Document:

Exhibit 10.6

 

EXECUTION COPY

 

AGREEMENT FOR
THE SALE AND leaseback OF:

 

Haarlerbergweg
13-23

Amsterdam Zuidoost

 

31 December
2014

 

Between

 

ING Bank N.V.

 

as the Seller

 

and

 

ARC INGAMNE001, LLC

 

as the Purchaser

 

 

 

    	 

    	 

    

 

	EXECUTION COPY	

 

Contents

 

	Clause	 	Page
	 	 	 
	1.	Definitions	2
	2.	Sale	5
	3.	Purchase Price	5
	4.	Transfer Tax; VAT and Costs	5
	5.	Payment purchase price	6
	6.	Settlement	6
	7.	Description of the transfer obligations	6
	8.	Transfer Date	7
	9.	Breach of payment obligation	7
	10.	Breach of transfer obligation	8
	11.	Risk, income and expenditures	8
	12.	Warranties of the Seller	9
	13.	Warranties and Representations of the Purchaser	11
	14.	Due Diligence and Limitation of Liability	11
	15.	Post-signing obligations	13
	16.	Easements, perpetual clauses, qualitative rights, etc	16
	17.	Public-law restrictions	16
	18.	Condition subsequent	16
	19.	Environmental provision	17
	20.	Security	17
	21.	Anti-speculation clause	18
	22.	Management contracts, maintenance contracts and service contracts	19
	23.	Devolution, assignment of claims	19
	24.	Damage	20
	25.	Notice of default, default, dissolution and penalty	20
	26.	Energy performance certificate	21
	27.	General conditions/ Limitation of liability Notary	21
	28.	Transferability of rights	21
	29.	General	21
	30.	No Rescission	23
	31.	Whole Agreement	23
	32.	Governing Law	23
	33.	Dispute Resolution	23

 

Annexes

 

	Annex 1  Capex Works	25
	Annex 2  Index Data Room	26
	Annex 3  CD ROM Data Room	27
	Annex 4  Deed of Transfer	28
	Annex 5  Letter Of Intent	29
	Annex 6  Master Lease Agreement	30
	Annex 7  Q&A	31
	Annex 8  General Conditions  Notary	32
	Annex 9  Principles to resemble a Master Lease	33

 

    	 

    	 

    

 

	EXECUTION COPY	

 

THIS AGREEMENT is made
on 31 December 2014,

 

BETWEEN:

 

		(1)	ING Bank N.V., a public company under Dutch law (naamloze vennootschap), having its
official seat (statutaire zetel) in Amsterdam, the Netherlands, its office address at Bijlmerplein 888, 1102 MG Amsterdam
Zuidoost, and registered in the Dutch Commercial Register under number 33031431 (the Seller); and

 

		(2)	ARC INGAMNE001, LLC, a limited liability company under the laws of the State of Delaware,
the United States of America, located in Wilmington, Delaware, U.S.A., with business offices at 2711 Centerville Road, Suite 400,
19808 Wilmington, Delaware, registered under file number 5663596 (the Purchaser).

 

The parties to this Agreement
are hereinafter also collectively referred to as the Parties and each individually as a Party.

 

WHEREAS:

 

		(A)	The Seller is entitled to the Property.

 

		(B)	Reference is made to a letter of intent originally dated 4 November 2014 (as amended from time
to time), signed by Moor Park Capital Partners on behalf of American Realty Capital Global Trust, Inc. and the Seller which expresses
their intention to enter into the sale and leaseback transaction laid down in this Agreement. The Seller wishes to sell and lease
the Property back from the subsequent leaseholder on the basis of the terms and conditions laid down in the Master Lease Agreement;

 

		(C)	The Purchaser wishes to purchase the Property through a sale and purchase of the Property and lease
the Property back to the Seller. The Purchaser is aware that, on the terms set out in this Agreement:

 

		(a)	the Purchaser will purchase the Property on an “as is where is” basis, “with
all faults” and in its condition on the Transfer Date as described in this Agreement; and

 

		(b)	the Seller provides no guarantee whatsoever with respect to the Property or the Sale, unless expressly
provided otherwise in this Agreement and the Master Lease Agreement;

 

		(D)	The Seller has not yet occupied the Property. After completion of the Fit-out Works, the Seller
will occupy the ING Space in the Property. Other parts of the Property are leased out to the Tenants. As from the Closing Date,
the Purchaser will lease the Property back to the Seller on the basis of the terms and conditions laid down in the Master Lease
Agreement;

 

		(E)	The Seller will use its best efforts to arrange for the termination of the Existing Lease Agreements
or a transfer of all rights and obligations under the Existing Lease Agreements from the Purchaser to the Seller pursuant to Section
6:159 of the DCC with effect as from the Transfer Date (or as soon as reasonably possible thereafter) and the Seller will explicitly
accept those rights and obligations. For the event a Tenant does not agree with a termination of their Existing Lease Agreement
or a transfer of all rights and obligations as set forth above prior or around the Transfer Date, the Parties will work out an
agreement based on the Principles with the aim to create a situation that will bring Purchaser in a similar position as if the
Seller would have leased the entire Property on the basis of the Master Lease Agreement; and

 

		(F)	Taking the aforementioned considerations into account, the Seller and Purchaser wish to enter into
this Agreement.

 

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IT IS AGREED
as follows:

 

		1.	Definitions

 

		1.1	For the purpose of this Agreement (including its recitals), the following terms have the following
meaning:

 

Agreement
means the agreement for the sale and leaseback of the Property laid down in this agreement;

 

Annex
means an annex to this Agreement;

 

Business Day
means a day other than Saturday and Sunday on which banks are generally open for business in the Netherlands, but excluding so
called "bank holidays";

 

Capex Works
means all outstanding works to be carried out by the
Seller as described in the list of capex works, which list is attached to this Agreement as Annex 1;

 

Cisco Lease
Agreement has the meaning ascribed to such term in Clause 16;

 

Clause
means a clause of this Agreement;

 

Clients'
Account means the special account referred to in section 25 of the Dutch Notaries Act
(Wet op het notarisambt) in the name of Allen & Overy LLP Notarissen Derdengelden Kwaliteitsrekening, which account
is being kept with ABN AMRO Bank in Rotterdam under IBAN number NL16ABNA0555886999, BIC ABNANL2A;

 

Completion
means the moment on which the Deed of Transfer is executed;

 

Data Room
means the virtual data room set up by or on behalf of the Seller, containing the information
listed in the index. A copy of the index is attached to this Agreement as Annex 1. A CD-ROM
of the complete content of the Data Room is attached hereto as Annex 3;

 

Damages
means the actual amount of damages (vermogensschade) as referred to in section 6:96 subsection 1 DCC suffered or incurred
by the Purchaser in respect of (i) a breach of this Agreement or (ii) a breach of one or more of the warranties stipulated in Clause
12 of this Agreement;

 

DCC
means Dutch Civil Code (Burgerlijk Wetboek);

 

Deed of Acquisition
means the (notarial) deed of transfer by which the Seller acquired the Property, which deed was executed on the 16th
day of May 2014 before the Notary, of which a true copy was registered with the offices of the land registry on the 19th
day of May 2014 in Register Mortgages 4 in part 64359 number 66;

 

Deed of Transfer
means the deed of transfer by means of which the Property will be transferred by the Seller to
the Purchaser. A draft of the Deed of Transfer is attached to this Agreement as Annex 4;

 

Deposit Amount
means the total amount of deposits as set out in Clause 21.1;

 

Disclosed
Information means any and all information which is contained in this Agreement, the Data Room,
the Deed of Acquisition, the Vendor Due Diligence Report prepared by Allen & Overy LLP dated 17 November 2014, the Q&A,
and/or publically known via the trade register of the Dutch Chamber of Commerce or the public registers in relation to immovable
property and rights thereon, as defined in Section 8.1 of the Land Register Act (Kadasterwet)) held by the Dutch Land Registry
office;

 

Due Diligence
means the due diligence investigation carried out by and/or on behalf of the Purchaser and its advisors;

 

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Existing Lease
Agreements means the lease agreements with the Tenants as contained in the Data Room including
any annexes and riders;

 

Fit-out Works
has the meaning given to such term in Clause 15.4;

 

ING Space
means at least 24,182 square meters LFA of office space, 814 square meters LFA of archiving space and 212 parking spaces which
will be occupied by the Seller after completion of the Fit-out Works;

 

LOI
means the letter of intent dated the 4th day of November 2014, the Parties entered into in relation to the sale and
purchase of the Property, which is attached to this Agreement as Annex 5;

 

Master Lease
Agreement means the lease agreement and any annexes thereto which contains the terms and conditions
pursuant to which the Property is leased to the Seller by the Purchaser as from the Transfer Date. A final draft of such lease
agreement is attached to this Agreement as Annex 6;

 

Notary
means L.W.J. Hoppenbrouwers, associated with Allen & Overy LLP, or his deputy or associé, Apollolaan 15, 1077 AB Amsterdam
(Postal address: P.O. Box 75440, 1070 AK Amsterdam);

 

Party means
the Seller or the Purchaser;

 

Parties means
the Seller and the Purchaser;

 

Portfolio
Sale means a sale of the Property together with at least 2 other office buildings, with an aggregate
market value and against payment of a total purchase price of at least EUR 200,000,000;

 

Principles
means the document attached to this Agreement as Annex 9 which contains the arrangements
that the Parties will apply with respect to the Master Lease Agreement and Tenants, in case one or more Tenants do not agree with
a termination of their Existing Lease Agreement or a transfer of all rights and obligations under their Existing Lease Agreements
from the Purchaser to the Seller pursuant to Section 6:159 DCC prior or around the Transfer Date, which arrangements will be worked
out in greater detail and agreed upon in good faith and entered into on or before the Transfer Date (if necessary);

 

Property
means the office building with loading platforms, bridges, stairs and thermal energy storages, parking spaces and further appurtenances,
which thermal energy storages are shown as black cubes in a drawing dated 16 October 2000 with number 2000-338, held by the Seller
on perpetual lease hold (voortdurend recht van erfpacht) established on the plot of land, owned by the municipality of Amsterdam,
locally known as Haarlerbergweg 13-23, 1101 CH Amsterdam Zuidoost, registered with the offices of the land registry as municipality
Weesperkarspel, section M, number 990, measuring one hectare, ninety-two are and eighty-five
centiare (1ha, 92a, 85ca), with the rights of the leaseholder on the structures erected on the aforementioned plot of land;

 

Purchaser
means ARC INGAMNE001, LLC, aforementioned;

 

Purchase Price
means the purchase price specified in Clause 3;

 

Q&A
means the (technical, legal and commercial) questions asked by or on behalf of the Purchaser in the Data Room with regard to the
Property and the answers on these questions given by or on behalf of the Seller. The Q&A is attached to this Agreement as Annex
7;

 

RETTA
means Real Estate Transfer Tax Act (Wet op belastingen van rechtsverkeer);

 

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Remaining
Tenants means those Tenants that do not agree with a termination of their Existing Lease Agreement
or a transfer of all rights and obligations under the Existing Lease Agreements from the Purchaser to the Seller pursuant to Section
6:159 DCC prior or around the Transfer Date and each of them a Remaining Tenant;

 

Sale means
the sale and purchase agreement laid down in this Agreement;

 

Seller means
ING Bank N.V., aforementioned;

 

Seller Force
Majeure meaning (i) an exceptional event or circumstance which has a material adverse effect
on the financial industry as a whole and which is beyond the control and without the fault or negligence of the Seller or (ii)
a failure to perform as stipulated by Clause 6:75 DCC;

 

Signing Date
means the date on which this Agreement is signed by the Parties;

 

Tenant
means each of Cisco Systems International B.V., Laureate Online Education B.V., Merck Chemicals B.V., American Medical Systems
Europe B.V., Koning & Hartman B.V. and ELQ Hypotheken N.V. and Tenants means all of
them collectively;

 

Transfer Date
means the day on which the Deed of Transfer is executed before the Notary pursuant to Clause
8;

 

Transfer Tax
means real estate transfer tax (overdrachtsbelasting) levied pursuant to the RETTA;

 

VAT
means value added tax (omzetbelasting) levied pursuant to the VATA; and

 

VATA
means Value Added Tax Act 1968 (Wet op de omzetbelasting 1968).

 

		1.2	Where any of the warranties provided by the Seller are qualified by the expression "to the
best knowledge of the Seller", "as far as Seller is aware" or any similar expression, such expression shall mean
(unless otherwise specified in this Agreement) the actual knowledge of the Seller, having made reasonable inquiries with the Tenants
and the current manager of the Property.

 

		1.3	References to a person shall be construed so as to include any individual, firm, company, government,
governmental authority, tax authority, state or agency of a state or any joint venture, association, partnership (whether or not
having separate legal personality).

 

		1.4	A claim, proceeding, dispute, action, or other matter will only be deemed to have been threatened
if any written demand or statement has been made or any written notice has been given.

 

		1.5	Where any obligation is qualified or phrased by reference to use reasonable endeavours, best efforts
or wording of a similar nature, it means the efforts that a person desirous of achieving a result would use in similar circumstances
to ensure that such result is achieved as expeditiously as possible and, regard shall be had, among other factors, to (i) the price,
financial interest and other terms of the obligation; (ii) the degree of risk normally involved in achieving the expected result;
(iii) the ability of an unrelated person to influence the performance of the obligation.

 

		1.6	References to the word including shall be deemed to read including, but not limited to.

 

		1.7	Where in this Agreement a Dutch term is given in italics or in italics and in brackets after an
English term and there is any inconsistency between the Dutch and the English term, the meaning of the Dutch term shall prevail.

 

		1.8	The headings in this Agreement do not affect its interpretation.

 

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		2.	Sale

 

		2.1	On the terms and conditions laid down in this Agreement, the Seller hereby sells the Property to
the Purchaser and the Purchaser hereby purchases the Property from the Seller in its condition on the Transfer Date as described
in Clause 7.1.

 

		2.2	The sale and purchase also includes the movable property which, according to generally accepted
views, is intended to sustainably serve the Property within the meaning of Section 3:254 DCC, in so far as such movable property
does not belong to a Tenant or any other third party or parties, excluding the charging posts (elektrische laadpalen)
 in the parking garage of the Property.

 

		2.3	The Parties will not register this Agreement in the public registers referred to in Section 7:3
DCC.

 

		2.4	The Deed of Transfer will be executed before the Notary.

 

		3.	Purchase Price

 

The Purchase Price
equals an amount of EUR 88,000,000 (eighty-eight million euro), excluding any VAT (if any and without prejudice to the indemnification
in Clause 4.2) and/or Transfer Tax due thereon.

 

		4.	Transfer Tax; VAT and Costs

 

		4.1	The Seller and Purchaser both represent that, with regard to the Property, they are acting as entrepreneurs
within the meaning of the VATA.

 

		4.2	The Parties consider that the transfer of title of the Property will take place after two years
since the date on which the whole Property was first occupied (in gebruik genomen) within the meaning of the VATA and that
at Transfer Date no revision period (herzieningsperiode) within the meaning of the VATA applies in respect of the whole
Property or parts thereof. During a period of ten years after the Transfer Date, the Seller indemnifies the Purchaser for damage
in case the position in the first sentence of this Clause 4.2 should be incorrect. The limitations on liability stipulated in Clause
14 of this Agreement do not apply to this indemnification.

 

		4.3	The Parties take the position that the transfer of title of the Property qualifies as a transfer
of a going concern (overgang van het geheel of gedeelte van een algemeenheid van goederen) within the meaning of Section
37d VATA. However, should Section 37d VATA for whatever reason not be applicable, Parties take the position that the transfer is
exempt from VAT pursuant to Section 11 paragraph 1 letter a VATA and the Parties do not opt for a transfer of the Property subject
to VAT.

 

		4.4	The tax basis for the purposes of Transfer Tax can be reduced as referred to in Section 13 of the
RETTA, since Completion will occur within 36 months after the date of acquisition of the Property by the Seller on the 16th
day of May 2014 against payment of a purchase price of EUR 42,000,000 (forty-two million euro) and a tax basis for the purposes
of Transfer Tax amounting to EUR 46,908,255 (forty-six million nine hundred eight thousand two hundred and fifty-five euro).
The Purchaser will pay to the Seller the difference between the amount of Transfer Tax that would have been due without said reduction
and the amount of Transfer Tax actually due. For the avoidance of doubt, the amount of Transfer Tax (including the aforementioned
reduction) paid by the Purchaser will never be higher than the amount of Transfer Tax the Purchaser would have paid if Section
13 of the RETTA did not apply.

 

		4.5	The Transfer Tax due and the amount payable to the Seller pursuant to Clause 4.4 will be paid by
the Purchaser to the Seller in accordance with Clause 5 of this Agreement.

 

		4.6	The notarial costs and all other costs connected with the transfer and actual delivery of the Property
as well as the VAT due on those costs will be paid by the Purchaser.

 

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		4.7	The Parties shall each be responsible for all the costs of their own advisors in relation to the
preparation and implementation of this Agreement.

 

		5.	Payment purchase price

 

		5.1	The payment of the Purchase Price, the other charges, Transfer Tax, the amount payable to the Seller
pursuant to Clause 4.4 due upon signing of the Deed of Transfer, as well as the settlement of the receipts and expenses stated
by the Parties to the Notary in a timely manner, shall be made – in accordance with the completion statements of the Notary
as (pre)approved by the Parties – via the Clients' Account in such a way that the Clients' Account has been credited prior
to Completion. All payments to be made pursuant to this Agreement are to be made in euro's.

 

		5.2	The Seller stipulates, on behalf of all those creditors who at the time of registration of the
Deed of Transfer hold a mortgage over the Property or who have imposed any charge in execution against the Property, that the Notary
will pay them, via the Clients' Account, whatever sums are required to cancel their rights of mortgage or charge, but not to exceed
the amount owed by the Purchaser to the Seller.

 

		5.3	The Seller, for the amount accruing to it, and the creditors mentioned in Clause 5.2, each for
the amounts accruing to them, will not be entitled to payment of the Purchase Price until the Notary has established, by means
of a written investigation in the public registers, that the transfer has been effected in accordance with Clause 7.2 of this Agreement
and all with due observance of the applicable policy guidelines of the Notary in this respect. The Seller is aware that –
in connection with this investigation – at least one Business Day shall pass between Transfer Date and the date of payment.

 

		6.	Settlement

 

		6.1	As from Completion, the receipts and expenses in relation to the Property will be for the account
of the Purchaser. The property tax (onroerende zaakbelasting), insofar as levied in connection with the enjoyment of a right
in rem (eigenaarsgedeelte), the water board charges (waterschapsbelasting), any sewerage charges (rioolbelasting)
for the year in which the Property is transferred, and for preceding years (if applicable), have been or will be paid in full by
the Seller. These receipts and expenses for the year in which the Property is transferred will be settled between the Parties as
from the Transfer Date pro rata temporis via the Clients' Account.

 

		6.2	Insofar as no tax assessment has been imposed yet on the Transfer Date with respect to the taxes
and levies mentioned in Clause 6.1, the charge in question will be temporarily settled on a pro rata basis between Parties,
on the basis of an estimate to be determined by Parties in good faith. A final settlement will be made on either Party's request
in writing, after submitting the relevant assessment to the other Party.

 

		6.3	The Seller will take care of the settlement of the service charges under the Existing Lease Agreements
for the year in which the Property is transferred and any preceding years. These settlements of service charges shall be for the
account and risk of the Seller.

 

		7.	Description of the transfer obligations

 

		7.1	The Property will be purchased by the Purchaser from the Seller "as is, where is"
and "with all faults" in the condition the Property is in on the Transfer Date (provided that said condition has
not significantly deteriorated since the Signing Date unless agreed otherwise by the Parties), including all visible and non-visible
defects, limitations, expenses and constraints, which condition is not limited to the legal, technical, environmental, fiscal and
zoning plan status of the Property. For the avoidance of doubt, the aforementioned principle "as is, where is"
shall not apply to any material (invisible) defects which the Seller is or should reasonably be aware of but has not disclosed
to the Purchaser, taking into account that the Property has not yet been occupied by the Seller, nor to any third party claims
or liabilities currently outstanding or related to damages or personal injuries that have occurred in the period prior to the Transfer
Date. Notwithstanding the preceding sentence, any information about facts known to the Purchaser or that reasonably should have
been known to the Purchaser from its own investigation do not need to be disclosed by the Seller. Taking the aforementioned into
account, the Parties explicitly mean to exclude applicability of Sections 7:17, 7:20, 7:23 and 6:228 DCC on this Agreement and
the Deed of Transfer.

 

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		7.2	The Seller shall transfer the Property to the Purchaser:

 

		(a)	unconditional and not subject to revocation, dissolution or any cancellation whatsoever, subject
to the relevant statutory provisions; and

 

		(b)	not burdened by mortgages, attachments or registrations thereof, nor by other limited rights, obligations
to a particular title as referred to in Section 6:252 DCC (kwalitatieve verplichtingen) or other special burdens
and restrictions, except insofar as otherwise evident to the Purchaser from this Agreement, the public registers in relation to
immovable property and rights thereon, as defined in Section 8.1 of the Land Register Act (Kadasterwet), the Disclosed Information
or the condition (feitelijke staat) of the Property.

 

		7.3	If the extent or size of the Property, as reported by the Seller, is incorrect, neither of the
Parties will derive any rights from that fact.

 

		7.4	Architectural defects and other quality defects are deemed not to impede the normal use of the
Property.

 

		7.5	The Parties intend to actually transfer the Property from the Seller to the Purchaser on the Transfer
Date upon Completion in the condition the Property is in at that moment.

 

		8.	Transfer Date

 

The Property will
be transferred by the Seller to the Purchaser as soon as possible, provided that:

 

		(a)	the Purchaser has informed the Notary and the Seller of such date at least ten (10) Business Days
in advance; and

 

		(b)	Completion will occur ultimately on the 30th day of June 2015.

 

		9.	Breach of payment obligation

 

		9.1	If the Purchaser fails to cooperate to the transfer of the Property or is in default of fulfilment
of his payment obligation referred to in Clause 5.1 or is in default of fulfilment of his obligation to provide security as set
out in Clause 21, and – after the Purchaser has been given notice of default – the Purchaser's duty to cooperate with
the transfer of the Property and/or his payment obligation and/or his obligation to provide security is/are not fulfilled within
a period of 10 Business Days, the Seller may inform the Purchaser either that the Agreement has been dissolved, or that performance
is or will be claimed. If performance is claimed pursuant to Clause 9.2, the Seller is entitled to reconsider its choice and dissolve
this Agreement as long as the Purchaser is still in default under its obligation to cooperate to the transfer of the Property or
is in default of fulfilment of his payment obligation referred to in Clause 5.1 or is in default of fulfilment of his obligation
to provide security as set out in Clause 21.

 

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		9.2	If performance is claimed, then, as from the date on which the transfer of the Property or the
payment referred to in Clause 5.1 or an obligation of the Purchaser under Clause 21 was due, the Purchaser will forfeit to the
Seller, without further notice of default or judicial intervention being required and regardless of whether or not the default
is attributable, an immediately payable penalty of EUR 264,000 (two hundred sixty-four thousand euro) per calendar day equal
to 3‰ of the Purchase Price, excluding VAT, provided that the total amount of the penalty so forfeited shall not exceed
EUR 6,600,000 (six million six hundred thousand euro), excluding VAT (if any). The security provided by the Purchaser pursuant
to Clause 21 (i.e. a deposit or bank guarantee) will be used to (partly) pay the immediately payable penalty pursuant to this Clause
9.2.

 

		9.3	If the Agreement has been dissolved, in lieu of Clause 9.2, the Purchaser will forfeit to the Seller,
without further notice of default or judicial intervention being required and regardless of whether or not the default is attributable,
an immediately payable penalty of EUR 6,600,000 (six million six hundred thousand euro), excluding VAT (if any). The security
provided by the Purchaser pursuant to Clause 21 (i.e. a deposit or bank guarantee) will be used to (partly) pay the immediately
payable penalty pursuant to this Clause 9.3.

 

		9.4	Notwithstanding the provisions of Clause 9.1 up to and including 9.3, this Agreement is dissolved
if Completion has not occurred on the 30th day of June 2015, in which case the Purchaser will forfeit to the Seller, without further
notice of default or judicial intervention being required and regardless of whether or not the default is attributable, an immediately
payable penalty of EUR 6,600,000 (six million six hundred thousand euro), excluding VAT (if any).

 

		9.5	The provisions of Clause 9.1 up to and including 9.4 are in lieu of the provisions stipulated in
Clause 26.1.

 

		9.6	Any penalty paid or due by the Purchaser pursuant to this Clause 9 is deemed to be a fixed compensation
(gefixeerde schadevergoeding) for any compensation of damages due to the Seller, which penalty shall not exceed EUR 6,600,000
(six million six hundred thousand euro), and the Seller shall not be entitled to claim any further costs, penalty or compensation
whatsoever from the Purchaser.

 

		10.	Breach of transfer obligation

 

		10.1	If the Seller fails to cooperate to the transfer of the Property and – after the Seller has
been given notice of default – the Seller's duty to cooperate with the transfer of the Property is not fulfilled:

 

		(a)	within a period of 10 Business Days, the Seller, as from the date on which the transfer of the
Property was due, will forfeit to the Purchaser, an immediately payable penalty of EUR 264,000 (two hundred sixty-four thousand
euro) per calendar day equal to 3‰ of the Purchase Price, excluding VAT, provided that the total amount of the penalty so
forfeited shall not exceed EUR 6,600,000 (six million six hundred thousand euro), excluding VAT (if any); and

 

		(b)	within a period of 20 Business Days, the Purchaser may also inform the Seller that the Agreement
has been dissolved.

 

		10.2	The provisions of Clause 10.1 are in lieu of the provisions stipulated in Clause 26.1.

 

		10.3	Any penalty paid or due by the Seller is deemed to be a fixed compensation (gefixeerde schadevergoeding)
for any compensation of damages due to the Purchaser, which penalty shall not exceed EUR 6,600,000 (six million six hundred
thousand euro), and the Purchaser shall not be entitled to claim any further costs, penalty or compensation whatsoever from the
Seller.

 

		11.	Risk, income and expenditures

 

		11.1	The risk of the Property will pass on to the Purchaser upon signing of the Deed of Transfer, unless
the actual delivery takes place earlier, in which case the risk will pass on to the Purchaser by this actual delivery.

 

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		11.2	The Seller will continue the current insurance for the Property up to and including the Transfer
Date or up to and including the date on which the actual delivery takes place, whichever comes first. As from the Transfer Date,
or from the date of actual delivery, whichever comes first, the Purchaser must provide for adequate insurance for the Property.

 

		11.3	The Purchaser will not take over any insurances in respect of the Property.

 

		11.4	As from the Transfer Date or the date of actual delivery, whichever comes first, the income and
expenses concerning the Property will accrue or be charged to the Purchaser, unless provided otherwise in this Agreement.

 

		12.	Warranties of the Seller

 

		12.1	The Seller warrants (garandeert) to the Purchaser that each of the warranties included in
this Clause 12 is true, accurate and not misleading on the date on which these representations are provided as set out in this
Clause 12.

 

		12.2	The Seller warrants (garandeert) to the Purchaser that on the Transfer Date:

 

		(a)	the Seller has the right to transfer the Property; and

 

		(b)	the Property shall not be subject to any claim by a local authority and no third party is using
it without any right or title other than for the completion of the Fit-out Works and the Capex Works and related maintenance works.

 

		12.3	The Seller warrants (garandeert) that the entering into
and performance by the Seller of, and the transactions contemplated by, this Agreement do not and will not conflict with:

 

		(a)	any law or regulation applicable to it;

 

		(b)	its constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its assets or constitute a default or termination
event (however described) under any such agreement or instrument.

 

		12.4	The Seller warrants (garandeert) to the Purchaser that, as far as the Seller is or should
reasonably be aware, any and all material information, material documents and material "faults", relevant in respect
to the Property, including all visible and non-visible defects, limitations, expenses, and constraints, which condition is not
limited to the legal, technical, environmental, fiscal, and zoning plan status of the Property and soil pollution have been truly
and in material aspects completely disclosed to the Purchaser through the Disclosed Information, taking into account that the Property
has not yet been occupied by the Seller. Notwithstanding the preceding sentence, any information about facts known to the Purchaser
or that should have been known to the Purchaser from its own investigation do not need to be disclosed by the Seller.

 

		12.5	The Seller warrants (garandeert) that on the later of (i) the Transfer Date or (ii) the
1st day of March 2015, the regular schemes and all preventive and corrective measures to minimise, control and eliminate any risk
of Legionella in the Property are performed.

 

		12.6	The Seller represents (verklaart) and warrants (garandeert) that (subject to the
limitations set out in Clause 14), on the Signing Date and as far as the Seller is aware:

 

		(a)	no orders concerning the Property, or any part thereof, have been prescribed by the authorities
that have not yet been performed and no such orders have been announced;

 

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		(b)	there are no easements, qualitative obligations and perpetual clauses relating to the Property;

 

		(c)	no government subsidies have been applied for or granted, in which context obligations must be
fulfilled;

 

		(d)	the Seller has not received any notification as referred to in article 7.2 of the Municipalities
Preferential Rights Act (Wet voorkeursrecht gemeenten);

 

		(e)	no enforcement decisions have been announced or notified to date in respect of the Property
within the definition of article 5.18 of the Environmental Permitting General Provisions Act (Wet algemene bepalingen
omgevingsrecht);

 

		(f)	the Property is not included in an urban or village renewal plan (stads- of dorps verneuwingsplan)
or in an environmental bye-law;

 

		(g)	the permits and authorisations required to operate the thermal energy storages (WKO) have
not been withdrawn nor have the competent authorities announced the withdrawal or revision of such permits and authorisations;

 

		(h)	there are no legal proceedings, mediation and/or otherwise any proceedings on-going in relation
to the Property;

 

		(i)	there are no rights of retention affecting the Property and the technical installations;

 

		(j)	the municipality of Amsterdam has not terminated the Property nor has the Seller given notice of
termination of the Property;

 

		(k)	there are no plans to expropriate the Property or any part thereof and that the Property is not
involved in an (land) use plan;

 

		(l)	no third parties have any preferential right or option rights in respect of the Property;

 

		(m)	no contracts have been entered into by the Seller or the previous owner of the Property that will
pass on to the Purchaser by virtue of law;

 

		(n)	the Property has not been built, altered or renovated without the required permits or in violation
of such required permits; and

 

		(o)	the owner’s charges regarding the Property for 2014 are as follows:

 

		(i)	immovable property tax (onroerende zaak belasting): EUR 91,212.00 per annum;

 

		(ii)	water system levy (watersysteemheffing gebouwd): EUR 7,713.00 per annum; and

 

		(iii)	sewage (connection) charge (rioolheffing): EUR 896.00 per annum.

 

		12.7	The Seller warrants (garandeert) that:

 

		(a)	on the Signing Date and on the Transfer Date, it explicitly accepts the Master Lease Agreement
and (if necessary) the Principles;

 

		(b)	between the Signing Date and the Transfer Date, it shall comply in all material respects with any
(maintenance) obligations, contractual or non-contractual, in the normal course of business in respect of the Property; and

 

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		(c)	as of the Transfer Date, it will lease the Property, to the extent that the Property is not leased
directly to Tenants, on the terms and conditions of the Master Lease Agreement.

 

		13.	Warranties and Representations of the Purchaser

 

		13.1	The Purchaser hereby declares to the Seller that each of the representations included in this Clause
13 is true, accurate and not misleading on the Signing Date and on the Transfer Date.

 

		13.2	The Purchaser represents (verklaart) and warrants (garandeert) to the Seller that
on the Signing Date and on the Transfer Date:

 

		(a)	it explicitly accepts the burdens and restrictions set out in the Deed of Acquisition, this Agreement
and those burdens and restrictions that are specified in the public registers in relation to immovable property and rights thereon,
as defined in Section 8.1 of the Land Register Act (Kadasterwet) in relation to the Property. The Purchaser furthermore
explicitly accepts the burdens and restrictions that are or could have become apparent to the Purchaser by inspecting the aforementioned
public registers, the Disclosed Information or which are evident from the condition (feitelijke staat) of the Property;

 

		(b)	it explicitly accepts the Master Lease Agreement and (if necessary) the Principles; and

 

		(c)	as of the Transfer Date, it will lease the Property back to the Seller, to the extent that the
Property is not leased directly to Tenants, on the terms and conditions of the Master Lease Agreement.

 

		13.3	The Purchaser represents (verklaart) and warrants (garandeert)
that it will lease back to the Seller all space in the Property that is currently leased out to the Tenants pursuant to the Existing
Lease Agreements after (i) said Existing Lease Agreements have been terminated or (ii) after transfer of all rights and obligations
under the Existing Lease Agreements from the Purchaser to the Seller.

 

		13.4	The Purchaser warrants (garandeert) that the entering
into and performance by the Purchaser of, and the transactions contemplated by, the Agreement do not and will not conflict with:

 

		(a)	any law or regulation applicable to it;

 

		(b)	its constitutional documents; or

 

		(c)	any agreement or instrument binding upon it or any of its assets or constitute a default or termination
event (however described) under any such agreement or instrument.

 

		14.	Due Diligence and Limitation of Liability

 

		14.1	The Purchaser acknowledges and agrees that: 

 

		(a)	it has performed, with the assistance of professional advisors, a due diligence investigation with
respect to the Property and has had, amongst others, (i) access to the Data Room prepared by the Seller and (ii) the opportunity
to submit questions to and receive answers from the Seller on any matter that it deemed proper and necessary for the purpose of
entering into this Agreement and (iii) the opportunity to access the Property and carry out a full investigation; and

 

		(b)	during the Due Diligence, the Purchaser and its advisors have had sufficient opportunity to review
any and all information made available to them; and

 

		(c)	the Due Diligence was in a form, scope and substance to the Purchaser's satisfaction.

 

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		14.2	Notwithstanding any other provisions of this Agreement, the Seller
shall not be in breach of a warranty provided by the Seller or its transfer obligation pursuant to Clause 7 (excluding the obligation
of the Seller to transfer the title to the Property to the Purchaser) to the extent that, on the Signing Date, the Purchaser or
its advisors were or should reasonably be aware of such breach, because the facts and circumstances giving rise thereto:

 

		(i)	were known, or should reasonably have been known, to the Purchaser or its advisors because they
were disclosed in the Disclosed Information; or

 

		(ii)	were known, or should reasonably have been known, to the Purchaser or its advisors on the basis
of their knowledge of the Property obtained by their own investigation mentioned in Clause 14.1(a); or

 

		(iii)	have been disclosed in, or can reasonably be excepted from, one or more of the warranties of the
Seller themselves and/or otherwise in this Agreement and/or an Annex hereto.

 

		14.3	The Purchaser cannot hold the Seller liable for matters that:

 

		(a)	are evident from the Disclosed Information; and/or

 

		(b)	should reasonably have been known to the Purchaser as a result of the Due Diligence.

 

		14.4	In the event of a breach of a warranty provided by the Seller
in this Agreement, the Seller shall be liable to and pay to the Purchaser the Damages, on a euro for euro basis taking into account
the limitations set forth in this Clause 14.

 

		14.5	In determining the amount of Damages, loss of goodwill and any
consequential damage (gevolgschade) of the Purchaser, shall not be taken into account.

 

		14.6	A claim for Damages, after notice has been given pursuant to
Clause 26.1, shall be the sole and exclusive remedy (therewith excluding any other remedy available under the laws of the Netherlands
or any other applicable law) of the Purchaser in case of a breach of warranty.

 

		14.7	The Seller will not be liable in respect of any claim under this
Agreement unless a notice of such claim is given to the Seller in accordance with Clause 26.2:

 

		(a)	in case of any claim under Clause 12.2(a) of this Agreement, within 2 (two) years after the Transfer
Date; and

 

		(b)	in case of other claims, within 1 (one) year after the Transfer Date.

 

		14.8	The aggregate liability of the Seller under this Agreement resulting:

 

		(a)	from a claim under Clause 12.2(a) of this Agreement is limited to an amount equal to 100% of the
Purchase Price; and

 

		(b)	from a claim other than under Clause 12.2(a) of this Agreement is limited to an amount equal to
10% of the Purchase Price,

 

provided that the
aggregate liability of the Seller under this Agreement, including any penalties due by the Seller, will in any event not exceed
an amount equal to 100% of the Purchase Price.

 

		14.9	The amount of any liability of the Seller under this Agreement
shall be reduced by:

 

		(a)	the amount of any tax refund received or reasonably certain to be received by the Purchaser or
any other member of the Purchaser's group to the extent that such refund is attributable to the facts or circumstances giving rise
to the liability of the Seller; and

 

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		(b)	any amount actually received by the Purchaser under an insurance policy or from a third party,
to the extent that such amount is attributable to the facts giving rise to the claim.

 

		14.10	It is expressly agreed between the Parties that any liability
of the Seller or Purchaser is excluded in respect of a claim of the Purchaser or Seller in connection with a possible violation
or inaccuracy of a warranty or any breach of the Agreement, of which claim Parties have established that it represents a value
less than EUR 50,000, subject to such a claim not being connected to additional claims which, when considered together surpass
said amount. If (a) claim(s) of the Purchaser or Seller exceeds such value, the full amount will be paid.

 

		14.11	The limitations on liability stipulated in Clauses 14.1 through
14.3 do not apply to the warranty laid down in Clause 12.5.

 

		14.12	The limitations on liability stipulated in Clauses 14.7, 14.8,
14.9 and 14.10 do not apply to any claims arising from Seller’s obligations under Clause 15 of this Agreement. Notwithstanding
the preceding sentence, in any event, any claims arising from Seller’s obligations under Clause 15 of this Agreement will
be limited to an amount equal to 100% of the Purchase Price. In addition, the Seller will not be liable in respect of any claims
arising from Seller’s obligations under Clause 15 of this Agreement unless a notice of such claim is given to the Seller
in accordance with Clause 26.2:

 

		(a)	in case of any claim under Clause 15.1, 15.6 and 15.7 of this Agreement, within 1 (one) year after
the Transfer Date;

 

		(b)	in case of any claim under Clause 15.2, 15.3, 15.4 of this Agreement, within 5 (five) years after
the Transfer Date; and

 

		(c)	in case of any claim under Clause 15.9 and 15.10, within 1 (one) year after termination of the
Master Lease Agreement in accordance with the provisions of the Master Lease Agreement.

 

		15.	Post-signing obligations

 

Pre-completion
undertakings

 

		15.1	After the Signing Date and until the Transfer Date the Seller
shall not:

 

		(a)	grant use or rights in respect of the Property to any third parties other than (i) for the completion
of the Fit-out Works and the Capex Works and related maintenance works (ii) to Tenants, in accordance with Clause 15.9; or

 

		(b)	grant any approval or consent for sublease to a Tenant,

 

other than with
the prior written approval of the Purchaser, which approval will not be withheld on unreasonable grounds.

 

Initial occupation
of the Property by the Seller

 

		15.2	The Seller will (initially) occupy the entire ING Space and to
use its best efforts to (initially) occupy any other vacant space in the Property not in use by a Tenant on the terms and conditions
of the Master Lease Agreement on or before 1 July 2016. For the avoidance of doubt, at the aforementioned date the Seller will
(initially) occupy (at least) the ING Space. The Seller will ensure that no preferential rights of Tenants will prevent the Seller
to (initially) occupy the entire ING Space on or before 1 July 2016. Notwithstanding the preceding sentences of this Clause 15.2,
in the event of a Seller Force Majeure and after Seller has provided the Purchaser with sufficient evidence to demonstrate that
a Seller Force Majeure has occurred, the Seller’s (initial) occupation of the entire ING Space shall be delayed to a date
later than 1 July 2016, it being explicitly agreed that such date will never be later than 1 July 2017.

 

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Capex
Works

 

		15.3	The Seller will carry out the Capex Works as soon as reasonably
possible and substantially in conformity with the time lines as set out in Annex 1 and
the Seller shall provide the Purchaser with the proper certificates and guarantees (if available) from the company that has carried
out such works. The completion of the Capex Works will be at the risk and expense of the Seller.

 

Fit-out
Works

 

		15.4	The Seller commits to spending at its own risk and account (regardless
of its full occupation, or not, of the Property) in excess of EUR 20,000,000 towards non-refundable fit-out and building related
improvement works, as evidenced by the content of folder 4.11 “Tenant Fit-out” of the Data Room (the Fit-out
Works). The Fit-out Works are carried out at the Seller’s sole discretion for the initial
fit-out of the ING Space provided that any deviation from the content of folder 4.11 “Tenant Fit-out” of the Data Room
will not have a materially adverse effect on the value of the Property. The Seller will notify the Purchaser of any deviations
from the Fit-out Works as set out in folder 4.11 “Tenant Fit-out” of the Data Room.

 

		15.5	The Purchaser, in its capacity as future leaseholder of the Property
and Landlord under the Master Lease Agreement, hereby grants its approval to the Fit-out Works but shall never be held liable in
any manner whatsoever to pay any compensation to the Seller for the Fit-out Works. 

 

Principles
in respect of Remaining Tenants

 

		15.6	After the Signing Date the Seller will periodically update the
Purchaser in writing whether or not there are any Remaining Tenants. Provided that one or more Tenants have not agreed on or before
1 March 2015 to the termination of their Existing Lease Agreements or a transfer of all rights and obligations under their Existing
Lease Agreements from the Purchaser to the Seller pursuant to Section 6:159 of the DCC with effect as from the Transfer Date, the
Parties will work out in good faith the required agreement(s) with respect to Remaining Tenants based on the terms and conditions
set forth in the Principles. The Seller will provide the Purchaser ultimately on or before 10 March 2015 with a first draft of
such required agreement(s) with respect to Remaining Tenants. Parties will use best efforts to agree in good faith on the required
agreement(s) with respect to Remaining Tenants on or before 31 March 2015.

 

		15.7	Provided that one or more Tenants have not agreed before Transfer
Date to the termination of their Existing Lease Agreements or a transfer of all rights and obligations under their Existing Lease
Agreements from the Purchaser to the Seller pursuant to Section 6:159 of the DCC, the Parties will ultimately on the Transfer Date
execute the necessary agreement(s) with respect any Remaining Tenants and make the necessary amendments to the Master Lease Agreement.
The Parties shall as per the Transfer Date be bound to and observe the rights and obligations set forth in the Principles, but
only to the extent such rights and obligations have not been replaced by an agreement between the Parties in which these Principles
will be worked out in greater detail (if necessary), unless explicitly agreed otherwise in writing.

 

		15.8	The current draft of the Master Lease Agreement is based on the
assumption that all Tenants will agree to a termination of their Existing Lease Agreement or a transfer of all rights and obligations
under their Existing Lease Agreements from the Purchaser to the Seller pursuant to Section 6:159 DCC prior or around the Transfer
Date. In the event that one or more Tenants do not agree with such termination or a transfer of all rights and obligations, the
Master Lease Agreement will be amended in accordance with the arrangements set out in the Principles and as further agreed in good
faith between the Parties before the Transfer Date.

 

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No amendments
to Existing Lease Agreements

 

		15.9	After
the Signing Date and until the Transfer Date and for the duration of the Master Lease Agreement, but only as long as more than
35% of the Property is rented out to Tenants, the Seller shall not, without the prior written approval of the Purchaser, make any
material amendments or otherwise change any of the Existing Lease Agreements other than:

 

		(a)	the (partial) termination of an Existing Lease Agreement;

 

		(b)	the transfer of all rights and obligations under any Existing Lease Agreement from the Purchaser
to the Seller;

 

		(c)	the relocation of a Tenant within the Property, provided that the total number of square meters
of leased space used by Tenants will not be extended by more than 1,000 square meters as a result of such relocations;

 

		(d)	an amendment of the services provided to a Tenant under such Existing Lease Agreement, provided
that no further services are agreed that (i) will continue after termination of the Master Lease Agreement or (ii) cannot be charged
to such Tenant; and

 

		(e)	granting any incentives to a Tenant, provided that such incentives are not connected to the extension
of an Existing Lease Agreement and in any event will remain for the risk and account of the Seller.

 

		15.10	After
the Signing Date and until the Transfer Date and for the duration of the Master Lease Agreement, but only as long as more than
35% of the Property is rented out (i) by the Seller to subtenants (including Tenants) in accordance with the waiver in Clause 8.5
of the Master Lease Agreement and (ii) to Remaining Tenants, the prior approval of the Purchaser is required if and when the Seller
intends to lease additional spaces to a Tenant within the Property that have become vacant due to a (partial) termination by another
Tenant, provided that the total number of square meters LFA used by Tenants will not increase. This approval shall not be withheld
on unreasonable grounds. The Purchaser will respond within one week after the written request by the Seller has been submitted,
provided that all relevant information has been provided to the Purchaser (including any draft lease proposal). If and when the
Purchaser has not responded within that timeframe, the request will be deemed to have been accepted. 

 

		16.	Cisco Lease Agreement

 

		16.1	The Purchaser represents (verklaart) and warrants (garandeert)
that, in connection with the arrangement for transfer of all or part of the rights and obligations under the Existing Lease Agreements
agreed between Cisco Systems International B.V. and ING Bank N.V. (main lease office, parking etcetera and an additional lease
of 150 parking places, if and to the extent still applicable at the time) (the Cisco Lease Agreement)
from the Purchaser to the Seller pursuant to article 6:159 of the Dutch Civil Code ("contractsoverneming") after
the Transfer Date, it accepts that it will respect and take over such lease agreements if, for whatever reason, the Master Lease
Agreement with the Purchaser (or its legal successors) terminates before the aforementioned Existing Lease Agreements agreed between
Cisco Systems International B.V. and the Seller. This obligation will be laid down as a perpetual clause in the Deed of Transfer.

 

		16.2	If at the time of termination of the Master Lease Agreement due
to a termination by the Purchaser in accordance with the provisions of the Master Lease Agreement resulting from a default of the
Seller, the Cisco Lease Agreement has not been terminated, the Seller will, at its own risk and expense, arrange for termination
of the Cisco Lease Agreement as per the termination date of the Master Lease Agreement.

 

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		16.3	If the Cisco Lease Agreement has not been terminated at the time
of termination of the Master Lease Agreement in accordance with the provisions of the Master Lease Agreement resulting from a default
of the Purchaser, the Seller will not be obliged to terminate the Cisco Lease Agreement nor compensate the Purchaser for any costs
or damages. Any prepaid rent and service charges collected by the Seller from Cisco Systems International B.V. during the year
of termination of the Master Lease Agreement minus any expenses connected with such services will be transferred to the Purchaser
as soon as reasonably possible. For the avoidance of doubt, the Seller will not have the obligation in such case to settle the
service charges under the Cisco Lease Agreement for the year in which the Master Lease Agreement is terminated.

 

		17.	Easements, perpetual clauses, qualitative rights, etc

 

		17.1	The entitlement to the Property is transferred with all current easements, both for the benefit
and at the expense of the Property, as well as all current other restricted rights and perpetual clauses, as well as all current
qualitative rights and obligations.

 

		17.2	Save for rights of pledge or rights of mortgage, the Seller does not warrant the absence of restricted
rights, qualitative obligations and/or other special charges and restrictions in respect of the Property. Any such risk is at the
expense of the Purchaser, who acknowledges and accepts this but only insofar such restricted rights, qualitative obligations and/or
other special charges and restrictions are or should have become apparent to the Purchaser through the Disclosed Information or
which are evident from the condition (feitelijke staat) of the Property.

 

		17.3	In so far as any perpetual clauses are in effect in relation to the Property these will be imposed
upon the Purchaser in the Deed of Transfer and accepted by the Seller for the benefit of the interested third party or parties.

 

		18.	Public-law restrictions

 

The Seller is not
aware of any other decisions as referred to in Section 2 of the Dutch Immovable Property (Disclosure of Restrictions under Public
Law) Act (Wet kenbaarheid publiekrechtelijke beperkingen onroerende zaken) than those that in relation to the Property may
have been registered in the public registers in relation to immovable property and rights thereon, as defined in Section 8.1 of
the Land Register Act (Kadasterwet). The Seller cannot be held liable for the existence of any public-law restrictions.
Any such risk will be at the expense of the Purchaser, who acknowledges and accepts this.

 

		19.	Condition subsequent

 

		19.1	The Sale will be terminated if the Seller is not free to deliver title to the Property on the Transfer
Date because there is an obligation to offer the Property for sale to the municipality, the province or the State of the Netherlands
pursuant to the Municipalities (Preferential Rights) Act (Wet voorkeursrecht gemeenten).

 

If this condition
subsequent is fulfilled, it will operate retroactively as between the Parties to the date when the Sale was concluded.

 

		19.2	None of the Parties is obliged to make any payment to the other Party nor can a Party claim any
damages, compensation or costs from the other Party resulting from the termination of the Sale of the Property in accordance with
this Clause 19.

 

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		20.	Environmental provision

 

		20.1	The Seller hereby expressly excludes any liability for the presence of contamination (as described
below), asbestos-containing or other hazardous substances that threaten to endanger the environment and/or public health. The presence
and possible consequences thereof are for the account and risk of the Purchaser. The Purchaser declares it will not exercise any
action vis-à-vis the Seller in respect of the presence of the aforementioned asbestos-containing or other hazardous substances
and any contamination that is presently or at any other time in, at or on the Property, the ground belonging to it and/or the groundwater,
in any form, except insofar it concerns third party claims or liabilities currently outstanding or related to damages or personal
injuries that have occurred in the period prior to the Transfer Date.

 

		20.2	With due observance of the provisions of Clause 20.1, the Purchaser accepts the environmental state
of the Property, which in this Clause 20 always includes the land belonging to the Property, the groundwater, air and the possible
presence of asbestos-containing or other hazardous substances and underground tanks as well as all possible consequences (also
for the surrounding area) thereof in the broadest sense of the word, except insofar it concerns third party claims or liabilities
currently outstanding or related to damages or personal injuries that have occurred in the period prior to the Transfer Date.

 

		20.3	In the Deed of Transfer the Purchaser will accept the environmental state of the Property and will
also in the broadest sense of the word expressly accept all possible consequences (also for the surrounding area of the Property)
of this environmental state and establish that this state does not prevent the intended use of the Property and that will not exercise
any action vis-à-vis the Seller in respect of the presence of the aforementioned asbestos-containing or other hazardous
substances and any contamination that is presently or at any other time in, at or on the Property, the ground belonging to it and/or
the groundwater, in any form, except insofar it concerns third party claims or liabilities currently outstanding or related to
damages or personal injuries that have occurred in the period prior to the Transfer Date.

 

		21.	Security

 

		21.1	As security for the payment of the Purchase Price and the performance of its other obligations
pursuant to this Agreement, the Purchaser shall make the following deposit payments into the Clients' Account:

 

		(a)	on or before the Signing Date: an amount equal to 2.5% of the Purchase Price; and

 

		(b)	ultimately on 31 March 2015: a further amount of 2.5% of the Purchase Price, resulting in a total
deposit amount equal to 5% of the Purchase Price; and

 

		(c)	ultimately on 31 May 2015: a further amount of 2.5% of the Purchase Price, resulting in a total
deposit amount equal to 7.5% of the Purchase Price.

 

		21.2	Any interest received by the Notary on such Deposit Amount shall be paid via the Clients’
Account to the Purchaser on the Transfer Date. The Notary shall forthwith confirm in writing to the Seller and the Purchaser that
a payment of the Deposit Amount has been received in accordance with Clause 21.1.

 

		21.3	After the signing of the Deed of Transfer, in so far as not previously payable to the Seller, the
Deposit Amount shall be used for the payment of the Purchase Price and the costs and taxes owed by the Purchaser on the basis of
the provisions of this Agreement and in conformity with the completion statement of the Notary.

 

		21.4	After the payment of the Purchase Price to the Seller, the Notary shall pay to the Purchaser the
part of the Deposit Amount (including received by the Notary on such Deposit Amount) not paid to the Seller, in so far as these
amounts are not necessary to pay the costs and taxes owed by the Purchaser.

 

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		21.5	Instead of paying the aforementioned Deposit Amount, the Purchaser may provide a bank guarantee
which meets the following conditions:

 

		(a)	be issued by a bank within the meaning of Section 1:1 of the Financial Supervision Act (Wet
op het financieel toezicht) which is registered with the Dutch Central Bank (De Nederlandsche Bank);

 

		(b)	be at all times at least equal to the Deposit Amount;

 

		(c)	be unconditional and irrevocable and may not contain any reservation in any way whatsoever;

 

		(d)	be valid up to at least one (1) month after the 30th day of June 2015. If the Parties
agree to delay Completion to a later date, the bank guarantee must be extended accordingly; and

 

		(e)	provide that the amount will be paid at the Notary’s first demand, without stating any reasons,
by means of transfer to the Clients' Account.

 

The bank guarantee
will expire (i) when the term has lapsed for which it was issued, or (ii) if the Notary informs the issuing bank that the bank
guarantee can be cancelled.

 

		21.6	The security provided pursuant to this Clause 21 (i.e. a deposit paid by the Purchaser as set out
in Clause 21.1 or a bank guarantee provided by the Purchaser as set out in Clause 21.5) will be held by the Notary and shall only
be used for payment of the Purchase Price in accordance with Clause 21.2 or for payment of the amounts of immediately payable penalties
pursuant to Clause 9.2, Clause 9.3 and Clause 9.4 respectively.

 

		21.7	Payment of (parts of) the Deposit Amount to the Seller – if not used for payment of the Purchase
Price – will only take place in case the Purchaser forfeits any penalties in accordance with Clause 9. The Purchaser will
have the right to institute legal proceedings against the Seller to establish the final indebtedness towards the Seller and to
reclaim any amount unduly paid, but this will not affect any preliminary payment to be made by the Notary to the Seller nor will
the Purchaser request for an attachment (beslag) on the Clients' Account in such case. If the Seller demands that this Agreement
is performed pursuant to Clause 9.2, the foregoing shall (always) only apply to that portion of the security deposit which the
Purchaser must pay by way of the daily penalty referred to in Clause 9.2.

 

		21.8	The Notary shall return the security provided pursuant to this Clause 21 (i.e. a deposit paid by
the Purchaser as set out in Clause 21.1 or a bank guarantee provided by the Purchaser as set out in Clause 21.5) to the Purchaser
if this Agreement is terminated pursuant to Clause 10.1(b).

 

		21.9	If both Parties fail in the performance of their obligations, or if the Notary (acting entirely
impartially in making its decision) is unable to decide which of the Parties is in default, the Notary shall retain the security
provided pursuant to this Clause 21 – subject to unanimous payment instructions of both Parties – until it has been
decided by a final and deciding judgment to whom he must pay (such part of) the Deposit Amount or the amount received under the
bank guarantee.

 

		22.	Anti-speculation clause

 

		22.1	The Purchaser is not allowed to sell or transfer the Property to a third party, encumber the Property
with limited rights (beperkte rechten) other than rights of mortgage (hypotheekrecht) or pledge (pandrecht)
or transfer the beneficial title (economische eigendom) to a third party within 6 months and 1 day after the
Transfer Date.

 

		22.2	A ‘transfer of the Property’ as referred to in Clause 22.1 also includes a transfer
or transition under general title (overgang onder algemene titel) of shares, the transfer of voting rights on shares, obtaining
shares through issuance or (in any other way) obtaining control over the activities of the Purchaser by a third party, in accordance
with the SER merger resolution 2000 (SER-besluit fusie-gedragsregels 2000).

 

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	EXECUTION COPY	

 

		22.3	In case of a (partial) breach of the obligations set out in this Clause 22, the Purchaser will
forfeit to the Seller, without further notice of default or judicial intervention being required and regardless of whether or not
the default is attributable, an immediately payable penalty equal to 15% of the Purchase Price.

 

		22.4	This Clause 22.1 shall not apply in case of:

 

		(a)	an initial public offering; or

 

		(b)	a Portfolio Sale; or

 

		(c)	an internal (direct or indirect) sale and/or transfer of the holding company of the Purchaser or
one of its affiliated companies, provided that no third party will obtain (direct or indirect) control over the Purchaser or (a
part of) its activities.

 

		22.5	The Seller may, at its sole discretion, waive the obligations set out in this Clause 22. Such waiver
will only be granted in writing. The Seller is entitled to attach conditions to such waiver.

 

		23.	Management contracts, maintenance contracts and service contracts

 

		23.1	The Seller will terminate at its own risk and account all existing management contracts, service
contracts and other running (maintenance) contracts regarding the Property as of the Transfer Date, insofar as these contracts,
at the sole discretion of the Seller, are rendered superfluous in connection with the Master Lease Agreement and/or the Principles,
unless agreed otherwise between the Seller and the Purchaser.

 

		23.2	The originals, to the extent available, of: (i) the documents provided in the Data Room, except
for any documents relating to Tenants, (ii) all architectural drawings, the drawings with respect to the technical systems, the
permits regarding the (re)construction of the Property well as the guarantee certificates; (iii) all original guarantee statements
and maintenance manuals applicable to the Property to the extent that they are of relevance to the Purchaser will be kept in a
room designated for that purpose on the Property for as long as reasonably necessary (i.e. as long as the Seller will reasonably
require such documents to perform its maintenance obligations under the Master Lease Agreement). The Purchaser will grant the Seller
access to the documents mentioned in the preceding sentence or, alternatively, it may choose to forthwith provide the Seller with
copies of such documents.

 

		24.	Devolution, assignment of claims

 

		24.1	On the Transfer Date the Seller will, by means of execution of
the Deed of Transfer, transfer to the Purchaser all rights of indemnity, claims, contracts, available guarantees and all other
rights with regard to the Property which the Seller may now or at any time enforce against its legal predecessors and/or any other
third parties, including the builder(s), the contractor(s), the subcontractor(s), the installer(s) and/or the supplier(s), insofar
as these rights and claims do not pass to the Purchaser by operation of law as rights attached to a certain capacity within the
meaning of Section 6:251 DCC and to the extent that such arrangements or provisions are transferable.

 

		24.2	In so far as required under public law, permits regarding the
Property shall be transferred to the Purchaser after the Transfer Date at Purchaser’s first request. If a change of the registration
of such permit is desired or demanded, the Seller shall cooperate on Purchaser’s first request, with the relevant change
of the registration in order to carry out the aforementioned transfer of rights or change of registration.

 

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	EXECUTION COPY	

 

		24.3	The Seller undertakes to provide the Purchaser in a timely manner
with any relevant details which relate to the aforementioned rights and/or claims. The Purchaser will not be authorised until after
the transfer of the Property to effectuate the transfer of the rights and/or claims concerned by notifying the relevant persons,
entities or governmental bodies against whom these rights may be exercised.

 

		24.4	In so far as any of the aforementioned claims and/or rights concerned
are not transferrable, the Seller hereby irrevocably authorises the Purchaser, subject to the fulfilment of the condition precedent
of the transfer of the Property by means of execution of the Deed of Transfer and unless agreed otherwise in the Master Lease Agreement,
to exercise the said non-transferrable claims and/or rights in the Seller’s name, nonetheless at the risk and expense of
the Purchaser.

 

		25.	Damage

 

		25.1	If the Property is destroyed in whole or in part by other causes
than through the actions of the Purchaser after Signing Date but before the moment of passing of the risk of the Property, the
Seller is obliged to inform the Purchaser of this without delay and this Agreement will be dissolved by operation of law, unless
within eight weeks after this has occurred, but in any case before the Transfer Date:

 

		(a)	the Purchaser still demands performance of this Agreement, in which case the Seller will transfer
to the Purchaser the Property in its then existing state, as well as - without any special consideration in addition to the Purchase
Price - all rights that the Seller may enforce in respect of said damage under an insurance or on any other ground vis-à-vis
third parties; or

 

		(b)	the Seller declares that it will repair the damage at its own expense before the Transfer Date
or, if this is a later date, within eight weeks after the damage has occurred. If the aforementioned eight weeks period applies,
the legal transfer will in that case - if necessary - be postponed until ultimately the day following the day on which such eight-week
period has expired without any special consideration in addition to the Purchase Price. If the damage has not been repaired up
to the state on the Signing Date and in accordance with the standards of professional and good workmanship, including regular wear
and tear, within the stated term, the Purchaser will have the right to still dissolve this Agreement, provided in writing with
acknowledgement of receipt and within eight days after expiry of the stated term. If the Purchaser does not exercise this right,
the legal transfer will be postponed until the damage has been properly repaired and the Seller in such case has the obligation
to fully compensate the Damages suffered by the Purchaser due to the postponement of the legal transfer.

 

		25.2	The Seller will be obliged to ensure that the Property shall be adequately insured until 24.00
hours at the Transfer Date.

 

		26.	Notice of default, default, dissolution and penalty

 

		26.1	Unless stated otherwise, in the event of a breach of the provisions of this Agreement by a Party,
that Party shall, after a notice as set out in Clause 26.2 is given and subject to the provisions of the Agreement and unless performance
(nakoming) is claimed in said notice, compensate the other Party for the damages as referred to in Section 6:96 DCC incurred
by the other Party as a direct result of such breach, taking into account the provisions and limitations agreed upon in Clause
14.

 

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	EXECUTION COPY	

 

		26.2	In case of a breach of either Party, the other Party shall send a notice of such breach by registered
letter or by bailiff's notification and, unless performance (nakoming) is claimed in said notice, a 5 Business Day period
should be given to remedy the breach, taking into account the provisions and limitations agreed upon in Clause 14. The Parties
waive the right to dissolve this Agreement in case of a breach, unless a dissolution right is explicitly granted to a Party in
this Agreement.

 

		26.3	In the event of a breach of this Agreement remedy for the Purchaser shall be a claim for damages
or specific performance (nakoming), unless explicitly stated otherwise in this Agreement.

 

		26.4	Any penalty paid or due by a Party is deemed to be a fixed compensation (gefixeerde schadevergoeding)
for any compensation of damages due to the other Party.

 

		27.	Energy performance certificate

 

		27.1	No energy performance certificate will be drawn up for the Property, which is expressly accepted
by the Purchaser. The Purchaser agrees that upon signing the Deed of Transfer no energy performance certificate or equivalent document
as referred to in the Dutch Energy Performance Buildings Decree (Besluit energieprestatie gebouwen) will be delivered to
it. The Purchaser accepts the risks and consequences of this. The Purchaser indemnifies the Seller from any demand or claim in
this respect. According to the website of Rijksdienst voor Ondernemend Nederland the Property has an energy label A, which
will be valid until 27 September 2020.

 

		27.2	The Purchaser declares that (an associate of) the Notary has pointed out the consequences relating
to the absence of said energy performance certificate and indemnifies (the associates of) the Notary from any demand and/or claim
in this respect.

 

		28.	General conditions/ Limitation of liability Notary

 

		28.1	The services to be rendered by the Notary are governed by the general conditions applied by the
Notary, which contain a limitation of liability.

 

		28.2	A copy of these general conditions will be attached to this Agreement as Annex 8.

 

		28.3	The Purchaser declares that it is aware that the Notary is a representative of Allen & Overy
LLP, which acts as the external legal advisor of the Seller. With reference to the provisions of the Code of Conduct (Verordening
Beroeps- en Gedragsregels) as determined by the general meeting of the Royal Notarial Association (Koninklijke Notariële
Beroepsorganisatie), the Purchaser explicitly declares that it consents to the fact that the Seller will be assisted by Allen
& Overy LLP in all cases connected with the Agreement or to a related document and all potential conflicts arising there from.

 

		29.	Transferability of rights

 

The Parties are
not allowed to assign or otherwise transfer any Party's rights under this Agreement without prior approval of the other Party.

 

		30.	General

 

		30.1	Each of the obligations, warranties and undertakings set out in this Agreement (excluding any obligation
which is fully performed at Completion) shall continue to be in force after Completion and shall not be affected by the waiver
of any condition or notice given by the Purchaser in respect of any condition.

 

		30.2	This Agreement may be executed in any number of counterparts. This has the same effect as if the
signatures on the counterparts were on a single copy of this Agreement.

 

		30.3	Except as expressly stated in this Agreement, the terms of this Agreement may be enforced only
by a Party to this Agreement or a Party's permitted assigns or successors. In the event any third party stipulation (derdenbeding)
contained in this Agreement is accepted by any third party, such third party will not become a party to this Agreement.

 

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	EXECUTION COPY	

 

		30.4	If (i) a claim by the Purchaser for any breach or alleged breach of any of the warranties provided
by the Seller or any other obligations of the Seller under this Agreement arises as a result of any actions or negligence of a
third party or in connection with a liability or alleged liability to a third party (a Third Party Liability) and (ii) the
Seller shall be obliged to compensate the Purchaser against any damages, liabilities, charges, costs or expenses that it may incur
in relation to the Third Party Liability, then:

 

		(a)	the Seller may elect, for its own risk and account, to assume the conduct of any defence against
such Third Party Liability, provided that the Seller shall at all times keeps the Purchaser promptly informed of all progress relating
to the Third Party Liability and provide the Purchaser promptly with copies of all relevant documents and information;

 

		(b)	the Purchaser shall keep the Seller informed in writing of the progress of the Third Party Liability;

 

		(c)	the Seller shall consult with the Purchaser in relation to the conduct of any appeal, dispute,
compromise or defence of the Third Party Liability; and

 

		(d)	the Purchaser shall procure that it makes available to the Seller such persons and all such information
as the Seller may reasonably require for assessing the Third Party Liability.

 

		30.5	For the avoidance of doubt, the conduct of any defence against a Third Party Liability as set out
in this Clause 30.4 will not defer the payment of any compensation to the Purchaser arising as a result of a breach of this Agreement
and the Seller shall indemnify the Purchaser for any liabilities, charges, costs and/or expenses incurred by the Purchaser in connection
with the conduct of any defence against a Third Party Liability, provided that such costs and/or expenses will not exceed an amount
equal to 15% of the claimed compensation resulting from the Third Party Liability.

 

		30.6	The time limits referred to in this Agreement are governed by the Dutch Time Limits Act (Algemene
termijnenwet).

 

		30.7	By co-signing this Agreement, the Notary declares to assume the obligations arising from this Agreement
and to accept the powers conferred on him.

 

		30.8	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable
in any respect under the law of any jurisdiction, this shall not affect or impair:

 

		(a)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement;
or

 

		(b)	the legality, validity or enforceability under the law of any other jurisdiction of that or any
other provision of this Agreement.

 

		30.9	The Parties agree to keep the contents of this Agreement (including its Annexes) confidential and
agree not to disclose any information regarding this Agreement to any third party, other than to their advisors, except insofar
as a Party is obliged to do so by law or by court order.

 

		30.10	The Parties furthermore agree that any press release in relation to the sale and purchase of the
Property by the Purchaser requires the prior written approval of both Parties. Any press releases in relation to this Agreement
should be mutually agreed between the Parties, before being made public. The Parties will make sure that their advisors will also
observe the provisions of the Clauses 30.9 and 30.10.

 

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	EXECUTION COPY	

 

		31.	No Rescission

 

To the extent permitted
by law and without prejudice to a dissolution right that is explicitly granted to a Party under this Agreement, the Parties waive
their rights, if any, to (i) in whole or in part annul, rescind or dissolve (gehele dan wel partiële ontbinding en vernietiging)
this Agreement, and (ii) invoke section 6:228 DCC in the sense that an error (dwaling) shall remain for the risk and account
of the Party in error as referred to in section 6:228, subsection 2 DCC. The rights of the Purchaser arising out of the provisions
under Title 1 of Book 7 DCC are hereby expressly excluded (to the extent these provisions do not contain mandatory law).

 

		32.	Whole Agreement

 

		32.1	This Agreement contains the whole agreement between the Parties relating to the sale of the Property
by the Seller to the Purchaser and supersedes all previous agreements, whether oral or in writing, between the Parties relating
to the sale of the Property by the Seller to the Purchaser.

 

		32.2	If and to the extent the laws of any jurisdiction provide for more protection to the Purchaser
in addition to the provisions in this Agreement (such as additional rights exercisable vis-à-vis the Seller or implied representations
and warranties in addition to warranties provided by the Seller), the Purchaser hereby excludes or (if incapable of exclusion)
irrevocably waives (afstand van recht) the right to invoke this additional protection, and the Seller hereby accepts such
waiver.

 

		32.3	This Agreement may only be amended and any provision hereof may only be waived in writing, where
such amendment or waiver is signed by all Parties.

 

		33.	Governing Law

 

		33.1	This Agreement (including, for the avoidance of doubt, Clause 34) and any contractual or non-contractual
obligations arising out of or in connection to it, is governed by and shall be construed in accordance with the laws of the Netherlands.

 

		33.2	Any power of attorney or other document executed in connection with this Agreement or the transactions
provided for in this Agreement will be governed by and construed in accordance with the laws of the Netherlands.

 

		34.	Dispute Resolution

 

		34.1	The Parties irrevocably agree that the courts of Amsterdam, the Netherlands, are to have exclusive
jurisdiction to settle any dispute which may arise out of or in connection with this Agreement (including any dispute as to the
validity of this Agreement) and that accordingly, any proceedings arising out of or in connection with this Agreement shall be
brought in such courts. Each of the Parties irrevocably submits to the jurisdiction of such courts and waives any objection to
proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an inconvenient forum.

 

		34.2	Clause 34.1 shall also apply to disputes arising out of or in connection with agreements which
are connected with this Agreement, unless the relevant agreement expressly provides otherwise.

 

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	EXECUTION COPY	

 

Signatories

 

This Agreement has been signed
by the parties (or their duly authorised representatives) on the date stated at the beginning of this Agreement.

 

	SIGNED by:	)
	For and on behalf of 	)
	the Seller	)
	 	 
	SIGNED by:	)
	For and on behalf of 	)
	the Purchaser	)
	 	 
	SIGNED by: 	)
	the Notary	)
	(solely in connection with Clause 30.7)

 

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	EXECUTION COPY	

 

Annex
1

 

Capex Works

 

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	EXECUTION COPY	

 

Annex
2

 

Index Data Room

 

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	EXECUTION COPY	

 

Annex
3

 

CD ROM Data
Room

 

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	EXECUTION COPY	

 

Annex
4

 

Deed of Transfer

 

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	EXECUTION COPY	

 

Annex
5

 

Letter Of Intent

 

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	EXECUTION COPY	

 

Annex
6

 

Master Lease
Agreement

 

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	EXECUTION COPY	

 

Annex
7

 

Q&A

 

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	EXECUTION COPY	

 

Annex
8

 

General Conditions
Notary

 

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	EXECUTION COPY	

 

Annex
9

 

Principles to
resemble a Master Lease

 

    	33Exhibit 10.7

 

 

DEED OF SALE

 

F PROJET / ARC GLOBAL II MARSEILLE

 

 

		1.	DATE, PLACE OF SIGNING AND DRAFTER OF THE DEED

 

		1.1.	Date of the Deed

 

Twenty ninth
December

IN THE YEAR
TWO THOUSAND AND FOURTEEN

 

		1.2.	Place of signing the Deed

 

At 72 Avenue de Wagram, Paris 75017,
in the civil law notary’s office of the participating civil law notary.

 

		1.3.	Drafter of the Deed

 

Me Julien Cahen, civil law notary
("notaire"), member of the professional partnership "Bruno CASTERAN, Pierre CENAC & Laurent HOSANA,
notaires associés", having its office at 72 Avenue de Wagram, 75017 Paris

 

With the participation
of Maître Martine AFLALOU-TAKTAK, civil law notary (notaire) and partner, member of the professional partnership “Maîtres
Philippe GIRARD, Mathieu DURAND, Olivier SANTELLI, Dimitri de ROUDNEFF, Martine AFLALOU-TAKTAK, Alexandra PEYRE de FABREGUES and
Ludivine BELLIA-FABRE, notaires associés, société titulaire d’un office notarial”, having
its office at 65 Avenue Jules Cantini, Tour Méditerranée, Marseille 13006,

 

		2.	LEGAL CLASSIFICATION OF THE DEED

 

The undersigned
civil law notary has recorded this notarised deed constituting the SALE OF COMMON HOLD PREMISES, at the request of the parties
identified hereinafter.

 

    	1

    	 

    

 

		3.	DEFINITIONS – INTERPRETATION

 

		3.1.	Definitions

 

Purchaser: means
ARC GLOBAL II MARSEILLE as identified in article 4.2 Purchaser.

 

Deed: means this
notarised deed of sale and the schedules hereof, which form an integral part of the Deed on the same standing as the provisions
that appear in Sections I and II hereof.

 

Schedule(s): means a schedule(s) to
the deed of sale.

 

Article: means any article hereto.

 

Lease: means the lease entered into
in relation to the Real Property Complex and set out in the Information Package defined hereinafter.

 

Real Property Assets – Property:
means the common hold lots described in further detail in article 6.7. Description of the Real Property Assets with their
appurtenances and their facilities classified as fixtures forming the subject matter of the Deed of Sale.

 

Signing Date: means today’s date,
i.e. the date on which this Deed of Sale was signed.

 

Security Deposit: means the security
deposit deposited by the Purchaser.

 

Information Package: means all documents
that the Vendor makes available to the Purchaser and its advisors, a list of said documents is annexed hereto.

 

Property Complex: means the property
complex of which the Real Property Assets are part covered by a descriptive record of division into common hold rules, as specified
in article 6.6 Legal organization of the Property Complex.

 

Expenses: means the property security
contribution1, the property registration levy, the salaries and fees of civil
law notaries or the judicial officer and more generally all expenses and levies entailed by the final completion of the sale and,
in particular, by the signing of the Deed of Sale.

 

Worked Day(s): means any day of the
week other than a Saturday, a Sunday or public holiday in France or in London (United Kingdom). It being specified if any one of
the obligations of the Parties is to be fulfilled on a day which is not a Worked Day, it must then be fulfilled on the next Worked
Day and that if anyone of the notices to be given hereunder is to be given on a day that is not a Worked Day, said notices shall
then be given no later than the next Worked Day.

 

 

1
Une contribution de sécurité
immobilière (fee payable for real property formalities)

 

    	2

    	 

    

 

Tenant: means the person currently occupying
the Real Property Assets under the Lease.

 

Parties: means the Vendor and Purchaser
together.

 

Transfer of Possession: means the
date on which possession of the Real Property Assets transfers.

 

Transfer of Title: means the date on
which title over the Real Property Assets transfers.

 

Vendor: means the F PROJET Company whose
identity is set out in article 4.1.

 

		3.2.	Interpretation

 

Pursuant to a deed signed
before the undersigned civil law notary on 16 October 2014, the Vendor and the Purchaser entered into a unilateral promise to sell,
subject to conditions precedent (hereinafter referred to as the "Promise").

 

The Parties have also agreed that the provisions
of the Deed expressly novate any understanding or agreement that may arise from correspondence prior to signing this Deed.

 

It is specified that in the event of conflict
between the provisions of the Promise and the Deed of Sale, the provisions of the Deed of Sale shall take precedence.

 

Moreover, in this Deed, unless the context
calls for a different meaning:

 

		·	the sole purpose of titles given to articles
is to facilitate the reading thereof and they cannot limit the purport or scope thereof,

		·	any reference made to an article or to
a schedule is understood as reference to an article of the Deed of Sale or a schedule of the Deed of Sale, unless expressly provided
otherwise,

		·	the undertakings made and the representations
made in the Deed shall always be specified as being made directly by the Parties, even if they are made by the legal or contractual
representative of the latter.

 

		4.	IDENTITY OF THE PARTIES TO THE DEED

 

		4.1.	VENDOR

 

F. PROJET, a French limited liability company
(société à responsibilité limitée) with share capital of €6,600.00, having its registered
office at 53 Avenue Jean Giraudoux, Perpignan (Pyrénées – Orientales), identified under SIREN number 750 872 343
with the Perpignan Trade and Companies Register.

 

Represented by

Me Martine Aflalou-Taktak,
participating civil law notary, with business address at 65 Avenue Jules Cantini, Tour Méditerranée, 13006 Marseille,

 

    	3

    	 

    

 

Under the special power of attorney for the
purposes hereof granted by Mrs Héléne FONDEVILLE and Mrs Marie-Françoise FONDEVILLE, co-managers under the
Memorandum and Articles of Association of said company, with a legal address in said capacities at the registered office under
a power of attorney drawn up by private agreement in Perpignan on 19 December 2014, of which an original is appended hereto after
reference (Schedule. Vendor’s Powers)

 

		4.2.	PURCHASER

 

ARC GLOBAL II MARSEILLE,
a civil company ("société civile") whose registered office is located at 12 rue de la Chaussée
d'Antin, 75009 Paris, registered under SIREN number 808 578 025 with the Trade and Companies Register of Paris.

 

Represented by:

Mr Rafik Soussi, authorised
representative, with business address at 37 – 38 Margaret Street, London, W1G 0JF (United Kingdom),

 

Acting under powers granted it by decision
of the Board of Managers of said company on 14 October 2014, of which a copy is appended hereto.

 

Mr Graydon Butler acting
pursuant to such delegation of authority, in his capacity as company manager, specifically authorised for such purpose pursuant
to the resolutions of the general meeting of the company’s shareholders of 29 December 2014.

The following documents
are annexed hereto:

		-	A copy of the delegation of authority dated 29 December 2014, and

		-	A copy of the minutes of the company’s resolutions dated 29 December 2014.

 

		4.3.	Representations of capacity

 

		4.3.1.	Vendor’s representations and warranties

 

The Vendor’s duly
authorised representative warrants that the following information and statements, without which the Purchaser would not have agreed
to enter into this deed, are accurate.

 

		·	the Vendor is a legally incorporated and
validly existing French company, of which the features set out in this Deed are accurate and up to date,

 

		·	the Vendor has not been and is not concerned
by measures related to the application of the provisions of Articles L. 611-1 et seq. and Articles L. 620-1 et seq.
of the French Commercial Code (Code de commerce) relating to the court-ordered administration and the appointment of a special
representative, a conciliator, an official receiver or a liquidator under the aforementioned provisions,

 

		·	the Vendor is not concerned by any legal
action for voidance or in dissolution,

 

    	4

    	 

    

 

		·	the Vendor and its representative have
legal capacity and have obtained all consents and authorisations from its corporate bodies and, where applicable, from proper administrative
authorities and any other consents and authorisations that it may need to authorise it to enter into and to fulfil its obligations
arising from the Deed,

 

		·	the Vendor’s signing and fulfilment
of the Deed do not breach any agreement or important undertaking to which it is a party or any law, regulation or administrative,
court or arbitral decision enforceable against it and whose breach could have a negative impact or prevent the proper fulfilment
of the undertakings arising from the Deed.

 

		4.3.2.	Purchaser’s representations and warranties

 

The representative, in his official capacity,
of the Purchaser represents and warrants the following information without which the Vendor would not have contracted:

 

		·	the Purchaser is a legally incorporated
and validly existing French company, of which the features set out in this deed are accurate and up to date, 

		·	the Purchaser has not been and is not
concerned by measures related to the application of the provisions of Articles L. 611-1 et seq. and Articles L. 620-1 et
seq. of the French Commercial Code (Code de commerce) relating to the court-ordered administration and the appointment
of a special representative, a conciliator, an official receiver or a liquidator under the aforementioned provisions,

		·	the Purchaser is not concerned by any
legal action for voidance or in dissolution,

		·	the Purchaser and its representative have
legal capacity and have obtained all consents and authorisations from its corporate bodies and, where applicable, from proper administrative
authorities and any other consents and authorisations that it may need to authorise it to enter into and to fulfil its obligations
arising from the Deed,

		·	the Purchaser’s signing and fulfilment
of the Deed do not breach any agreement or important undertaking to which it is a party or any law, regulation or administrative,
court or arbitral decision enforceable against it and whose breach could have a negative impact or prevent the proper fulfilment
of the undertakings arising from the Deed.

 

		4.4.	Address for service

 

For the performance hereof and the follow up
thereto, the Parties choose an address for service at their respective registered offices.

 

    	5

    	 

    

 

		4.5	Draft Deed

 

The parties confirm that they received a copy
of this deed prior to the date hereof and that they have received all appropriate clarifications.

 

		5.	SALE

 

The Vendor
hereby sells full ownership of the below identified Property to the Purchaser, which the Purchaser agrees to purchase.

 

		6.	DESCRIPTION

 

		6.4.	Situation and land register reference of the land footprint of the Property Complex

 

At 24 to 28 rue Jobin, in the city
of Marseille 13003 (Bouches du Rhône),

 

In the property complex in common
hold named “Urban Center” appearing in the land register of said city, Belle de Mai district, under the following
references.

 

	 	 	 	 	 	 	 	 	Surface area	 	 	 	 
	Pref.	 	Section	 	Number	 	Locality	 	hectare	 	are	 	centiare
	811	 	E	 	68	 	24 rue Jobin	 	 	 	15	 	72
	811	 	E	 	89	 	Rue Jobin	 	 	 	01	 	77
	Total surface area   
         	 	 	 	17	 	49 

 

		6.5.	Description of the Property Complex

 

Said property complex is comprised
of one single building for tertiary activity (offices and car park) built on six floors over a ground floor for office use and
three basement levels which include 128 parking spaces.

 

The entrance to said property complex
is on Rue Jobin.

 

		6.6.	Legal organisation of the property complex

 

Descriptive record of division
and common hold rules

 

Common hold rules, which includes
a descriptive record of division, of the property complex named URBAN CENTER have been recorded in a deed by Maître Martine
AFLALOU-TAKTAK, civil law notary and partner in Marseille, on 31 May 2013, of which a notarised agreement was registered with the
property registration service of Marseille, 1st office, on 5 June 2013, volume 2013 P number 3467.

 

    	6

    	 

    

 

		6.7.	Description of the common hold lots covered by this agreement

 

The Assets covered by this agreement
consist of all offices on FOUR (4) open spaces on the ground floor, 1st floor, 2nd floor and 3rd
floor, and 84 parking spaces.

All forming the lots described hereinafter:

 

LOT No. ONE (1)

A car park No. 125 on the third basement
of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the FOURTEEN / TEN THOUSANDTHS
(14/10,000°) of common areas special to the lifts.

 

LOT No. TWO (2)

A car park No. 124 on the third basement
of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. THREE (3)

A car park No. 123 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. FOUR (4)

A car park No. 122 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(124/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. FIVE (5)

A car park No. 121 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. SIX (6)

A car park No. 120 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

    	7

    	 

    

 

LOT No. SEVEN (7)

A car park No. 119 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. EIGHT (8)

A car park No. 118 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. NINE (9)

A car park No. 117 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. TEN (10)

A car park No. 116 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. ELEVEN (11)

A car park No. 115 on the third basement
of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. TWELVE (12)

A car park No. 114 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

    	8

    	 

    

 

LOT No. THIRTEEN (13)

A car park No. 113 on the third basement
of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. FOURTEEN (14)

A car park No. 112 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTEEN (15)

A car park No. 111 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTEEN (16)

A car park No. 110 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. SEVENTEEN (17)

A car park No. 109 category B on
the third basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. EIGHTEEN (18)

A car park No. 108 on the third basement
of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

 

    	9

    	 

    

 

LOT No. NINETEEN (19)

A car park No. 107 on the third basement
of the building.

The FIVE / TEN THOUSANDTHS (5/10,000°)
of the general common areas.

The FORTY-EIGHT / TEN THOUSANDTHS
(48/10,000°) of common areas special to the entrance of the car parks.

And the FIVE / TEN THOUSANDTHS (5/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY (20)

A car park No. 106 on the third basement
of the building.

The SIX / TEN THOUSANDTHS (6/10,000°)
of the general common areas.

The FIFTY-EIGHT / TEN THOUSANDTHS
(57/10,000°) of common areas special to the entrance of the car parks.

And the SIX / TEN THOUSANDTHS (6/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-ONE (21)

A car park No. 105 on the third basement
of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the TEN / TEN THOUSANDTHS (10/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-TWO (22)

A car park No. 104 on the third basement
of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the TEN / TEN THOUSANDTHS (10/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-THREE (23)

A car park No. 103 on the third basement
of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the TEN / TEN THOUSANDTHS (10/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-FOUR (24)

A car park No. 102 on the third basement
of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the TEN / TEN THOUSANDTHS (10/10,000°)
of common areas special to the lifts.

 

    	10

    	 

    

 

LOT No. TWENTY-FIVE (25)

A car park No. 101 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-SIX (26)

A car park No. 100 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-SEVEN (27)

A car park No. 199 on the third basement
of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-EIGHT (28)

A car park No. 98 on the third basement
of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. TWENTY-NINE (29)

A car park No. 97 on the third basement
of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. THIRTY (30)

A parking space No. 96 on the third
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

    	11

    	 

    

 

LOT No. THIRTY-ONE (31)

A parking space No. 95 on the third
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. THIRTY-TWO (32)

A parking space No. 94 on the third
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. THIRTY-THREE (33)

A double parking space No. 93-92
on the third basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the FOURTEEN / TEN THOUSANDTHS
(14/10,000°) of common areas special to the lifts.

 

LOT No. THIRTY-FOUR (34)

A double parking space No. 90-91
on the third basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the FOURTEEN / TEN THOUSANDTHS
(14/10,000°) of common areas special to the lifts.

 

LOT No. THIRTY-FIVE (35)

A double parking space No. 89-88
on the third basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the FOURTEEN / TEN THOUSANDTHS
(14/10,000°) of common areas special to the lifts.

 

    	12

    	 

    

 

LOT No. THIRTY-SIX (36)

A double parking space No. 86-87
category B on the third basement of the building.

The TWELVE / TEN THOUSANDTHS (12/10,000°)
of the general common areas.

The ONE HUNDRED AND SIXTEEN / TEN
THOUSANDTHS (116/10,000°) of common areas special to the entrance of the car parks.

And the THIRTEEN / TEN THOUSANDTHS
(13/10,000°) of common areas special to the lifts.

 

LOT No. THIRTY-SEVEN (37)

A parking space No. 85 on the third
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. THIRTY-EIGHT (38)

A parking space No. 84 on the third
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. THIRTY-NINE (39)

A parking space No. 83 on the third
basement of the building.

The ONE HUNDRED AND SIXTY-THREE /
TEN THOUSANDTHS (163/10,000°) of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHTEEN / TEN THOUSANDTHS
(18/10,000°) of common areas special to the lifts.

 

LOT No. FORTY (40)

A parking space No. 83 on the second
basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the FOURTEEN / TEN THOUSANDTHS
(14/10,000°) of common areas special to the lifts.

 

LOT No. FORTY-ONE (41)

A parking space No. 81 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

    	13

    	 

    

 

LOT No. FORTY-TWO (42)

A parking space No. 82 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. FORTY-THREE (43)

A parking space No. 78 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. FORTY-FOUR (44)

A parking space No. 78 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. FORTY-FIVE (45)

A parking space No. 77 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FORTY-SIX (46)

A parking space No. 76 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FORTY-SEVEN (47)

A parking space No. 75 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

    	14

    	 

    

 

LOT No. FORTY-EIGHT (48)

A parking space No. 74 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FORTY-NINE (49)

A parking space No. 73 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

 

LOT No. FIFTY (50)

A parking space No. 72 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-ONE (51)

A parking space No. 71 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-TWO (52)

A parking space No. 70 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

    	15

    	 

    

 

LOT No. FIFTY-THREE (53)

A parking space No. 69 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-FOUR (54)

A parking space No. 68 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-FIVE (55)

A parking space No. 67 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-SIX (56)

A parking space No. 66 category B
on the second basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-SEVEN (57)

A parking space No. 65 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. FIFTY-EIGHT (58)

A parking space No. 64 on the second
basement of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

    	16

    	 

    

 

LOT No. FIFTY-NINE (59)

A parking space No. 63 on the second
basement of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY (60)

A parking space No. 62 on the second
basement of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-ONE (61)

A parking space No. 61 on the second
basement of the building.

The TEN / TEN THOUSANDTHS (10/10,000°)
of the general common areas.

The NINETY-SIX / TEN THOUSANDTHS
(96/10,000°) of common areas special to the entrance of the car parks.

And the NINE / TEN THOUSANDTHS (9/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-TWO (62)

A parking space No. 60 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-THREE (63)

A parking space No. 59 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-FOUR (64)

A parking space No. 58 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

    	17

    	 

    

 

LOT No. SIXTY-FIVE (65)

A parking space No. 57 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-SIX (66)

A parking space No. 56 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-SEVEN (67)

A parking space No. 55 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-EIGHT (68)

A parking space No. 54 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. SIXTY-NINE (69)

A parking space No. 53 on the second
basement of the building.

The NINE / TEN THOUSANDTHS (9/10,000°)
of the general common areas.

The EIGHTY-SIX / TEN THOUSANDTHS
(86/10,000°) of common areas special to the entrance of the car parks.

And the EIGHT / TEN THOUSANDTHS (8/10,000°)
of common areas special to the lifts.

 

    	18

    	 

    

 

LOT No. SEVENTY (70)

A double parking space No. 51-52
on the second basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the ELEVEN / TEN THOUSANDTHS
(11/10,000°) of common areas special to the lifts.

 

LOT No. SEVENTY-ONE (71)

A double parking space No. 49-51
on the second basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the ELEVEN / TEN THOUSANDTHS
(11/10,000°) of common areas special to the lifts.

 

LOT No. SEVENTY-TWO (72)

A double parking space No. 47-48
on the second basement of the building.

The THIRTEEN / TEN THOUSANDTHS (13/10,000°)
of the general common areas.

The ONE HUNDRED AND TWENTY-FOUR /
TEN THOUSANDTHS (124/10,000°) of common areas special to the entrance of the car parks.

And the ELEVEN / TEN THOUSANDTHS
(11/10,000°) of common areas special to the lifts.

 

LOT No. SEVENTY-THREE (73)

A double parking space No. 45-46
on the second basement of the building.

The TWELVE / TEN THOUSANDTHS (12/10,000°)
of the general common areas.

The ONE HUNDRED AND SIXTEEN / TEN
THOUSANDTHS (116/10,000°) of common areas special to the entrance of the car parks.

And the TEN / TEN THOUSANDTHS (10/10,000°)
of common areas special to the lifts.

 

LOT No. SEVENTY-FOUR (74)

A parking space No. 44 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

LOT No. SEVENTY-FIVE (75)

A d parking space No. 43 on the second
basement of the building.

The EIGHT / TEN THOUSANDTHS (8/10,000°)
of the general common areas.

The SEVENTY-SIX / TEN THOUSANDTHS
(76/10,000°) of common areas special to the entrance of the car parks.

And the SEVEN / TEN THOUSANDTHS (7/10,000°)
of common areas special to the lifts.

 

    	19

    	 

    

 

LOT No. SEVENTY-SIX (76)

A parking space No. 42 PMR on the
second basement of the building.

The SEVENTEEN / TEN THOUSANDTHS (17/10,000°)
of the general common areas.

The ONE HUNDRED AND SIXTY-THREE /
TEN THOUSANDTHS (163/10,000°) of common areas special to the entrance of the car parks.

And the FIFTEEN / TEN THOUSANDTHS
(15/10,000°) of common areas special to the lifts.

 

LOT No. ONE HUNDRED AND FOURTEEN
(114)

Offices on the ground floor of the
building

The NINE HUNDRED AND FORTY-TWO/ TEN
THOUSANDTHS (942/10,000°) of the general common areas.

The ONE THOUSAND AND FIFTY-TWO /
TEN THOUSANDTHS (1,052/10,000°) of common areas special to the building.

 

LOT No. ONE HUNDRED AND FIFTEEN
(115)

Offices on the first floor of the
building

The ONE THOUSAND TWO HUNDRED AND
FIFTY-SEVEN/ TEN THOUSANDTHS (1,257/10,000°) of the general common areas.

The ONE THOUSAND FOUR HUNDRED AND
FOUR / TEN THOUSANDTHS (1,404/10,000°) of common areas special to the building.

And EIGHT HUNDRED AND SEVENTY-FIVE
/ TEN THOUSANDTHS (875/10,000°) of common areas special to the lifts.

 

LOT No. ONE HUNDRED AND SIXTEEN
(116)

Offices on the second floor of the
building

The ONE THOUSAND THREE HUNDRED AND
SIXTY-SIX/ TEN THOUSANDTHS (1,366/10,000°) of the general common areas.

The ONE THOUSAND FIVE HUNDRED AND
TWENTY-SIX / TEN THOUSANDTHS (1,526/10,000°) of common areas special to the building.

And ONE THOUSAND ONE HUNDRED AND
EIGHTY-EIGHT / TEN THOUSANDTHS (1,188/10,000°) of common areas special to the lifts.

 

LOT No. ONE HUNDRED AND SEVENTEEN
(117)

Offices on the third floor of the
building.

The FIVE HUNDRED AND SIXTY-ONE/ TEN
THOUSANDTHS (561/10,000°) of the general common areas.

The SIX HUNDRED AND TWENTY-SEVEN
/ TEN THOUSANDTHS (627/10,000°) of common areas special to the building.

And FIVE HUNDRED AND EIGHT FIVE /
TEN THOUSANDTHS (585/10,000°) of common areas special to the lifts.

 

    	20

    	 

    

 

LOT No. ONE HUNDRED AND EIGHTEEN
(118)

Offices on the third floor of the
building

The SEVEN HUNDRED AND EIGHTY-THREE/
TEN THOUSANDTHS (783/10,000°) of the general common areas.

The EIGHT HUNDRED AND SEVENTY-FIVE
/ TEN THOUSANDTHS (875/10,000°) of common areas special to the building.

And EIGHT HUNDRED AND SEVENTEEN /
TEN THOUSANDTHS (817/10,000°) of common areas special to the lifts.

 

As said assets have been described
in the terms of the descriptive record of division set forth hereinafter and as it ensues from the plans appended hereto, with
all fixtures that may be part thereof.

 

		6.8.	Statement of surface areas

 

SURFACE AREA WARRANTY

 

For the application of Section 46
of the Act of 10 July 1965 arising from Act No. 96-1107 of 18 December 1996, the Vendor represents that the global surface area
of the lots sold meeting the features of said Act is 3,460 sq. m. and the allocation per lot is as follows:

Lot No. 114: 699 sq.m.

Lot No. 115: 914 sq.m.

Lot No. 116: 947 sq.m.

Lot No. 117: 373 sq.m.

Lot No. 118: 527 sq.m.

The Vendor represents that Mr Pierre
LAROUSSINIE, chartered surveyor, in Marseille 13006, 77 rue Dragon, made measurements in accordance with the provisions of Decree
No. 97-532 of 23 May 1997 as evidenced by certificates that he drew up on 14 October 2014 appended hereto.

(Schedule 4.
Carrez Act Certificates)

 

If the surface area happened to be
more than one twentieth less compared with the surface area expressed above, the Vendor might have, at the Purchaser’s request,
to accept a decrease of the lot in question pro rata the lesser measurement. It is specified that the Purchaser must bring the
legal action to decrease the price within a one year period as from the date hereof.

The undersigned notary has reminded
the parties of the provisions of Articles 4-1, 4-2 and 4-3 of the Decree of 17 March 1967 relating to the definition of the surface
area of a common hold lot:

		-	The surface area of the private area of
a lot or a fraction of a lot mentioned in Section 46 of the Act of 10 July is the surface area of floors of the roofed and closed
premises after deduction of surface areas taken up by walls, partitions, steps, stairwells, ductwork

door and window frames. Account
shall not be taken of the floors of parts of premises of a height less than 1.80 sq.m.

 

    	21

    	 

    

 

		-	Lots or fractions of lots of a surface
area less than 8 sq. m. shall not be taken into account to calculate the aforementioned surface area; the surface area thereof
that may be specified is thus not warranted.

 

The consistency and the configuration, both
within and outside the Real Property Assets sold, arise:

Architect’s plans drawn up in October
2013 by Mr Jean-Michel BATTESTI, Cabinet Jean Michel BATTESTI Architectes et associés, a limited liability company
of architecture, having its registered office in 37 Boulevard Herriot, Marseille 13008, and provided in the Information Package.

 

		7.	PRIVITY OF CONTRACT (effet relatif)

 

Purchase by Foncière Urbane of
a plot recorded on the land register at Section 811 E, No. 68 pursuant to a deed recorded by Maître Guillaume REY, civil
law notary and partner in Marseille, on 15 February 2008, of which a notarised copy was registered with the mortgage registry of
Marseille, 1st office, on 20 March 2008, volume 2008 P, number 1959,

 

Purchase by Foncière Urbane of
a plot recorded on the land register at Section 811 E, No. 89 pursuant to a deed recorded by Maître Olivier SANTELLI, civil
law notary and partner in Marseille, on 24 and 26 January 2012, of which a notarised copy was registered with the mortgage registry
of Marseille, 1st office, on 22 February 2012, volume 2012 P, number 2032,

 

Recording of the general transfer of assets
and liabilities of Foncière Urbane to F PROJET pursuant to a deed recorded by Maître Martine AFLALOU-TAKTAK, civil
law notary and partner in Marseille, on 14 May 2013, of which a notarised copy was registered with the mortgage registry of Marseille,
1st office, on 5 June 2013, volume 2013 P, number 3465.

 

		8.	TERMS AND CONDITIONS

 

The general terms and
conditions of this deed are set forth in the second section hereof.

 

		9.	TITLE – POSSESSION

 

		9.1.	Title

 

Title to the sold Property shall
transfer to the Purchaser on the date hereof.

 

		9.2.	Possession

 

The Purchaser shall take possession
of the Property on the same date, i.e.

-             By actually taking
possession of the part of the Real Property Assets that is not leased or occupied (lot no. 117 and parking spaces) ; and

 

    	22

    	 

    

 

-             By collecting rent
or payments in respect of the other Real Property Assets leased to the "POLE EMPLOI" pursuant to a deed signed before
Me Guillaume Rey, civil law notary in Marseille on 7 November 2011, followed by three (3) riders established by private deed. The
first of said riders was signed in Marseille on 16 May 2014, the second on 10 July 2014 and the third on 18 November 2014.

The lease and the riders
thereto shall be discussed in more detail in the second Section of this Deed in Article17.1. Presentation of the rental situation
–Pôle Emploi Lease.

 

		10.	PRICE

 

10.1. Price 

 

This sale has been agreed
and accepted for the purchase price (including all taxes and all notarial and registration charges) of THIRTEEN MILLION ONE
HUNDRED AND FORTY THOUSAND EURO ...............€13,140,000.00

 

The price consists of:

- The ex-tax price,
which will be used as the basis for calculating value added tax, i.e. TEN MILLION NINE HUNDRED AND FIFTY THOUSAND EURO
...............................................................
€10,950,000.00

- And the value added
tax of 20.00%, calculated on the basis of the ex-tax price, i.e. TWO MILLION ONE HUNDRED AND NINETY THOUSAND EURO ...............................................................€2,190,000.00

 

Which amounts to the
principal price of THIRTEEN MILLION ONE HUNDRED AND FORTY THOUSAND EURO
........................................................................ €13,140,000.00

 

10.2. Payment
of the price – Statement regarding the origin of funds

 

Payment of the Price

 

The Purchaser has today
paid the above agreed price in full, in the following manner:

-             The sum of FIVE
HUNDRED AND FORTY SEVEN THOUSAND FIVE HUNDRED EURO (€547,500) paid now through the release of the deposit deposited by the
Purchaser in favour of the Vendor prior to the date hereof, as shown in the accounts of the participating civil law notary,

-             The sum of TWELVE
MILLION FIVE HUNDRED AND NINETY TWO THOUSAND FIVE HUNDRED EURO (€12,592,500) paid now, as shown in the accounts of the participating
and undersigned civil law notaries.

 

Statement regarding
the origin of funds

The Purchaser declares
that this payment was made in the following manner:

 

- The sum of seven million
three hundred and forty thousand Euro (€7,340,000.00) using its personal funds;

 

    	23

    	 

    

 

- the sum of five million
eight hundred thousand Euro (€5,800,000.00) from funds originating from a loan (the "Loan") for a maximum amount
in principal of fifty million Euro (€50,000,000.00), which the Purchaser, along with other borrowers, obtained from DEUTSCHE
PFANDBRIEFBANK AG, a company incorporated under German law with capital of €380,376,059.67, whose registered office is located
at Freisinger Straβe 5, Unterschleiβheim (85716), Germany, registered under number HRB 41054 with the Munich District
Court B (Germany); said company having a French branch, which is located at 11, rue Saint-Georges, 75009 Paris, which is registered
on the Trade and Companies Register of Paris under unique registration number 487 699 175 RCS [Trade and Companies Register] Paris
(hereinafter the "Lender"), pursuant to a deed signed on 29 December 2014 before Me Etienne Pichat, civil law notary
in partnership in Paris 75008, (the "Loan Agreement"), which includes a purchase subtranche of five million eight hundred
thousand Euro (€5,800,000.00)(the "Purchase Allocation"), which is to be used by the Purchaser to partially finance
the ex-tax purchase price of the Real Property Assets.

 

In the Loan Agreement,
the Purchaser undertook to use the sum of five million eight hundred thousand Euro (€5,800,000.00) from the Purchase Allocation
to finance part of the purchase price for the Real Property Assets to allow the Lender to benefit from a lender's lien over the
Real Property Assets, as well as any structures, extensions and improvements that may be made thereto, as well as all fixtures,
without exception or reservation, pursuant to paragraph 2 of Article 2374 of the French Civil Code.

 

The Vendor acknowledges
receipt of the sum of thirteen million one hundred and forty thousand Euro (€13,140,000.00), paid as indicated above.

 

FOR WHICH RECEIPT IS DULY GIVEN

 

 11.         VENDOR’S WAIVER OF LIEN AND TERMINATION ACTION– LENDER’S LIEN 

 

Vendor’s
waiver of lien and termination action

As a result of the above
payment, the Vendor declares that it unreservedly waives all rights to termination action and liens in respect of the Real Property
Assets.

 

Lender’s lien
("Privilège de prêteur de deniers")

 

As a result of the representations
and warranties contained in the Loan Agreement referred to above and in the receipt contained herein respectively, both of which
established in notarised form, the Lender legally benefits from the lien set forth in paragraph 2 of Article 2374 of the French
Civil Code, which guarantees the reimbursement of the part of the Loan that is used to pay part of the Price i.e. the sum of five
million eight hundred thousand Euro (€5,800,000.00) in principal, plus incidentals, as set forth in the Loan Agreement.

 

    	24

    	 

    

 

The lender’s lien
shall be registered by the appropriate property registration service in the following manner:

 

SECURITY

 

	The sum of five million eight hundred thousand in principal	€5,800,000.00
	 	 
	Interest and commission, whose ranking is protected by law	Registered
	 	 
	And debt incidentals, including but not limited to: - (i) agreed commissions, - (ii) default interest for any late payment of sums that are payable, - (iii) charges (all sums due by way of an indemnity, including in the event of early repayment, damages and penalties, creditor’s travel costs, outstanding debt assignment costs, commission fees, litigation costs, procedural costs, compensation in the event of a court order, etc.), - (iv) taxes connected to the sums that are payable,- (v) insurance premiums, - (vi) expenses (expenses connected to obtaining title, registration fees and registration renewal fees, enforcement costs and litigation costs, etc.), estimated at eight percent (8%) of the principal amount: i.e four hundred and sixty four thousand Euro	€ 464,000.00
	 	 
	Total amount to be registered: SIX MILLION TWO HUNDRED AND SIXTY FOUR THOUSAND EURO	€6,264,000.00

 

Pursuant to Article 2434 of the
French Civil Code, this registration shall apply until the expiry of a one year period after the final Loan payment date, i.e.
until 29 December 2020 and shall have priority over all other registrations in favour of third parties.

 

Likewise, the Lender and the Purchaser
have agreed that in the event that on such date the Lender and/or its successors and/or assigns remain creditors of the Purchaser
under the Loan Agreement, a renewal of the registrations over the Real Property Assets shall be requested in favour of the Lender
and/or its successors and/or assigns, at the Purchaser’s expense, which the Purchaser accepts.

 

    	25

    	 

    

 

		12.	ORIGIN OF FUNDS

 

In accordance with the
provisions of the Anti-Money Laundering Act No. 90-614 of 12 July 1990, codified by Articles L. 561-1 to L. 672-4 of the French
Monetary and Finance Code (Code Monétaire et Financier), of which the Purchaser declares that it has in-depth knowledge,
the Purchaser declares:

-             that
the funds used by the Purchaser do not originate from drug trafficking, fraud affecting the financial interests of the European
Communities, corruption or organised criminal activities or activities that might contribute to financing terrorism (first paragraph
of Article L. 562-2.1).

-             That
the transactions envisaged hereunder do not relate to sums that could originate from drug trafficking, fraud affecting the European
Communities' financial interests, corruption or organised criminal activities or activities that might contribute to financing
terrorism (first paragraph of Article L. 562-2.2).

 

		13.	ESCROW AGENT APPOINTMENT

 

13.1. "Compliance"
Escrow Agent

 

To ensure that the Vendor
provides the attestation of non-contesting of compliance of the Property Complex.

 

The parties agree to deposit
the sum of EIGHTY TWO THOUSAND ONE HUNDRED AND TWENTY FIVE EURO (€82,125.00), which represents 0.75% of the ex-tax price hereunder,
with Me Martine Aflalou-Taktak, participating civil law notary, by deducting such sum from the purchase price of this sale.

It being hereby specified
that by crediting this sum to the escrow account opened by the Notarial Office, the participating notary shall be deemed to have
accepted this assignment.

 

The parties hereby agree
that the escrow agents’ duties shall duly and validly terminate once the escrow amount has been paid:

- Directly to the Vendor,
without the Purchaser’s presence, once it has been established that the aforementioned condition has been satisfied by 31
March 2015 at the latest. This may be established through an ordinary letter from the Purchaser.

- To the Purchaser if,
by 31 March 2015, no evidence has been provided to demonstrate that the aforementioned condition has been satisfied.

- To the Caisse des
dépôts et consignations in the event of a dispute.

The escrow agent alone
shall assess the evidence provided and may request to be relieved from his/her duties at any time by notarised deed.

 

As security for its undertaking
and pursuant to Article 2333 of the French Civil Code, the Vendor specifically grants a lien and pledge in respect of the aforementioned
escrow amount in favour of the Purchaser until such time as the aforementioned undertaking has been performed, which the Purchaser
accepts. The escrow deposit shall have no bearing on the fact that the Purchaser has paid the purchase price in full, the acknowledgement
of receipt set forth hereinabove being final.

 

    	26

    	 

    

 

13.2 "Snag Remedy" Escrow Deposit

 

To ensure that the Vendor
provides the following documents to the Purchaser:

- discharge of the remedying
of the snags of the open space on the 3rd floor,

- proof that snags were
withdrawn with the tenant following Pôle Emploi’s taking possession of the leased premises under the POLE EMPLOI Lease
and riders relating to the Real Property Assets (hereinafter the "Lease"):

 

. on 10 July
2014 for the part of the leased premises defined in the Lease as lot No. 1;

. on 18 November
2014 for the part of the leased premises defined in the Lease as lot No. 2;

 

The parties agree to deposit
the sum of EIGHTY TWO THOUSAND ONE HUNDRED AND TWENTY FIVE EURO (€82,125.00) (representing 0.75% of the ex-tax purchase price
hereunder) with Me Martine Aflalou-Taktak, participating civil law notary, by deducting such sum from the purchase price of this
sale.

It being hereby specified
that by crediting this sum to the escrow account opened by the Notarial Office, the participating notary shall be deemed to have
accepted this assignment

 

The parties hereby agree
that the escrow agents’ duties shall duly and validly terminate once the escrow amount has been paid:

- Directly to the Vendor,
without the Purchaser’s presence, once it has been established that the aforementioned condition has been satisfied by 31
March 2015 at the latest. This may be established through an ordinary letter from the Purchaser.

- To the Purchaser if,
by 31 March 2015, no evidence has been provided to demonstrate that the aforementioned condition has been satisfied.

- To the Caisse des
dépôts et consignations in the event of a dispute.

The escrow agent alone
shall assess the evidence that provided and may request to be relieved from his/her duties at any time by notarised deed.

 

As security for its undertaking
and pursuant to Article 2333 of the French Civil Code, the Vendor specifically grants a lien and pledge in respect of the aforementioned
escrow amount in favour of the Purchaser until such time as the aforementioned undertaking has been performed, which the Purchaser
accepts. The escrow deposit shall have no bearing on the fact that the Purchaser has paid the purchase price in full, the acknowledgement
of receipt set forth hereinabove being final.

 

13.3 "Provision
of Lease Documents" Escrow Deposit

 

To ensure that the Vendor
provides the following documents to the Purchaser:

- written confirmation
that the technical documents provided for in the Lease and its riders have been provided to Pôle Emploi following completion
of the Property

 

    	27

    	 

    

 

- the technical documents
provided for in the Lease and its riders and provided to Pôle Emploi as well as the certificate issued by the structural
damage insurer confirming payment of the final premium and the date of receipt;

 

The parties agree to deposit
the sum FIFTY FOUR THOUSAND SEVEN HUNDRED AND FIFTY EURO (€54,750.00) (representing 0.50% of the ex-tax purchase price hereunder)
with Me Martine Aflalou-Taktak, participating civil law notary, by deducting such sum from the purchase price of this sale.

It being hereby specified
that by crediting this sum to the escrow account opened by the Notarial Office, the participating notary shall be deemed to have
accepted this assignment.

 

The parties hereby agree
that the escrow agents’ duties shall duly and validly terminate once the escrow amount has been paid:

- Directly to the Vendor,
without the Purchaser’s presence, once it has been established that the aforementioned condition has been satisfied by 31
March 2015 at the latest. This may be established through an ordinary letter from the Purchaser.

- To the Purchaser if,
by 31 March 2015, no evidence has been provided to demonstrate that the aforementioned condition has been satisfied.

- To the Caisse des
dépôts et consignations in the event of a dispute.

The escrow agent alone
shall assess the evidence that provided and may request to be relieved from his/her duties at any time by notarised deed.

 

As security for its undertaking
and pursuant to Article 2333 of the French Civil Code, the Vendor specifically grants a lien and pledge in respect of the aforementioned
escrow amount in favour of the Purchaser until such time as the aforementioned undertaking has been performed, which the Purchaser
accepts. The escrow deposit shall have no bearing on the fact that the Purchaser has paid the purchase price in full, the acknowledgement
of receipt set forth hereinabove being final.

 

13.4. Lease Guarantee - “Vacant
Premises” Escrow Deposit

 

The Purchaser specifies
that it is completing this purchase as a rental investment, based on a minimum annual rent of €72,410 (excluding taxes and
service charges) (the " Minimum Rent") for the vacant premises within the Property, with a surface area of 373m2
and six parking spaces (the " Vacant Premises")

 

The Parties agree that,
as from the date hereof, the sale shall be accompanied by a rent guarantee in respect of the Vacant Premises for a period of TWENTY
FOUR (24) months’ rent for the Vacant premises, i.e. (€144,820.00) (the “Guaranteed Amount”). The terms
and conditions of said guarantee are set forth in Article 17.2. Vacant premises – Lease guarantee.

 

Consequently, the parties
agree to deposit the sum of ONE HUNDRED AND FORTY FOUR THOUSAND EIGHT HUNDRED AND TWENTY EURO (€144,820.00) with Me Martine
Aflalou-Taktak, the participating notary, by deducting such sum from the purchase price hereunder.

It being hereby specified
that by crediting this sum to the escrow account opened by the Notarial Office, the participating notary accepts this assignment.

 

    	28

    	 

    

 

This sum shall be deposited
at the Caisse des Dépôts et Consignations, any interest that accrues thereon shall be in the Vendor’s
favour.

 

The Vendor assigns this
sum in favour of the Purchaser as a pledge and lien to secure payment by the Vendor of the sums that may be payable under the lease
guarantee.

 

The escrow agent shall
transfer the Sum as follows:

 

i.             To the Purchaser
– the amount payable under the lease guarantee under the above conditions, upon presentation of an invoice issued by the
Purchaser and accepted by the Vendor, until such time as all such Sum has been paid out,

 

ii.            To the Vendor
– the remainder of the sums held by the escrow agent, upon written confirmation from the Vendor and approved by the Purchaser
that all the Vacant Premises have been leased.

 

Given that pursuant to
Article 1960 of the French Civil Code, in the event of a dispute the third party escrow agent, who cannot release the funds without
both parties’ consent, shall, if a dispute arises between the parties, pay the Sum and the financial income thereon onto
an account opened at the Caisse des Dépôts et Consignations and invite the parties to submit the dispute to
the courts.

 

If transfers are made under
the above conditions, this shall result in the complete discharge of the escrow agent

The terms and conditions
of the lease guarantee are set forth herebelow at Article 17.2. Vacant premises – Lease guarantee

 

		14.	REPRESENTATIONS REGARDING TAX

 

14.1.             Capital
gains taxation

The VENDOR represents
with regards to the company that it represents that:

-             the
registered office of such company is located at the address stated at the beginning of this Deed,

-             said
company is subject to corporation tax, having duly opted to that effect,

-             said
company has shareholders that are also subject to corporation tax, pursuant to Article 206 of the French General Tax Code.

 

14.2.             VAT
- Tax on the transfer of ownership

 

The Parties represent:

(i)             that they are
both subject to VAT as defined in Article 256 A of the French General Tax Code,

(ii)            that the Sale
falls within the scope of application of Article 257 I 2.2° of the French General Tax Code and consequently that the sale is
subject to Value Added Tax and subject, in accordance with the provisions of Article 1594 F quinquies A, to the property registration
levy,

(iii)           that said VAT,
at the currently applicable rate of 20%, is included in the Purchase Price,

 

    	29

    	 

    

 

(iv)             that the Vendor
shall pay said VAT to the French Inland Revenue Department (Trésor public) less any deductibles to which it may be
entitled on its CA3 tax return.

 

In this regard, it is
hereby specified that the Vendor’s VAT payments are paid to the SIE PERPIGNAN REART TAX OFFICE, TSA 70006, 24 Avenue de la
Côte Vermeille, 66961 Perpignan Cedex 9 where it is registered under SIRET number 75087234300017.- to the property registration
levy at a reduced rate as provided for under Article 1594 F quinquies A, which is payable by the Vendor.

 

14.3.             VAT
calculation

 

The tax base for calculating
the tax that is payable on this transfer consists of the ex-tax price for this sale, i.e. TEN MILLION NINE HUNDRED AND FIFTY THOUSAND
EURO (€10,500,000.00).

 

14.4.             Calculation
of taxes and other charges

 

The parties reiterate
that as an exception to Article 1593 of the French Civil Code, this property sale has been agreed “acte en mains”,
i.e. all taxes, notarial and registration charges are to be paid by the Vendor.

The tax base for
calculating the tax payable on this transfer consists of the ex-tax price for this sale, i.e. TEN MILLION NINE HUNDRED AND FIFTY
THOUSAND EURO (€10,500,00.00) less the costs connected to this deed which have been estimated at TWO HUNDRED AND TWENTY THREE
THOUSAND EURO (€223,000.00), i.e. TEN MILLION SEVEN HUNDRED AND TWENTY SEVEN THOUSAND EURO (€10,727,000.00).

 

	TAXABLE BASE
 €10,726,000.00	 	TAX BASE	 	 	RATE	 	 	TAX	 
	Tax	 	€	10,727,000.00	 	 	 	0.70	%	 	€	75,089	 
	State tax	 	€	75,089.00	 	 	 	2.14	%	 	€	1.607	 
	TOTAL	 	 	 	 	 	 	 	 	 	€	76,696	 

 

		15.	LAND REGISTRATION

 

This deed shall be subject
to combined registration/publication formalities at the MARSEILLE 13001 Property Registration Service:

Property Registration/Publication
fee provided for under Article 879 of the French General Tax Code: THIRTEEN THOUSAND ONE HUNDRED AND FORTY EURO (€13,140.00).

 

CLOSING STATEMENT

 

The undersigned notary confirms
that the standard section of this deed contains all statements necessary for the publication and the calculation basis for taxes
and other charges.

 

    	30

    	 

    

 

END OF THE STANDARD SECTION

 

SECOND SECTION

 

16.         RECITALS
AND PARTIES’ INTENTION

 

Economics of the
operation

 

Prior to signing this agreement,
the Vendor has made available in good faith to the Purchaser an Information Package that groups together the important documents
and main information in its possession relating to the Real Property Assets so that it can analyse it, carry out its own investigations
with the help of its advisors and assess the legal, lease, tax, environmental and technical situation of the Real Property Assets.

 

It is thus with full knowledge
of the facts and in consideration of the information made available or that it was able to look for itself, its analyses and its
own assessment of the risks related to the purchase, possession and management of Real Property Assets that it has agreed to sign
this Deed of Sale.

 

The Vendor specifies that
the fact that the Purchaser has completed an in-depth study of the Real Property Assets and the fact that the Purchaser has been
able to make its own assessment of the risks related to the purchase, possession and management of said assets constitute elements
that determined its choice to enter into this Deed of Sale under the conditions set forth herebelow.

 

The Purchaser considers
the Vendor’s status and the content of the Information Package to be reasons that determined its intention to purchase the
Real Property Assets in accordance with the conditions hereunder.

 

In consequence, the Purchaser
represents that it accepts the property as-is without any warranty by the Vendor of any kind by it, other than the warranty of
quiet enjoyment provided for in Article 1626 of the French Civil Code (Code civil), subject to the statutory warranties
that the Vendor cannot escape. The Purchaser agrees to personally attend to the constraints, substandard performances and apparent
or hidden defects of any legal, tax, physical or technical natures affecting or that are liable to affect the Real Property Assets,
subject to the representations and warranties provided for in this deed.

 

The parties declare that
the statements contained hereto are inherent to this Deed and form a whole and indivisible part of their agreements.

 

The information provided to the Purchaser shall
be updated prior to the Completion of the Sale based on the change in the situation of the Real Property Assets and the Vendor’s
Representations shall also be updated in consideration of the new situation thus established on the same date.

 

The list of documents set out in the Information
Package is appended hereto.

 

(Schedule 5. List of the Information Package).

 

    	31

    	 

    

 

Transmission of
the rights and obligations under the promise to sell

 

Pursuant to a deed signed
before Me Martine Aflalou-Taktak, participating civil law notary on 16 October 2014, the Vendor entered into a promise to sell
relating to the Real Property Assets along with ARC GLOBAL (Luxembourg) HOLDINGS S.A.R.L., a company incorporated under Luxembourg
law, with share capital of €12,500, having its registered office at 9A Boulevard Prince Henri, Luxembourg L-1742, registered
with the Luxembourg Trade and Companies Register under number B 190960, hereinafter referred to as the "Substituted Party".
Said promise to sell contained a right of substitution.

 

According to the promise
to sell, the Substituted Party paid a security deposit in the sum of FIVE HUNDRED AND FORTY SEVEN THOUSAND FIVE HUNDRED EURO (€547,500.00).

This sum was deposited
with Me Martine Aflalou-Taktak and was to be used to pay part of the purchase price in the event that the Real Property Assets
were sold.

 

The Purchaser hereby specifies
that the Purchaser has replaced the Substituted Party and shall benefit from all the rights and obligations under said promise
to sell.

This substitution was
agreed free of charge, but the Purchaser is required to repay the security deposit directly to the Substituted Party.

 

		17.	RENTAL SITUATION

 

17.1         Presentation of the
rental situation – Pole Emploi Lease

 

17.1.1 Lease
in favour of POLE EMPLOI

 

As indicated in Article
9 TITLE – POSSESSION above, the Vendor represents that it has already signed a lease in favour of “POLE
EMPLOI” according to the terms of a deed signed before Maître Guillaume REY, civil law notary in Marseille, on 7 November
2011.

Three riders to said lease
were entered into by private agreement: the first rider was signed in Marseille on 16 May 2014, the second on 10 July 2014 and
the third on 18 November 2014

 

17.1.2 Rider
number 1

 

Rider number 1 dated 16
May 2014 stipulates, inter alia, that the premises that are the subject of the lease are divided into two lots:

1 – Set forming
“lot number 1”

A set of premises situated
on the ground, 1st and 2nd floors, consisting of the following:

		-	759 m2 SHON ("adjusted gross floor
area") on the ground floor,

		-	1,060 m2 SHON on the 1st floor,

		-	1,080 m2 SHON on the 2nd floor.

And 78 parking spaces
(44 spaces on G-3, 34 spaces on G-2), i.e. all spaces on G-3 and spaces on G - 2 to be determined when the lease takes effect at
the latest.

As identified on the plans
constituting Schedule 4 of the lease signed on 7 November 2011.

 

    	32

    	 

    

 

2 – Set forming
“lot number 2”:

		-	579 m2 SHON on the 3rd floor (as identified on the plans that appear at Schedule 3 of rider 1,
supplementing schedule 4 of the lease)

 

It being hereby specified
that, as the descriptive record of division established in accordance with Article 6.6 Legal organisation of the real property
assets demonstrates:

 

		-	The premises on the ground floor form lot number 114,

		-	The premises on the 1st floor, lot number 115,

		-	The premises on the 2nd floor, lot number 116,

		-	And the premises on the 3rd floor, lot number 118.

 

17.1.3 Rider
number 2

 

Under Rider no.2, the Tenant
confirmed that it took possession of the premises that form "Lot number 1", as described in the Lease and rider number
1.

The effective date of the
lease over "Lot number 1" was set at 10 July 2014.

The annual rent of "Lot
number 1" amounts to €565,240.00 ex-tax i.e. €678,288.00 all taxes included, and a rent supplement of €130,455.00
ex-tax i.e. €156,546.00 all taxes included, i.e. an annual total of €695,695.00 ex-tax i.e. €834,834.00 all taxes
included, to be paid in advance each calendar quarter in four quarterly instalments of €208,708.50 (all taxes included) each,
i.e. on 1st January, 1st April, 1st July and 1st October of each year.

A provision for charges
estimated at 10% should be added to this rent, in accordance with the terms of the lease.

The first rent payment,
calculated on a pro rata basis for the period from 10 July 2014 to 30 September 2014 amounted to €188,291.36 for rent plus
€12,748.62 as a provision for charges.

 

17.1.4. Rider
number 3

 

Under Rider no.3 dated
18 November 2014, the Tenant confirmed that it took possession of the premises that form "Lot number 2", as described
in the Lease and rider number 1, which partly consists of the premises on the third floor (lot number 118 on the descriptive record
of division).

 

The annual rent for "Lot
number 2" amounts to €98,430.00 ex-tax i.e. €118,116.00 all taxes included, and a rent supplement of €26,055.00
ex-tax i.e. €31,266.00 all taxes included, i.e. an annual total of €124,485.00 ex-tax and €149,382.00 all taxes
included, to be paid in advance each calendar quarter in four quarterly instalments of €37,345.50 (all taxes included) each,
i.e. on 1st January, 1st April, 1st July and 1st October of each year.

The first payment, calculated
on a pro rata basis for the period from 18 November 2014 to 31 November 2014 amounted to €17,454.96 for rent plus €1,150.13
as a provision for charges.

 

17.1.5. Effective
Date of the Lease

 

Under Rider no.3, the parties
decided to standardise the effective dates of the Lease as 10 July 2014 and therefore the Lease shall have a term of nine (9) firm
and consecutive years commencing on 10 July 2014 and terminating on 9 July 2023.

The first total rent indexation
for the lease (lots 1 and 2) shall take place on 9 July 2015.

 

    	33

    	 

    

 

The Purchaser hereby declares
that it has read and understood the terms of the Lease, including the three riders thereof. It acknowledges that it is subrogated
outright to the terms and obligations of the Vendor in this respect.

 

A copy of the Lease, its
schedules, riders and delivery reports relating to the premises was provided to the Purchaser in the Information Package.

 

The Vendor also represents:

		-	that it has provided and forwarded all
information and all important documents in its possession relating to the lease situation of the Real Property Assets to the Purchaser,

		-	that the rents are not encumbered by any
pledge, assignment, delegation, garnishee proceedings-allocation or other security interest,

		-	that no sublease or other occupancy or
assignment has been authorised, apart from those, where applicable, authorised under the Lease,

		-	that the Tenant has not sent it any written
request to renegotiate rents and charges,

		-	that it has not agreed to any display
contract,

		-	that there is no dispute and/or disputed
claim and/or threat of disputed claim with the Tenant.

 

17.1.6. Security
deposit - Guarantee

 

Pole Emploi a national public institution
referred to in Article L 5312-1 of the French Employment Code is exempt from providing any bank guarantee or security deposit.

 

17.1.7. Rent/pro
rata/unpaid rent

 

The Vendor declares that
the tenant is up-to-date on its rent payments.

 

The Parties have today
calculated the pro rata rent owed by Tenants and payable to the Purchaser between the date hereof and the final date of the current
calendar quarter.

 

The Vendor today pays the
total pro rata rent (ex-tax) owed by Tenants and payable to the Purchaser, i.e. SIX THOUSAND SEVEN HUNDRED AND FORTY ONE EURO AND
TWENTY ONE CENTS (€6,741.21) to the Purchaser, via the accounts of the undersigned and participating civil law notaries, which
the Purchaser acknowledges and the Purchaser confirms receipt thereof.

 

The Vendor hereby specifies
that as at the date hereof the Vendor has not invoiced for the rent for the first quarter of 2015 and that the Purchaser, now landlord,
shall be responsible for doing so.

 

17.1.8. Charges
/ Adjustment of recoverable charges for the previous years.

 

Adjustment of recoverable
charges for the current year:

In light of the date hereof,
the Vendor shall be personally responsible for adjusting the charges for the year 2014.

The Vendor declares that
the only charges billed to the tenants are the common hold charges, which are reinvoiced in full.

 

    	34

    	 

    

 

17.1.9. Pending
legal proceedings with the Tenant.

 

The Vendor represents and
warrants that as at the date hereof, no disputes with the tenant, of any kind whatsoever, are pending before the courts.

 

		17.2	Vacant premises – Lease Guarantee

 

		17.2.1	Principle of the Vendor’s financial obligation

 

The purpose of this lease
guarantee is to guarantee that the Purchaser will receive Minimum Rent, whether through:

 

-            the
rent actually paid by the tenant under the Lease that has taken Effect, as said term is defined hereinafter; and/or

 

-            amounts
paid by the Vendor under this lease guarantee. In this case, the Vendor and the Purchaser expressly represent that (i) said amounts
shall be paid as compensation for the sole purpose of remedying the loss caused to the Purchaser by the inadequacy or lack of Minimum
Rent, (ii) that it is not consideration for delivery of an asset or a service and (iii) that it shall, in consequence, not fall
within the scope of VAT.

 

Under said guarantee,
the Vendor shall thus guarantee the Purchaser, within the limit of the Guaranteed Amount, that it shall be paid compensation to
make up the difference between the Minimum Rent and the Rent Actually Owed.

 

To guarantee any payments
that may be due by the Vendor in favour of the Purchaser, the sum of ONE HUNDRED AND FORTY FOUR THOUSAND EIGHT HUNDRED AND TWENTY
EURO (EUR 144,820.00) has been placed in escrow today in the accounts of the participating civil law notary, as indicated
above.

 

For the purposes of this
lease guarantee, it is specified as follows:

 

-            Rent
Actually Owed by the tenant(s), for the application of this lease guarantee, means the rent, excluding tax and excluding charges,
owed by the tenant(s) for the Lease(s) that took Effect during the guarantee Period.

 

-            Lease(s)
that took Effect, for the implementation of this lease guarantee, means a lease (leases) negotiated, drawn up and signed in
accordance with the provisions of the “Signature of the lease (leases)” Article herebelow, for which the tenant took
possession of Vacant Premises, paid its security deposit (or provided a surety bond or first demand bank guarantee replacing the
security deposit) and its first main rent instalment. Furthermore, any lease signed for which a security deposit has been paid,
for which the tenant took possession of Vacant Premises and covered by a rent exemption covered by the lease guarantee shall be
deemed to be a Lease (Leases) that took Effect.

 

-            regarding
exemptions and other like advantages, if the Vendor, as part of its marketing assignment, accepted a rent exemption or a support
measure (reductions of rent, work requested by the prospective tenant payable by the Purchaser, etc.) requested by a prospective
tenant and approved by the Purchaser, it shall bear the cost thereof under the lease guarantee.

 

    	35

    	 

    

 

		17.2.2	Methods for calculating the lease guarantee

 

The amounts owed shall
be obtained using the following calculation, such that the Rent(S) Actually Owed by the tenant(s) shall be deducted from amounts
that the Vendor owes the Purchaser under this lease guarantee.

 

SD = RM – L

Where:

 

SD represents:
the amounts, excluding taxes and excluding charges, owed by the Vendor for the period in question (calendar quarter or fraction
of calendar quarter) under this lease guarantee;

 

RM represents the
Minimum Rent, i.e. for the period in question (calendar quarter or fraction of calendar quarter), the minimum rent, excluding taxes
and excluding charges, to be paid to the Purchaser under this lease guarantee.

 

L represents the
Rent Actually Owed

 

17.2.3    Methods for
paying the lease guarantee

 

As stated above, the amounts
that the Vendor owes the Purchaser under this lease guarantee shall be paid quarterly in advance in accordance with the terms and
conditions hereinafter.

 

-            The
Purchaser shall send an invoice to the Vendor which shall be payable on the first day of each calendar quarter and for the first
time on the Transfer Date.

 

-            The
total guaranteed sums shall be calculated on a pro rata basis, by taking account of the Lease that took Effect.

 

17.2.4    Term

 

The lease guarantee shall
expire on the first of the two following dates:

		-	Twenty-four (24) months as from the Transfer
Date or,

- The date on which all
of the Vacant Premises are covered by one or more leases having taken effect in accordance with the conditions set forth hereinabove.

 

17.2.5    Term

 

The Purchaser consents,
as from today’s date, to the Vendor marketing the Vacant Premises, with the right for the Vendor to grant sub-assignments
but at its sole financial expense. The lease relating to the Vacant Premises must be approved and signed in accordance with the
conditions set forth in the below article “Signature of the lease (leases)”.

 

    	36

    	 

    

 

All marketing and advertising
expenses and fees owed to agents (apart from any other expenses and, in particular, fees that might be owed to the parties’
advisors for the negotiation and signing of the lease) shall be payable by the Vendor.

 

		17.2.6	Signature of the lease (leases)

 

The features of the lease
or leases relating to the Vacant Premises shall be those set out in the template appended hereinafter (Schedule 6 - Lease Template),
apart from exemptions agreed by mutual agreement between the Vendor and the Purchaser and in addition those following:

		i.	Description of the leased premises: all of the Vacant Premises.

 

		ii.	Term of the lease (leases): Nine (9) year term that provides
for a right to terminate at the end of a three year period in favour of the lessee in accordance with the provisions of Article
L. 145-4 (2) of the Commercial Code, with the lessee’s waiver of its right of termination at the end of the first three
year period.

 

Once a prospective tenant(s)
has/have been identified, with which the Vendor had agreed on the main conditions of the lease(s), the Vendor shall inform the
Purchaser which:

 

		-	may accept the prospective tenant(s) and
the conditions of the planned lease (leases). The Purchaser shall then take part, alongside the Vendor, with negotiations of the
lease(s) with the prospective tenant. However, only the Purchaser may, as from the Transfer Date, sign the lease (leases) in its
capacity as owner of the Property. Prior to the Transfer Date, any signing of a lease (leases) by the Vendor must have been approved
in advance by the Purchaser in writing; or

		-	shall have the right to refuse the proposed
prospective tenant or the conditions of the planned lease(s). The Vendor must then look for a new prospective tenant(s) or obtain
new conditions.

 

		18.	TERMS AND CONDITIONS OF SALE

 

This Sale is agreed and
accepted under the legal terms and conditions in such matters and those stipulated in this Deed, which the Purchaser expressly
undertakes to perform, i.e.:

 

		18.1	Condition of the Real Property Assets

 

The Purchaser shall accept
the Real Property Assets sold as they are on the day set for taking possession, without being able to bring any claim or legal
action for payment of amounts paid by mistake (répétition) against the Vendor on account of the poor condition
of the ground or subsoil, diggings or excavations, party walls, fences, common ownership, view, light, passage, non-alignment,
apparent or hidden defects.

 

		18.2	Quiet enjoyment

 

The Purchaser shall enjoy
the warranty of quiet enjoyment organised under Article 1626 of the Civil Code.

 

    	37

    	 

    

 

		18.3	Surface area of the land footprint

 

The Vendor does not give
the Purchaser any warranty relating to the surface area of the Land Footprint; any error in surface area, be it more or less, even
if it exceeds one twentieth, must benefit the Purchaser or be to its loss.

 

		18.4	Surface area of buildings

 

The Vendor does not give
the Purchaser any warranty relating to the surface area of buildings; any error in surface, be it more or less, even if exceeds
one twentieth, must benefit the Purchaser or be to its loss, unless Section 46 of the Act of 10 July 1965 referred to above applies.

 

Pursuant to said article,
any contract recording or confirming the sale of a lot or partial lot shall indicate the surface area of the private areas of said
lot or partial lot. The deed may be declared null based on the absence of any reference to the surface area.

These provisions do not
apply to cellars, garages, parking spaces or lots or partial lots with a surface area of less than 8 meters squared.

The civil law notary,
drafting this deed, has informed the parties that the Purchaser shall be entitled to put forward a claim seeking the revision of
the price if the actual surface area of at least one lot is at least one twentieth lower than the surface area indicated herein
and the parties acknowledge that they were informed of this possibility. In the event of several inaccuracies, there will be multiple
claims, each price revision claim shall only relate to the value of the lot in question.

The price revision in
question shall consist of decreasing the value of the lot in question proportionately to the smaller measurement.

The Purchaser must instigate
the claim regarding the decreased value, if admissible, within a period of one year as from the date hereof, subject to being time
barred.

 

The Vendor declares that
it has not performed any work to the lots that could modify the surface area indicated in the first section of the deed.

 

The SHON and the SHOB
[overall gross surface area], the useable surfaces areas and all other categories of surface areas, including those relating to
land use authorisations or surfaces of any kind that may appear in the statements of surface areas that may or may not be issued
by expert surveyors, have been provided for information purposes only and the Vendor has not given any guarantee in favour of the
Purchaser in this respect.

The Purchaser formally
notes this and declares that it will be personally responsible in this respect, at its risk, with no recourse to and no guarantee
from the Vendor.

 

Pursuant to decree number
97-532 of 23 May 1997 (Article 4-3), Article 46 of Act no. 65-557 of 10 July 1965 is set forth herebelow word for word:

 

“Article 46:
All unilateral undertakings to sell or purchase, all contracts recording or confirming the sale of a lot or partial lot shall specify
the surface area of the private areas of such lot or partial lot. The deed may be declared null based on the absence of any mention
of surface area.”

“This surface
area is defined by decree of the Conseil d’Etat as stipulated in Article 47.”

 

    	38

    	 

    

 

“The provisions
of paragraph one above do not apply to cellars, garages, parking spaces, lots or partial lots with a surface area smaller than
the threshold set by the decree of the Conseil d'Etat as provided for under Article 47.”

“The beneficiary
in the case of an undertaking to sell, the promisor in the case of an undertaking to purchase or the purchaser can instigate an
action for nullity, no later than one month after signature of the official deed of sale.”

“The signature
of an official deed of sale specifying the surface area of the private part of the lot or partial lot constitutes the forfeiture
of the right to initiate or continue an action for nullity in respect of the promise or contract that preceded it, based on the
failure to specify such surface area.”

“If the surface
area exceeds the surface area expressed in the deed, the surplus measurement shall not grant entitlement to any price supplement”.

“If the surface
area is at least one twentieth lower than the surface area expressed in the deed, the vendor, at the purchaser’s request,
shall incur a reduction in price proportionate to the lower measurement”.

“The purchaser
must instigate any action to reduce the price within one year from the official deed of sale, under penalty of the claim being
time barred”.

 

A certificate specifying
the provisions of Article 46 of Act number 65-557 of 10 July 1965 has, at this very moment, been provided by the undersigned civil
law notary to the Purchaser and Vendor who acknowledge receipt thereof and duly and validly release the civil law notary from liability
in this respect.

 

		18.5	Intended use

 

The Vendor represents that the premises are
for office use and the underground parking spaces.

 

		18.6	Easements

 

The Purchaser shall accept all negative, apparent
or hidden, continuous or discontinuous easements that may encumber the Property Complex, except to challenge them and to enjoy
positive easements, if any, at its risks, without claim against the Vendor, which represents, as far as it is aware, that there
is no easement encumbering the Real Property Assets, apart from that which may arise from the natural location of the premises,
town planning, the law, common hold rules or those, where applicable, that may be recalled hereunder and that it has not created
any easement.

 

The Vendor represents, as far as it is aware,
that no easement encumbers the property complex other than those that may arise from the natural location of the premises, town
planning or the law, apart from those recalled hereinafter:

 

Considering the building project of FONCIERE
URBANE in whose rights F PROJET has been subrogated in relation to the plot recorded on the land register at Section 811 E No.
68, it requested authorisation from the City of Marseille to create various easements on the plot recorded on the land register
at 811 E 83 owned by the City of Marseille adjoining plot E 68 and corresponding to “Pôle Média de la Belle
de Mai”.

 

    	39

    	 

    

 

More specifically, said project entails the
creation of openings, views and emergency exists on the tenement of the City of Marseille.

The following easements have been created on
plot 811 E 83:

		1)	Common courtyard easement,

		2)	Emergency exit easements,

		3)	Views and openings easement.

 

According to a deed signed
before Me Guillaume Rey, civil law notary in Marseille, on 27 July, 3 and 5 August 2011, recorded by the property registration
service of Marseille, 1st office, on 3 October 2011, volume 2011 P number 7534.

 

As required, the Vendor also represents that,
for connection of the property to the electricity supply network, it has signed a fitting out and easement agreement with ERDF
(Electricité Réseau Distribution France) of 23 April and 2 May, of which a copy is appended to the deed containing
the filing of documents, descriptive record of division and common hold rules recorded by Maître Martine AFLALOU, undersigned
civil law notary, on 31 May 2013.

 

		18.7	Environment

 

		18.7.1	Declarations of Facilities Classified for Protection of the Environment

 

Considering
the old presence on said land of a petrol pump / service station, a polluting activity subject to regulations applicable to Facilities
Classified for Protection of the Environment and subject to authorisation, all of the information that SOCIETE DES PETROLES SHELL
then provided to FONCIERE URBANE as well as the agreement they entered into in relation to the environmental risk, literally set
forth in article 18.7.3 Reminder of the information and representations that SOCIETE DES PETROLES SHELL made to FONCIERE URBANE
hereinafter, extracted from the deed of sale recorded by Maître Guillaume REY, on 15 February 2008, referred to in article
7 Privity of Contract above ,
should be noted.

 

In addition, the Vendor represents that the
Real Property Assets does not have facilities or equipment listed as Facilities Classified for Protection of the Environment of
the Decree 53-577 of 20 May 1953, as amended.

The Purchaser presents that it is perfectly
familiar with said provisions.

 

		18.7.2	Condition of the ground

 

Under Act No. 92-646 of 13 July 1992 relating
to the Facilities Classified for Protection of the Environment, the undersigned Civil Law Notary draws the parties’ attention
to the provisions of Article L. 514-20 of the French Environment Code (Code de l’Environnement) relating to Facilities
Classified for Protection of the Environment, the purport of which is literally set forth hereinafter:

 

    	40

    	 

    

 

“When a facility subject to authorisation or registration
was operated on land, the vendor of said land is bound to inform the purchaser thereof in writing. It shall also inform, insofar
as it is aware thereof, of important dangers or drawbacks arising from the operation.

 

If the vendor is the operator of the facility, it shall also
inform the purchaser in writing if its business activity involved the handling or storage of chemical or radioactive substances.
The deed of sale shall attest that said formality has been carried out.

 

Failing which, if contamination
is discovered making the land unfit for its intended use as specified in the agreement, the purchaser may either, within a period
of two years as from discovery of such contamination, apply to the courts seeking the cancellation of the sale or, as appropriate,
seeking a partial refund of the sale price; the purchaser may also seek the rehabilitation of the site, at the vendor's expense,
provided the cost of the said rehabilitation does not seem disproportionate in relation to the sale price.”

 

		18.7.3	Reminder of the information and representations that SOCIETE DES PETROLES SHELL made to FONCIERE URBANE

 

An extract from the deed of sale by SOCIETE
DES PETROLES SHELL to FONCIERE URBANE of the plot recorded on the land register at section 811 E number 68 recorded by Maître
Guillaume REY, civil law notary, in Marseille on 15 February 2008 literally provides as follows:

 

“FORMER CLASSIFIED FACILITY

 

There was a former classified facility on
the land covered by this agreement. In this regard, the promise to sell stipulated as is literally set forth hereinafter and which
the parties reiterate:

 

“Under the provisions of Article L.
514-20 of the Environment Code recalled hereinafter:

 

“When a facility subject to authorisation or registration
was operated on land, the vendor of said land is bound to inform the purchaser thereof in writing. It shall also inform, insofar
as it is aware thereof, of important dangers or drawbacks arising from the operation.

 

If the vendor is the operator of the facility, it shall also
inform the purchaser in writing if its business activity involved the handling or storage of chemical or radioactive substances.
The deed of sale shall attest that said formality has been carried out.

 

Failing compliance, the purchaser may opt to take legal action
to cancel the agreement or to obtain a refund of a part of the price; the purchaser may also request that the land be rehabilitated
at the vendor’s expense when the cost of said rehabilitation does not seem to be out of proportion to the sale price.”

 

    	41

    	 

    

 

The Vendor
represents:

 

		-	that it has operated on the Asset a
fuel storage and distribution facility subject to declaration in accordance with the list of facilities drawn up by Decree No.
53-578 of 20 May 1953, as amended.

 

		-	that the discontinuation of activity
was declared to the Prefecture of Bouches du Rhône on 17 December 2003 in accordance with the provisions of Decree No. 77-1133
of 21 September 1977.

 

The Prefecture of Bouches du
Rhône has acknowledged receipt of said declaration of discontinuation of activity by letter sent to the Vendor on 5 October
2007.

 

The extract
of said letter, of which a copy shall be enclosed herewith, it being specified here that said letter was appended to the promise
to sell, is literally set forth hereinafter:

 

“[...]
by correspondence on 17 December 2003, you sent me a declaration of discontinuation of activity relating to the SHELL service station
located at 24-28 rue Jobin, 13003 Marseille,

 

I have the honour of informing you, following
review of said file by the Regional Director of Industry, Research and Environment, that I formally acknowledge the discontinuation
of activity of the aforementioned facility.

 

I inform you that upon any excavation of
materials on said site at the time of building of residential property or of a public access building, the concentration in total
hydrocarbons, benzene, toluene, total ethyl benzenes and xylenes must be analysed.

 

In the event the concentrations of the aforementioned
products exceeds the defined guideline value (valeur de constat d’impact, hereafter VCI) for a sensitive use, the excavated
earth must then be eliminated in the appropriate sector (class 1, 2 or 3 technical burial centres) 

 

In the event the concentrations of the aforementioned
products are less than the defined guideline value (VCI), the excavated earth may be re-used as landfill on site.

 

Considering the existence of a former classified
facility, the Vendor had the LISEC FRANCE company, having its registered office at 91 Avenue de la Liberté, Nanterre (92000)
(Marseille agency, Immeuble Microméga, 58 rue Paul Langevin, 13013 Marseille) clean up the pollution and rehabilitate the
site [...].

 

LISEC FRANCE drew up an end of work report
(study report number LIP-0004-05/RF of 31 October 2005).

 

A copy of said report, of which a copy was provided to the Purchaser
prior to today’s date, is enclosed with and appended hereto. It is specified that said report has been appended to the promise
to sell.

 

    	42

    	 

    

 

An extract from said survey is literally set forth hereinafter:

“[...] The last air sampling campaigns (start of 2004)
have revealed a sustainable stabilisation of the concentration in BTEX extracted from the subsoil.

The last three analyses on the air samples have not revealed
pollutants (detection level = 1 μg).

 

Considering said favourable results, a decision has been taken,
in agreement with the SOCIÉTÉ DES PÉTROLES SHELL, to stop the treatment by venting.

 

The network has been modified in three points
(Pz1 Pz6 and Pz7) in order to re-inject the water treated by the stripping unit upstream from the source area. Said injection serves
to remobilise the pollutants absorbed by the ground and to artificially bring up the level of the water table.

After non-stop treatment of underground
water at the right of the service statement between June 2004 and September 2005, the results of analyses of recent operations
favour a stoppage of the unit.

 

Indeed, the low concentrations of hydrocarbons
subsisting in the water table show that the “water” matrix has been cleared of contamination. The last results of analyses
show concentrations in total hydrocarbons and in BTEX less than the VCI non-sensitive use which is the threshold limit set for
the rehabilitation of the former service station.

 

Considering the various information referred
to above, we can assert that the service station PDV 886 at 24 rue Jobin, Marseille, have been cleared of pollution [...]”.

 

The Purchaser acknowledges that it has been
fully informed in accordance with the legal conditions of the activity carried on by the Vendor and that is fully aware of all
information and documents referred to above which are deemed to have been drawn up in the presence of the parties and to be authoritative
between them.

 

Moreover, it acknowledges that the Vendor
has fulfilled its obligation to provide information pursuant to Article L. 514-20 of the Environment.

 

AGREEMENT OF THE PARTIES – RESPONSIBILITY
FOR CLEARING THE SITE OF POLLUTION

 

On account of the restoration of the land
for a non-sensitive use,

That on account of the response from the
Prefecture des Bouches du Rhône,

That on account of the end of work report
referred to above,

That the freedom left to the Purchaser accompanied
by advisers, experts, technicians, experienced professionals chosen by it to assess the environmental condition of the Asset as
specified above,

 

Being fully informed of the provisions of
the Environmental Code applicable thereto and in particular of the liability of the operator and of all consequences, in particular,
financial consequences that may arise either from an administrative injunction or a claim in respect of the pollution generated
by any activity operated over time on said site, the Purchaser represents that it accepts to bear any cost or extra cost, in particular,
those related to the environmental management of the Asset, made necessary on account of a change in use of the asset subsequent
to the signing hereof, i.e. other than for a non-sensitive use.”

 

PERPETUAL AND PERS0NAL EASEMENTS

 

In the event the Vendor receives an administrative
application, in particular, in respect of its obligations that cannot be time-barred pursuant to the regulations on classified
facilities, the Vendor imposes on the Purchaser and any of its successive assigns in any respect whatsoever:

 

    	43

    	 

    

 

		-	compliance with any terms of reference
imposed by the Regional Division of Industry, Research and the Environment (DRIRE2)
that includes various easements encumbering the asset sold

		-	the possibility of installing on the
Asset and of servicing all instruments to measure pollution owned by the Vendor (in particular, piezometers to check the water
table) and of accessing the assets sold for all administrative services or of representing the Vendor, liable for the pollution,
with the taking all samples that happen to be necessary (in particular water samples in said piezometers).

Said facilities must not cause
any disturbance for the movement of any vehicles.

The Purchaser accept said restrictions
which it undertakes to set out in all deeds to establish or convey rights in rem or right of possession and relating to all or
part of the property so that its assigns undertake to comply therewith.

In the event of the lifting of
said restrictions for town planning rules applicable to the Asset and to the environment constraints arising from the requirements
imposed by the proper services of the Prefecture and the Regional Division of Industry, Research and Environment (DRIRE), the Purchaser
or its assigns may allocate the land for another use but they shall then personally attend to all legal and material constraints,
in particular, 

financial and environmental constraints
related to said change of allocation, without any claim against the Vendor.” 

 

REGARDING POLLUTION

 

The Vendor represents that, as far as it
is aware:

		-	it is not involved in any arbitral,
court or administrative proceedings relating to the Asset and that no proceedings relating to the activity carried out on the land
footprint of the Asset have been brought or are pending.

		-	no judgement or no order or court or
administrative decision has compelled or ordered the Vendor to stop all or some of its activities following pollution on the land
footprint of the Asset.

The Purchaser represents that it shall personally
attend to said situation.

 

CONSIDERING SAID REPORTS, THE PURCHASER
EXPRESSED ITS INTENTION OF PURCHASING THE ASSET HEREUNDER.

 

REGARDING THE PYRALENE

 

The undersigned civil law Notary has informed
the Parties of the law relating to appliances that contain pyralene and, in particular, the provisions of Articles R. 543-25 and
R. 543-26 of the Environment Code, of which an extract is literally set forth hereinafter.

 

“Article 543-25

“In the event of sale of a property
in which an appliance deemed to contain more than 5 dm3 of PCB is located and regardless of the use thereof, be it public, private,
professional or residential, the vendor is required to inform the purchaser thereof. In the event of doubt on the presence of PCB,
the vendor is required have the PCB concentration of the appliance analysed and to inform the purchaser of the results of said
analysis.

...

“Article R. 543-26

“The
holders of an appliance containing a volume greater than 5 dm3  of
PCB are required to declare it to the préfet of the département where the appliance is located...”

 

 

2
Direction régionale de l'industrie, de la recherche et de l'environnement

 

    	44

    	 

    

 

The undersigned civil law Notary has also
informed the Parties of the provisions of the national plan for the decontamination and elimination of appliances containing PCB
and PCT approved by order of the Minister for Ecology and Sustainable Development on 26 February 2003 which defines, in particular,
the following timetable:

 

	Manufacturing date of the appliance	Elimination or decontamination date
	Unknown or prior to 1965	Prior to end 2004
	Between 1965 and end 1968	Prior to end December
	Between 1969 and end 1973	Prior to end 2006
	Between 1974 and end 1979	Prior to end 2008
	All other appliances	Prior to end 2010

 

Said timetable is not applicable:

 

		-	to appliances containing between 50
and 500 ppm of PCB which must be eliminated at the end of their term of use,

		-	and to leaking appliances which must
be immediately eliminated.

 

The Vendor represents that there are no
longer pyralene transformers on the Asset, which the Purchaser has been able to record on viewing the Asset”.

 

A copy of the letter of 5 October 2007 containing
an advice of receipt by the Prefecture of Bouches du Rhône of the declaration of discontinuation of the service station activity
as well as a copy of the end of work report (Study report No. LIP-0004 05/RF of 31 October 2005) drawn up by LISEC France holding
that site pollution had been cleaned up in relation to the statutory requirements has been the subject matter of a filing of documents
recorded by Maître Martine AFLALOU, the undersigned civil law notary, on 30 May 2013.

 

The Vendor represents that during earthwork
operations as part of the project to develop the land residual pollution had however been discovered and quality of the ground
had been inspected by SOLER ENVIRONNEMENT, PACA agency, 3 avenue Robert Schuman, ZA La Pile, 13760 Saint Canat, as evidenced by
a technical memorandum of 8 April 2013, of which a copy has been the subject matter of the aforementioned filing of documents which
recommend that the polluted earth be excavated.

 

All waste follow up forms have been the subject
matter of said filing of documents.

 

The report on analysis of residual hazards
drawn up by the aforementioned SOLER ENVIRONNEMENT on 19 April 2013 literally sets forth as follows:

“...........

The foreseeable health hazards are lower
than the recommended thresholds according to the national methodology. The condition of the site after the earthwork of backfill
is compatible with the chosen project.

6.2. Recommendations

We recall that the analysis of health hazards
is a tool to assist with the management of polluted sites. It is an Analysis of Residual Hazards prior to building work.

 

    	45

    	 

    

 

The calculation assumptions must at least
be complied with, i.e. that the following constraints will have to be complied with at the final phase:

		-	Comply with a minimum mean breakdown
rate of 1 vol/ hour in the subsoil”.

A copy of said report on the analysis of residual
hazards has been the subject matter of filing of the aforementioned documents.

 

Following said reminders, the Vendor represents
that it had the necessary work carried out to have the land footprint of the Property Complex made compatible with its intended
use.

 

		18.8	PUBLIC ACCESS BUILDING3

 

The Vendor represents and warrants that it
has requested the necessary authorisations to operate the Real Property Assets in compliance with fifth (5th) category,
type E, ERP regulations as has been confirmed by SOCOTEC (Marseille agency) under the terms of its letter of 10 April 2013, of
which a copy has been filed in the terms of the aforementioned deed of filing of documents recorded by the undersigned civil law
Notary.

Moreover, it represents that on today’s
date, that the safety commission has not conducted a visit.

 

In accordance with the Building Permit, the
ground floor, the 1st and 2nd floor falls within the scope of the 5th category and the 3rd
floor falls within the scope of the French Labour Code (Code du travail).

 

		18.9	DISPLAY CONTRACT

 

The Vendor represents that it has not granted
any display contract that may encumber the Real Property Assets.

 

18.10    Taxes

 

As from the date hereof,
the Purchaser shall pay all taxes, contributions, levies and expenses of any kind that are and may be payable in respect of the
sold Real Property Assets.

In light of the date hereof,
the parties agree that the pro rata amount of the share of land taxes and waste removal tax shall not be established on the date
hereof.

 

The taxes and levies
payable for the period prior to today’s date shall be payable by the Vendor; in this respect the Vendor represents and warrants
that it has duly paid the land taxes and waste removal tax relating to the Real Property Assets for the period during which it
was the owner thereof to the tax authorities.

 

		18.11	MAINTENANCE, SERVICING, CARE-TAKING

 

The Vendor represents that it has not granted
any maintenance, service or care-taking contract and that no employment contract is attached to the Property.

 

 

3
Etablissement recevant du public (ERP)

 

    	46

    	 

    

 

		18.12	FLUID SUPPLIES AND UTILITIES CONTRACT

 

The Purchaser shall attend, as from the date
hereof and at its expense, to the continuation or termination of contracts, utilities contracts and any other contracts specific
to the servicing of the Real Property Assets, so that the Vendor is released from any obligation under said contracts.

 

		18.13	ADMINISTRATION AND MANAGEMENT CONTRACT

 

The Vendor represents that it has not granted
any management agreement.

 

		18.14	TELEPHONE RELAY CONTRACT

 

The Vendor represents that it has not granted
any operator any telephone relay contract in relation to the Real Property Assets and that it has no collected any fee in said
regard.

In the event said representation
is mistaken, the Vendor shall personally attend to immediately terminating said contracts so that the Purchaser is not sought after
or bothered in said regard.

 

		18.15	INSURANCE

 

The Purchaser is personally responsible for
taking out all policies and gives the Vendor irrevocable authorisation, which it accepts, to terminate the current policy.

 

		18.16	EXPENSES

 

Lastly, the Vendor shall pay all Expenses hereof
and of the Deed of Sale, as the sale is made “acte en mains” (all expenses being payable by the vendor).

 

		19	INFORMATION ON THE ASSET SOLD

 

		19.1	“Structural Damage” Insurance

 

The Property has been built for more than ten
years.

 

In this regard, the Vendor represents that
it has taken out a “Structural Damage” insurance contract, without excess, required under Article L. 111-30 of the
Building and Housing Code with GAN INCENDIE ACCIDENT having its registered office at 8/10 rue d’Astorg, 75383 Paris Cedex
08, whose broker is Mr Pierre CANDAU, 16 rue Maréchal Foch, 66000 Perpignan under policy No. A06648 121675146 on 16 June
2013 as evidenced by a certificate from the insurance company of 23 May 2013, which is appended to the deed of filing of documents
containing the descriptive record of division of the Property Complex recorded by the aforementioned undersigned civil law Notary.
The starting date of the structural damage insurance shall be the date of the acceptance report, which the Vendor undertakes to
forward to the Purchaser within eight (8) days of its being drawn up.

 

The Vendor undertakes to sign the adjustment
addendum with the insurance company and where applicable to pay any additional premium for said contract.

 

    	47

    	 

    

 

The civil law notary, drafter hereof, has informed
the Purchaser that, in the event of incurred loss, it shall be required to report the loss to the insurer at the latest within
five days of becoming aware thereof and it must inform the insurer whenever it undertakes work itself coming with the responsibility
provided for in Articles 1792 and 1792-2 of the Civil Code.

 

Moreover, the Purchaser represents that it
is aware of the provisions of Article L. 243-2 (2) of the Insurance Code which obligates it to mention the loss insurance in any
deed entered into prior to the expiry of a ten year time limit as from the acceptance of work. The Purchaser acknowledges that
it has received insurance contracts and the receipt of the premium from the Vendor.

 

		19.2	Administrative Authorisations to Build

 

		19.2.1	Building permit No. 013.055.08.H.1359 of 13 February 2009

 

Pursuant to order of 13 February 2009, the
Mayor of Marseille issued a building permit relating to plots recorded on the land register at section 811 E No. 68 and No. 69
under number PC 013.055.08.H.1359 to FONCIERE URBANE. The permit authorises it to build a property for a tertiary activity which
includes office space and a covered car park whose total net floor area (SHON4)
for office use is 6,150 sq.m. SHON and the total gross floor area for built parking areas is 3,150 sq.m. for a total of 135 parking
spaces.

Said permit has been duly displayed, as evidenced
by the display reports drawn up by Maître René BACCINO, judicial officer in Marseille, on 27 February 2009, 1 April
2009 and 27 May 2009.

Said permit is not concerned by any application
for reconsideration or any withdrawal as attested by the Managing Director of the General Division of Town Planning and Housing5
of the City of Marseille under the terms of a letter of 6 August 2009.

Moreover, the court registry of the Marseille
Administrative Court issued a no claim certificate on 5 August 2009.

As there is no claim or the permit has not
been withdrawn, the aforementioned permit has thus become final.

 

Foncière Urbane decided to withdraw
said permit as it had not marketed the property at the time.

 

		19.2.2	Application for a demolition permit and a building permit

 

Foncière Urbane, in whose rights F PROJET
has been subrogated, filed a building permit application for its plan to build a property for a tertiary activity (offices and
car parks) at 24-28 rue Jobin, Marseille 13003 on 17 October 2011.

A copy of said building permit application
is the subject matter of a filing of documents hereinafter.

 

		19.2.3	Building permit order

 

Foncière Urbane was issued a building
permit pursuant to order No. PC 013 055 11 N 1194 on 6 February 2012 in view of the construction of said property for a net
floor area of 6,880 sq.m.

 

 

4
La surface hors Œuvre nette

5
La Direction Générale de l’Urbanisme et de l’Habitat

 

    	48

    	 

    

 

A copy of said building permit application
is the subject matter of a filing of documents hereinafter.

 

		19.2.4	Display on the site

The aforementioned building permit has been
duly displayed on the site as evidenced by three fact finding reports drawn up by Maître Jean-Michel CANIGGIA, judicial officer
in Marseille, on 10 February 2012, 13 March 2012 and 10 April 2012.

Copies of said documents have been the subject
matter of the filing of documents hereinafter.

 

		19.2.5	No Claim

The Vendor represents that no application for
reconsideration or application for judicial review or for withdrawal has been filed in relation to the building permit, so that
it has become final.

 

		19.2.6	Request to transfer the building permit

A request has been filed to transfer in favour
of F PROJET the aforementioned building permit order issued in favour of FONCIERE URBANE.

A copy of receipt of the request for transfer
issued by the City Hall of Marseille on 3 May 2013 has been the subject matter of the filing of documents hereinafter.

 

In consequence of which, the aforementioned
building authorisations have now become final.

 

The observation being made here that the aforementioned
documents have been filed in the records of the undersigned civil law notary under the terms of the aforementioned descriptive
record of division and common hold rules.

 

The transfer of such building
permit was authorised by the City of Marseille in an order dated 28 May 2013,

Said order was publicly
displayed on the land as evidenced by three reports of public display issued by Maître Fornelli and Maître Saglietti-Kouby,
judicial officers in Marseille, on 2 July, 2 August and 2 September 2014.

 

		19.3	Regulatory Site Start-up Declaration (DROC6)

 

The Vendor represents that the regulatory site
start-up declaration of 5 November 2012 was filed on 12 November 2012 with the services of the City of Marseille which issued a
receipt thereof on 13 November 2012.

Said document is appended to the deed of filing
of documents recorded by the aforementioned undersigned civil law notary.

 

		19.4	Declaration attesting to completion and of compliance

 

The Vendor has filed the
declaration attesting to completion and of compliance of the work with the City Hall of Marseille which has acknowledged receipt
thereof on 8 August 2014.

A copy of said declaration of completion of
work is appended hereto (Schedule: DAACT7)

 

 

6
Déclaration Réglementaire d'Ouverture de Chantier

7
La déclaration attestant d'achèvement et la conformité des travaux (declaration attesting to completion and
of compliance of work)

 

    	49

    	 

    

 

		19.5	Environmental features

 

The Property Complex has been designed and
built in accordance with 2012 thermal regulations (RT 2012) as they result from Decree No. 2010-1269 of 26 October 2010 relating
to thermal features and to the energy efficiency of constructions and to the order of 26 October 2010 relating to thermal features
and the energy efficiency requirements of new buildings and new parts of buildings.

 

The Vendor warrants that the design and construction
are compliant with 2012 thermal regulations.

 

In this respect, the Vendor
has provided the following to the Purchaser:

- Attestation from the
Inspection Body upon completion of the work, confirming that said 2012 thermal regulations were taken into account, issued by Socotec
Marseille on 17 November 2014.

 

The Property Complex’s compliance
with said regulations constitutes an essential and a determining condition for the Purchaser, without which it would not have entered
into this agreement.

 

		20.	TECHNICAL SURVEY

 

In accordance with the provisions of Article
L. 271-4 of the French Building and Housing Code (Code de la Construction et de l’Habitation), the Purchaser acknowledges
that the Vendor has provided it with a technical survey which includes the documents referred to hereinafter.

 

Said documents were drawn up by a technician
who meets the qualification criteria provided for by law, as evidenced by the attestation, copies of which are annexed to the reports
in question.

The Parties confirm that
the findings of said technical survey were taking into account when setting the purchase price hereunder.

 

The civil law notary recalls that the failure
to present a mandatory survey does not release the Vendor from the warranty covering hidden defects.

 

		20.1	Combatting lead poisoning

 

The Vendor represents that the Real Property
Assets are for a use other residential and are thus not concerned by the provisions of Article L. 1334-5 of the French Public Health
Code (Code de la Santé Publique).

 

		20.2	Asbestos regulations

 

The Vendor represents that the building permit
for the property of which the sold assets and property rights form part was issued after 1 July 1997. Therefore, they do fall within
the scope of application of Articles R. 1334-14 et seq. of the French Public Health Code.

 

    	50

    	 

    

 

		20.3	Termite regulation

 

The Vendor represents
that the Real Property Assets now sold are located in an area that has been marked out by prefectoral order pursuant to Article
L 133-5 of the French Building and Housing Code, i.e. an area that is or is susceptible to be contaminated by termites.

 

Pursuant to Article L 133-6
of the aforementioned Code, a report regarding the presence of termites was issued by Mr Philippe Darfeuille, from the Socotec
company, Agence Diagnostic Provence, Place Romée de Villeneuve, Le Mansard, Entrée B, 13090 AUX EN PROVENCE, France
on 5 November 2014, i.e. within the last six months, indicating that no termites were detected within the Real Property Assets,
is annexed hereto.

(Schedule 8 – Parasite report)

 

		20.4	Condition of the Property – dry rot

 

The Vendor represents
that the Real Property Assets now sold are not located in an area that presents a risk of dry rot, as defined in Article L. 133-8
of the French Building and Housing Code.

The Vendor represents:

- that it is not aware
of the presence of any dry rot within the Property,

- that it has not applied
any anti-parasitic treatments.

 

		20.5	Prior inspection of the fixed gas installation

 

The Vendor represents that the Real Property
Assets are for a non-residential use.

In consequence, this sale does not come within
the scope of Article L. 134-6 of the Building and Housing Code.

 

		20.6	Natural, mining and technological hazards

 

The Vendor represents considering the information
that the préfet of the département or the mayor of the city made available that:

The city of location of the Real Property Assets
covered by this agreement fall within the scope of:

		·	A plan for the prevention of the following
foreseeable natural hazards:

		-	Plan approved on 29 October 2002, uncertainty:
movement of ground (ground subsidence),

		-	Plan required on 12 December 2003, uncertainty:
flooding

		-	Plan approved on 26 June 2012: movement
of ground (shrinkage – bulking clay, drought)

		-	Plan required on 8 April 2005: forest
fire

 

		·	A plan for the prevention of technological
hazards approved on 4 November 2013 (thermal effect, overpressure effect and toxic effect).

Seismic level zone

The Property is located
in a zone 2 seismic level and for new constructions, extensions, additions of height or conversions, the rules laid down in Articles
L. 111-26 and R. 111-38 of the Building and Housing Code, in particular, in relation to technical inspection, should be complied
with.

The Property has never been affected by incurred
losses as a result of natural, mining or technological disasters.

 

    	51

    	 

    

 

A report of natural, mining and technological
hazards drawn up on 19 September 2014, i.e. less than six months ago, has been approved by the parties and is appended hereto (Schedule:
ERNMT8).

 

		20.7	Energy efficiency survey

 

The Vendor represents that the Property comes
within the scope of Articles R. 134-1 et seq. of the Building and Housing Code and that it had SOCOTOC, Marseille agency,
10 Traverse de la Gaye, 13297 Marseille 9, draw up a report on 8 July 2014, in respect of lots 114, 115 and 116 and on 26 November
2014 for lots 117 and 118

These reports are annexed
hereto.

(Schedule 10: DPE9).

 

The Purchaser acknowledges that it has been
informed that, pursuant to Article L. 271-4, II of the Building and Housing Code, it cannot invoke information in the energy efficiency
survey against the Vendor as it is for information only.

 

		20.8	Condition of the internal electrical wiring

 

The Vendor represents that the Property is
for a non-residential use.

In consequence, this sale does not come within
the scope of Article L. 134-7 of the Building and Housing Code.

 

		20.9	Connecting to the drainage system

 

The Vendor represents that the Property is
connected to the city’s drainage system

The Vendor represents that the compliance of
the drainage system used has not been inspected.

The Purchaser represents that it formally acknowledges
said situation and wishes to personally attend thereto without any claim against any one.

 

		20.10	Lifts – regulations

 

All lifts constantly servicing the buildings
and constructions, regardless of the date of the installation thereof, are concerned by the obligations of bringing into compliance
and of technical inspection.

The Purchaser represents that it shall personally
attend thereto.

 

		21.	TOWN PLANNING – PRE-EMPTION RIGHT

 

		21.1.	Town planning

 

		21.1.1.	Principle

 

The Purchaser shall be
personally responsible for the implementation of all provisions and requirements, for compliance with public easements and other
administrative restrictions on the property rights specified in the summary of town planning information referred to herebelow
and annexed hereto.

 

 

8
Un état des risques naturels, miniers et technologiques (a report on natural, mining and technological hazards).

9
Un diagnostic de performance énergétique (energy efficiency survey)

 

    	52

    	 

    

 

		21.1.2.	Acknowledgement of the town planning documents

 

The Purchaser has notably
familiarized itself with the documents referred to herebelow (copies of which are annexed hereto):

•            Summary of town
planning information issued by URBANET, Service d’urbanisme, 65 traverse Prat, 13008 MARSEILLE, on 19 September 2014,

•            numbering certificate
dated 7 November 2014,

•            location plan.

 

The Summary of town planning
information is copied word for word herebelow:

"TOWN PLANNING
INFORMATION ON THE PROPERTY

MUNICIPALITY: MARSEILLE
- 13003

DISTRICT OR AREA: BELLE
DE MAI 

LAND REGISTRY REFERENCES:
811 E no.68 and 89

ADDRESS OF THE PROPERTY:
24-28 rue Jobin

OWNER: FPROJET

 

APPLICABLE PREEMPTION
RIGHTS

ZONE SUBJECT TO RIGHT OF PREEMPTION
STATUTORY RIGHT OF PREEMPTION ("DROIT DE PREEMPTION URBAIN"): Yes

ENHANCED STATUTORY
RIGHT OF PREEMPTION: No

RIGHT OF PREEMPTION
OF DIFFERED DEVELOPMENT AREAS: No

RIGHT OF PREEMPTION
OF SENSITIVE NATURAL AREAS: No

NATURAL AREA (Right of preemption
of the SAFER [organization entitled to buy land in order to retain
it for agricultural use]): No

 

ZONING

PLU [Local Town Planning
Programme] of the municipality of Marseille approved on 28 June 2013, applicable from 01 August 2013, updated on 14 February 2014
and last amended on 23 June 2014 (published on 17 July 2014), which could be further amended upon approval of prescribed changes.

The property is entirely
situated in an URBAN AREA, the purpose of which is to spatialise the main structural facilities of the city in order to strengthen
its position as a Euro-Mediterranean capital:

GENERAL URBAN AREA
E ("SECTEUR UGE") for signifiicant facilities.

Allow for rules on
size and shape tailored to these significant facilities, which have very specific shapes, very different from those of the "traditional"
centre or surroundings, while maintaining qualitative requirements (e.g.:% of green spaces). The following, inter alia, are classed
as UGE areas: university campuses, hospitals, technology parks, tourist attractions, cultural centres, leisure facilities, cemeteries,
road infrastructures.

 

    	53

    	 

    

 

SETBACK LINES

Nothing in the graphical
report of the PLU, however for new builds, free of charge assignments may be required, pursuant to Article R.332-15 of the French
Town Planning Code. The setback area, if any, shall be determined by the relevant authorities.

 

SPECIFIC TOWN PLANNING
AND PUBLIC INTEREST EASEMENTS

- The property is situated
within the boundaries of a PPR [risk prevention plan] (prefectoral order ("AP") of 08/02/06, 11/09/09, 30/03/11, 27/06/12):

- "Landslide",
clay – shrink swell, drought: B2 zone – low to medium risk (see plan annexed hereto), 

- "Flooding":
drainage basin

 

- By order of 22 October
2010, applicable from 1 May 2011, the property is situated in the new zone no.2 (low seismicity), where constructions must comply
with earthquake resistant construction regulations.

 

- In view of the PLU,
the property does not fall within the scope of preserved site no.48-V30 provided for to the detriment of the plot of land registered
on the land register as Section E no.72 to be developed as a green public space for the benefit of the Municipality.

 

- Rue Jobin, which
borders the property, is classed as a road that is liable to flooding.

 

- The property is located
alongside rue Jobin and near to the Réseau Ferré de France (railway infrastructure manager), where, in the event
of new constructions, provisions relating to anti-noise pollution apply.

 

- The property is situated
in a I4 easement area relating to the establishment of electricity ducts (general supply and public distribution).

 

- The building is affected
by a PT1 easement relating to radioelectric transmissions concerning the protection of receptors and emitters against electromagnetic
interference.

 

- The property is situated
within the boundaries of the "EUROMEDITERRANEE" national interest operation (DCM (municipal council resolution) of 22
July 1994) which involves the Urban Development Agency created by the State, the City of Marseille and the Association of Municipalities
("Communauté de Communes"). 

 

- The property is located
within the boundaries of the OPAH (Opération Programmée de l’Amélioration de l’Habitat –
housing improvement association) Renouvellement Urbain Marseille Euroméditerranée (Marseille Urban Renewal) scheduled
to last 5 years (2008-2012). 

 

TOWN PLANNING INFORMATION
REGARDING THE ENTIRE MUNICIPALITY

 

LEAD: The entire Bouches-du-Rhône
Department was classed as a lead exposure risk area by Prefectoral order of 24 May 2000 (Order of 25 April 2006).

TERMITES: The entire
Bouches-du-Rhône Department was classed as a contaminated zone or zone susceptible to contamination by termites and other
wood destroying insects by Prefectoral order of 19 July 2001.

 

    	54

    	 

    

 

ASBESTOS: Decree no.
2002-839 dated 3 May 2002, amending decree no.96-97 of 7 February 1996 on protection against health risks connected to exposure
to asbestos in buildings, requires public and private owners of real property assets, for which a building permit was issued after
1 July 1997 to perform asbestos surveys.

 

NATURAL AND TECHNOLOGICAL
RISKS in the municipality are as follows:

- Landslides:

- subsidence and collapse
(PPR approved on 29 October 2002),

- clay – shrink
swell, drought, differential settlement (PPR approved on 27 June 2012),

- Falling boulders and
rocks,

- Run-off flooding,
mudslides, overflowing rivers (PPR recommended on 12/12/2003),

- Flooding from sea,

- seismicity (low seismicity
– zone 2 of the new regulations that apply as from 1 May 2011),

- forest fires (PPR
recommended on 8 April 2005 and 30 March 2011),

- transport of dangerous
goods,

- industrial risk (PPR
approved on 04 November 2013 for the Arkéma company).

 

Pursuant to the Borloo
Act (Act no.2006-872 of 13/07/06), the Municipality of Marseille applies a tax of 10% on the sale of building land which,
became land suitable for building due to its classification within no more than 18 years in a town planning plan and which is located
in an urban area or urbanisation zone, or by a municipal map, in a buildable area (DCM of 11/12/06, applicable from 01/03/07).

 

As at the date hereof,
the City of Marseille has not passed any resolutions making it necessary to obtain a demolition permit throughout the entire municipality
except if the building benefits from specific protection (Article L 421-3 of the Town Planning Code).

 

In a letter dated 27
May 2014, the City of Marseille specified that it has not established a local trade and handicraft protection area, inside which,
the sale of handicraft businesses, businesses or commercial leases are subject to a preemption right (Act no. 2005-882 of 02 August
2005).

 

The property is situated
in a municipality that falls within the scope of application of Act no. 

86 2 of 3 January 1986 on access, protection
and development of coastal areas and lake shores.

 

A large part of the
municipality of Marseille is situated within the boundaries of the regulated "Habitat" planning orientation area.

 

The entire Bouches
du Rhône department is liable to tax on sensitive natural areas (Article L142-2 of the French town planning code).

 

Act no. 2014-366 of
24 March 2014 applicable from 27/03/2014, on Access to housing and renovated town planning (ALUR Act), amended Article L.123-1-5
of the French Town Planning Code and eliminated the Land use coefficient (Coefficient d’occupation des sols (COS)) as well
as the right to fix a minimum surface area for buildable land in the Local Town Planning Programme (PLU). Henceforth, the ability
to construct shall vary according to regulations on height, size, volume, footprint, location with regards to the separative limitations
and constraints related to the property’s surroundings. 

 

    	55

    	 

    

 

The body that has authority
to issue the authorisation should therefore disregard the regulations relating to minimum plot sizes and COS that appear, as appropriate,
in the PLU, when reviewing such applications until said town planning document has taken this change into account.

However, by virtue
of Article L 123-19 of the French Town Planning Code, this elimination does not apply to land use plans that continue to be governed,
provisionally, by the version of Article L123-1 that applied prior to the SRU Act [solidarity and urban renewal act]".

(Schedule 11. - Town Planning
information)

 

		21.2.	Statutory right of preemption

 

Transfer of ownership does
not grant entitlement to a right of preemption as established by Articles L. 211-1 and L. 213-1 of the French Town Planning Code.

The Property falls within
the circumstances for exclusion of the right of preemption that appear in Article L.211-4 c) of the French Town Planning Code:

- as it forms part of a
building which has been completed for less than four years as demonstrated by the declaration attesting to completion made at the
town hall of the place where the property is located and sent to the Direction Départementale de l'Equipement in
accordance with Articles 460-1 et seq. of the aforementioned code.

- and due to the fact that
it is not situated in an area where a decision was made to apply a right of preemption to the transfer of ownership of property
of this kind by virtue of the final paragraph of Article L.211-4 of the Town Planning Code as the aforementioned summary, annexed
hereto, demonstrates.

 

		22	INFORMATION ON THE COMMON HOLD - AGREEMENTS

 

		22.1	Common hold rules

 

The Purchaser confirms
that it has in-depth knowledge of the terms and conditions of the aforementioned common hold rules and undertakes to comply with
all terms and conditions thereof. It shall be obliged to pay all requests for funds that are made by the property manager as from
the date hereof.

The Purchaser is subrogated,
actively and passively, to all the rights and obligations under the provisions of said rules and shall be personally responsible
therefore and shall enforce such rules, which the Purchaser undertakes to do.

 

		22.2	Property Manager of the Property

 

The property manager of
the property is: CABINET IMMO DE FRANCE, 180-182 Avenue du Prado, 13008 Marseille.

 

		22.3	Report containing various information on the common hold

 

The report containing
the information required under Article 5 of the 17 March 1967 decree resulting from decree number 2004-479 of 27 May 2004 on the
common hold was issued by the Property Manager on10 December 2014.

 

    	56

    	 

    

 

A copy of said report
is annexed hereto.

(Schedule 2. - Dated report)

 

The Purchaser declares
that it has familiarised itself with this report due to the fact that said report was read aloud by the undersigned civil law notary
and due to the clarifications that it received from the latter.

 

		22.4	Legal allocation of common hold charges

 

The Parties represent that they are fully aware
of the provisions of Articles 6-2 and 6-3 of Decree No. 2004-479 of 27 May 2004.

The drafter civil law notary hereof recalls
that the legal allocation of common hold charges between the Vendor and the Purchaser is as follows:

		-	the payment of the interim payment due
and payable on the forward budget is payable by the Vendor;

		-	the payment of interim payments for expenses
not included in the forward budget is payable either by the Vendor or Purchaser depending on which is them is the co-owner at the
time of the payability thereof;

		-	the over-payment or under-payment on interim
payments that comes to light upon the approval of accounts shall be credited to or debited from whomsoever is co-owner upon the
approval of the accounts.

However, the Parties may agree to a different
allocation. But their agreement shall have effect only between them and may not be enforceable against the property manager.

 

		22.5	Contractual allocation of common hold charges

 

The Parties intend depart from the
legal provisions in relation to the following issues:

 

		22.5.1	Relating to expenses included in the property manager’s forward budget

 

Given that the Vendor
was not asked to pay any sums by the property manager in respect of the period prior hereto, the first requests for payment for
this common hold are due to be issued on 1 January 2015, therefore there will be no pro rata repayment of charges.

In consequence, the Vendor
and the Purchaser shall not draw up any adjustment account when the property manager’s accounts are settled by the general
meeting deciding on the year; the adjustment shall be to the profit or loss of the Vendor and the Purchaser.

 

		22.5.2	Regarding expenses not included in the property manager’s forward budget

The Vendor shall pay for work voted prior hereto
whether it has been carried out or not and whether amount thereof is due and payable or not.

The Purchaser shall pay for work decided as
from the date of signing this agreement insofar as the Vendor has given the Purchaser the opportunity of attending the meeting
of co-owners by sending it, seven Worked Days in advance, by recorded delivery letter with advice of receipt, the copy of the notice
to attend said meeting, the agenda and a duly signed proxy to vote without any restriction. Otherwise, said work shall be definitively
payable by the Vendor.

 

    	57

    	 

    

 

The Vendor shall provide, inclusively and finally,
the amount of work payable by it but not yet due and payable to the Purchaser on the day of the sale and the Purchaser must answer
future calls for funds, regardless of the amount thereof and without claim against the Vendor.

The Purchaser shall be
responsible for the cost of any work that is approved as from the date hereof.

 

		22.6	Inclusive nature of accounts for interim payments
and work

 

The Vendor and the Purchaser shall thus not
make any adjustment upon the settlement of accounts unless for work voted and not revealed by the dated report, which shall be
payable by the Vendor.

Given that the above agreements
are not binding on the property manager, the parties shall be personally responsible for the performance thereof.

If there are proceedings calling into question
the association of co-owners, co-owners or third parties on the day of signing the notarised deed of sale, the Purchaser shall
be subrogated in all of the Vendor’s rights and obligations at the end of said proceedings.

 

		22.7	Cash advance

 

The dated report shows
that there are no advances, working capital or special advances for the Property sold.

 

		22.8	Proceedings

 

The Vendor represents that as far it is aware
there are no proceedings pending, which implicate it or the association of co-owners or third parties, apart from the following
proceedings:

		-	Proceedings by the City of Marseille,
of which a copy is appended hereto after reference.

 

The Vendor shall keep the Purchaser informed
of the follow up to said proceedings pending.

The Vendor shall personally attend to said
proceedings and their follow up and shall hold the Purchaser harmless in relation to any financial consequences or other consequences.

(Schedule 13 – City of Marseille Summons)

 

    	58

    	 

    

 

		22.9	Vendor’s situation with regard to the association
of co-owners

 

The Vendor represents:

		-	that it is up to date with the payment
of charges and work with regard to the association of co-owners;

		-	that it has not carried out in the Property
hereunder work affecting the outside appearance of the Property or common areas which has not been lawfully authorised by the meeting
of co-owners;

		-	that it has unlawfully modified the consistency
of the Real Property Assets sold by annexing or making a private use of common areas.

 

		22.10	Article 20 certificate

 

The Vendor declares that
it has today submitted a certificate dated 10 December 2014 as required under Article 20 of the 10 July 1965 Act to the undersigned
civil law notary.

A copy of this document
was supplied to the Purchaser in the Information Package.

The original thereof is
annexed to the dated report annexed hereto.

 

Consequently, the Vendor
is released from all obligations in this respect vis-a-vis the property manager.

 

		23	ORIGIN OF TITLE

 

		23.1	From FONCIERE URBANE

 

The plot of land of the
Property belonged to:

FONCIERE URBANE, a private
limited company (Société à Responsabilité Limitée) with capital of €10,000.00, whose
registered office is located at 255 avenue du Prado- Immeuble le Pulman Prado - Bâtiment C, Marseille 13008 Bouches du Rhône
registered under SIREN number 501 920 722 RCS MARSEILLE,

Having acquired it in
the following manner:

 

A / With regards to
the plot shown on the land register as Section 811 E 68

From:

SOCIETE DES PETROLES SHELL,
a simplified joint stock company (Société par actions simplifiée) with capital of EUR 640,401,744.00,
whose registered office is located at 307 Rue d'Estienne d'Orves, COLOMBES (92700), registered on the Trade and Companies Register
of Nanterre under SIREN number 780 130 175,

Pursuant to a deed signed
before Maître Guillaume REY, civil law notary of Marseille on 15 February 2008.

This purchase took place
against the immediate payment of the purchase price in cleared funds, said deed contained confirmation of receipt of such payment.

The parties agreed on
a price increase clause in the event that the intended use of the envisaged buildings was modified in the 2 years following purchase
thereof. This clause no longer applies due to the lack of any changes during the allotted period.

 

    	59

    	 

    

 

Pursuant to this deed,
the following clarifications were given (and repeated word for word herebelow):

 

"PREVIOUS DIVISION

 

The plot of land sold
hereunder was part of a larger property registered at the time as Section E number 7 with a surface area of 1,747m2. That
property was divided into two plots of land, i.e. the aforementioned plot 811 E 68 and plot 811 E 69 with a surface area of 175
m2, as shown on the land survey document issued by Mr Paul CHABLIS, expert surveyor of Berre l'Etang number 299. 

 

PROPERTY ACCESS

 

It is hereby specified
that the property is accessed via the aforementioned plot 811 E 69 which was sold to the City of Marseille within the framework
of the issue of the building permit dated 15 June 1977 as the purchase report dated 25 April 1977 annexed hereto demonstrates.
Said report specifies that "the selling company shall retain use of the land sold until such time as the Authorities have
completed the road enlarging work". 

 

The sale of this plot
was recorded in a deed of Me Blanc, Me Vial and Me Durand, civil law notaries, dated 30 March and 26 April 1978 published
by the property registration service of Marseille, 1st office, on 22 May 1978, volume 2411 number 10. According to this
deed, the City of Marseille was to have enjoyment of the plot as from the date of completion of work by the Municipal Authorities.
The Vendor declares that these two deeds have never been amended and that the enjoyment thereof has not been challenged.

 

For information purposes,
a copy of the renewal of the road use authorisation granted by the City in favour of the Vendor on 1 July 2003 for a one year period
is annexed hereto.

 

These provisions no
longer apply due to the sale by L'ETABLISSEMENT PUBLIC D'AMENAGEMENT EUROMEDITERRANEE to FONCIERE URBANE of the portion of land
required to access said property, as described in more detail herebelow".

 

B/ With regards to
the plot shown on the land register as Section 811 E 89

From:

The public institution
named L'ETABLISSEMENT PUBLIC D'AMENAGEMENT EUROMEDITERRANEE, an incorporated government urban industrial and commercial development
undertaking with financial autonomy created under ministerial order no. 95-1102 of 13 October 1995 whose registered office is located
at Les Docks, 10 Place de la Joliette, MARSEILLE (13002), registered under SIREN number 404 132 292,

Pursuant to a deed signed
before Me Olivier SANTELLI, civil law notary in Marseille, on 24 and 26 January 2012,

For the symbolic price
of one Euro, given the requirement to build premises for use as offices.

This price was paid immediately
in cleared funds and receipt thereof was given in said deed.

A copy of the notarised
deed of sale was published by the property registration service of Marseille, 1st office, on 22 February 2012, volume
2012P number 2032.

 

    	60

    	 

    

 

		23.2	Sale of shares in FONCIERE URBANE

 

Pursuant to a deed signed
before Me Hervé SANTELLI, civil law notary in partnership of Marseille, on 26 July 2012, recorded by the Primary Tax Office
of MARSEILLE, 13005 and 13006, on 10 August 2012, Form 2012/1454,

The aforenamed F PROJET,
party hereto, purchased:

 

ONE THOUSAND COMPANY SHARES
(1,000) in the aforenamed FONCIERE URBANE, from:

 

a/ BGIMMO, a private limited
company with capital of €175,000.00 whose registered office is located at Le Pullman Prado - Entrée C - 255 Avenue
du Prado, MARSEILLE (13008, Bouches-du-Rhône), registered under SIREN number 488591280 on the Trade and Companies Register
of Marseille.

 

b/ FONCIERE OPARA, a private
limited company with capital of €235,200.00, whose registered office is located at 7 Avenue Gabrielle, MARSEILLE (13008, Bouches-du-Rhône)
registered under SIREN number 501919211 on the Trade and Companies Register of Marseille.

 

One THOUSAND SHARES (1,000)
of the aforementioned company FONCIERE URBANE,

Said company shares constitute
the entire share capital of said company, FONCIERE URBANE.

 

The purchase price for
this sale was paid immediately in cleared funds and said deed contains confirmation of receipt thereof.

 

As a result of this share
transfer, F PROJET became the sole shareholder of FONCIERE URBANE.

 

		23.3	Dissolution of FONCIERE URBANE 

 

1/ Pursuant to a resolution
of the General Meeting of 11 December 2012, the sole shareholder of F PROJET decided to dissolve SARL FONCIERE URBANE.

2/ By decision dated 11
December 2012, Mrs Hélène de FONDEVILLE, one of the managers of FONCIERE URBANE at that time, declared the dissolution
of said SARL FONCIERE URBANE, without liquidation proceedings as from October 2012, in accordance with paragraph 3 of Article 1844-5
of the French Civil Code.

A copy of this dissolution
declaration, recorded by the Tax Collection office of PERPIGNAN-TET on 12 December 2012, form no. 2012/2 091 Box 53, as well as
the decision of the sole shareholder of F PROJET are annexed to the deed referred to herebelow, signed before Me Martine AFLALOU,
the undersigned civil law notary on 14 May 2013.

 

Said declaration stated,
inter alia, that:

- pursuant to paragraph
3 of Article 1844-5 of the French Civil Code, the company would be dissolved without liquidation, and that at the end of the objection
period set forth in such article, all the assets and liabilities of SARL FONCIERE URBANE would transfer to F PROJET.

 

    	61

    	 

    

 

- Consequently:

. All the assets and liabilities
of SARL FONCIERE URBANE would transfer to F PROJET at their book value pursuant to the CNC [French Accounting Standards Commission]
notice dated 25 March 2004 (order of 7 June 2004, Official Gazette of 8 June 2004 page 10115).

. F PROJECT would assume
all the rights and obligations of SARL FONCIERE URBANE.

 

A notice of dissolution
was published in the official notice gazette "Les Nouvelles Publications" no. 9717, week 8 to 14 December 2012;
an extract from this gazette containing said dissolution notice is annexed to the deed referred to herebelow, signed before Me
Martine AFLALOU, the aforenamed civil law notary, on 14 May 2013.

 

The dissolution was recorded
by the Trade and Companies Register on 11 February 2013, as the Kbis [company registration] extract annexed to said deed demonstrates.

 

The lack of objection by the creditors SARL
FONCIERE URBANE within a 30 day period as from publication of the aforementioned notice of dissolution was confirmed in a certificate
dated 25 January 2013 issued by the Registry of the First Instance Court of Marseille, a copy thereof is also annexed to said deed.

 

Consequently, the transfer
of the assets and liabilities became final on 11 January 2013, i.e. 30 days after publication of the aforementioned dissolution
notice.

 

		23.4	Transfer of all assets and liabilities and confirmation of the transfer of ownership 

 

According to the deed
signed before Me Martine AFLALOU, civil law notary in partnership in MARSEILLE, on 14 May 2013, all the documents referred to above
relating to the transfer of all assets and liabilities of SARL FONCIERE URBANE to its sole shareholder F PROJET were deposited.

The transfer of ownership
of the aforenamed property to F PROJET, following the dissolution of SARL FONCIERE URBANE, without liquidation, was recorded in
such deed.

An enforceable copy of
said deed is being published by the property registration service of MARSEILLE (1st Office).

 

		24	PRIOR ORIGIN OF TITLE

 

1/ Plot shown on the
land register as Section 811 E 68

Said property belonged
to SOCIETE DES PETROLES SHELL having purchased it from:

COMPAGNIE GENERALE DES
LEGUMES SECS, whose registered office at that time was located at 3 and 5 Rue Jobin, MARSEILLE, registered on the Trade and Companies
Register of MARSEILLE under no. 54 B 203,

Pursuant to a deed signed
before Me Edmond GIRARD, civil law notary in MARSEILLE at that time, on 14 September 1971.

This purchase took place
for the principal price of FIVE HUNDRED AND FIFTY THOUSAND FRANCS (550,000 FF), i.e. the equivalent of EIGHTY THREE THOUSAND EIGHT
HUNDRED AND FORTY SIX EURO AND NINETY SIX CENTS (€83,846.96).

This deed contained all
the customary declarations.

 

    	62

    	 

    

 

A copy of the notarised
deed of sale was published by the mortgage registry of Marseille, 1st office, on 8 October 1971, Volume 194, No. 15.

 

2/ Plot shown on the
land register as Section 811 E 89

Said property belonged
to L'ETABLISSEMENT PUBLIC D'AMENAGEMENT EUROMEDITERRANEE having purchased it from:

The Association of Municipalities
named COMMUNAUTE URBAINE MARSEILLE PROVENCE METROPOLE, a public establishment for cooperation between local authorities,
whose registered office is located at 58 bd Charles Livon, MARSEILLE (13001, Bouches-du-Rhône), registered under SIREN number
241 300 391,

Pursuant to a deed signed
before Me Hervé SANTELLI, civil law notary in partnership in MARSEILLE, on 26 July and 30 September 2011.

This purchase took place
free of charge.

In said deed, the Vendor
declared that it was not concerned by any measure restricting its capacity to freely dispose of the sold PROPERTY.

A notarised deed of sale
was published at the mortgage registry of Marseille, 1st office on 18 October 2011, Volume 2011P, no. 7957.

 

It being hereby specified
that said property belonged to the COMMUNAUTE URBAINE MARSEILLE PROVENCE METROPOLE as it formed part of the Municipality’s
Public Estate.

And that the intended
use of said property was changed and it was decommissioned by decision of 5 February 2010, a copy thereof is annexed to the aforementioned
deed signed before Me Hervé SANTELLI, the aforenamed civil law notary, on 26 July and 30 September 2011.

 

		25	MORTGAGE SITUATION

 

Pursuant to an informal
statement issued by the Vendor, which remains valid, that the sold Property was encumbered with a contractual mortgage registration
at the property registration service of Marseille, first office on 5 June 2013 volume 2013 V number 2143, by virtue of a deed signed
before Me Martine AFLALOU-TAKTAK, the undersigned civil law notary on 14 May 2013, in favour of the Banque Européenne de
Crédit Mutuel, as security for the principal sum of SIX MILLION EURO (€6,000,000.00) and ONE MILLION TWO HUNDRED THOUSAND
EURO (€1,200,000.00) for incidentals, payable by 31 December 2014 at the latest. Said registration remaining valid until 31
December 2015.

By letter dated 17 December
2014, the Bank gave its consent to the discharge of such registration in return for payment of the sum of SIX MILLION ONE HUNDRED
THOUSAND EURO (€6,100,000.00).

A copy of this letter
is annexed hereto.

 

(Schedule 14 - Discharge consent)

 

The aforementioned registration
discharge shall now be recorded in a deed to be signed before a civil law notary of the notarial office situated at 65 Avenue Jules
Cantini, Tour Méditerranée, MARSEILLE (13006), simultaneous hereto.

 

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		26	MISCELLANEOUS PROVISIONS

 

		26.1	Powers for the completion of all formalities

 

The parties, acting in
their shared interest, grant all powers necessary to any managing clerk or deputy managing clerk of the undersigned civil law notary,
acting jointly and solidarity, for the purposes of preparing and signing any supplementary deeds, modifications or rectifications
hereto, so that said deeds are consistent with all mortgage, cadastral and public record documents.

 

		26.2	Rights in rem that may encumber the Real Property Assets

 

If upon publication of
the sale, the mortgage statement issued following such formality shows the existence of other registrations, transcripts, prior
registrations or notices encumbering said property for which the Vendor and the previous owners are responsible, other than those
listed in Article 25. MORTGAGE SITUATION, said Vendor shall be responsible, at its expense, for the discharge and deletion
of the registrations or the deletion of transcripts or registrations or notices within one month from receiving notification thereof
at its address for service.

In all circumstances,
the Purchaser shall receive compensation for the price of all registration costs.

 

		27	INTERMEDIARIES’ COMMISSION

Each Party shall pay all
sums that may be due to any intermediary that it may have instructed in respect hereof such that the other Party cannot be held
liable or inconvenienced in this respect.

 

The Parties acknowledge
that this deed was brokered via the intermediary of CBRE AGENCY whose registered office is located at 145-151 rue de Courcelles,
PARIS (75017), whose fees, in the sum of ONE HUNDRED AND TWENTY THOUSAND EURO (€120,000.00) ex-tax, i.e. ONE HUNDRED AND FORTY
FOUR THOUSAND EUROS after Value Added Tax of 20% has been added (€144,000 all taxes included), shall be paid directly by the
Vendor (not via the accounts of the undersigned civil law notary), who alone shall be responsible therefor.

 

		28	Confidentiality

 

Neither Party may make
an official announcement (through publication of a press release or in any other manner) on the existence, content or purpose hereof,
without the prior written authorisation of the other Party.

 

However, either Party
may make such an announcement without the consent of the other Party, insofar as such a publication is required by the law or a
regulation.

 

    	64

    	 

    

 

		29	LEGAL NOTICE

 

In accordance with Article
32 of French law no 78-17 "Informatique et Libertés" (French Data Protection Act) of 6 January 1978,
as amended, the notarial office uses computers to carry out notarial tasks, and notably formalities relating to deeds. For such
purposes, the Office records data concerning the parties and sends the same to certain administrative bodies notably to the appropriate
property registration office and for accounting and tax purposes. For deeds relating to the transfer of property only, certain
information relating to the property and the price thereof will be recorded in a real estate database for statistical purposes
unless one of the parties expresses their objection thereto. Either party may exercise their right to access and rectify their
personal data by contacting ADSN: service Correspondant à la Protection des Données, 95 avenue des Logissons 13107
VENELLES cpd-adsn@notaires.fr, 0820.845.988. For deeds
relating to the transfer of property only, certain information relating to the property and the price, save where one of the parties
expresses their opposition to the same, will be recorded in a real estate database for statistical purposes.

 

		 30	AFFIDAVIT

 

The parties assert, subject to the penalties
laid down in Article 1837 of the Tax Code, that this deed expresses the entire price. Moreover, they acknowledge that the undersigned
civil law notary has informed them of the penalties incurred in the event of misrepresentation.

The undersigned civil law notary asserts that,
as far as she is aware, this deed is not amended or refuted by any secret letter which contains a price increase.

 

		31	AUTHENTIFICATION OF THE PARTIES’ IDENTITY

 

The undersigned civil law notary certifies
and attests that the full identity of the parties named hereunder, as specified following their names and corporate names, have
been duly proved to her.

And in particular relating to F PROJET, based
on an extract from the certification of incorporation (extrait K bis) of its registration with the Trade and Companies Register.

And in particular relating to ARC GLOBAL (Luxembourg)
Holdings, based on an extract from the certification of incorporation of its registration with the Trade and Companies Register.

 

		32	SCHEDULES

 

The Schedules annexed hereto shall bear a reference
number and shall be signed by the civil law notary.

 

IN WITNESS WHEREOF over seventy (70) pages

 

This deed contains:

 

- references approved:

- blank spaces blacked out:

- entire lines crossed out:

- numbers crossed out:

- words crossed out:

 

Executed and recorded at the place, date, month
and year indicated above.

Further to reading hereof, the parties and
the undersigned civil law notary signed this deed of sale.

 

    	65

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