Document:

EXHIBIT
      10.1

    

    COMMERCIAL
      LEASE 

    

    
      	
              1.
                PARTIES

               

            	 	
              Lahinch
                Limited Partnership, a Massachusetts limited partnership with an
                address
                of 12 Clock Tower Place Suite 200, Maynard, MA 01754 (“Landlord”),
                does hereby lease to Lightspace
                Corporation
                a
                Delaware corporation with a place of business at 383 Dorchester
                Avenue, Suite 220, Boston, MA 02127 (“Tenant”),
                the Premises (as defined below).

               

            
	
              2.
                PREMISES

               

            	 	
              A
                portion of the building consisting of 9,716 non-contiguous rentable
                square
                feet located
                at 383 Dorchester Avenue, Boston, Massachusetts 02127, consisting
                of a
                portion of the building consisting of 3,327 rentable square
                feet located
                at 383 Dorchester Avenue, Suite 220 (“Suite 220”), Boston, Massachusetts
                02127, as shown on Exhibit
                A1, and
                a portion of the building consisting of 6,389 rentable square
                feet located
                at 383 Dorchester Avenue, Suite 130 (“Suite 130”), Boston, Massachusetts
                02127, as shown on Exhibit
                A2(collectively,
                the “Premises”), and together with the right to use in common, with others
                entitled thereto, the hallways, stairways and elevators, necessary
                for
                access to said leased premises, and lavatories nearest thereto, if
                any
                (the “Premises”).
                Except as set forth herein, the Premises are to be delivered in “as-is”
                condition as they are in on the date of this Lease.

               

            
	 	 	
              The
                buildings and improvements now or hereafter located or used in connection
                with the Property, including the Building, currently consisting of
                approximately 144,888 rentable square feet is referred to as the
                “Project”.
                

               

            
	
              3.
                TERM

               

            	 	
              The
                term of this Lease shall be for 60 months and is projected to commence
                on
                July 1, 2008, or issuance of Certificate of Occupancy (CO) or Temporary
                Certificate of Occupancy (TCO) by the City of Boston, (the “Term
                Commencement Date”)
                and terminating on June 30, 2013, (the “Term
                Expiration Date”).
                The Actual term Commencement Date and Term Expiration Date shall
                be
                memorialized in an amendment upon issuance of CO or TCO.

               

            
	
              4.
                RENT

               

            	 	
              Suite
                220
                Office Space

               

              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $42,419.25 per year NNN ($12.75 per rentable square foot NNN),
                for
                months one (1) through twelve (12), payable in advance on the first
                day of
                each month in installments of $3,534.94 each NNN. Tenant shall pay
                the
                first month’s rent upon execution of this Lease.

               

            
	 	 	
              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $43,251.00 per year NNN ($13.00 per rentable square foot NNN),
                for
                months thirteen (13) through twenty four (24), payable in advance
                on the
                first day of each month in installments of $3,604.25 each NNN.
                

               

            
	 	 	
              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $44,082.75 per year NNN ($13.25 per rentable square foot NNN),
                for
                months twenty five (25) through thirty six (36), payable in advance
                on the
                first day of each month in installments of $3,673.56 each NNN.
                

               

            
	 	 	
              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $44,082.75 per year NNN ($13.25 per rentable square foot NNN),
                for
                months thirty seven (37) through forty eight (48), payable in advance
                on
                the first day of each month in installments of $3,673.56 each
                NNN.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	 	 	
              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $44,914.50 per year NNN ($13.50 per rentable square foot NNN),
                for
                months forty nine (49) through sixty (60), payable in advance on
                the first
                day of each month in installments of $3,742.88 each NNN. 

               

            
	 	 	
              Tenant
                shall pay the first month’s rent upon execution of this Lease. All
                payments hereunder (including rent and additional rent) shall be
                due and
                payable on or before the first day of each calendar month. There
                will be a
                late charge for payments made after the first (1st)
                of the month, which charge shall be the lesser of eighteen percent
                (18%)
                per month or the maximum amount permitted by law. Failure to pay
                the late
                charge is a default under the terms of the Lease. Tenant acknowledges
                and
                waives any/all rights to offset or reduce payments due under this
                Lease.
                

               

            
	 	 	
              Suite
                130
                Warehouse Space

               

              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $55,903.75 per year NNN ($8.75 per rentable square foot NNN),
                for
                months one (1) through twelve (12), payable in advance on the first
                day of
                each month in installments of $4,658.65 each NNN. Tenant shall pay
                the
                first month’s rent upon execution of this Lease.

               

            
	 	 	
              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $57,501.00 per year NNN ($9.00 per rentable square foot NNN),
                for
                months thirteen (13) through twenty four (24), payable in advance
                on the
                first day of each month in installments of $4,791.75 each NNN.
                

               

              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $59,098.25 per year NNN ($9.25 per rentable square foot NNN),
                for
                months twenty five (25) through thirty six (36), payable in advance
                on the
                first day of each month in installments of $4,924.85 each NNN.
                

               

              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $59,098.25 per year NNN ($9.25 per rentable square foot NNN),
                for
                months thirty seven (37) through forty eight (48), payable in advance
                on
                the first day of each month in installments of $4,924.85 each NNN.
                

               

              Tenant
                shall pay, without any offset or reduction, rent to Landlord at the
                rate
                of $60,695.50 per year NNN ($9.50 per rentable square foot NNN),
                for
                months forty nine (49) through sixty (60), payable in advance on
                the first
                day of each month in installments of $5,057.96 each NNN. 

               

              Tenant
                shall pay the first month’s rent upon execution of this Lease. All
                payments hereunder (including rent and additional rent) shall be
                due and
                payable on or before the first day of each calendar month. There
                will be a
                late charge for payments made after the first (1st)
                of the month, which charge shall be the lesser of eighteen percent
                (18%)
                per month or the maximum amount permitted by law. Failure to pay
                the late
                charge is a default under the terms of the Lease. Tenant acknowledges
                and
                waives any/all rights to offset or reduce payments due under this
                Lease.
                

               

            
	
              5.
                SECURITY DEPOSIT 

               

            	 	
              A
                Security Deposit in the amount of $17,601.68 shall be paid to Landlord
                by
                Tenant upon execution of this Lease, which shall be held as security
                for
                Tenant’s performance of any and all of its obligations hereunder. Landlord
                may adjust the Security Deposit from time to time after reviewing
                Tenant’s
                financial statements, which Tenant shall provide to Landlord upon
                request.
                Upon the occurrence of a default under this Lease by Tenant, Landlord
                may,
                in its sole discretion, apply the Security Deposit to cure such default
                and Tenant shall restore the Security Deposit to the sum of $17,601.68(or
                such adjusted amount). Upon a transfer of the Property, Tenant agrees
                to
                look solely to such transferee for the return of the Security Deposit.
                

            

    

     

    
      
         

      

      
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              6.
                TAXES AND OPERATING EXPENSES

               

            	 	
              Tenant
                shall pay to Landlord in advance on the first day of each month,
                commencing on the Term Commencement Date, as additional rent, the
                Tenant’s
                Share (as defined below) of (i) the Taxes (as defined below) and
                (ii)
                Operating Expenses (as defined below). 

               

              “Taxes”
                shall mean all real estate taxes, personal property taxes, assessments,
                water and sewer charges and all municipal, state and federal charges
                levied or assessed or imposed on the Project. 

               

            
	 	 	
              “Operating
                Expenses”
                shall mean all expenses, costs and disbursements of every kind and
                nature
                which Landlord shall pay or become obligated to pay in connection
                with the
                Project, including without limitation, (i) insurance premiums paid in
                connection with the Project; (ii) all utility charges for the Project
                not
                directly billed to the Tenant or other Tenants; (iii) compensation
                and
                benefits for Landlord’s employees and agents, engaged in the operation and
                maintenance of the Project; (iv) worker’s compensation costs and payroll
                taxes for said employees and agents to be prorated when employee
                is not
                full time at the Project; (v) payments to independent contractors
                for
                maintenance, repairs, cleaning, management, legal, accounting and
                maintenance of the Project including utility systems; and (vi) generally
                all reasonable expenses incurred by Landlord in connection with its
                operation of the Project. 

               

              “Tenant’s
                Share”
                shall mean 6.71%. Landlord may, from time to time, in Landlord’s sole
                discretion, adjust Tenant’s Share to reflect the ratio of the actual
                rentable square feet of the Premises to the actual rentable square
                feet of
                the Project. 

               

              THIS
                LEASE IS A TRIPLE NET LEASE AND LANDLORD SHALL NOT BE OBLIGATED TO
                PAY ANY
                CHARGE OR BEAR ANY EXPENSE WHATSOEVER AGAINST OR WITH RESPECT TO
                THE
                PREMISES EXCEPT TO THE EXTENT SPECIFICALLY SET FORTH HEREIN NOR SHALL
                RENT, ADDITIONAL RENT AND ANY OTHER CHARGES PAYABLE HEREUNDER BE
                SUBJECT
                TO ANY REDUCTION OR OFFSET WHATSOEVER ON ACCOUNT OF SUCH CHARGE.
                IN ORDER
                THAT THE RENT SHALL BE ABSOLUTELY NET TO LANDLORD, TENANT COVENANTS
                AND
                AGREES TO PAY AS ADDITIONAL RENT TAXES, BETTERMENT ASSESSMENTS, INSURANCE
                COSTS, OPERATING EXPENSES AND UTILITY CHARGES WITH RESPECT TO THE
                PREMISES
                AS PROVIDED HEREIN. 

               

            
	
              7.
                UTILITIES

               

            	 	
              The
                Tenant shall pay all bills for utilities furnished to the Premises,
                including, without limitation, electricity, gas, water, sewer, telephone
                and other services and including heat and air conditioning. Landlord
                shall
                not be liable for any interruption in utilities or services serving
                the
                Premises. 

               

              Landlord
                intends to separately meter this suite for utilities. If Landlord
                elects
                not to submeter or check meter the Premises, Tenant will be billed
                monthly
                for its energy use at a rate of $2.00 per square foot per year (the
                “Utility Charge”) for electric and gas to be paid as additional rent.
                Landlord shall have the right to adjust the Utility Charge from time
                to
                time in its sole discretion. 

               

              Landlord
                shall have no obligation to provide utilities or equipment other
                than the
                utilities and equipment within the Premises as of the Term Commencement
                Date. In the event Tenant requires additional utilities or equipment,
                the
                installation and maintenance thereof shall be the Tenant’s sole
                obligation, provided that such installation shall be subject to the
                prior
                written consent of the Landlord. Landlord shall have the right to
                enter a
                Tenant’s suite at any time without notice in order to install electric
                meters.

            

    

     

    
      
         

      

      
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              If
                this suite contains a server room or lab room with an existing
                supplemental air conditioning unit, Tenant shall be responsible for
                maintenance such existing supplementary air conditioning unit. If
                any
                server room or lab room should need a supplementary air conditioning
                unit
                and Tenant desires to have such a unit installed, Tenant shall use
                Landlord’s designated HVAC contractor. Tenant shall be responsible for
                maintenance of said supplementary air conditioning unit. At the
                termination of this lease or amendment the supplementary air conditioning
                unit shall remain with the demised premises and will become the property
                of the Landlord.

               

            
	
              8.
                USES OF LEASED PREMISES

               

            	 	
              Tenant
                shall use Suite 220 only for general office and its associated uses
                provided that such use must comply with all applicable zoning regulations
                and all other applicable Federal, State and Municipal laws and Landlord’s
                rules and regulations, adopted from time to time. 

               

            
	 	 	
              Tenant
                shall use Suite 130 only for general warehouse and its associated
                uses
                provided that such use must comply with all applicable zoning regulations
                and all other applicable Federal, State and Municipal laws and Landlord’s
                rules and regulations, adopted from time to time.

               

            
	
              9.
                COMPLIANCE WITH LAWS

               

            	
                

               

            	
              Tenant
                acknowledges that no trade or occupation shall be conducted in the
                Premises or use made thereof which will be unlawful, improper,
                unreasonably noisy or offensive, or contrary to any law or any municipal
                by-law or ordinance in force in the city or town in which the premises
                are
                situated. Said non-compliance shall be considered a breach of this
                Lease.

               

            

    

    

    
      	
              10.
                FIRE INSURANCE

               

            	 	
              Tenant
                shall not permit any use of the Premises which will make void any
                insurance on the Project or on the contents of the Project or which
                shall
                be contrary to any law or regulation from time to time established
                by the
                New England Fire Insurance Rating Association, or any similar body
                succeeding to its powers. Tenant shall on demand reimburse Landlord,
                and
                all other tenants, for all extra insurance premiums resulting from
                Tenant’s use of the Premises.

               

            
	
              11.
                MAINTENANCE

               

            	 	 
	
              A.
                TENANT’S
                OBLIGATION

               

            	 	
              Tenant
                agrees to maintain the Premises in good condition, damage by fire
                and
                other casualty excepted, and whenever necessary, to replace plate
                glass,
                acknowledging that the Premises are now in good order and the glass
                whole.
                Tenant shall not permit the Premises to be overloaded, damaged, stripped
                or defaced, nor suffer any waste. Tenant shall not install any signs
                at
                the Premises.

               

            
	
              B.
                LANDLORD’S
                OBLIGATION

               

            	 	
              Landlord
                agrees to maintain the structure of the Building in the same condition
                as
                it is at the Term Commencement Date or as it may be put in during
                the Term
                of and pursuant to the terms of this Lease, reasonable wear and tear,
                damage by fire or other casualty and damage caused by Tenant or by
                such
                party for whose conduct the Tenant is legally responsible, and is
                excepted. Tenant acknowledges that the building is old and has been
                recently restored. As such the structure may contain certain deficiencies
                that could lead to leaks and other such nuisances due to wind, driving
                rain and other weather related items. Tenant acknowledges that with
                reasonable notice the Landlord will respond and make efforts to repair
                such problems. Tenant also acknowledges they may not use any such
                problems, should they arise, as an excuse to break the
                lease.

            

    

     

    
      
         

      

      
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              12.
                ALTERATIONS & ADDITIONS AND LANDLORD’S WORK

               

            	 	
              Tenant
                shall not make alterations, installations or additions to the Premises
                without Landlord’s prior written consent which consent may be withheld by
                Landlord in its sole discretion and must be performed by Landlord
                or its
                agents. All such allowed alterations shall be at Tenant’s sole cost and
                expense and shall be in quality at least equal or better than the
                present
                construction. Tenant shall not permit any mechanics’ liens, or similar
                liens, to remain upon the Premises for labor and material furnished
                to
                Tenant or claimed to have been furnished to Tenant in connection
                with work
                of any character performed or claimed to have been performed at the
                direction of Tenant and shall cause any such lien to be released
                of record
                forthwith without cost to Landlord. Any alterations, installations
                or
                additions made to the Premises shall become the property of the Landlord
                at the termination of occupancy as provided herein, unless Landlord
                shall
                require the removal of such alterations, installations or additions.
                If
                Landlord shall require the removal of any alterations or additions,
                Tenant
                shall restore the Premises to its original condition at Tenant’s expense.
                

               

            
	 	 	
              Landlord
                shall be responsible, at its sole cost and expense, to complete the
                work
                set forth on EXHIBIT A1 and A2 and EXHIBIT E and to obtain a CO or
                TCO by
                or before July 1, 2008.

               

            
	
              13.
                ASSIGNMENT & SUBLETTING

               

            	 	
              Tenant
                shall not assign or sublet the whole or any part of the Premises
                without
                Landlord’s prior written consent, which may be withheld or delayed by
                Landlord in its sole discretion. Notwithstanding such consent, Tenant
                shall remain liable to Landlord for the payment of all rent and for
                the
                full performance of the covenants and conditions of this Lease. For
                the
                purposes of this Lease, any transfer of an interest in Tenant shall
                be
                deemed an assignment of this Lease. If Tenant requests Landlord’s consent
                to assign this Lease or sublet all or any portion of the Premises,
                Landlord shall have the option, exercisable by written notice to
                Tenant
                given within ten (10) days after receipt of such request, to terminate
                this Lease as of the date specified in such notice. If landlord approves
                a
                sublease and said sublease is for a total rental amount which on
                an annual
                basis is greater than the Fixed Rent and Additional Rent due from
                the
                Tenant to the Landlord under this lease, Tenant shall pay to the
                Landlord,
                forthwith upon Tenants’ receipt of each installment of such excess Fixed
                Rent and Additional Rent, during the term of any approved sublease,
                as
                Additional Rent hereunder, in addition to the Fixed Rent and Additional
                Rent and other payments due under this Lease, an amount equal to
                one
                hundred percent (100%) of the positive excess between all Fixed Rent
                and
                Additional rent received by Tenant, less reasonable transaction costs,
                which shall include legal fees and brokerage commissions, under the
                sublease and the aggregate of Fixed Rent and Additional Rent due
                hereunder.

               

            
	
              14.
                SUBORDINATION

               

            	 	
              This
                Lease shall be subject and subordinate to any and all mortgages,
                deeds of
                trust and other instruments in the nature of a mortgage, now existing
                or
                at any time hereafter arising, a lien or liens on the property of
                which
                the leased premises are a part. Tenant shall, when requested, promptly
                execute and deliver such written instruments in the lender’s form as shall
                be necessary to show the subordination of this Lease to said mortgages,
                deeds of trust or other such instruments in the nature of a mortgage.
                Tenant’s failure to execute and return documents to Landlord within
                forty-eight (48) hours of receipt by Tenant or Tenant’s agent shall be
                deemed a breach of this Lease.

               

            
	
              15.
                LANDLORD’S ACCESS

               

            	 	
              Landlord
                or agents of Landlord may show the Premises to others with out advance
                notice, and at any time before the expiration of the Term for the
                purpose
                related to the sale, lease or refinancing of the Premises, excluding
                emergencies in which case Landlord may enter the Premises without
                any
                notice. Landlord may remove placards and signs not approved and affixed
                as
                herein provided, and make repairs, installations and
                alterations.

               

              Landlord
                may show the Premises to prospective Tenants during the Term. Tenant
                shall
                provide Landlord or its agents alarm codes and keys. Tenant’s refusal to
                provide Landlord or its agent’s access as stated above shall be deemed a
                breach of this Lease.

            

    

     

    
      
         

      

      
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              16.
                INDEMNIFICA-TION AND LIABILITY

               

            	 	
              A.    Tenant
                agrees to defend (with counsel selected by Landlord), indemnify and
                save
                harmless the Landlord, the Landlord’s managing agent and any holder of a
                mortgage on all or any portion of the Premises from (i) any act,
                omission or negligence of the Tenant, or the Tenant’s contractors,
                licensees, agents, servants, or employees, or arising from any accident,
                injury, or damage whatsoever caused to any person, or to the property
                of
                any person, or (ii) any violation of applicable law including,
                without limitation, any law, regulation or ordinance concerning trash,
                hazardous materials, or other pollutant occurring from and after
                the date
                that possession of the Premises is delivered to the Tenant and until
                the
                end of the Term hereof in or about the Premises, or (iii) any
                accident, injury or damage occurring outside the Premises, where
                such
                accident, damage or violation of applicable law results in injury
                from act
                or omission on the part of the Tenant or the Tenant’s agents or employees.
                This indemnity and hold harmless agreement shall survive termination
                of
                this Lease and include indemnity against all costs, expenses and
                liabilities incurred in or in connection with any such claim or proceeding
                brought thereon, and the defense thereof. Landlord agrees to pursue
                all of
                its rights under Tenant’s insurance policy before seeking indemnification
                from Tenant, provided that Tenant’s policy is on an occurrence basis
                policy with limits as required by Section 17. Landlord agrees that
                Tenant’s indemnity shall only apply to the extent Landlord does not
                recover such costs, expenses and liabilities under any such policy.
                Tenant
                agrees that Tenant’s insurance shall be the primary insurance policy and
                that said policy shall be exhausted in its totality before Landlord
                seeks
                its own rights to recover under any additional policy.

               

              B.   
                Tenant
                agrees that Landlord shall not be responsible or liable to Tenant,
                or to
                those claiming by, through or under Tenant, for any loss or damage
                that
                may be occasioned by or through the acts or omissions of persons
                occupying
                any adjoining space or any part of the Building, or for any loss
                or damage
                resulting to Tenant or to those claiming by, through or under Tenant,
                or
                its or their property, from the bursting, stopping or leaking of
                water,
                gas, sprinklers, sewer or steam pipes, unless such damage is caused
                by the
                sole gross negligence of Landlord.

               

            
	
              17.
                TENANT’S LIABILITY INSURANCE

               

            	 	
              Tenant
                shall maintain with respect to the Premises and the Project, commercial
                general liability insurance in the amount of five million dollars
                ($5,000,000) with property damage insurance in limits of one million
                dollars ($1,000,000) in responsible companies qualified to do business
                in
                Massachusetts and in good standing therein insuring the Landlord
                as well
                as Tenant against injury to persons or damage to property as provided.
                Tenant shall deposit with the Landlord certificates of such insurance
                at
                or prior to the Term Commencement Date and thereafter within thirty
                (30)
                days prior to the expiration of any such policies. All such insurance
                certificates shall provide that such policies shall not be altered
                or
                canceled without at least thirty (30) days prior written notice to
                Landlord.

            

    

     

    
      
         

      

      
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              18.
                FIRE, CASUALTY, EMINENT DOMAIN

               

            	 	
              Should
                a substantial portion of the Premises or of the Project be substantially
                damaged by fire or other casualty, or be taken by eminent domain,
                Landlord
                may elect to terminate this Lease. When such fire, casualty or taking
                renders the Premises substantially unsuitable for their intended
                use,
                Tenant may elect to terminate this lease if:

               

              (a)  
                Landlord
                fails to deliver written notice within ninety (90) days of intention
                to
                restore Premises, or

              (b)  
                Landlord
                fails to restore the Premises to a condition substantially suitable
                for
                their intended use within one hundred eighty (180) days of
                (i) receipt of insurance proceeds in the case of fire or casualty or
                (ii) receipt of the award in the case of a taking.

               

              Landlord
                reserves, and Tenant grants to Landlord, all rights which the Tenant
                may
                have for damages or injury to the leased premises for any taking
                by
                eminent domain, except for damage to the Tenant’s fixtures, property, or
                equipment.

               

            
	
              19.
                DEFAULT & BANKRUPTCY

               

            	 	
              In
                the event that:

              (a)  
                Tenant
                shall default in the payment of any installment of rent or other
                sum
                herein specified; or 

              (b)  
                Tenant
                shall vacate or abandon all or any part of the Premises or fail to
                continuously occupy the Premises; or

              (c)  
                Tenant
                shall default in the observance or performance of any other of Tenant’s
                covenants, agreements or obligations hereunder, such default not
                having
                been cured within 10 days of receiving written notice of such default;
                or
                

              (d)  
                Tenant
                shall suffer a material adverse change in it’s business, as determined by
                Landlord; or

              (e)  
                Tenant
                shall be declared bankrupt or insolvent according to law, or, if
                any
                assignment shall be made of Tenant’s property for the benefit of
                creditors, provided,

               

              then
                Landlord shall have the right to proceed with summary process to
                remove
                Tenant from the Premises. In the event of default by Tenant, Tenant
                shall
                pay to Landlord all costs and expenses incurred in enforcing the
                terms of
                this Lease, including reasonable attorneys’ fees, whether or not legal
                proceedings are instituted. Tenant shall indemnify the Landlord against
                all loss of rent and other payments, which the Landlord may incur
                by
                reason of such termination during the balance of the Term of this
                Lease.

               

              If
                Tenant shall default in the observance or performance of any conditions
                or
                covenants on Tenant’s part to be observed or performed hereunder or by
                virtue of any of the provisions in any article of this Lease other
                than
                Tenant’s rental payment obligations, Landlord, without being under any
                obligation to do so and without thereby waiving such default, may
                remedy
                such default for the account and at the expense of the Tenant. If
                the
                Landlord makes any expenditures or incurs any obligations for the
                payment
                of money in connection therewith, including but not limited to, all
                attorney’s fees in instituting, prosecuting or defending any action or
                proceeding, such sums paid or obligations incurred, with interest
                at the
                rate of two (2%) percent per month and costs, shall be paid to the
                Landlord by the Tenant as additional rent upon notice from Landlord
                to
                Tenant of such costs and expenses.

               

              Notwithstanding
                anything contained in this Lease to the contrary, Landlord shall
                not be in
                default in the performance of any of Landlord's obligations under
                this
                Lease unless and until Landlord shall have failed to perform such
                obligations within thirty (30) days, or such additional time as is
                required to correct any such default, after receipt of written notice
                from
                Tenant to Landlord specifying Landlord's failure to perform any such
                obligation. If Tenant claims or asserts that Landlord is in default
                in the
                performance of Landlord's obligations under this Lease, Tenant shall
                not
                be relieved of Tenant's obligations under this Lease. Tenant's sole
                remedy
                shall be an action for specific performance, declaratory judgment
                or
                injunction. In no event shall Tenant claim or assert any claim for
                monetary damages in any action or by way of setoff, defense or
                counterclaim. Tenant hereby waives the right to any monetary damages,
                to
                terminate this Lease or any other remedies available at law or in
                equity.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
              20.
                SURRENDER

               

            	 	
              Tenant
                shall, at the expiration or other termination of this Lease, remove
                all
                Tenant’s goods and effects from the Premises (including without hereby
                limiting the generality of the foregoing, all signs and lettering
                affixed
                or painted by Tenant, either inside or outside the Premises). Tenant
                shall
                deliver to Landlord the Premises and all keys, locks thereto, alarm
                codes,
                all alterations, installations and additions made to or upon the
                Premises,
                in good condition, damage by fire or other casualty only excepted.
                In the
                event of the Tenant’s failure to remove any of Tenant’s property from the
                Premises, Landlord is hereby authorized, without liability to Tenant
                for
                loss or damage thereto, and at the sole risk of Tenant, to remove
                and
                store any of the property at Tenant’s expense, or to retain same under the
                Landlord’s control or to sell at public or private sale, without notice,
                any or all of the property not so removed and to apply the net proceeds
                of
                such sale to the payment of any sums due hereunder, or to destroy
                such
                property.

               

            
	
              21.
                GOVERNING LAW, ETC.

               

            	 	
              This
                Lease shall be governed by and construed under the laws of the
                Commonwealth of Massachusetts and shall take effect as a sealed
                instrument. All terms, covenants and obligations hereunder shall
                be
                binding upon and shall inure to the benefit of the parties hereto
                and
                their respective successors and assigns. No alterations, amendments
                or
                waivers hereunder shall be valid or enforceable absent a written
                instrument signed by all parties hereto. No waiver of any provision
                hereunder on one occasion shall be deemed to be a waiver on future
                occasions. All obligations hereunder shall be obligations for each
                Tenant
                both jointly and severally. The parties hereto agree that this Lease
                contains the entire agreement between the parties and that it supersedes
                all prior agreements and negotiations. Tenant has not relied upon
                any
                representation not contained within this Lease and acknowledges that
                neither Landlord nor its agents have made any warranties or
                representations of any kind or nature other than those expressly
                set forth
                herein.

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
              22. NON-
                INTERFERENCE

               

               

               

            	 	
              Tenant
                hereby acknowledges that after the execution date hereunder, Landlord
                or
                its affiliates may, from time to time, in connection with any space
                or
                parcel(s) (including without limitation any space or parcel(s) which
                abut
                the Premises), seek to obtain various approvals, variances, permits,
                authorizations and/or special permits and the like from the local
                municipality and the Commonwealth of Massachusetts. Tenant hereby
                agrees
                to cooperate with Landlord in all such efforts and agrees not to
                oppose or
                interfere with Landlord, its affiliates, agents, designees, appointees
                or
                assigns, in Landlord’s attempts to obtain any such approvals, variances,
                permits, authorizations and/or special permits and the like. Tenant’s
                obligations under this paragraph shall be binding on Tenant’s officers,
                directors, shareholders and employees and shall survive the termination
                of
                the Lease. Tenant acknowledges that any interference shall be deemed
                a
                breach of this Lease and Landlord, at its sole discretion, may terminate
                this Lease. 

               

            
	
              23. BROKERAGE

               

            	 	
              Tenant
                and Landlord represent and warrant that they have dealt with no brokers
                in
                this transaction. Each of the parties represents and warrants that
                there
                are no claims for brokerage commissions or finder's fees in connection
                with the execution of this lease, and each of the parties agrees
                to
                indemnify the other against, hold it harmless from all liabilities
                arising
                from any such claim including without limitation, the cost of counsel
                fees
                in connection therewith. 

               

            
	
              24. INDEPENDENT
                COVENANTS

               

            	 	
              Landlord
                and Tenant agree that the obligations of Tenant hereunder, including,
                without limitation, Tenant’s obligation to pay rent and additional rent,
                are independent and not mutually dependent covenants, and that the
                failure
                of Landlord to perform any obligation hereunder shall in no event
                justify
                or empower Tenant to withhold rent, additional rent or any other
                amount
                due to Landlord hereunder or to terminate the Lease. Tenant acknowledges
                that the foregoing is a material inducement to Landlord to enter
                into this
                Lease.

            

    

    

    IN
      WITNESS WHEREOF, the said parties hereunto set their hands and seals this 20th
      day of June, 2008.

     

    
      	
               

            	 	
              LAHINCH
                LIMITED PARTNERSHIP

            
	 	 	 
	
              LIGHTSPACE
                CORPORATION

            	 	
              By:

            	
              Lahinch
                Corporation,

            
	 	 	 	 	
              Its
                Sole General Partner

            
	
              By:

            	 	 	
               

            	
               

            
	
              Name:  
                

            	
              Gary
                Florindo

            	 	 	
               

            
	
              Title:
                

            	
              President
                & CEO

            	 	 	 
	 	 	 	 	 
	
              By:

            	 	 	
              By:

            	 
	
              Name:
                

            	
              Brian
                Batease

            	 	
              Name:  

            	
              Robert
                Buonato

            
	
              Title:

            	
              Vice
                President

            	 	
              Title:

            	
              President

            

    

     

    
      
         

      

      
        9PROMISSORY
      NOTE 

    

      
        	
                Date
                  of Note:
                  As of June 26,
                  2008

              	
                Note
                  Amount:
                  $17,280,000.00

              

      

    

    

    THIS
      PROMISSORY NOTE (this “Note”),
      is
      made as of June 26, 2008, by ARBOR MILL RUN JRM LLC, a Delaware limited
      liability company, having an address at
      333
      Earle Ovington Boulevard, Suite 900, Uniondale, NY 11553 (“Maker”),
      in
      favor of LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC., a Maryland
      Corporation, having an address at 326 Third Street, Lakewood, NJ 08701 (together
      with its successors and/or assigns, “Payee”).

     

    RECITALS:

     

    FOR
      VALUE
      RECEIVED, Maker does hereby unconditionally covenant and promise to pay to
      Payee, without any counterclaim, setoff or deduction whatsoever in immediately
      available funds, to the address of Payee as set forth herein, in legal tender
      of
      the United States, SEVENTEEN MILLION TWO HUNDRED EIGHTY THOUSAND and 00/100
      Dollars ($17,280,000.00), which principal amount shall be paid as set forth
      in
      this Note. 

     

    1. DEFINITIONS

     

    Defined
      terms in this Note shall include in the singular number the plural and in the
      plural number the singular. Additionally, for the purposes hereof, the following
      definitions shall have the following meanings:

     

    1.1. “Bankruptcy
      Event”
shall
      mean, with respect to any Person, any of the following events shall occur with
      respect to such Person: 

     

    (i) there
      shall be commenced by such Person any case, proceeding or other action (A)
      under
      any existing or future law of any jurisdiction, domestic or foreign, relating
      to
      bankruptcy, insolvency, reorganization or relief of debtors, seeking to have
      an
      order for relief entered with respect to it, or seeking to adjudicate it a
      bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
      winding-up, liquidation, dissolution, composition or other relief with respect
      to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian
      or other similar official for it or for all or any substantial part of its
      assets, or such Person shall make a general assignment for the benefit of its
      creditors; or 

    

    (ii) there
      shall be commenced against such Person by another Person any case, proceeding
      or
      other action of a nature referred to in clause (i) above which (A) results
      in
      the entry of an order for relief or any such adjudication or appointment or
      (B)
      remains undismissed for a period of sixty (60) days; or 

    

    (iii)
       there
      shall be commenced against it any case, proceeding or other action seeking
      issuance of a warrant of attachment, execution, distraint or similar process
      against all or any substantial part of its assets which results in the entry
      of
      an order for any such relief; or 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (iv)
       any
      garnishment, levy, writ or warrant of attachment or similar process shall be
      issued and served, which garnishment, levy, writ or warrant of attachment or
      similar process relates to its property and has not been vacated, discharged
      or
      stayed within 20 days from the issuance and service thereof; or 

    

    (v)
       it
      shall
      take any action in furtherance of, or indicating its consent to, approval of,
      or
      acquiescence in, any of the acts set forth in clause (i), (ii), (iii) or (iv)
      above; or

     

    (vi)
       it
      shall
      admit in writing its inability to pay its debts as they become due.

    

    1.2. “Business
      Day”
shall
      mean any day other than a Saturday, Sunday or any other day on which commercial
      banks in New York, New York are authorized or required by law to close.

     

    1.3. “Contribution
      Agreement”
shall
      mean the Contribution and Conveyance Agreement dated the date hereof between
      Maker and LVP.

     

    1.4. “Corresponding
      Interest Period”
shall
      mean, with respect to any Payment Date, the most recent Interest Period that
      ended prior to such Payment Date.

     

    1.5. “Default”
shall
      mean the occurrence or existence of any event that, but for the giving of notice
      or the passage of time or both, would constitute an Event of
      Default.

     

    1.6. “Default
      Rate”
shall
      mean the Interest Rate plus 2% per annum. 

     

    1.7. “Event
      of Default”
shall
      have the meaning ascribed thereto in Section 4.1 hereof.

     

    1.8. “Guarantor”
shall
      mean Arbor Commercial Mortgage LLC, a New York limited liability
      company.

     

    1.9. “Guaranty”
shall
      mean the Guaranty dated the date hereof, made by Guarantor for the benefit
      of
      Payee.

     

    1.10. “Interest
      Period”
shall
      mean each six-month period prior to the Maturity Date beginning on January
      1 and
      ending on the following June 30 or beginning on July 1 and ending on the
      following December 31, provided that the first Interest Period shall commence
      on
      the date of this Note and end on June 30, 2008.

     

    1.11. “Interest
      Rate”
shall
      mean the lesser of (a) four percent (4%) per annum and (b) the maximum rate
      of
      interest, if any, which may be collected from Maker under applicable
      law.

     

    1.12. “Loan”
shall
      mean that certain loan in the amount of $17,280,000.00 made by Payee to Maker
      on
      the date hereof. 

     

    1.13. “Loan
      Amount”
shall
      mean the outstanding principal balance of this Note. 

     

    1.14. “Loan
      Documents”
shall
      mean this Note and the Pledge Agreement. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.15. “LVP”
shall
      mean Lightstone Value Plus REIT, L.P., a Delaware limited
      partnership.

     

    1.16. “LVP
      Preferred Units”
shall
      mean the Series A Preferred Units of LVP that are issued to Maker pursuant
      to
      the Contribution Agreement.

     

    1.17. “Maturity
      Date”
shall
      mean July 1, 2016. 

     

    1.18. “Maximum
      Amount”
shall
      have the meaning ascribed thereto in Section 5.4(A) hereof.

     

    1.19. “Modification”
shall
      have the meaning ascribed thereto in Section 5.2 hereof.

     

    1.20. “Note”
shall
      have the meaning ascribed thereto in the preamble. 

     

    1.21. “Obligations”
shall
      mean all of the obligations, liabilities and indebtedness of every kind, nature
      and description owing by Maker to Payee under this Note and the other Loan
      Documents, including, without limitation, payment of the Loan
      Amount.

     

    1.22. “Payee”
shall
      have the meaning ascribed thereto in the preamble. 

     

    1.23. “Payment”
shall
      have the meaning ascribed thereto in Section 2.2(A) hereof.

     

    1.24. “Payment
      Date”
shall
      mean the first (1st)
      Business Day of each February and August. 

     

    1.25. “Person”
shall
      mean an individual, corporation, partnership, joint venture, trust,
      unincorporated organization, governmental agency or authority, or any other
      entity of whatever nature.

     

    1.26. “Pledge
      Agreement”
shall
      mean that certain Pledge Agreement, of even date herewith, made by Maker in
      favor of Payee.

     

    2. PAYMENTS
      AND LOAN TERMS

     

    2.1. Payments.

     

    A. The
      principal amount outstanding hereunder shall bear and accrue interest at the
      Interest Rate. Except as otherwise provided herein, on each Payment Date Maker
      shall pay, in arrears, all interest that accrued during the Corresponding
      Interest Period with respect to that Payment Date on the unpaid principal amount
      hereof; provided,
      however,
      that
      the amount of interest that Maker shall be required to pay on any Payment Date
      shall in no event exceed the lesser of (x) the amount of interest accrued on
      this Note during the Corresponding Interest Period with respect to that Payment
      Date or (y) the excess, if any, of (A) the aggregate amount of distributions,
      if
      any, actually received by Maker in immediately available funds from LVP on
      account of the LVP Preferred Units during the six month period ending on such
      Payment Date and beginning after the prior Payment Date (or, in the case of
      the
      first Payment Date, beginning on the date of this Note) over (B) $76,800 (which
      amount, in the case of the first Payment Date only, shall be multiplied by
      a
      fraction having a numerator equal to the number of days occurring during the
      corresponding Interest Period with respect to that Payment Date and a
      denominator equal to 180), and any excess accrued interest shall be deferred
      until the earlier of the Maturity Date or the prepayment of this Note in full.
      Interest
      shall be calculated daily and shall be computed on the actual number of days
      elapsed over a month of 30 days and a year of 360 days.
      Commencing August 1, 2009, any accrued and unpaid interest hereon as of June
      30
      of any year shall compound annually on August 1 of that year. All
      calculations by Payee of the Interest Rate and the interest payments due under
      this Note shall be conclusive absent manifest error. Whenever any payment to
      be
      made under this Note is stated to be due on a day other than a Business Day,
      such payment shall be made on the next succeeding Business Day, and such
      extension of time shall in such case be included in the computation of the
      payment of interest.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    B. On
      the
      Maturity Date, Maker shall pay (i) the outstanding principal indebtedness
      evidenced hereby, (ii) all accrued and unpaid interest, and (iii) and all other
      amounts due and payable hereunder.

     

    C. Maker
      agrees to make each Payment under this Note directly to Payee on the date when
      due at the address of Payee as set forth in the Introductory Paragraph hereto
      or
      at such other location as Payee may designate to Maker in writing. 

     

    D. Payments
      in Federal funds immediately available in the place designated for payment
      which
      are received by Payee prior to 5:00 p.m. (Eastern Standard Time) at said place
      of payment shall be credited prior to close of business, while other Payments
      may, at the
      option of Payee, not be credited until immediately available to Payee in federal
      funds in the place designated for payment prior to 5:00 p.m. (Eastern Standard
      Time) on a day on which Payee is open for business.

     

    2.2. Application
      of Payments.

     

    A. Except
      as
      provided in Section 2.4(A) below, each and every payment (a “Payment”)
      made
      by Maker to Payee in accordance with the terms of this Note and all other
      proceeds received by Payee with respect to the Obligations shall be applied
      as
      follows:

     

    (i)  first,
      to
      all interest due on the principal sum and other sums payable hereunder,
      calculated at the Default Rate;

     

    (ii) second,
      to all interest (other than Default Rate interest) that shall be due and payable
      with respect to the Loan Amount pursuant to the terms hereof as of the date
      the
      Payment is received;

     

    (iii) third,
      to
      any remaining Obligations (other than payment of the Loan Amount);
      and

     

    (iv) fourth,
      to the Loan Amount until the Loan Amount has been repaid.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

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

     

    2.3. Voluntary
      Prepayments.
      Maker
      may prepay the Loan Amount in whole or in part at any time, in accordance with
      the following provisions: (i) Maker shall pay to Payee all interest which has
      accrued and has not been paid on the Loan Amount through and including the
      date
      on which the prepayment is being made, and (ii) this Note may be prepaid in
      part
      only if no Event of Default shall have occurred and be continuing.

     

    2.4. Mandatory
      Prepayments.
      If the
      LVP Preferred Units have been issued to Maker pursuant to the Contribution
      Agreement and subsequently LVP redeems all of the outstanding LVP Preferred
      Units for cash, then (i) immediately upon Maker’s receipt of the redemption
      proceeds in immediately available funds, Maker shall be required to prepay
      the
      Loan Amount together with all accrued interest thereon to the extent of the
      amount of redemption proceeds received by Maker, or (ii) if such redemption
      proceeds are received by Payee pursuant to the Pledge Agreement, then Payee
      shall immediately apply such redemption proceeds to prepay the Loan Amount
      together with all accrued interest thereon to the extent of the amount of
      redemption proceeds received 

     

    2.5. NO
      PERSONAL LIABILITY OF MEMBERS, MANAGERS, OFFICERS AND
      AFFILIATES.
      EXCEPT FOR THE LIABILITY OF THE GUARANTOR PURSUANT TO THE GUARANTY, NO PAST,
      PRESENT OR FUTURE MEMBER, MANAGER, OFFICER, EMPLOYEE, ORGANIZER, AGENT OR
      AFFILIATE OF MAKER SHALL HAVE ANY LIABILITY FOR ANY OBLIGATIONS OF MAKER UNDER
      THIS NOTE OR ANY OTHER LOAN DOCUMENT, OR FOR ANY CLAIM BASED ON, IN RESPECT
      OF,
      OR BY REASON OF, SUCH OBLIGATIONS OR THEIR CREATION. PAYEE AND ANY SUBSEQUENT
      HOLDER OF THIS NOTE, BY ACCEPTING THIS NOTE, WAIVES AND RELEASES ALL SUCH
      LIABILITY WHATSOEVER, WHETHER SUCH LIABILITY ARISES OUT OF AN ACTUAL OR ALLEGED
      FRAUDULENT TRANSFER, FRAUDULENT CONVEYANCE, PIERCING THE VEIL, ALTER EGO OR
      OTHER CLAIM, BASIS OR THEORY. THE WAIVER AND RELEASE ARE PART OF THE
      CONSIDERATION FOR ISSUANCE OF THIS NOTE.

     

    2.6. Financial
      Statements.  

     

    A. Maker
      will keep and maintain or will cause to be kept and maintained on a fiscal
      year
      basis, in accordance with generally accepted accounting principles (or such
      other accounting basis reasonably acceptable to Payee) consistently applied,
      proper and accurate books, records and accounts reflecting all of the financial
      affairs of Maker. 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    B. As
      long
      as the Loan remains unpaid in whole or in part, Maker covenants to furnish
      to
      Payee, if requested by Payee in writing: 

     

    (i) as
      soon
      as available, but in any event within ninety (90) days after the end of each
      fiscal year, a copy of the balance sheet of Maker as at the end of such fiscal
      year and the related statements of income, cash flows and retained earnings
      of
      Maker for such year, setting forth in each case in comparative form the figures
      for the previous fiscal year; and

     

    (ii) as
      soon
      as available and in any event within forty-five (45) days after the end of
      each
      fiscal quarter of Maker, a company-prepared balance sheet of Maker as at the
      end
      of such period and related statements of income, cash flows and retained
      earnings for Maker for such quarterly period and for the portion of the fiscal
      year ending with such period, setting forth in comparative form the figures
      for
      the corresponding fiscal quarter of the previous fiscal year and the
      corresponding portion of the previous fiscal year.

     

    3. PLEDGE

     

    The
      obligations evidenced by this Note are secured by the Pledge Agreement.

     

    4. DEFAULTS

     

    4.1. Events
      of Default.
      The
      term “Event
      of Default”
as
      used
      herein shall mean the occurrence or happening, at any time and from time to
      time, of any one or more of the following:

     

    A. The
      failure of Maker to pay the final payment of principal and interest on the
      Maturity Date.

     

    B. The
      failure of Maker to pay (i) any installment of interest that is due hereunder
      on
      any Payment Date, and such failure is not cured within ten (10) Business Days
      after written notice of default by Payee to Maker. 

     

    C. The
      failure of the Maker to make any mandatory prepayment of the Loan pursuant
      to
      Section 2.4 hereof within one (1) Business Day of the date on which such
      prepayment amount becomes due and payable.

     

    D. An
      Event
      of Default, as defined in the Pledge Agreement.

     

    E. If
      Maker
      shall be in default under any of the other terms, covenants or conditions of
      this Note, other than as set forth in (A) through (C) above, for ten (10) days
      after notice from Payee in the case of any default that can be cured by the
      payment of a sum of money, or for thirty (30) days after notice from Payee
      in
      the case of any other default; which notice shall specify in reasonable detail
      the provision of this Note claimed to be defaulted and the nature of the
      default; provided,
      however,
      that if
      the cure of any such default (other than a default that can be cured by the
      payment of a sum of money) cannot reasonably be effected within such 30 day
      period and Maker shall have promptly and diligently commenced to cure such
      default within such 30 day period, then the period to cure shall be deemed
      extended for up to an additional 30 days from Payee’s default notice so long as
      Maker diligently and continuously proceeds to cure such default to Payee’s
      satisfaction.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    F. A
      Bankruptcy Event occurs with respect to Maker.

     

    G. The
      termination of the Contribution Agreement pursuant to its terms under
      circumstances that result in Maker being obligated to pay liquidated damages
      to
      LVP pursuant to the Contribution Agreement.

     

    4.2. Remedies.
      Upon
      the occurrence and during the continuance of an Event of Default, then: (i)
      interest on the outstanding principal balance of this Note shall, commencing
      on
      the date of the occurrence of such Event of Default and without notice to Maker,
      accrue at the Default Rate until full payment thereof; (ii) Payee may exercise
      the remedies under the Pledge Agreement; and (iii) Payee may, in addition to
      any
      other rights or remedies available to it hereunder, under the other Loan
      Documents, at law or in equity, take such action, without notice or demand,
      as
      it reasonably deems advisable to protect and enforce its rights against Maker,
      including, but not limited to, the following actions, each of which may be
      pursued singly, concurrently or otherwise, at such time and in such order as
      Payee may determine, in its sole discretion, without impairing or otherwise
      affecting any other rights and remedies of Payee hereunder, at law or in
      equity:

     

    A. declare
      all or any portion of the unpaid Obligations to be immediately due and payable;
      or

     

    B. institute
      an action, suit or proceeding in equity for the specific performance of any
      covenant, condition or agreement contained herein; or

     

    C. recover
      judgment on this Note (including, without limitation obtaining summary judgment
      under Section 3213 of the New
      York
      Civil Practice Law and Procedure Rules);
      or

     

    D. pursue
      any or all such other rights or remedies as Payee may have under applicable
      law
      or in equity; provided,
      however,
      that
      the provisions of this Section shall not be construed to extend or modify any
      of
      the notice requirements or grace periods expressly provided for hereunder (if
      any). 

     

    5. MISCELLANEOUS

     

    5.1. Further
      Assurances.
      Maker
      shall execute and acknowledge (or cause to be executed and acknowledged) and
      deliver to Payee all reasonable documents, and take all actions, reasonably
      required by Payee from time to time to confirm the rights created or now
or
      hereafter intended to be created under this Note, to protect and further the
      validity, priority and enforceability of this Note, provided,
      however,
      that no
      such further actions, assurances and confirmations shall increase Maker’s
      obligations under this Note.

     

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

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    5.3. Costs
      of Collection.
      Maker
      agrees to pay all reasonable costs and expenses of collection incurred by Payee,
      in addition to principal, interest and late or delinquency charges (including,
      without limitation, reasonable attorneys’ fees and disbursements) and including
      all reasonable costs and expenses incurred in connection with the pursuit by
      Payee of any of its rights or remedies referred to in Section 4 hereof or the
      protection of or realization of collateral or in connection with any of Payee’s
      collection efforts, whether or not suit on this Note, or any foreclosure
      proceeding is filed, and all such reasonable costs and expenses shall be payable
      on demand, together with interest at the Default Rate thereon, and also shall
      be
      secured by the Pledge Agreement and all other collateral at any time held by
      Payee as security for Maker’s obligations to Payee.

     

    5.4. Maximum
      Amount.

     

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

     

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

     

    5.5. Waivers;
      WAIVER OF RIGHT TO TRIAL BY JURY, ETC.
      Maker
      hereby expressly and unconditionally waives presentment, demand, protest, notice
      of protest or notice of any kind, including, without limitation, any notice
      of
      intention to accelerate and notice of acceleration, except as expressly provided
      herein. IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT BY PAYEE
      ON
      THIS NOTE, MAKER HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES ANY AND EVERY
      RIGHT
      IT MAY HAVE TO A TRIAL BY JURY.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    5.6. Governing
      Law.
      This
      Note shall be governed and construed in accordance with the laws of the State
      of
      New York and the applicable laws of the United States of America. In any action
      brought under or arising out of this Note or the other Loan Documents, Maker
      hereby consents to the jurisdiction of any competent state or federal court
      within the County of Nassau, State of New York, and hereby irrevocably consents
      to service of process on Maker in any such action or proceeding by the mailing
      of copies thereof to Maker by registered or certified mail, postage prepaid,
      to
      Maker at its address for notices specified in Section 5.10. Nothing in this
      Note
      will affect the right of Payee to serve process on Maker in any other manner
      permitted by law.

     

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

     

    5.8. Assignment.
      Payee
      shall not transfer, sell, assign or grant any participation in this Note, or
      any
      of the other Loan Documents, or the obligations hereunder, to any Person other
      than an affiliate of Payee that is directly or indirectly controlled by Payee,
      unless Payee obtains the prior written consent of Maker to any such transaction,
      which consent may be withheld in Maker’s sole and absolute discretion. All
      references to “Payee” hereunder shall be deemed
      to
      include the permitted assigns of Payee. In the event that the result of such
      permitted transfer, sale, assignment or participation is that Maker shall be
      obligated to make the payments required hereunder to an entity other than Payee,
      then
      Payee
      shall provide at least five (5) Business Days prior written notice to Maker
      of
      such transfer, sale, assignment or participation. 

     

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

     

    5.10. Notices.
      All
      notices shall be deemed to have been properly given if hand delivered or if
      mailed by United States registered or certified mail, with return receipt
      requested, postage prepaid, or by United States Express Mail or other comparable
      overnight courier service to the parties at the addresses set forth below (or
      at
      such other addresses as shall be given in writing by any party to the others).
      A
      notice shall be deemed to have been given: in the case of hand delivery, at
      the
      time of delivery; in the case of registered or certified mail, when delivered
      or
      two Business Days after mailing; or in the case of overnight courier service,
      on
      the Business Day after the same was sent. A party receiving a notice which
      does
      not comply with the technical requirements for notice under this section may
      elect to waive any deficiencies and treat the notice as having been properly
      given. 

     

    
      	
              If
                to Maker:

            	 	
              ARBOR
                MILL RUN JRM LLC 

              333
                Earle Ovington Boulevard, Suite 900

              Uniondale,
                NY 11553

              Attention:
                Guy R. Milone, Jr.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              With
                a copy to:

            	 	
              Cooley
                Godward Kronish LLP 

              1114
                Avenue of the Americas

              New
                York, New York 10036

              Attention:
                Thomas D. O’Connor, Esq.

            
	 	 	 
	
              If
                to Payee:

            	 	
              LIGHTSTONE
                VALUE PLUS REAL ESTATE INVESTMENT, TRUST INC.

              326
                Third Street

              Lakewood,
                NJ 08701

              Attention:
                Joseph E. Teichman

            
	 	 	 
	
              With
                a copy to:

               

               

               

            	 	
              Herrick,
                Feinstein LLP

              2
                Park Avenue

              New
                York, New York10016

              Attention:
                Sheldon Chanales, Esq.

            

    

    

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, this Note has been duly executed by Maker the day and year
      first written above.

     

    
      	 	 	 
	 	
              ARBOR
                MILL RUN JRM LLC

              By:
                 Arbor
                Commercial Mortgage, LLC its
                sole member

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	Title:

    

    

    
      
        
        

      

      
        11

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