS, OFFICERS, DIRECTORS OR  SHAREHOLDERS, TOGETHER WITH THE LENDER, AND ANY OWNER, PARTNER,  MEMBER, MANAGER, TRUSTEE, BENEFICIAL OWNER, OFFICER, DIRECTOR,  SHAREHOLDER, EMPLOYEE OR AGENT OF THE LENDER OR ANY HOLDER OF A  PASS-THROUGH OR SIMILAR CERTIFICATE ISSUED BY THE LENDER (HEREIN,   COLLECTIVELY, “INDEMNIFIED PARTIES”) WITH RESPECT TO, AND SHALL PAY,  PROTECT, INDEMNIFY AND HOLD HARMLESS THE INDEMNIFIED PARTIES  FROM AND AGAINST, ANY AND ALL LIABILITIES, LOSSES, DAMAGES,  PENALTIES, COSTS, EXPENSES (INCLUDING, WITHOUT LIMITATION,  REASONABLE ATTORNEYS’ FEES AND EXPENSES), CAUSES OF ACTION, SUITS,  CLAIMS, DEMANDS OR JUDGMENTS OF ANY NATURE WHATSOEVER, HOWEVER  CAUSED, (A) TO WHICH ANY INDEMNIFIED PARTY IS SUBJECT BECAUSE OF  LANDLORD’S OR LENDER’S ESTATE IN THE PREMISES OR (B) ARISING FROM (I)  INJURY TO OR DEATH OF ANY PERSON OR PERSONS OR DAMAGE TO OR LOSS  OF PROPERTY, REAL OR PERSONAL, IN ANY MANNER ARISING THEREFROM,  OCCURRING ON THE PREMISES OR CONNECTED WITH THE USE, NON-USE,  CONDITION, OCCUPANCY, DESIGN, CONSTRUCTION, MAINTENANCE, REPAIR  OR REBUILDING OF ANY THEREOF, WHETHER OR NOT SUCH INDEMNIFIED  PARTY HAS OR SHOULD HAVE KNOWLEDGE OR NOTICE OF THE DEFECT OR  CONDITIONS, IF ANY, CAUSING OR CONTRIBUTING TO SAID INJURY, DEATH,  LOSS, DAMAGE OR OTHER CLAIM, (II) TENANT’S VIOLATION OF THIS LEASE,  (III) ANY ACT OR OMISSION OF TENANT OR ITS AGENTS, CONTRACTORS,  LICENSEES, SUBTENANTS OR INVITEES, AND (IV) ANY CONTEST REFERRED TO  IN SECTION 31(B) OF THIS PART II; PROVIDED, THAT TENANT SHALL NOT BE  REQUIRED TO INDEMNIFY, DEFEND OR HOLD HARMLESS ANY INDEMNIFIED  PARTY FOR ANY SUCH MATTERS ARISING DUE TO THE GROSS NEGLIGENCE OR  WILLFUL MISCONDUCT OF SUCH INDEMNIFIED PARTY. TENANT COVENANTS  UPON NOTICE FROM SUCH INDEMNIFIED PARTY TO DEFEND SUCH  INDEMNIFIED PARTY IN SUCH ACTION, WITH THE EXPENSES OF SUCH  DEFENSE PAID BY TENANT; PROVIDED, THAT IN CONNECTION WITH TENANT’S  OBLIGATIONS TO PROVIDE A DEFENSE OF THE INDEMNIFIED PARTIES  HEREUNDER, TENANT SHALL BE ENTITLED TO USE THE SAME COUNSEL TO  DEFEND SUCH INDEMNIFIED PARTIES SO LONG AS DEFENSE OF MULTIPLE  PARTIES IS REASONABLE UNDER THE CIRCUMSTANCES AND SO LONG AS SUCH  COMMON DEFENSE DOES NOT LIMIT ANY REASONABLE CLAIMS OR DEFENSES  WHICH COULD BE RAISED BY ANY SUCH INDEMNIFIED PARTIES. THE  OBLIGATIONS OF TENANT UNDER THIS SECTION 28 OF THIS PART II SHALL  SURVIVE ANY TERMINATION OF THIS LEASE. ANY AMOUNTS PAYABLE TO ANY  INDEMNIFIED PARTY HEREUNDER BY REASON OF THE APPLICATION OF THIS  SECTION 28 SHALL BECOME IMMEDIATELY DUE AND PAYABLE; AND SUCH  AMOUNTS SHALL BEAR INTEREST AT THE LEASE DEFAULT RATE FROM THE  DATE LOSS OR DAMAGE IS PAID BY SUCH INDEMNIFIED PARTY UNTIL PAID BY  TENANT.  

 

-23-    62427499;2  LANDLORD AND TENANT INTEND THAT, UNLESS OTHERWISE EXPRESSLY  PROVIDED IN THIS LEASE, THE INDEMNITIES AND RELEASES PROVIDED IN  THIS LEASE BY TENANT FOR THE BENEFIT OF LANDLORD, LENDER OR ANY  OTHER INDEMNIFIED PARTIES (INCLUDING, WITHOUT LIMITATION, THE  INDEMNITIES SET FORTH IN THIS SECTION 28 AND IN SECTION 40(e) OF PART II  OF THIS LEASE), SHALL APPLY EVEN IF AND WHEN THE SUBJECT MATTER OF  THE INDEMNITIES AND RELEASES ARE CAUSED BY OR ARISE OUT OF THE  NEGLIGENCE OF LANDLORD, LENDER OR ANY OTHER INDEMNIFIED PARTIES,  OR ARISE AS A RESULT OF STRICT LIABILITY OF LANDLORD, LENDER OR ANY  OTHER INDEMNIFIED PARTIES, BUT IN NO EVENT SHALL TENANT BE  OBLIGATED TO INDEMNIFY LANDLORD, LENDER OR ANY OTHER  INDEMNIFIED PARTIES WITH RESPECT TO MATTERS ARISING FROM THEIR  GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.    TENANT TO COMPLY WITH MATTERS OF RECORD    29. Tenant agrees to perform all obligations of Landlord and pay all costs, expenses  and other amounts (including, without limitation, any liquidated damages) which Landlord or   Tenant may be required to pay in accordance with, and to comply and cause the Premises to comply  in all respects with all of the terms and conditions of, any reciprocal easement agreement or any   other agreement or document of record now affecting the Premises or hereafter executed or filed   with Tenant’s written consent (each, herein referred to as a “Matter of Record”, and collectively  as the “Matters of Record”) during the Term. TENANT SHALL INDEMNIFY, DEFEND AND  HOLD HARMLESS LANDLORD AND LENDER AND ALL OTHER INDEMNIFIED  PARTIES FROM ANY CLAIM, LOSS OR DAMAGE SUFFERED BY LANDLORD OR  LENDER OR SUCH INDEMNIFIED PARTIES BY REASON OF TENANT’S FAILURE TO  PERFORM ANY OBLIGATIONS OR PAY ANY COSTS, EXPENSES OR OTHER AMOUNTS  (INCLUDING, WITHOUT LIMITATION, LIQUIDATED DAMAGES) AS REQUIRED  UNDER ANY MATTERS OF RECORD OR COMPLY AND CAUSE THE PREMISES TO  COMPLY WITH THE TERMS AND CONDITIONS OF ANY MATTERS OF RECORD  DURING THE TERM.    GUARANTY    30. Guarantor shall guaranty Tenant’s obligations under this Lease pursuant to the   Guaranty Agreement substantially in the form of Exhibit E, executed and delivered to Landlord as  of the Date of Lease (the “Guaranty”)    TAXES    31. (a) Subject to the provisions hereof relating to contests, Tenant shall pay and   discharge, before any interest or penalties are due thereon, all of the following taxes, charges,   assessments, ground rents, levies and other items (collectively, “tax” or “taxes”), even if  unforeseen or extraordinary, which are imposed or assessed prior to the Lease Commencement   Date or on or subsequent to the Lease Commencement Date during the Term, regardless of whether  payment thereof is due prior to, during or after the Term: all taxes of every kind and nature  (including, without limitation, real, ad valorem, personal property, sales and use tax, and any taxes  imposed on rents), on or with respect to the Premises (including, without limitation, any taxes  

 

-24-    62427499;2  assessed against Landlord’s reversionary estate in the Premises or against any real property other   than the Premises which is included within the tax parcel which includes the Premises), the Fixed   Rent and Additional Rent (including, without limitation, ad valorem taxes) payable hereunder, this  Lease or the leasehold estate created hereby; all charges and/or assessments for any easement or   agreement maintained for the benefit of the Premises; all ground rents on or with respect to  the   Premises; and all general and special assessments, levies, water and sewer assessments and other   utility charges, use charges, impact fees and rents and all other public charges and/or taxes whether  of a like or different nature. Landlord shall promptly deliver to Tenant any bill or invoice Landlord  receives with respect to any tax; provided, that the Landlord’s failure to deliver any such bill or   invoice shall not limit Tenant’s obligation to pay such tax.  Landlord agrees to cooperate with  Tenant to enable Tenant to receive tax bills directly from the respective taxing authorities. Nothing  herein shall obligate Tenant to pay, and the term “taxes” shall exclude (unless the taxes referred to  in clauses (i) and (ii) below are in lieu of or a substitute for any other tax or assessment upon or   with respect to any of the Premises which, if such other tax or assessment were in ef fect on the   Lease Commencement Date, would be payable by Tenant hereunder or by Law), federal, state or  local (i) franchise, capital stock or similar taxes, if any, of Landlord, (ii) income, excess profits or  other taxes, if any, of Landlord, determined on the basis of or measured by Landlord’s net income,  (iii) any estate, inheritance, succession, gift, capital levy or similar taxes of Landlord, (iv) taxes   imposed upon Landlord under Section 59A of the Internal Revenue Code of 1986, as amended, or  any similar state, local, foreign or successor provision, (v) any amounts paid by Landlord pursuant  to the Federal Insurance Contribution Act (commonly referred to as FICA), the Federal  Unemployment Tax Act (commonly referred to as FUTA), or any analogous state unemployment  tax act, or any other payroll related taxes, including, but not limited to, any required withholdings  relating to wages, (vi) any transfer taxes due as a result of the transfer or other disposition of any   interest, other than Tenant’s (or any person claiming under Tenant), in the Premises or this Lease,  to any person or entity, including, but not limited to, any transfer, capital gains, sales, gross   receipts, value added, income, stamp, real property gains or withholding tax, and (vii) any interest,   penalties, professional fees or other charges relating to any item listed in clauses (i) through (vi)   above; provided, further, that Tenant is not responsible for making any additional payments in   excess of amounts which would have otherwise been due, as tax or otherwise, but for a withholding  requirement which relates to the particular payment and such withholding is in respect to or in lieu   of a tax which Tenant is not obligated to pay; and provided, further, that if at any time during the   Term of this Lease, the method of taxation shall be such that there shall be assessed, levied, charged  or imposed on Landlord a tax upon the value of the Premises or any present or future improvement  or improvements on the Premises, including, without limitation, any tax which uses rents received  from Tenant as a means to derive value of the property subject to such tax, then all such levies and  taxes or the part thereof so measured or based shall be payable by Tenant, but only to the extent   that such levies or taxes would be payable if the Premises were the only property of Landlord, and  Tenant shall pay and discharge the same as herein provided.  In the event that any assessment  against the Premises is payable in installments, Tenant may pay such assessment in installments;   and in such event, Tenant shall be liable only for those installments which become due and payable  prior to or during the Term, or which are appropriately allocated to the Term even if due and   payable after the Term. Tenant shall deliver, or cause to be delivered, to Landlord and Lender,   promptly upon Landlord’s or Lender’s written request, evidence satisfactory to Landlord and   Lender that the taxes required to be paid pursuant to this Section 31 have been so paid and are not  then delinquent.  

 

-25-    62427499;2  (b) After prior written notice to Landlord and Lender, at Tenant’s sole cost,   Tenant may contest (including seeking an abatement or reduction of) in good faith any taxes agreed  to be paid hereunder; provided, that (i) Tenant first shall satisfy any Legal Requirements, including,  if required, that the taxes be paid in full before being contested or, if not required to be paid in full,  such contest shall suspend the collection of such taxes, (ii) no Event of Default has occurred and   is continuing and no Event of Default under this Lease shall occur as a result of such contest, and  (iii) failing to pay such taxes will not subject Landlord or Lender to criminal or civil penalties or   fines or to prosecution for a crime, or result in the sale, forfeiture, termination, cancellation or loss  of any portion of the Premises or any interest therein, any Fixed Rent or any Additional Rent.   Tenant agrees that each such contest shall be promptly and diligently prosecuted to a final   conclusion, except that Tenant shall have the right to attempt to settle or compromise such contest  through negotiations. Tenant shall pay and shall indemnify, defend and hold Landlord and Lender  and all other Indemnified Parties harmless against any and all losses, judgments, decrees and costs  (including, without limitation, all reasonable attorneys’ fees and expenses) in connection with any  such contest and shall promptly, after the final determination of such contest, fully pay and   discharge the amounts which shall be levied, assessed, charged or imposed or be determined to be  payable therein or in connection therewith, together with all penalties, fines, interest,  costs and   expenses thereof or in connection therewith, and perform all acts the performance of which shall  be ordered or decreed as a result thereof. At Tenant’s sole cost, Landlord shall assist Tenant as   reasonably necessary with respect to any such contest, including joining in and signing  applications or pleadings. Any rebate applicable to any portion of the Term shall belong to Tenant.  If at the time of any such contest an Event of Default has occurred and is continuing under this   Lease, then Tenant shall post a bond or other security with and acceptable to Landlord and Lender  in their discretion in an amount equal to [    ] of the amount being  contested.    INSURANCE    32. (a)      Tenant shall maintain All-Risk also known as Special Form insurance for   the Building for [          ].    (b) Tenant also shall maintain General Liability and Commercial Auto  coverage, including Broad Form Endorsement, on an occurrence basis; in combined policy limits   of not less than [     ] per occurrence for bodily injury and for  property damage with respect to the Premises and for any owned, hired or non-owned vehicles.    (c) At all times when any construction is in progress, Tenant shall maintain or  cause to be maintained by its contractors and subcontractors with such companies reasonably   approved by Landlord, builder’s risk insurance, completed value form, covering all physical loss,  in an amount reasonably satisfactory to Landlord.  

 

-26-    62427499;2  (d) Any insurance maintained by Tenant pursuant to this Section 32 shall name  Landlord as an additional named insured and Lender as additional insured parties and/or as loss   payees, as appropriate, as their respective interests may appear.    (e) All proceeds received from such All-Risk and/or builder’s risk insurance   shall be used in the first instance in accordance with Tenant’s obligations under Section 13 hereof  and any surplus shall be retained by Tenant.    (f) Tenant shall maintain Workers Comp and Employers Liability coverage for  anyone working at the location with a waiver of subrogation in favor of Landlord.    (g) [         ].    (h) Tenant may carry such All-Risk and/or General Liability insurance through  blanket insurance covering the Premises and other locations of Tenant and/or of Tenant’s affiliates,  provided that such blanket insurance policy specifically designates the Premises and shall not be   reduced by claims as to other property covered by such blanket policy; and Tenant may maintain   the required limits in the form of excess and/or umbrella policies, provided that the other  requirements set forth herein have been satisfied.    (i) All insurance coverage required to be carried hereunder shall be carried with  insurance companies licensed to do business in the state in which the Premises is located and which  have a claims paying ability rating of [   ] and shall require the insured’s  insurance carrier to notify the Landlord and Lender at least [   ] prior to any  cancellation or material modification of such insurance. Notwithstanding the foregoing, Tenant  may carry insurance with companies which are aff iliated with Tenant (and do not meet the  requirements herein) provided such insurance provided by such companies shall not exceed the  deductible or self-insurance limitations herein. The insurance policies shall be in amounts  sufficient at all times to satisfy any coinsurance requirements thereof. If said insurance or part  thereof shall expire, be withdrawn, become void by breach of any condition thereof by Tenant or  become void or unsafe by reason of the failure or impairment of the capital of any insurer, Tenant  shall immediately obtain new or additional insurance reasonably  satisfactory to Landlord and  Lender.    (j) During such time as (i) the tangible net worth of Tenant, as determined in   accordance with generally accepted accounting principles consistently applied, shall be not less   than the product of [      ], Tenant may self-insure the  coverage referred to in this Section 32, provided that such  

 

-27-    62427499;2  self-insurance program does not violate any Laws. Tenant shall provide Landlord with annual  certificates indicating its decision to self -insure hereunder. All terms and conditions which would  apply to any customary insurance policies required herein would still apply to any self-insurance.    (k) Each insurance policy referred to above shall, to the extent applicable,  contain standard non-contributory mortgagee clauses in favor of Lender and shall provide that it   may not be canceled except after [   ] prior notice to Landlord and Lender and that  any loss otherwise payable thereunder shall be payable notwithstanding (i) any act or omission of   Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such  insurance payment, (ii) the occupation or use of any of the Premises for purposes more hazardous  than permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding  taken by any Lender pursuant to any provision of the Mortgage upon the happening of an event of  default therein, or (iv) any change in title or ownership of any of the Premises. Any insurance  policy may be written with a deductible of not more than [   ] provided, that  unless the long-term unsecured debt of Tenant is rated [   ], said deductible  amounts may not exceed [         ].    (l) Tenant shall pay all premiums for the insurance required by this Section 32  as they become due, and shall renew or replace each policy, not less than [  ] prior  to the expiration of such policy. Not less than [   ] after request from Landlord  or Lender, Tenant shall deliver to Landlord and Lender a certificate of insurance of the then- existing policies of insurance maintained in accordance with this Lease, which certificate of  insurance shall provide assurance that such policies may not be canceled except after at least [   ] prior notice to Landlord and Lender. In the event of Tenant’s failure to  comply with any of the foregoing requirements, Landlord shall be entitled to procure such  insurance. Any sums so expended by Landlord, together with interest thereon from the date paid  at the Lease Default Rate, shall be Additional Rent and shall be repaid by Tenant to Landlord,  if  accompanied by an invoice or other supporting documentation, immediately upon delivery of  written demand therefor by Landlord.    LANDLORD EXCULPATION    33. Anything contained herein to the contrary notwithstanding, any claim based upon   liability of Landlord under this Lease shall be enforced only against the Landlord’s interest in the  Premises and shall not be enforced against the Landlord individually or personally other than with  respect to fraud or the misappropriation of insurance or Condemnation proceeds. In no event shall  any partner, shareholder, trustee, manager, member, beneficial owner, officer, director or other   owner or agent of Landlord have any liability under this Lease.    LANDLORD’S TITLE    34. The Premises are demised and let subject to the Permitted Encumbrances without   representation or warranty by Landlord. The recital of the Permitted Encumbrances herein shall   not be construed as a revival of any Permitted Encumbrance which has expired.  

 

-28-    62427499;2  QUIET ENJOYMENT    35. Landlord warrants and agrees that Tenant, on paying the Fixed Rent, Additional  Rent and other charges due hereunder and performing all of Tenant’s other obligations pursuant to  this Lease, shall and may peaceably and quietly have, hold, and enjoy the Premises f or the f ull   Term, free from molestation, eviction, or disturbance by Landlord or by any other person(s)   lawfully claiming by, through or under Landlord, subject, however, to the Permitted  Encumbrances.    [RESERVED]    36. [Reserved].    BROKER    37. Landlord and Tenant each represent and warrant that it has had no dealings or  conversations with any real estate broker in connection with the negotiation and execution of this   Lease. LANDLORD AND TENANT EACH AGREE TO DEFEND, INDEMNIFY AND  HOLD HARMLESS THE OTHER AGAINST ALL LIABILITIES ARISING FROM ANY  CLAIM OF ANY REAL ESTATE BROKERS, INCLUDING COST OF COUNSEL FEES,   RESULTING FROM THEIR RESPECTIVE ACTS. IN THE EVENT OF ANY BREACH  OF LANDLORD’S REPRESENTATIONS UNDER THIS SECTION 37 OR ANY CLAIM   BY TENANT AGAINST LANDLORD FOR ANY INDEMNITY UNDER THIS SECTION  37, TENANT SHALL HAVE NO RIGHT TO ABATE OR DEFER ANY PAYMENT OF ANY  FIXED RENT, ADDITIONAL RENT AND/OR OTHER AMOUNTS DUE UNDER THIS  LEASE, OR TO EXERCISE ANY RIGHTS OF OFFSET WITH RESPECT THERETO,  AND TENANT HEREBY EXPRESSLY WAIVES ANY SUCH RIGHTS THAT MAY EXIST  AT LAW, IN EQUITY OR OTHERWISE.    TRANSFER OF TITLE; INFORMATION REGARDING LANDLORD    38. In the event of any transfer(s) of the title to the Premises, Landlord (and in the case  of any subsequent transfer, the then-grantor) automatically shall be relieved from and after the date  of such transfer, of all liability with respect to the performance of any obligations on the part of   said Landlord contained in this Lease thereafter to be performed; provided that any amount then  due and payable to Tenant by Landlord (or the then-grantor), and any other obligation then to be   performed by Landlord (or the then-grantor) under this Lease, either shall be paid or performed by  Landlord (or the then-grantor) or such payment or performance assumed by the transferee; it being  intended hereby that the covenants, conditions and agreements contained in this Lease on the part  of Landlord shall, subject to the foregoing, be binding on Landlord, its successors and assigns,   only during and with respect to their respective successive period of ownership.  Landlord may   freely transfer the Premises and this Lease without the consent of Tenant; however, Landlord shall  give Tenant notice of the transfer of its interest in the Premises by delivery of a Notice of Transfer  in substantially the form attached to this Lease as Exhibit D; provided, that the failure to give such  Notice of Transfer shall not be a default by Landlord under this Lease. Until Landlord gives Tenant  notice in accordance with the terms of this Lease, or Tenant receives notice, of a transfer of the   Premises by Landlord, Tenant may deal with Landlord as if it continued to be the owner of the   Premises. If a controlling ownership interest in Landlord is transferred and, in connection  

 

-29-    62427499;2  therewith, the address for notices to Landlord is changed, Landlord shall give Tenant notice of the  transfer of such controlling ownership interest by delivery of a Notice of Transfer in substantially   the form attached to this Lease as Exhibit D (provided, that the failure to give such Notice of   Transfer shall not be a default by Landlord under this Lease); provided, further, that until Landlord  gives, or Tenant receives, notice of such transfer and new address Tenant may correspond with the  current owner of a controlling interest in Landlord at the prior address for notices to Landlord.    FINANCIAL REPORTING    39. (a). In the event Guarantor is not a publicly-traded company and is not otherwise  required to file such financial statements with the U.S. Securities and Exchanges Commission,   Guarantor shall deliver to Landlord: (i) no later than [   ] after the end of  Guarantor’s fiscal year, a consolidated balance sheet and related consolidated state ments of  income, comprehensive income, shareholders’ equity and cash flows showing the financial  position of Guarantor as of the close of such fiscal year and the consolidated results of their   operations during such year, in each case in the form and together with such additional information  and reports as is provided to Guarantor’s senior secured lender at such time; and (ii) no later than   [   ] after the end of Guarantor’s fiscal quarter, a consolidated balance  sheet and related consolidated statements of income, comprehensive income, shareholders’ equity  and cash flows showing the financial position of the Guarantor as of the close of such fiscal  quarter and the consolidated results of their operations during such fiscal quarter and the then - elapsed portion of the fiscal year, in each case in the form and together with such additional  information and reports as is provided to Guarantor’s senior secured lender at such time, all of  which shall be in reasonable detail. All such financial statements shall be prepared in accordance  with generally accepted accounting principles, shall be certified to be accurate and complete by  an officer or director of  Guarantor and (in the case of year-end statements) shall be audited.  Additionally, if and to the extent requested by Lender, Guarantor, within [   ]  after request, provide such additional financial information with respect to Guarantor or the  Premises as may be reasonably requested by such Lender (or prospective lender).    (b). Guarantor shall deliver written notice to Landlord within two Business Days  after any rating agency downgrades, qualifies, or withdraws the credit rating of either the Tenant   or Guarantor.    HAZARDOUS MATERIALS    40. (a)   For the purposes hereof, the term “Hazardous Materials” shall include,  without limitation, any material, waste or substance which is (i) included within the definitions of  “hazardous substances,” “hazardous materials,” “toxic substances,” or “hazardous wastes” in  or   pursuant to any Laws, or subject to regulation under any Law; (ii) listed in the United States  Department of Transportation Optional Hazardous Materials Table, 49 C.F.R. Section 172.101, as  enacted as of the date hereof or as hereafter amended, or in the United States Environmenta l  Protection Agency List of Hazardous Substances and Reportable Quantities, 40 C.F.R. Part 302,   as enacted as of the date hereof or as hereafter amended; or (iii) explosive, radioactive, asbestos, a  polychlorinated biphenyl, petroleum or a petroleum product or waste oil. The term  “Environmental Laws” shall include all Laws pertaining to health, industrial hygiene, Hazardous   Materials or the environment, including, but not limited to each of the following, as enacted as of   the date hereof or as hereafter amended: the Comprehensive Environmental Response,  

 

-30-    62427499;2  Compensation and Liability Act of 1980, 42 U.S.C. §9601 et seq.; the Resource Conservation and  Recovery Act of 1976, 42 U.S.C. §6901 et seq.; the Toxic Substance Control Act, 15 U.S.C. §2601  et seq.; the Water Pollution Control Act (also known as the Clean Water Act), 33 U.S.C. §1251 et  seq.; the Clean Air Act, 42 U.S.C. §7401 et seq.; and the Hazardous Materials Transportation Act,  49 U.S.C. §5101 et seq.    (b) Tenant represents and warrants to Landlord and Lender that, except as  disclosed in the environmental reports listed on Exhibit C hereto, (i) neither the Premises, nor any  portion thereof, has been used by Tenant or, to the best of Tenant’s knowledge, by any prior owner  for the generation, manufacture, storage, handling, transfer, treatment, recycling, transportation,   processing, production, refinement or disposal (each, a “Regulated Activity”) of any Hazardous   Materials; and (ii) to the best of Tenant’s knowledge, there are no Hazardous Materials present on,  in or under the Premises or any portion thereof except to the extent expressly permitted by the   terms of this Section 40(b). Tenant covenants it (i) will comply, and will cause the Premises t o   comply, with all Environmental Laws applicable to the Premises, (ii) will not use, and shall   prohibit the use of the Premises for Regulated Activities or for the storage, handling or disposal of  Hazardous Materials (other than in connection with the operation and maintenance of the Premises  and in commercially reasonable quantities as a consumer thereof, subject to compliance with   applicable Laws), (iii) (A) will not install or permit the installation on the Premises of any asbestos  or asbestos-containing materials (except in compliance with all applicable Environmental Laws),   underground storage tanks or surface impoundments and shall not permit there to exist any   petroleum contamination in violation of applicable Environmental Laws originating on the  Premises, and (B) with respect to any petroleum contamination on the Premises which originates   from a source off the Premises, Tenant shall notify all responsible third parties and appropriate   government agencies (collectively, “Third Parties”) and shall prosecute the cleanup of the Premises  by such Third Parties, including, without limitation, undertaking legal action, if necessary, to   enforce the cleanup obligations of such Third Parties and, to the extent not done so by such Third   Parties and to the extent technically feasible and commercially practicable, Tenant shall remediate  such petroleum contamination, and (iv) shall cause any alterations of the Premises to be done in a   way which complies with applicable Laws relating to exposure of persons working on or visiting  the Premises to Hazardous Materials and, in connection with any such alterations, shall remove   any Hazardous Materials present upon the Premises which are not in compliance with applicable   Environmental Laws or which present a danger to persons working on or visiting the Premises. [            ].    Notwithstanding any provision of this Lease to the contrary, Landlord agrees that   Tenant may use and store household and commercial cleaners and chemicals to maintain the   Premises, provided that such use and storage are in compliance with all Environmental Laws.   Landlord and Tenant acknowledge that any or all of the cleaners and chemicals described in this   paragraph may constitute Hazardous Materials. However, Tenant may use and store the same as   herein set forth, provided, that in doing so Tenant complies with all Laws. For the purposes of   subdivisions (c) and (d) of this Article, the term “Hazardous Materials” shall exclude the  Hazardous Materials used as permitted in this paragraph.    (c) If, at any time during the Term, Hazardous Materials shall be found in, on   or under the Premises, then Tenant shall (at Tenant’s sole expense), or shall cause such responsible  

 

-31-    62427499;2  Third Parties to, promptly commence and diligently prosecute to completion all investigation, site  monitoring, containment, cleanup, removal, restoration or other remedial work of any kind or   nature (collectively, “Remedial Work”) to the extent required by Environmental Laws, and in   compliance with Environmental Laws, and at Tenant’s sole cost; provided, that except as otherwise  expressly provided in this subparagraph (c), Landlord shall not be required to accept any  institutional control (such as a deed restriction) that restricts the permitted use of the Premises or   any real property as a condition to any remedial plan approved by any governmental agency in   connection with such Remedial Work. The Remedial Work required of Tenant under this Lease   shall be limited to achieving clean-up standards applicable to commercial use of the Premises as   provided herein (“Commercial Closure”), if allowed under applicable Environmental Laws and if   approved by the applicable governmental authority with jurisdiction over the Premises, Hazardous  Materials and Remedial Work; provided, that nothing contained in this Section 40(c) shall be   deemed to limit the obligations of Tenant under any other provision of this Section 40 including,   without limitation, the indemnification obligations of Tenant under Section 40(e) of this Part II.    (d) To the extent that Tenant has knowledge thereof, Tenant shall promptly   provide notice to Landlord and Lender of any of the following matters which are not specified in   the Environmental Reports described on Exhibit C hereto:    (i) any proceeding or investigation commenced or threatened by  any governmental authority with respect to the presence of any Hazardous Material  affecting the Premises;    (ii) any proceeding or investigation commenced or threatened by   any governmental authority, against Tenant or Landlord, with respect to the presence,   suspected presence, release or threatened release of Hazardous Materials from any property  owned by Landlord;    (iii) all written notices of any pending or threatened investigation or  claims made or any lawsuit or other legal action or proceeding brought by any person   against (A) Tenant or Landlord or the Premises, or (B) any other party occupying the   Premises or any portion thereof, in any such case relating to any loss or injury allegedly  resulting from any Hazardous Material or relating to any violation or alleged violation of   Environmental Laws;    (iv) the discovery of any occurrence or condition on the Premises, of  which Tenant becomes aware and which is not corrected within [   ], or  written notice received by Tenant of an occurrence or condition on any real property  adjoining or in the vicinity of the Premises, which reasonably could be expected to lead to   the Premises or any portion thereof being in violation of any Environmental Laws or  subject to any restriction on ownership, occupancy, transferability or use under any  Environmental Laws or which might subject Landlord or Lender to any Environmental  Claim. “Environmental Claim” means any claim, action, investigation or written notice by  any person alleging potential liability (including, without limitation, potential liability for  investigatory costs, cleanup costs, governmental response costs, natural resource  damages, property damages, personal injuries or penalties) arising out of, based on or  resulting from (A) the presence, or release into the environment, of any Hazardous  Materials at or from the Premises, or (B)  

 

-32-    62427499;2  circumstances forming the basis of any violation, or alleged violation, of any  Environmental Law; and    (v) the commencement and completion of any Remedial Work.    (e) [     ] TENANT SHALL BE SOLELY  RESPONSIBLE FOR AND SHALL DEFEND, REIMBURSE, INDEMNIFY AND HOLD  EACH INDEMNIFIED PARTY HARMLESS FROM AND AGAINST ALL DEMANDS,  CLAIMS, ACTIONS, CAUSES OF ACTION, ASSESSMENTS, LOSSES, DAMAGES,  LIABILITIES (INCLUDING, WITHOUT LIMITATION, STRICT LIABILITIES),  INVESTIGATIONS, WRITTEN NOTICES, COSTS AND EXPENSES OF ANY KIND  (INCLUDING, WITHOUT LIMITATION, DIMINUTION IN PROPERTY VALUE AND  REASONABLE EXPENSES OF INVESTIGATION BY ENGINEERS,  ENVIRONMENTAL CONSULTANTS AND SIMILAR TECHNICAL PERSONNEL AND  REASONABLE FEES AND DISBURSEMENTS OF COUNSEL), ARISING OUT OF, IN  RESPECT OF OR IN CONNECTION WITH (I) TENANT’S BREACH OF ITS  REPRESENTATIONS, WARRANTIES, COVENANTS OR OBLIGATIONS IN THIS  LEASE, (II) THE OCCURRENCE OF ANY REGULATED ACTIVITY AT, ON OR UNDER  THE PREMISES AT ANY TIME DURING OR PRIOR TO THE TERM OF THIS LEASE,  (III) ANY ENVIRONMENTAL CLAIM WITH RESPECT TO THE PREMISES AGAINST  ANY INDEMNIFIED PARTY OR ANY PERSON WHOSE LIABILITY FOR SUCH  ENVIRONMENTAL CLAIM LANDLORD OR TENANT HAS OR MAY HAVE ASSUMED  OR RETAINED EITHER CONTRACTUALLY OR BY OPERATION OF LAW [      ]), (IV) THE RELEASE, THREATENED RELEASE OR PRESENCE  OF ANY HAZARDOUS MATERIALS AT, ON, UNDER OR FROM THE PREMISES,  REGARDLESS OF HOW DISCOVERED BY TENANT, LANDLORD OR ANY THIRD- PARTY [    ], (V) ANY REMEDIAL WORK REQUIRED TO BE  PERFORMED PURSUANT TO ANY ENVIRONMENTAL LAW OR THE TERMS HEREOF  WITH RESPECT TO MATTERS ARISING OR OCCURRING PRIOR TO OR DURING THE  TERM, OR (VI) ANY MATTERS ARISING UNDER OR RELATING TO ANY  ENVIRONMENTAL LAW AND RELATING TO THE TENANT OR THE PREMISES.    (f) At such other time as Landlord has reasonable grounds to believe that  Hazardous Materials (except to the extent those substances are permitted to be used by Tenant   under Section 40(b) of this Part II in the ordinary course of its business and in compliance with all  Environmental Laws) are or have been released, stored or disposed of [    ]  that may be located on the Premises, Tenant shall provide, at Tenant’s sole cost and expense, an  inspection or audit thereof prepared by a hydrogeologist or environmental engineer or other  appropriate consultant approved by Landlord and Lender indicating the presence or absence of  the reasonably suspected Hazardous Materials therefrom. If Tenant fails to provide such  inspection or audit within [   ] after such request, Landlord may order the same,  and Tenant hereby grants to Landlord and Lender and their respective employees, contractors and  agents access to the Premises upon reasonable notice and a license to undertake such inspection or  audit. The cost of such inspection or audit, together with interest thereon at the Lease Default  Rate from the date Tenant is provided with written confirmation of costs incurred by Landlord  until actually paid by Tenant, shall be immediately paid by Tenant on demand.    (g) The indemnity obligations of the Tenant and the rights and remedies of the  Landlord under this Section 40 shall survive the expiration or termination of this Lease  [ ]  

 

-33-    62427499;2  WAIVER OF LANDLORD’S LIEN    41. Landlord hereby waives any right to distrain trade fixtures,  inventory and other  personal property of Tenant and any landlord’s lien or similar lien upon trade fixtures, inventory   and any other personal property of Tenant regardless of whether such lien is created or otherwise.  At the request of Tenant, Landlord shall execute a waiver of any landlord’s or similar lien for the   benefit of any holder of a security interest in or lessor of any of trade fixtures, inventory or any   other personal property of Tenant. Landlord agrees to acknowledge (in a written f orm reasonably  satisfactory to Landlord) to such persons and entities at such times and for such purposes as Tenant  may reasonably request that trade fixtures owned by Tenant are Tenant’s property and not part of   the Building (regardless of whether or to what extent trade fixtures and/or other personal property  are affixed to the Building) or otherwise subject to the terms of this Lease.    ESTOPPEL CERTIFICATE    42. Landlord and Tenant agree to deliver to each other, from time to time as reasonably  requested in writing, and within a reasonable period of time after receipt of such request, an   estoppel certificate, addressed to such persons as the requesting party may reasonably request,   certifying that this Lease is unmodified and in full force and ef fect (or if there have been  modifications, that this Lease is in full force and effect as modified and stating the modifications),  the dates to which any Fixed Rent due hereunder has been paid in advance, if any, that to the   knowledge of the signer of such certificate, no default hereunder by either Landlord or Tenant   exists hereunder (or specifying each such default to which this signer may have knowledge), and   that the Guaranty remains in full force and effect (as evidenced by Guarantor’s signature to same),  together with such other information as Landlord or Tenant may reasonably require with respect   to the status of this Lease and Tenant’s use and occupancy of the Premises.    NOTICE OF LEASE    43. Upon the request of either party hereto, Landlord and Tenant agree to execute a   short form Notice of Lease or Memorandum of Lease in recordable form, setting forth information  regarding this Lease, including, without limitation, if available, the dates of commencement and   expiration of the Term. All taxes, fees, costs and expenses of recording such Notice of Lease or   Memorandum of Lease shall be paid by Tenant unless otherwise agreed in writing by Landlord.    MISCELLANEOUS    44. (a)   This Lease shall be governed and construed in accordance with  the Laws of  the state in which the Premises is located.    (b) The headings of the Sections of Part I and Part II, are for convenient  reference only, and are not to be construed as part of this Lease.    (c) The language of this Lease shall be construed according to its plain  meaning, and not strictly for or against Landlord or Tenant; and the construction of this Lease and  of any of its provisions shall be unaffected by any argument or claim that this Lease has been   prepared, wholly or in substantial part, by or on behalf of Tenant or Landlord.  

 

-34-    62427499;2  (d) Landlord and Tenant each warrant and represent to the other, that each has  full right to enter into this Lease and that there are no impediments, contractual or otherwise, to   full performance hereunder.    (e) This Lease shall be binding upon the parties hereto and shall inure to  the   benefit of and be binding upon the heirs, executors, administrators, successors and assigns of   Landlord and the successors and assigns of Tenant.    (f) In the event of any suit, action, or other proceeding at law or in equity, by   either party hereto against the other, by reason of any matter arising out of this Lease, the prevailing  party shall recover, not only its legal costs, but also reasonable attorneys’ fees (to be fixed by the   Court) for the maintenance or defense of said suit, action or other proceeding, as the case may be.    (g) A waiver by either party of any breach(es) by the other of any one or more  of the covenants, agreements, or conditions of this Lease, shall not bar the enforcement of any   rights or remedies for any subsequent breach of any of the same or other covenants, agreements,   or conditions.    (h) This Lease and the referenced schedules and exhibits set forth the entire   agreement between the parties hereto and may not be amended, changed or terminated orally or   by any agreement unless such agreement shall be in writing and signed by Tenant and Landlord   and approved in writing by the Lender. Landlord and Tenant further agree that this Lease shall not  be amended and no amendment shall be effective unless Guarantor expressly remains liable for all  of the Tenant’s obligations under this Lease notwithstanding such amendment.    (i) If any provision of this Lease or the application thereof to any persons or   circumstances shall to any extent be invalid or unenforceable, the remainder of this Lease or the   application of such provision to persons or circumstances other than those to which it is held   invalid or unenforceable shall not be affected thereby, and each provision of this Lease shall be   valid and enforceable to the fullest extent permitted by Law.    (j) The submission of this Lease for examination does not constitute a  reservation of or agreement to lease the Premises; and this Lease shall become effective and   binding only upon proper execution and unconditional delivery thereof by Landlord and Tenant.    (k) When the context in which words are used in this Lease indicates that such  is the intent, words in the singular number shall include the plural and vice versa, and words in the  masculine gender shall include the feminine and neuter genders and vice versa. Further, references  to “person” or “persons” in this Lease shall mean and include any natural person and any   corporation, partnership, joint venture, limited liability company, trust or other entity whatsoever.    (l) All references to “business days” contained herein are references to normal  working business days, i.e., Monday through Friday of each calendar week, exclusive of f ederal   and national bank holidays.    (m) Time is of the essence in the payment and performance of the obligations of  Tenant under this Lease.  

 

-35-    62427499;2  (n) In the event that the Landlord hereunder consists of more than one (1)  person, then all obligations of the Landlord hereunder shall be joint and several obligations of all   persons named as Landlord herein. If any such person directly or indirectly transfers its interest   in the Premises, whether by conveyance of its interest in the Premises, merger or consolidation or  by the transfer of the ownership interest in such Person, such transferee and its successors and   assigns shall be bound by this subparagraph (n). All persons named as Landlord herein shall  collectively designate a single person (the “Designated Person”) to be the person entitled to give   notices, waivers and consents hereunder. If Landlord consists of only one person, such person  shall be the Designated Person. Landlord agrees that Tenant may rely on a waiver, consent or  notice given by such Designated Person as binding on all other persons named as Landlord herein;  provided, that any amendment, change or termination of this Lease which is permitted under   Section 44(h) of this Part II must be signed by all persons named as Landlord.  The Designated  Person shall be the only person entitled to give notices hereunder by the Landlord, and Tenant may  disregard all communications from any other person named as Landlord herein, except as provided  in the immediately following sentence. The identity of the Designated Person may be changed   from time to time by [   ] advance written notice to the Tenant signed by either the  Designated Person or by all persons named as Landlord herein.    (o) Landlord is in compliance with the requirements of Executive Order No.   133224, 66 Fed Reg. 49079 (September 25, 2001) Office of Foreign Asset Control, Department of  the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof  (the Order and such other rules, regulations, legislation, or orders are collectively called the  “Orders”). Tenant (i) is not listed on the Specially Designated Nationals and Blocked Persons   List (hereinafter defined) maintained by OFAC pursuant to the Order and/or on any other list of   terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC  or pursuant to any other applicable Orders (such lists are collective referred to as the “Lists”), (ii)  has not been determined by competent authority to be subject to the prohibitions contained in the   Orders, and (iii) excluding any holders of any publicly held entity, is not owned or controlled by,   or acts for or on behalf of, any person or entity on the Lists or any other person or entity wh o has  been determined by competent authority to be subject to the prohibitions contained in the Order.    (p) “Specially Designated National or Blocked Person” means a Person (a)   designated by the Office of Foreign Assets Control at the U.S. Department of the Treasury, or other  U.S. governmental entity, and appearing on the List of Specially Designated Nationals and   Blocked Persons (http://www.ustreas.gov/offices/enforcement/ofacisdn/index.shtml), which List  may be updated from time to time; or (b) with whom Landlord or Tenant is prohibited from  engaging in transactions by any trade embargo, economic sanction or other prohibition of United  States law, regulation, or Executive Order of the President of the United States; and (ii) “Person”   means an individual, corporation, partnership, limited liability company, trust, business trust,   association, joint stock company, joint venture, sole proprietorship, unincorporated organization,   Governmental Authority or any other form of entity not specifically listed herein.  Landlord  represents and warrants to Tenant, knowing that Tenant is relying on such repre sentation and  warranty, that Landlord is not a Specially Designated or Blocked Person. Tenant represents and   warrants to Landlord, knowing that Landlord is relying on such representation and warranty, that  Tenant is not a Specially Designated or Blocked Person.  

 

-36-    62427499;2  (q) Radon Gas. Pursuant to Florida law (enacted effective as of January 1,   1989), Landlord hereby makes the following disclosure to Tenant: “Radon is a naturally occurring  radioactive gas that, when it has accumulated in a building in sufficient quantities, may present   health risks to persons who are exposed to it over time. Levels of radon that exceed f ederal and   state guidelines have been found in buildings in Florida. Additional information regarding radon   and radon testing may be obtained from your county public health unit.”    IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Lease as of the  Date of Lease above written.    [Balance of page intentionally left blank/Signature pages follow]  

 

[Signature Page to Lease]    62427499;2    IN WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the Date of Lease.    LANDLORD:    FNLI AUDAX LLC,  a Delaware limited liability company  By:______    Name: [  ]  Title: [   ]              {Signatures Continue on Next Page]                                              

 

[Signature Page to Lease]    62427499;2        TENANT:    220 ALHAMBRA PROPERTIES LLC  a Florida limited liability company    By   _______________________________________  Title: _________________________   

 

62427499;2  SCHEDULE 1  FIXED RENT AMOUNTS  During the Term, Fixed Rent shall be paid in the amounts hereinafter set forth in this  Schedule 1 with respect to the Term.            Lease Year Annual Fixed Rent Monthly Fixed Rent  Lease Year 1 $7,500,000.00 $625,000.00  Lease Year 2 [  ] [  ]  Lease Year 3 [  ] [  ]  Lease Year 4 [  ] [  ]  Lease Year 5 [  ] [  ]  Lease Year 6 [  ] [  ]  Lease Year 7 [  ] [  ]  Lease Year 8 [  ] [  ]  Lease Year 9 [  ] [  ]  Lease Year 10 [  ] [  ]  Lease Year 11 [  ] [  ]  Lease Year 12 [  ] [  ]  Lease Year 13 [  ] [  ]  Lease Year 14 [  ] [  ]  Lease Year 15 [  ] [  ]  Lease Year 16 [  ] [  ]  Lease Year 17 [  ] [  ]  Lease Year 18 [  ] [  ]  

 

62427499;2  EXHIBIT A    LEGAL DESCRIPTION OF PREMISES    All that certain property located in the City of Coral Gables, County of Miami-Dade, State of  Florida described as follows:    Lots 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24, in Block 28, of CORAL  GABLES SECTION K, according to the Plat thereof, as recorded in Plat Book 8, at Page 33, of  the Public Records of Miami-Dade County, Florida.    And    Lot 5, in Block 24, of REVISED PLAT OF CORAL GABLES SECTION L, according to the Plat  thereof, as recorded in Plat Book 8, at Page 85, of the Public Records of Miami -Dade County,   Florida.  

 

ny-2277987    62427499;2  EXHIBIT B    FORM OF SUBORDINATION, NON-DISTURBANCE  AND ATTORNMENT AGREEMENT    SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT    This Subordination, Non-Disturbance and Attornment Agreement (the “Agreement”) is dated this  [      ] day of [ ], 2021 between [  ], as [ ] ([collectively],  “Lender”) and [  ], a [ ](“Tenant”).    RECITALS    A. Tenant has entered into that certain lease dated [ ] (the “Lease”), with  [ ] (the “Original Landlord”) of certain premises commonly known as [ ]  and located at [  ]. The leased premises described in the Lease are hereinafter referred to as the  “Premises”.    B. A Memorandum/Notice of Lease Agreement [  ]by and between  Tenant and Original Landlord regarding the Lease is recorded in the Official Records of [ ]  County, [ ](the “Official Records”) as Instrument No. [ ].    C. On or prior to the date hereof, Original Landlord assigned its interest in the Lease to  [ ] LLC, a Delaware limited liability company (“Landlord”), and Lender has made a loan  to Landlord and its co-borrower, [ ]LLC, a Delaware limited liability company (the  “Loan”), which loan is secured by a mortgage and security agreement or deed of trust encumbering the  Premises and dated [ ] [_], 2021 (the “Mortgage”) that is or shall be recorded in the Official  Records. The Loan may also be secured by an assignment of leases and rents dated as of the same date as   the Mortgage (the “Assignment”) and recorded in the Official Records concurrently therewith.    For mutual consideration, the receipt and sufficiency of which is hereby acknowledged, the parties  hereto agree as follows:    1. Tenant agrees that the lien of the Lease is and shall be subject and subordinate to the lien   of the Mortgage and to the lien of the Assignment and to all renewals, amendments, modifications,  consolidations, replacements and extensions thereof, now or hereafter executed, to the full extent of all   amounts secured thereby, said subordination to have the same force and effect as if the Mortgage, the  Assignment, and such renewals, modifications, consolidations, replacements and extensions thereof had  been executed, acknowledged, delivered and recorded prior to the Lease, and amendments or modifications  or any notice thereof. However, the foregoing subordination provision shall not be deemed or construed as  limiting Tenant’s rights under the Lease and/or Landlord’s obligations thereunder, including the use of   insurance proceeds and condemnation awards, and notwithstanding any inconsistent provisions of the  Mortgage with respect thereto, such proceeds and awards shall be applied as set forth in the Lease.    2. Lender agrees that Tenant shall not be named or joined as a party defendant in any action,   suit or proceeding which may be instituted by Lender to foreclose or seek other remedies under the  Mortgage or the Assignment by reason of a default or event of default under the Mortgage or the  Assignment, unless applicable legal requirements require Tenant to be made a party thereto as a condition   to Lender’s proceeding against Landlord or prosecuting such rights and remedies. Lender further  agrees  that, in the event of any entry by Lender pursuant to the Mortgage, a foreclosure of the Mortgage, or the  

 

2  ny-2277987    62427499;2  exercise by Lender of any of its rights under the Mortgage or Assignment, Lender shall not disturb Tenant’s  right of possession of the Premises under the terms of the Lease so long as Tenant is not in default beyond  applicable grace and cure periods in the Lease.    3. Tenant agrees that, in the event of a foreclosure of the Mortgage by Lender, the acceptance  of a deed in lieu of foreclosure by Lender, or Lender’s exercise of any of its rights under the Mortgage or   Assignment, Tenant will attorn to and recognize Lender as its landlord under the Lease for the remainder   of the term of the Lease (including all term extension options which have been or are hereafter exercised)   upon the same terms and conditions as are set forth in the Lease and this Agreement, and Tenant hereby   agrees to perform all of the obligations of Tenant pursuant to the Lease.    4. Tenant agrees that, in the event Lender succeeds to the interest of Landlord under the Lease:    (a) Lender shall not be liable in damages for any act or omission of any prior landlord  (including Landlord), provided nothing herein shall derogate from the obligation of Lender   to perform all of the obligations of Landlord pursuant to the Lease once Lender succeeds  to the interest of Landlord under the Lease;    (b) Lender shall not be liable for the return of any security deposit unless such security  deposit is actually received by Lender;    (c) Lender shall not be bound by any Annual Rent or additional rent which Tenant  might have prepaid for more than [  ] in advance under the Lease (unless so  required under the Lease);    (d) Lender shall not be bound by any amendments or modifications of the Lease made  without consent of Lender except for the exercise of any extensions to the term that exist   as of the date hereof;    (e) Lender shall not be bound by any consensual or negotiated surrender, cancellation  or termination of the Lease, in whole or part, agreed upon between Landlord and Tenant,   unless effected unilaterally by Tenant pursuant to the express terms of the Lease or  approved by Lender;    (f) Lender shall not be subject to any offsets or defenses which Tenant might have  against any prior landlord (including Landlord); and    (g) Lender shall not be bound by any provision in the Lease which obligates Landlord  to erect or complete any building or to make any improvements to the Premises, but shall   be subject to any offset or termination rights Tenant may have on account of Landlord’s   failure to erect or complete any improvements to the Premises as may be set forth in the   Lease (if any), provided such offset or termination rights shall be subject to Lender’s cure   rights as set forth in Section 7 below.    5. Notwithstanding anything to the contrary in this Agreement or the Lease, upon any  attornment pursuant to this Agreement the Lease shall be deemed to have been automatically amended to   provide that Lender’s obligations and liability under the Lease shall never extend beyond Lender’s (or  its   successors’ or assigns’) interest, if any, in Landlord’s Premises from time to time, including insurance and  condemnation proceeds, Lender’s interest in the Lease, and the proceeds from any sale or other disposition  of Landlord’s Premises by Lender, but (i) expressly excluding any losses under Landlord’s financing and  (ii) not including any revenue Landlord derived from the Premises prior to the sale thereof (collectively,  

 

3  ny-2277987    62427499;2  “Lender’s Interest”). Tenant shall look exclusively to Lender’s Interest (or that of its successors and  assigns) for payment or discharge of any obligations of Lender under the Lease as affected by this  Agreement. If Tenant obtains any money judgment against Lender with respect to the Lease or the  relationship between Lender and Tenant, then Tenant shall look solely to Lender’s Interest (or that of  its   successors and assigns) to collect such judgment. Tenant shall not collect or attempt to collect any such  judgment out of any other assets of Lender. In addition to any limitation of liability set forth in this  Agreement, Lender, Tenant and/or their respective successors and assigns shall under no circumstances be   liable for any incidental, consequential, punitive, or exemplary damages.    6. Lender hereby approves of, and consents to, the Lease. Notwithstanding anything to the  contrary contained in the Mortgage or the Assignment, so long as the Tenant is not in default under the  Lease beyond applicable notice and cure periods, Tenant shall be entitled to use and occupy the Premises   and exercise all its rights under the Lease, and the Lease and Landlord’s and Tenant’s performance  thereunder shall not constitute a default under the Mortgage or Assignment.    7. Tenant agrees to give Lender a copy of any notice of default under the Lease served upon   Landlord at the same time as such notice is provided to Landlord. Tenant further agrees that if  Landlord   shall have failed to cure such default within the time provided for in the Lease, then Lender have an [   ] after its receipt of notice of default within which to cure such default or if such  default   cannot be cured within that time, then such additional time as may be necessary to cure such default shall be  granted if within such additional [  ] Lender has commenced and is diligently pursuing the  remedies necessary to cure such default (including, but not limited to, commencement of foreclosure  proceedings necessary to effect such cure).    8. The terms and provisions of this agreement, shall be automatic and self-operative without  execution of any further instruments on the part of any of the parties hereto. Without limiting the foregoing,   Lender and Tenant agree, within [  ] after request therefor by the other party, to execute an  instrument in confirmation of the foregoing provisions, in form and substance reasonably satisfactory to   Lender and Tenant, pursuant to which the parties shall acknowledge the continued effectiveness of the  Lease in the event of such foreclosure or other exercise of rights.    9. Any notice to be delivered hereunder shall be in writing and shall be sent registered or  certified mail, return receipt requested, postage prepaid, or overnight delivery by FedEx or similar overnight  courier which delivers upon signed receipt of the addressee, or its agent (or via email, so long as such email  is followed by a hard copy notice sent via one of the methods described in this sentence).  The time of the  giving of any notice shall be the time of receipt thereof by the addressee or any agent of the addressee,  except that in the event that the addressee shall refuse to receive any notice, or there shall be no person  available (during normal business hours) to receive such notice, the time of giving notice shall be deemed  to be the time of such refusal or attempted delivery as the case may be. All notices addressed to Lender or   Tenant, as the case may be, shall be delivered to the respective addresses set forth opposite their names  below, or such other addresses as they may hereafter specify by written notice delivered in accordance  herewith:    Tenant: [ ]  [ ]  [ ]  Attention: [  ]  Phone Number: [  ]  Email: [ ]  with a concurrent mandatory copy to:  

 

4  ny-2277987    62427499;2  [ ]  [ ]  [ ]  Attention: [  ]  Phone Number: [  ]  Email: [ ]    Lender: [ ]  [ ]  [ ]  Attention: [  ]  Phone Number: [  ]  Email: [ ]    With a copy to: [ ]  [ ]  [ ]  Attention: [  ]  Phone Number: [  ]  Email: [ ]    10. This Agreement shall be binding upon and inure to the benefit of the parties  hereto and their respective heirs, legal representatives, successors, successors -in-interest and  assigns. The term “Lender” as used herein includes any direct or more remote successor or assign  of the named Lender herein, including any purchaser at a foreclosure sale, and any successor or   assign thereof, and the term “Tenant” as used herein includes any direct or more remote successor  and assign of the named Tenant herein. All terms used herein but not defined herein which are   defined in the Lease shall have the same meaning for purposes hereof as they do for purposes of   the Lease.  11. Tenant acknowledges, without limitation, that the subordinations provided hereby include  a full and complete subordination by Tenant of any options it may have to purchase all or any portion of   the Premises, rights of first refusal or similar rights, whether such rights are provided in the Lease or   elsewhere. Tenant hereby further agrees that any such option to purchase or right of first refusal shall be   expressly inapplicable to any foreclosure of the Mortgage or acquisition of the Premises or any interest  therein by Lender or any designee of Lender by conveyance in lieu thereof or similar transaction.    12. Lender shall not, either by virtue of the Mortgage, the Assignment or this Agreement,  be  or become a mortgagee in possession or be or become subject to any liability or obligation under the Lease  or otherwise until Lender shall have acquired the interest of Landlord in the Premises, by foreclosure or   otherwise, and then such liability or obligation of Lender under the Lease shall extend only to those  liabilities or obligations accruing subsequent to the date that Lender has acquired the interest of Landlord   in the Premises as modified by the terms of this Agreement.    13. This Agreement may be executed in any number of counterparts, each of which shall be   effective only upon delivery and thereafter shall be deemed an original, and all of which shall be taken to   be one and the same instrument, for the same effect as if all parties hereto had signed the same signature  page. Any signature page of this Agreement may be detached from any counterpart of this Agreement  without impairing the legal effect of any signatures thereon and may be attached to another counterpart of   this Agreement identical in form hereto but having attached to it one or more additional signature pages. If  

 

ny-2277987    62427499;2  any portion or portions of this Agreement shall be held invalid or inoperative, then all of  the remaining   portions shall remain in full force and effect, and, so far as is reasonable and possible, effect shall be given  to the intent manifested by the portion or portions held to be invalid or inoperative. This Agreement shall   be governed by and construed in accordance with the laws of the State of New York.    14. This Agreement may be amended, discharged, terminated or any of its provisions waived,   only by a written instrument executed by the party to be charged.    15. In the event of any conflict between the terms of this Agreement and the terms of the Lease,  the terms of this Agreement shall govern and control.    [No further text on this page. Signatures appear on the following page.]                                                                                          5  

 

ny-2277987    62427499;2  IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their duly  authorized representatives as of the date first above written.      TENANT:    [ ]      By:   Name:   Title:              STATE OF [ ]  SS.:  COUNTY OF [ ]    On the          day of  in the year 2021 before me, the undersigned,  personally appeared , personally known to me or proved to me on the basis of   satisfactory evidence to be the individual whose name is subscribed to the within instrument and  acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,  the individual, or the person upon behalf of which the individual acted, executed the instrument.      Notary Public      [Signatures continue on the following page.]  

 

ny-2277987    62427499;2  LENDER:    [ ]    By:    Name:    Title:               STATE OF [ ]  SS.:  COUNTY OF [ ]    On the          day of  in the year 2021 before me, the undersigned,   personally appeared , personally known to me or proved to me on the basis of   satisfactory evidence to be the individual whose name is subscribed to the within instrument and  acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,   the individual, or the person upon behalf of which the individual acted, executed the instrument.      Notary Public  

 

62427499;2    , as guarantor of the obligations of Tenant under the Lease, has executed this  Agreement for the purpose of acknowledging and consenting to the same.      GUARANTOR:      ,  a            By:   Name:   Title:                       [End of signature pages.]  

 

62427499;2  EXHIBIT C    LIST OF ENVIRONMENTAL REPORTS      [    ] 

 

62427499;2  EXHIBIT D  NOTICE OF TRANSFER      , 20        VIA OVERNIGHT DELIVERY    [Name of Tenant]  [Tenant Address]    Re:      Lease    by    and    between  , a         (“Landlord”) and  , a  (“Tenant”),  dated as of , 200_ (the “Lease”), covering certain real property  situated in [City] , [State] (the “Property”)    To the Tenant Named Above:    You are hereby advised that the Property has been transferred (either directly or indirectly).  Please note the following relevant information regarding the owner and Landlord subsequent to   such transfer:    1. Name of Property owner (the Landlord under the Lease): .    Pursuant to Section 27 of Part II of the Lease, please be advised that a ll future notices,  demands, requests, consents, approvals, offers, statements and other instruments or  communications directed to Landlord under the Lease should be sent to the following address:          Attention:   Facsimile No.:        If you have any questions regarding the contents of this letter, please do not hesitate to  contact at the address or telephone number specified above.    IN WITNESS WHEREOF, the undersigned have executed this Notice of Transfer as of the  date first written above.    [NAME OF EXISTING LANDLORD]      By:   Its:    

 

62427499;2    [NAME OF NEW LANDLORD]      By:   Its:    

 

62427499;2  EXHIBIT E  GUARANTY OF LEASE FORM  GUARANTY OF LEASE    This Guaranty of Lease (the “Guaranty”) is executed as of the  day of [ ],  by [ ], a c [ ] (together with its successors and permitted  assigns, “Guarantor”), in favor of [  ], a [ ] (“Landlord”) with  reference to the following facts:  A. [ ], a [ ] (“Tenant”) entered into that certain  Lease, dated as of  , 2021 (as amended or otherwise modified from time to time,  the “Lease”), by and among Landlord and Tenant, pursuant to which Landlord has agreed to  lease the “Premises” described in the Lease (such premises, the “Premises”) to Tenant.  B. Guarantor, directly or indirectly, owns [  ] of the issued and  outstanding equity interests of Tenant.  C. As a condition precedent to the execution and delivery of the Lease by Landlord,  Landlord requires that Guarantor unconditionally guaranty the performance by Tenant of its  obligations set forth under the Lease.  D. Guarantor has a material financial interest in Tenant and expects to derive  material financial benefit from the Lease, and Guarantor desires that Landlord enter into the  Lease with Tenant.  In consideration of the foregoing recitals, and other good and valuable consideration, the receipt  and sufficiency of which are hereby acknowledged, Guarantor hereby covenants and agrees with  Landlord as follows:  1. Guarantor absolutely, irrevocably and unconditionally guarantees to and for the  benefit of Landlord and its successors and assigns the punctual and full payment as they accrue   and become due of all rents of every kind under the Lease and the full, faithful and timely  performance of each and all of the covenants, agreements, obligations, representations,  indemnifies, warranties and liabilities of Tenant (and/or Tenant’s assigns and successors to all or   any portion of Tenant’s interest in the Lease) under the Lease (each, an “Obligation”, and  collectively, the “Obligations”), until all such Obligations have been fully paid, performed and   discharged [    ]. The liability of Guarantor hereunder shall be for all  Obligations owed to Landlord including, without limitation, costs and fees (including, without  limitation, actual attorneys’ and experts’ fees and disbursements and court costs that would have  accrued under the Lease) and all other Obligations that would have been paid, performed and  discharged by Tenant (or Tenant’s assigns and successors to all or any portion of Tenant’s  interest in the Lease or the Premises) but for the commencement of a case under Title 11 of the  United States Code or under any successor statute thereto (the “Bankruptcy Code”), or any  other law governing solvency, bankruptcy, reorganization or like proceedings, and other  expenses incurred by Landlord in the enforcement of this Guaranty. The Obligations shall  continue, unaffected by any actual, purported or attempted assignment, transfer or sublease of all  or any portion of Tenant’s interest in the Lease  

 

5    62427499;2  or the Premises. Notwithstanding the foregoing, only upon any failure to fully pay, perform and  discharge any of the Obligations, which failure constitutes a default under the Lease, which   default remains uncured beyond any applicable cure period, if any, provided in the Lease(herein   called a “Breach”), Guarantor, upon written demand from Landlord, shall fully pay the  Obligation or Obligations in question, and shall pay all damages, losses, costs, expenses   (including, without limitation, actual attorneys’ and experts’ fees and court costs) and liabilities  that may arise in consequence of the Breach.  2. The obligations of Guarantor hereunder shall remain in full force and effect  without regard to, and shall not be affected or impaired by, the following, any or all of which  may be taken without the consent of, or notice to, Guarantor nor shall any of the following give  Guarantor any recourse or right of action against Landlord, each and all of which are hereby  expressly authorized by Guarantor to be undertaken at any time and from time to time by   Landlord in its sole and absolute discretion:  (a) Any amendment, modification, addition or supplement of or to the Lease;  (b) Any renewal, extension or continuation of the Lease or the term thereof, whether  pursuant to a written agreement or otherwise, and including without limitation,   any holding over by Tenant after the expiration of the term of the Lease, including  any renewal or extension term, whether or not consented to by Landlord;  (c) Any exercise or non-exercise or delay in the exercise or assertion by Landlord of  any right or privilege under this Guaranty or the Lease;  (d) Any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,  liquidation or other similar proceeding relating to Guarantor or Tenant, or any  action taken in respect of Tenant, this Guaranty, the Lease and/or the Premises by  any trustee, receiver, debtor-in-possession or the like, by Landlord or by any  court, in any such proceeding, including, without limitation, any assumption or  rejection of the Lease under Section 365 of the Bankruptcy Code, whether or not  Guarantor shall have had notice or knowledge of any of the foregoing;  (e) Any extension of time or other indulgence granted to Tenant or any waiver with   respect to the payment of rents, additional rents and other charges and expenses to  be paid by Tenant or with respect to the performance and observance of any other  obligations of Tenant under the Lease;  (f) Any assignment of the Lease or any subletting of all or any portion of the  Premises;  (g) The acceptance by Landlord of any security (including any real or personal  property collateral) for the punctual and full payment of said rents or the punctual  and full performance and observance of said Tenant obligations, or the release,   surrender, substitution or omission to act, by Landlord with respect to any such   security;  (h) Any disaffirmance or abandonment by Tenant, any debtor-in-possession or any  trustee of Tenant;  (i) Any other act or omission to act by Landlord; and  (j) Any other matter whatsoever whereby Guarantor would or might be released.  

 

6    62427499;2  3. Guarantor hereby knowingly, irrevocably, unconditionally and voluntarily waives:  (a) All presentments, demands for performance, notices of nonperformance, protests,   notices of protest, notices of dishonor and notices of acceptance of this Guaranty;  (b) Any right to require Landlord to proceed against Tenant or any other person at  any time or to proceed against or exhaust any security held by Landlord at any  time or to pursue any other remedy whatsoever at any time;  (c) Any defense arising out of the absence, impairment or loss of any right of   reimbursement, contribution or subrogation or any other right or remedy of the  Guarantor against the Tenant, whether resulting from any action or election of  remedies by Landlord or otherwise;  (d) Any defense arising by reason of any invalidity or unenforceability of the Lease   or any disability of Tenant, or by any cessation from any cause whatsoever of the  liability of Tenant, including, without limitation, (i) any rejection or termination  of the Lease under Section 365 of the Bankruptcy Code or (ii) any reduction,   diminution or limitation upon or discharge of the liability of Tenant under the  Bankruptcy Code;  (e) Any defense based upon an election of remedies by Landlord;  (f) Any duty of Landlord to advise Guarantor of any information known to Landlord  regarding the financial condition of Tenant and all other circumstances affecting  the ability of Tenant to perform its obligations under the Lease, as more  particularly described in Paragraph 10 below;  (g) Any duty of Landlord to give Guarantor notice of any demand by Landlord or any  notice of any type or nature under the Lease, including, without limitation, any   notice relating to any default by the Tenant under the Lease;  (h) Any defense based upon any express or implied amendment, modification,  addition or supplement of or to the Lease or of or to Tenant’s obligations under  the Lease made without the consent of Guarantor, which consent shall not be  required;  (i) Any defense based upon the lack of perfection or continuing perfection or failure  of priority of collateral security, if any, which may now or hereafter be given for  performance of the Obligations;  (j) Any defense based upon the failure by Landlord to marshal assets;  (k) Any defense based upon any act or omission of Landlord that results in or aids in  the discharge or release of Tenant;  (l) Any defense based upon any law that provides that the obligations of a guarantor  must not be larger in amount nor in other respects more burdensome than that of  the principal or that reduces a guarantor’s obligation in proportion to the principal  obligation;  (m) Any defense based upon any failure of Landlord to file or enforce or compromise  a claim in any bankruptcy proceeding;  

 

7    62427499;2  (n) Any defense based upon the avoidance of any lien in favor of Landlord for any  reason;  (o) Any defense based upon the right to enforce any remedy against any other person;  (p) Any defense based upon the right, if any, to the benefit of, or to direct the  application of any security held by Landlord, and, until all of the Obligations have  been paid and performed in full, all rights of subrogation, any right to enforce any   remedy that Landlord now has or hereafter may have against Tenant, and any  right to participate in any security now or hereafter held by Landlord;  (q) Any defense based upon the benefits or defenses, if Guarantor is entitled to any  benefits or defenses, of any or all anti-deficiency statutes or single-action  legislation; and  (r) Any setoff, defense or counter-claim that Tenant or Guarantor may have or claim  to have against Landlord.  4. Until all amounts payable to Landlord under the Lease have been paid in full,   Guarantor shall have no right of subrogation and Guarantor waives, to the f ullest extent  permitted by law, any right to enforce any remedy that Landlord now has or may hereafter have  against Tenant.  5. Without prejudice to the generality of any waiver granted in this Guaranty, the  Guarantor irrevocably and unconditionally abandons and waives any right which it may have at  any time under the laws of Jersey whether by virtue of the droit de discussion or otherwise to   require (i) that recourse be had to assets of any other person before any claim is enforced against  it in respect of the obligations or liabilities assumed by it under this and (ii) whether by virtue of   the droit de division or otherwise to require that any liability under this Guaranty be divided or   apportioned with any other person or reduced in any manner whatsoever.  6. This Guaranty shall extend to each and every payment to be made and other  obligation or condition to be performed or observed under the Lease by Tenant and its successors  and assigns. Successive demands may be made upon, and successive actions for the enforcement  of such demands may be brought against, Guarantor upon successive defaults in the making of   particular payments and the performance and observance of particular obligations or conditions   under the Lease, and the enforcement of this Guaranty against Guarantor with respect to any  particular payment or obligations or conditions under the Lease shall not operate to exhaust this   Guaranty or as a waiver of the right to proceed under this Guaranty with respect to any future  default or defaults.  7. Notwithstanding anything to the contrary herein contained in this Guaranty, this   Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time,   payment, or any part thereof, of any or all of the obligations guaranteed hereby is rescinded,  invalidated, declared to be fraudulent or preferential or otherwise required to be restored or  returned by Landlord upon the insolvency, bankruptcy or reorganization of Tenant or if Landlord  elects to return such payment or any part thereof in its sole discretion, all as though such  payment or application of proceeds had not been made. Without limiting the generality of the  foregoing, if prior to any such rescission, invalidation, declaration, restoration or return , this  Guaranty shall have been canceled or surrendered, this Guaranty shall be reinstated in full force  and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair  

 

8    62427499;2  or otherwise affect the obligations of Guarantor in respect of the amount of the affected payment  or application of proceeds.  8. [intentionally omitted].  9. This Guaranty is an irrevocable, continuing guaranty and Guarantor agrees that  this Guaranty shall remain in full force and effect until all of the Obligations are fully paid,  performed and discharged, regardless of the expiration or earlier termination of the Lease, and  regardless of the bankruptcy, reorganization, dissolution or insolvency of Tenant, its successors   and assigns, and regardless of any actual, attempted or purported assignment, sublease or other  transfer of all or any portion of Tenant’s interest in the Lease.  Guarantor further agrees that this  Guaranty may not be revoked by Guarantor. If any provision of this Guaranty is held to be  invalid or unenforceable, the validity and enforceability of the other provisions of this Guaranty   shall not be affected. This Guaranty shall remain in full force and effect notwithstanding future  changes of conditions, including any changes in law or invalidity or irregularity in the creation of  any of the Obligations.  10. In giving this Guaranty, Guarantor is not concerned with Tenant’s financial  condition and hereby knowingly and irrevocably waives any right Guarantor may possess to   require Landlord to disclose to Guarantor any information Landlord may now or hereafter  possess concerning Tenant’s present or future character, credit, collateral or financial condition.   Guarantor assumes the responsibility for being and keeping informed of the f inancial condition  of Tenant and of all circumstances bearing upon the risk of non-payment and nonperformance of  the Obligations that diligent inquiry would reveal.  11. No delay or failure by Landlord to execute any remedy against Tenant or  Guarantor will be construed as a waiver of that right or remedy. All remedies of Landlord are  cumulative.  12. This Guaranty shall be one of payment and performance and not merely of  collection.  13. In any action or proceeding brought to enforce the terms of this Guaranty, the  prevailing party shall be entitled to recover any and all costs and expenses, including, without  limitation, actual attorneys’ fees and court costs, incurred in any such action or proceeding.  14. All notices, requests, concerns, approvals, payments in connection with the Lease,  or communications that either party desires or is required or permitted to give or make to the   other party under the Lease shall only be deemed to have been given, made and delivered, when  made or given in writing and personally served, or deposited in the United States mail, certified  or registered mail, postage prepaid, and addressed to the parties as follows:  IF TO GUARANTOR, TO:                   

 

9    62427499;2            IF TO LANDLORD. TO:              With a copy to:              With another copy to:            or to such other address or addresses as either Landlord or Guarantor may from time to time  designate to the other by written notice in accordance herewith. Such notices shall be effective  on the date of delivery or attempted delivery. Service of process in connection with any legal  action or proceeding relating to this Guaranty shall also be deemed properly delivered if   delivered and served in any manner permitted by the applicable law of the State of Florida or the   United States, as the case may be. Landlord or Guarantor may change its address for the purpose  of this Guaranty by giving written notice of such change to the other party in the manner herein  provided. Unless and until any such notice is given, any notice or other communication sent to   the last noticed address as provided herein shall be deemed properly delivered.  14. Guarantor agrees that this Guaranty shall be construed as an absolute,  unconditional, irrevocable, continuing and unlimited obligation of Guarantor without regard to  the regularity, validity or enforceability of any liability or obligation hereby guaranteed.  15. The right of Landlord to demand and Guarantor’s obligation to pay and to  perform fully the Obligations shall not be suspended, abridged or affected in any way whatsoever  by the fact that the Obligations or any part thereof are at any time secured by real or personal  property or otherwise. With or without notice to Guarantor and without affecting Guarantor’s  liability hereunder or with respect to the Obligations hereby guaranteed, Landlord, from time to   time, either before, at or after any Breach and whether or not Landlord is under any contractual  or equitable obligation to do so, may (a) accept security for the Obligations hereby guaranteed,  (b) release or accept other security in exchange or in substitution for collateral, if any, that may  be held or any part thereof, (c) accept substitutes for or release Guarantor or any substitutes for  

 

10    62427499;2  Guarantor as party hereto, or (d) subordinate any security interest in any collateral or any portion  thereof to the rights of other creditor or creditors.  16. This Guaranty shall continue for the term of the Lease and any extensions or  renewals thereof and until all obligations and liabilities of Tenant and its successors and assigns  to Landlord under or relating to the Lease have been fully paid or satisfied (subject to  reinstatement of the Guaranty as provided in Paragraph 7 above).  17. This Guaranty shall be governed by and construed in accordance with the internal  laws of the State of New York. In connection with any suit, action or proceeding brought with  respect to this Guaranty, Guarantor hereby irrevocably submits to the exclusive jurisdiction of  any Federal or State court in the County of New York, State of New York, and Guarantor waives  any objections that it may now or hereafter have based upon venue and/or forum non conveniens  of any such suit, action or proceeding.  18. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY  IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR  RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY  (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  19. This Guaranty or the provisions hereof shall not be modified, amended or waived  in any manner unless the same be in writing and signed by Landlord and Guarantor.  20. If there be more than one undersigned Guarantor, each undersigned Guarantor is  executing this instrument, and shall be unconditionally liable hereon, jointly and severally.   Landlord may make demand upon or pursue any remedies against any one or more Guarantor,  whether or not any demand is made upon or any remedies are pursued against any other  Guarantor. Each Guarantor expressly agrees that recourse may be had against any and all  property of Guarantor, regardless of whether such property constitutes community property,  quasi-community property or separate property.  22. Landlord shall have the right, without any consent from Guarantor, to assign this  Guaranty, in whole and not in part, in connection with any assignmen t of Landlord’s rights  (including, without limitation, Landlord’s rights under Section 38 of the Lease) and obligations   under the Lease. Upon the transferee becoming the Landlord pursuant to Section 38 of the  Lease, upon the request of Landlord or such transferee, as the case may be, Guarantor shall  execute and deliver an acknowledgment that this Guaranty runs in favor of Landlord. Guarantor  may not assign, delegate or otherwise transfer all or any part of its respective rights and/or  obligations under this Guaranty without the prior written consent of Landlord. Subject to the  restrictions on transfer set forth in the immediately preceding sentence, this Guaranty shall be   binding upon, and inure to the benefit of, Landlord and Guarantor and their respective successors  and assigns. Any attempted assignment, delegation or transfer in violation of this Paragraph 22   shall be, and is hereby declared, null and void ab initio.  23. Guarantor agrees to deliver all financial reports required to be delivered by  Guarantor pursuant to Section 39 of the Lease within the time frames set forth therein.    [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]  

 

62427499;2  IN WITNESS WHEREOF, the undersigned has executed and delivered this Guaranty as of the  date first above written.    GUARANTOR    [ ],  a [ ]      By:_   Name:  Title:    [SIGNATURE PAGES CONTINUE ON NEXT PAGE]                                                                                    Signature Page Guaranty  

 

62427499;2          Accepted and Agreed:    LANDLORD:    [ ],  a [ ]      By:_   Name:  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00341-of-00352.parquet"}]]