Document:

Membership Interest Purchase Agreement, dated as of November 30, 2007

 Exhibit 10.23 
 MEMBERSHIP INTEREST PURCHASE AGREEMENT 
 Among 
 Lennar Corporation 
 and 
 Lennar Homes of California, Inc. 
 Lennar
Colorado, LLC 
 U.S. Home Corporation 
 Lennar Homes, LLC 
 Lennar Reno, LLC 
 Lennar Renaissance, Inc. 
 US Home/KB North Douglas, LLC 
 Raintree Village, L.L.C. 
 Raintree Village II,
L.L.C. 
 Lennar Hingham Holdings, LLC 
 Greystone Nevada, LLC 
 Fox Ridge Associates, LLC 
 And 
 MS RIALTO RESIDENTIAL HOLDINGS, LLC 
 Dated as of November 30, 2007 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I	 	DEFINITIONS	  	2

					
			
	    1.1	  	 Definitions	  	2
	    1.2	  	 Certain Interpretation Matters	  	8

					
			
	ARTICLE II	 	PURCHASE AND SALE OF INTERESTS	  	9

					
			
	    2.1	  	Mutual Closing Obligations	  	9
	    2.2	  	Purchase Price	  	9
	    2.3	  	Closing	  	12
	    2.4	  	Sellers’ Representative	  	12
	    2.5	  	Allocation	  	12

					
			
	ARTICLE III	 	REPRESENTATIONS AND WARRANTIES OF SELLERS	  	13

					
			
	    3.1	  	Organization and Qualification	  	13
	    3.2	  	Capitalization; Ownership; Restructuring	  	13
	    3.3	  	Authorization; Enforceability	  	14
	    3.4	  	No Conflict or Violation	  	15
	    3.5	  	Governmental Consents and Approvals	  	15
	    3.6	  	Litigation	  	15
	    3.7	  	Compliance with Laws	  	15
	    3.8	  	Properties	  	16
	    3.9	  	Contracts	  	17
	    3.10	  	Title to Assets	  	18
	    3.11	  	Environmental Matters	  	18
	    3.12	  	Taxes	  	19
	    3.13	  	Employee Benefit Plans	  	19
	    3.14	  	Liabilities	  	19
	    3.15	  	Absence of Changes	  	20
	    3.16	  	Solvency	  	20
	    3.17	  	Intent	  	21

					
			
	ARTICLE IV	 	REPRESENTATIONS AND WARRANTIES OF PURCHASER	  	21

					
			
	    4.1	  	Organization	  	21
	    4.2	  	Capitalization; Ownership	  	21
	    4.3	  	Authorization; Enforceability	  	21
	    4.4	  	No Conflict or Violation	  	21
	    4.5	  	Consents and Approvals	  	22
	    4.6	  	Absence of Proceeding	  	22
	    4.7	  	Investment Intent	  	22

					
			
	ARTICLE V	 	CERTAIN COVENANTS	  	22

					
			
	    5.1	  	Inspection Rights of Purchaser	  	22
	    5.2	  	Title to Properties	  	23
	    5.3	  	Surveys	  	25
	    5.4	  	Sellers’ Security Instruments	  	25

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	    5.5	 	Assignment of Contracts; Obtaining Consents	  	25
	    5.6	 	Environmental Matters	  	27
	    5.7	 	Determination of Costs Within Purchase Price Computation	  	28
	    5.8	 	True-Sale Opinion	  	28

					
			
	ARTICLE VI	 	ADDITIONAL COVENANTS	  	28

					
			
	    6.1	  	No Public Announcement	  	28
	    6.2	  	Further Assurances	  	29
	    6.3	  	Land Transferred in Error	  	29
	    6.4	  	Use of Sale Offices	  	29
	    6.5	  	Use of Name	  	29

					
			
	ARTICLE VII	 	DELIVERIES AT CLOSING	  	30

					
			
	    7.1	  	Seller Deliveries	  	30
	    7.2	  	Purchaser Deliveries	  	31
	    7.3	  	Mutual Deliveries	  	31

					
			
	ARTICLE VIII	 	SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION	  	31

					
			
	    8.1	  	Survival of Covenants, Representations and Warranties	  	31
	    8.2	  	Indemnification by Purchaser	  	31
	    8.3	  	Indemnification by Sellers	  	31
	    8.4	  	Method of Asserting Third Party Claims	  	32
	    8.5	  	Assignment of Claims	  	33
	    8.6	  	Indemnification Limitations	  	33
	    8.7	  	Exclusive Remedy; Additional Indemnification Issues	  	34

					
			
	ARTICLE IX	 	TAX MATTERS	  	35

					
			
	    9.1	  	Liability and Indemnification for Taxes	  	35
	    9.2	  	Tax Returns	  	35
	    9.3	  	Tax Indemnification Procedures; Contest Provisions	  	36
	    9.4	  	Confidentiality of Tax Information	  	36
	    9.5	  	Tax Sharing Agreements	  	37
	    9.6	  	Intended Tax Treatment	  	37

					
			
	ARTICLE X	 	OFAC CERTIFICATE AND INDEMNIFICATION	  	37

					
			
	    10.1	  	OFAC Representation	  	37
	    10.2	  	Purchaser’s Assurances	  	37
	    10.3	  	Anti-Money Laundering	  	37
	    10.4	  	Compliance	  	38

					
			
	ARTICLE XI	 	GENERAL PROVISIONS	  	39

					
			
	    11.1	  	Expenses	  	39
	    11.2	  	Notices	  	39

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
	    11.3	 	Severability	  	40
	    11.4	 	Counterparts	  	40
	    11.5	 	Assignment; Successors and Assigns	  	40
	    11.6	 	No Third Party Beneficiaries	  	41
	    11.7	 	Descriptive Headings	  	41
	    11.8	 	Reasonable Consent Required	  	41
	    11.9	 	Waivers	  	41
	    11.10	 	Governing Law; Jurisdiction; Waiver of Jury Trial	  	41
	    11.11	 	Enforcement	  	42
	    11.12	 	Entire Agreement; Amendments	  	42
	    11.13	 	Construction; Joint Drafting	  	42
	    11.14	 	Legal Fees	  	42
	    11.15	 	Confidentiality	  	42
	    11.16	 	Time of the Essence	  	43
	    11.17	 	Electronically Transmitted Signatures	  	44
	    11.18	 	No Brokers, Finders, etc	  	44
	    11.19	 	Guaranty	  	44

 Exhibits and Schedules 
  

					
	Exhibit “A”	  	List of Subsidiaries	  	
	Exhibit “B”	  	Legal Descriptions of Land	  	
	Exhibit “C”	  	List of Projects	  	
	Exhibit “D”	  	Purchase Price Calculation Formulae	  	
	Exhibit “E”	  	Development Plans	  	
	Exhibit “F”	  	Community Summaries	  	
	Exhibit “G”	  	Development Budgets	  	
	Exhibit “H”	  	Cash Flow Projections	  	

  

 iii 

 MEMBERSHIP INTEREST PURCHASE AGREEMENT 
 THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”) is effective as of November 30, 2007 (the
“Effective Date”), by and among LENNAR CORPORATION, a Delaware corporation (“Lennar”), and LENNAR HOMES OF CALIFORNIA, INC., a California corporation (“LHC”), LENNAR COLORADO,
LLC., a Colorado limited liability company, U.S. HOME CORPORATION, a Delaware corporation, LENNAR HOMES, LLC, a Florida limited liability company, LENNAR RENO, LLC, a Nevada limited liability company, LENNAR RENAISSANCE, INC., a California
corporation, US HOME/KB NORTH DOUGLAS, LLC, a Delaware limited liability company, RAINTREE VILLAGE L.L.C., an Illinois limited liability company, RAINTREE VILLAGE II, L.L.C., an Illinois limited liability company, LENNAR HINGHAM HOLDINGS, LLC, a
Delaware limited liability company, GREYSTONE NEVADA, LLC, a Nevada limited liability company, and FOX RIDGE ASSOCIATES, LLC, a New Jersey limited liability company (each, including LHC, a “Seller”; collectively, the
“Sellers”), and MS RIALTO RESIDENTIAL HOLDINGS, LLC, a Delaware limited liability company (“Purchaser”); each of Purchaser, on the one hand, and Sellers and Lennar, on the other hand, a
“Party”; collectively, the “Parties”). 
 RECITALS: 
 WHEREAS, each of the Sellers is the sole owner of all right, title and interest in all of the equity ownership interests (each ownership interest,
including such Seller’s share of (and right to receive, as applicable) capital, profits, losses, distributions and management/voting rights, subject to such duties and obligations as may apply to such Seller under its Organizational Documents
and applicable Law, an “Interest”; collectively, the “Interests”) in one or more of the entities set forth on Exhibit “A” hereto (each, a “Subsidiary”;
collectively, the “Subsidiaries”); and 
 WHEREAS, each of the Subsidiaries owns certain real property and certain
associated assets conveyed to it by a Seller in connection with the transactions contemplated hereby; and 
 WHEREAS, each Seller desires to
convey to Purchaser (or an Affiliate of Purchaser) and Purchaser desires to acquire from each Seller all of the Interests owned by such Seller on the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, Lennar owns a direct or indirect interest in the Sellers and is joining in the execution and delivery of this Agreement to guaranty the
obligations of Sellers hereunder. 
  

 1 

 NOW, THEREFORE, in consideration of the premises and the covenants and agreements herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, do hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. 
 (a) The following
terms shall have the respective meanings specified or referred to below: 
 “Adverse Claim” means a lien, security interest,
financing statement, charge or encumbrance, or other right or claim in, of or on any Person’s assets or properties in favor of any other Person. 
 “Affiliate” means, with respect to any Person, (a) any other Person directly or indirectly Controlling, Controlled by or under common Control with such Person, or (b) any other Person
beneficially owning 50% or more of the outstanding voting interests of such Person, or (c) any officer, director, general partner, manager or managing member (if such Person is a limited liability company) of such Person, or (d) any other
Person that is an officer, director, general partner, manager or managing member (if such Person is a limited liability company) or beneficial owner of 50% or more of the voting interests of any other Person described in clauses (a) through
(c) of this definition; provided, however, that for purposes of this Agreement, Purchaser shall not be deemed an Affiliate of any Seller or Lennar. 
 “Approvals” means all discretionary approvals, consents, certificates, licenses, permits and other authorizations from each Governmental Authority having or asserting jurisdiction as are necessary for
the (a) ownership, use and operation of the existing improvements located at the Properties, (b) the development of the Properties and the Projects in accordance with the Development Plans, and (c) the marketing and sale of
residential lots to builders, individual homebuyers and other Persons. 
 “Assets” means, collectively, the
(a) Properties; provided, however, that in no event shall any Property include any land on which a residence has been constructed or any vertical construction of a residence has commenced; (b) the Obtained Approvals; (c) all rights to
prepaid expenditures and deposits related to the Projects, including utilities and connection fees and (d) any other tangible or intangible personal property transferred or assigned to the Subsidiaries pursuant to the respective Contribution
Agreement. 
 “Benefit Plans” has the meaning given in ERISA Section 3(3), together with plans or arrangements that
would be so defined if they were not (a) otherwise exempt from ERISA by that or another section, (b) maintained outside the United States, or (c) individually negotiated or applicable only to one person; and also includes each
compensatory plan or arrangement with any employee, officer, director or independent contractor, including any incentive or equity plan or arrangement. 
 “Business Day” means any day that is not a Saturday, Sunday or a day on which the Federal Reserve Bank in New York is closed for business. 
  

 2 

 “Capital Stock” means common stock, preferred stock, partnership interests, limited
liability company interests, beneficial interests in any trust or other equity ownership interests entitling the holder thereof to vote with respect to matters involving the issuer thereof or to share in its profits. 
 “Cash Flow Projections” means the projected cash flows for each Project for which the Sellers have a Development Plan prepared by Seller
and used in arriving at the Purchase Price, as attached as “Exhibit “H.” 
 “Claim” means any
claim, demand, cause of action, chose in action, right of recovery or right of set-off of whatever kind or description against any Person. 
 “Closing” shall mean the settlement of the mutual obligations of Purchaser and Sellers with respect to the conveyance of the Interests to Purchaser and the performance of their respective obligations hereunder to be
performed at or prior to Closing. 
 “Closing Date” means November 30, 2007 or such other date as may be agreed to by
the Parties. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated
thereunder. 
 “Community Summary” or “Community Summaries” means the information set forth on
Exhibit “F” regarding the Projects. 
 “Contract” means, whether or not capitalized, with respect to
any Person, any agreement, commitment, contract, indenture, loan, note, mortgage, instrument, lease or undertaking of any kind or character, oral or written, to which such Person is a party or that is binding on such Person or its Capital Stock,
assets, properties or business. 
 “Contribution Agreement” means the respective Contribution Agreement And Assignment And
Assumption, between each Seller and the respective Subsidiary (except Gateway Commons, LLC). 
 “Control” (including its
correlative meanings “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an Entity, whether through the
ownership of Capital Stock, by contract or otherwise. 
 “Development Budget” means the development budget for each Project
as set forth on Exhibit “G.” 
 “Development Plans” means the development plans for each Project as
set forth on Exhibit “E.” 
 “Encumbrance” means any lien (statutory or otherwise), mortgage, deed
of trust, pledge, lease, hypothecation, assignment, charge, security interest, option to purchase, easement, restrictive covenant, right of first refusal, deposit arrangement, preemptive right, conversion, put, call or other adverse claim or right,
restriction on transfer, encroachment, conditional sale or other title retention agreement, or any other encumbrance, whether voluntarily incurred or arising by operation of Law. 
  

 3 

 “Entity” means any partnership (including any limited partnership, limited liability
limited partnership and limited liability partnership), corporation, limited liability company, trust, joint venture, association, joint stock company, trustee, estate, unincorporated organization, real estate investment trust, business trust,
Governmental Authority or other legal entity. 
 “Environmental Law” means any applicable federal, state, local or foreign
statute, Law, in effect and, in each case, as amended as of or prior to the Closing Date relating to or concerning the protection of the environment, natural resources, human health, or environmental quality including those relating to the presence,
use, production, generation, handling, transportation, treatment, storage, disposal, distribution, labeling, testing, processing, discharge, release, threatened release, control, or cleanup of any Hazardous Materials, substances or wastes, chemical
substances or mixtures, pesticides, pollutants, contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated biphenyls or radiation (including the Comprehensive Environmental Response, Compensation and Liability Act (42
U.S.C. § 9106 et seq.), the Hazardous Materials Transportation Act (49 U.S.C. App. § 1801 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Clean Water Act
(33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), and the Federal Insecticide, Fungicide, and Rodenticide
Act (7 U.S.C. § 136 et seq.), as each has been amended and regulations promulgated pursuant thereto). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such accounting profession, in effect from time to time, consistently applied. 
 “Governmental Authority” means any court, government (federal, state, local, foreign or multinational), department, commission, board,
bureau, agency, official or other regulatory, administrative, authority or political subdivision thereof. 
 “Governmental
Order” means any order, writ, injunction, decree, award, judgment or ruling entered by or with any Governmental Authority. 
 “Hazardous Materials” means any substance that is listed, defined, designated, or classified as, or otherwise determined to be, hazardous, radioactive, or toxic or a pollutant or a contaminant under or pursuant to any
Environmental Law, including without limitation polychlorinated biphenyls, petroleum, radioactive materials and urea formaldehyde. 
 “Income Tax” or “Income Taxes” means all taxes (including estimated income taxes and franchise taxes), charges, fees, levies or other assessments imposed by any Taxing Authority and based on or measured
with respect to income or profits, including any interest, penalties or additions attributable thereto. 
  

 4 

 “Knowledge of Sellers,” “Sellers’ Knowledge” and words of similar
import mean the current actual knowledge of Jonathan Jaffe, Richard Beckwitt, Jeffrey Krasnoff, Emile K. Haddad, Mark Sustana, Edward Giermann, Christopher Marlin, Bruce Gross, Richard Leigh, Gregory H. McWilliams, Jr., Mike Levesque, David Bourne,
Charles H. Hathaway, Craig M. Johnson, Fred B. Rothman, Frederick W. Kunkle, Jr., Jeffrey G. Roos, Marc I. Chasman, Ric J. Rojas and Sam B. Crimaldi, as representatives of each of the Sellers, and shall not be construed, by imputation or otherwise,
to refer to the knowledge of any Affiliate or Representative of any of the Sellers, or to any other officer, agent, manager, representative or employee of any of the Sellers or any Affiliate thereof or to impose upon such individuals any duty to
investigate the matter to which such actual knowledge or absence thereof pertains. 
 “Land” means those parcels of real
property set forth on Exhibit “B.” 
 “Law” means any code, law ordinance, regulation, reporting or
licensing requirement, rule or statute applicable to a Person or its assets, liabilities or business, including those promulgated, interpreted or enforced by any Governmental Authority. 
 “Liabilities” means any assessment, cause of action, complaint, suit, proceeding, or investigation by or before any Governmental
Authority, arbitration or mediation tribunal, and any direct or indirect liability, indebtedness, guaranty, claim, loss, damage, deficiency, cost, expense or obligation, either accrued, absolute, contingent, mature, unmature or otherwise and whether
known or unknown, fixed or unfixed, choate or inchoate, liquidated or unliquidated, secured or unsecured. 
 “Material Adverse
Effect” means any change, event, effect, fact or circumstance that is or is reasonably likely to be material and adverse to the business, financial condition or results of operations of any Seller or to the Sellers taken as a whole, or to
the ownership, use, value and/or development of any individual Property or to the Properties taken as a whole, provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (a) changes in the economy
of the United States of general scope or which affect the market area or industry of any Seller Entity, (b) changes in GAAP, (c) changes in applicable Law, and/or (d) actions and omissions of any Party taken with the prior informed
written consent of the other Parties in contemplation of or in connection with the transactions contemplated hereby. 
 “Organizational Documents” means, with respect to any Entity, its certificate or articles of incorporation, certificate or articles of limited partnership or organization and bylaws, charter, operating agreement,
shareholder agreements, regulations, partnership agreement, trust agreement and similar organizational charter or agreement and all other organizational documents, in each case, as amended and/or restated as of the Closing Date. 
 “Permitted Encumbrance” means, with respect to any Person and its assets or properties, (a) survey exceptions, use, zoning or
planning restrictions, easements, irregularities, licenses, rights of way, declarations, reservations, provisions, covenants, conditions, waivers or other title matters or Encumbrances which (i) are necessary or desirable to obtain any
Approvals or for the development of 

  

 5 

 
the Projects in accordance with the Community Summaries, (ii) do not affect the marketability of title to the Properties based upon applicable title
standards in effect in the state in which the applicable Property is located, (iii) do not, individually or in the aggregate, materially impair the ownership, use, value, or intended development of any parcel constituting any Property,
(iv) appear in any of the Title Commitments not objected to by Purchaser as provided in Section 5.2(b) or (v) are Property Rights Contracts or Collateral Rights Contracts; (b) Encumbrances securing the performance of bids,
tenders, leases, contracts (other than for the repayment of debt), statutory obligations, surety, customs and appeal bonds and other obligations of like nature, incurred as an incident to and in the ordinary course of business; (c) Encumbrances
imposed by Law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, landlords’, laborers’, suppliers’ and vendors’ liens, incurred in the ordinary course of business and securing obligations which
are not yet due or which are being contested in good faith by appropriate proceedings but subject to any proration provided herein; (d) Permitted Tax Liens; (e) any extensions, renewals and replacements of any of the foregoing;
(f) all pre-printed exclusions from coverage under a standard policy of owner’s title insurance as promulgated by the American Land Title Association, to the extent not otherwise addressed in items (a) through (e) above; and
(g) all pre-printed defects and exceptions listed as standard exceptions on Schedule B of a standard policy of owner’s title insurance as promulgated by the American Land Title Association, to the extent not otherwise addressed in items
(a) through (f) above. 
 “Permitted Tax Liens” means (a) liens securing the payment of Taxes other than
Income Taxes which are either not delinquent or being contested in good faith by appropriate proceedings for which Purchaser has received proration credit pursuant to Section 2.2(d), and (b) liens for current Taxes not yet payable.

 “Person” means any individual or any Entity. 
 “Project” means each, and “Projects” means two or more, of the design, construction, renovation, marketing and sale of
the Properties as described in Exhibit “C.” 
 “Property” means the Land and the improvements
currently located thereon in any particular community. 
 “Properties” means, collectively, all of the Land and the
improvements in any two or more communities. 
 “Purchase Price” means the consideration to be paid by Purchaser to Sellers
for the Interests determined and paid in accordance with the provisions of Section 2.2. 
 “Representative”
means, with respect to any Person, any officer, director, owner, employee, principal, attorney, agent or other authorized representative of such Person. 
 “Seller Entity” means each of, and “Seller Entities” means, collectively, the Sellers and the Subsidiaries. 
 “Straddle Period” means any taxable year or period beginning before and ending after the Closing Date. 
  

 6 

 “Tax” or “Taxes” means any federal, state, local or foreign net or
gross income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property,
personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax, governmental fee or like assessment or charge of any kind whatsoever (whether computed on a separate, or consolidated,
unitary or combined basis, or in any manner), including any interest, penalty or additions thereto and any amount imposed by any Governmental Authority or arising under any Tax Law or agreement, including any joint venture or partnership agreement.

 “Tax Return” means any return, report or similar statement or form required to be filed with respect to any Tax
(including any attached schedules and related or supporting information), including any information return, claim for refund, amended return or declaration of estimated Tax. 
 “Taxing Authority” means any United States federal, state or local or any foreign governmental, regulatory or administrative authority,
agency or commission exercising Tax regulatory authority. 
 “Title Commitments” means, collectively, the A.L.T.A.
Commitments issued by Title Company and relating to the Property. 
 Each of the following terms is defined in the Section of this Agreement
set forth opposite such term: 
  

			
	Agreement	  	Preamble
	Anti-Money Laundering	  	10.3
	Assigned Contracts	  	3.9
	Claim Notice	  	8.4
	Collateral Rights Contracts	  	3.8(b)
	Confidential Information	  	11.15(a)
	Consents	  	5.5
	Cost Sharing Arrangement	  	3.8(f)
	Disclosure Schedules	  	1.3(d)
	Effective Date	  	Preamble
	Environmental Cure Period	  	5.6(b)
	Environmental Reports	  	5.6(a)
	Existing Environmental Reports	  	3.11(c)
	Expiration Date	  	8.1(a)
	Financial Institution	  	10.1
	Indemnified Loss	  	8.2
	Indemnified Losses	  	8.2
	Indemnified Party	  	8.3
	Indemnifying Party	  	8.4
	Intended Property	  	6.2
	Interest	  	Recitals
	Interests	  	Recitals
	Lennar	  	Preamble
	LHC	  	Preamble
	Neutral Accountant	  	2.2(b)
	New Environmental Reports	  	5.6(a)
	Notice Period	  	8.4
	Obtained Approvals	  	3.8(a)
	OFAC	  	10.1
	Option	  	3.8(b)

  

 7 

			
	Parties	  	Preamble
	Party	  	Preamble
	Patriot Act	  	10.3
	Post-Closing Proration True-Up	  	2.2(d)
	Potential Contributer	  	8.5
	Preclosing Tax Period	  	9.1(a)
	Property Rights Contracts	  	3.8(b)
	Purchase Price	  	2.2(a)
	Purchase Price Computation	  	2.2(a)
	Purchase Price Objections Statement	  	2.2(b)
	Purchaser	  	Preamble
	Purchaser Indemnified Parties	  	8.3
	Purchaser’s Environmental Objection Notice	  	5.6(b)
	Purchaser’s Title Objection Notice	  	5.2(b)
	Recognized Environmental Conditions	  	3.11(d)
	Restructuring	  	3.2(c)
	Securities Act	  	4.7
	Seller	  	Preamble
	Seller Indemnified Parties	  	8.2
	Sellers	  	Preamble
	Sellers’ Indemnification Cap	  	8.6(a)
	Sellers’ Indemnification Basket	  	8.6(b
	Sellers’ Representative	  	2.4
	Sellers’ Security Instruments	  	5.4
	Specially Designated Nationals and Blocked Persons	  	10.1
	Subsidiaries	  	Recitals
	Subsidiary	  	Recitals
	Survey	  	5.3
	Tax Claim	  	9.3(a)
	Title Company	  	5.2(a)
	Title Cure Period	  	5.2(b)(ii)
	Title Policies	  	5.2(a)
	Title Review Commencement Date	  	5.2(b)
	Transfer Taxes	  	9.1(c)
	U.S. Person	  	10.1

 1.2 Certain Interpretation Matters. 
 (a) Definitions contained in this Agreement apply to singular as well as the plural forms of such terms and to the masculine as well as to the feminine
and neuter genders of such terms. Words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires. The terms “hereof,” “herein,”
“hereby” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. The terms “includes” and the
word “including” and words of similar import shall be deemed to be followed by the words “without limitation.” Each Exhibit, Article, Section and paragraph reference is to the Exhibits, Articles, Sections and paragraphs to this
Agreement, and each Schedule reference is to the Disclosure Schedules, unless otherwise specified. The term “dollars” or “$” means United States Dollars. Accounting terms used but not otherwise defined in this Agreement shall
have the meaning given them by GAAP. 
 (b) When calculating the period of time before which, within which or following which any act is to
be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding
Business Day. 
  

 8 

 (c) The Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof and are
an integral part of this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule or Exhibit
but not otherwise defined therein shall be defined as set forth in this Agreement. 
 (d) Concurrently with the execution and delivery of
this Agreement, Sellers have delivered to Purchaser Schedules (collectively, “Disclosure Schedules”). The Disclosure Schedules set forth, among other things, items the disclosure of which is necessary or appropriate either
(i) in response to an express informational requirement contained in or requested by a provision hereof or (ii) as an exception to one or more representations or warranties or covenants contained in this Agreement; provided, however, that
the inclusion of an item in a Disclosure Schedule as an exception to a representation or warranty shall not be deemed an admission by the disclosing party that such item (or any undisclosed item or information of comparable or greater significance)
represents a material exception or fact, event or circumstance with respect to any Seller Entity (on the one hand) or Purchaser (on the other hand). Any matter disclosed in a Disclosure Schedule, regardless of the enumerated reference and regardless
of whether a specific representation or warranty contained in this Agreement specifically provides for exceptions to be listed on a schedule, shall be considered disclosed for all Disclosure Schedules and for all matters to which its relevance
relates and is reasonably apparent from the language of the disclosure (without reference to any facts or provisions in any document other than the Disclosure Schedules, whether or not incorporated by reference). 
 ARTICLE II 
 PURCHASE AND SALE OF
INTERESTS 
 2.1 Mutual Closing Obligations. Upon the terms and subject to the conditions set forth in this Agreement, at the
Closing Sellers shall sell, convey, transfer, assign and deliver to Purchaser and Purchaser shall acquire from Sellers, all right, title and interest of Sellers in and to the Interests free and clear of all Encumbrances. 
 2.2 Purchase Price. 
 (a) In consideration of
the transfer of the Interests by Sellers and the consummation of the transactions contemplated herein, Purchaser shall pay and deliver to Sellers aggregate consideration (the “Purchase Price”) in an amount on a per Property
basis calculated in accordance with the formulae set forth in Exhibit “D” (the “Purchase Price Computation”). The Parties agree that the Purchase Price shall equal an aggregate amount of Five Hundred
Twenty-Five Million Dollars ($525,000,000.00), which amount shall be subject to adjustments as provided in this Section 2.2. The Purchase Price shall be paid to Sellers at the Closing by wire transfer of immediately available funds (in
accordance with the wire instructions attached hereto as Schedule 2.2(a)). 
 (b) Adjustments. The Parties acknowledge
that the Purchase Price is calculated in accordance with the Purchase Price Computation based on estimated and projected financial data and the number of estimated unsold developed and projected to be developed homesites for which Approvals have
been received as of the Closing Date. Within sixty (60) days after the Closing Date, 

  

 9 

 
Sellers shall recalculate the Purchase Price Computation including actual historic financial results as of the Closing Date and the number of actual unsold
developed homesites and such projected to be developed homesites as of the Closing Date; and Sellers shall deliver same to Purchaser along with information and documentation reasonably sufficient to support the calculation and determination of the
Purchase Price and a written statement that such recalculation has been prepared in good faith and in accordance with the requirements of this Agreement. Purchaser and its auditors shall be permitted to review Sellers’ financial books and
records, including any working papers related to the Purchase Price Computation. If Purchaser has any objections to Sellers’ calculation of the amount of Purchase Price, Purchaser shall deliver to Sellers a statement, along with its revised
calculation of the amount of Purchase Price, setting forth its objections thereto and documentation reasonably sufficient to support such revised calculation (a “Purchase Price Objections Statement”). If a Purchase Price
Objections Statement is not so delivered within sixty (60) days after Sellers’ delivery of the statement showing its calculation of the amount of Purchase Price, Sellers’ calculation of the amount of Purchase Price shall be final,
binding and non-appealable by the Purchaser. Sellers and Purchaser shall negotiate in good faith to resolve any such timely objections, but if they do not reach a final resolution within thirty (30) days after the delivery of the Purchase Price
Objections Statement, the Parties shall submit such dispute to an audit partner of Ernst & Young (the “Neutral Accountant”); provided, however, that if the Neutral Accountant is unable or unwilling to serve, an audit
partner may be chosen from such other nationally recognized independent certified public accounting firms as the Parties may mutually agree, or as the American Arbitration Association shall select. Any further submissions to the Neutral Accountant
by any Party must be in writing with a copy delivered to the other Party. The Neutral Accountant shall consider only those items and amounts which are identified in the Purchase Price Objections Statement as being items which Sellers and Purchaser
are unable to resolve. The Neutral Accountant shall, in its sole discretion, have the power to conduct in-person hearings and review of relevant books and records of the Seller Entities during normal business hours upon two (2) days prior
written notice, such review to be conducted in a manner that does not unreasonably interfere with the conduct of Sellers’ or Purchaser’s businesses. Such hearings and review, if required, will take place in Miami, Florida. The Sellers and
Purchaser shall use their reasonable best efforts to cause the Neutral Accountant to resolve all disagreements as soon as practicable. The resolution of the dispute by the Neutral Accountant shall be final, binding and non-appealable on the parties
hereto. The costs and expenses of the Neutral Accountant shall be borne as follows: If the determination of the trued-up Purchase Price by the Neutral Accountant is not more than two percent (2%) greater than the amount of the Purchase Price
that is last agreed to in writing by the Sellers (and being challenged by Purchaser through the engagement of the Neutral Accountant), Purchaser shall pay all of such costs and expenses; otherwise Seller shall pay all of such costs and expenses. If
the trued-up Purchase Price as determined pursuant to this Section 2.2(b) is greater than the Purchase Price as set forth in Section 2.2(a), Purchaser shall pay Sellers by wire transfer of immediately available funds such
difference within ten (10) Business Days after the Purchase Price is finally trued-up; and if the trued-up Purchase Price as determined pursuant to this Section 2.2(b) is less than the Purchase Price as set forth in
Section 2.2(a), Sellers shall pay Purchaser by wire transfer of immediately available funds such difference within ten (10) Business Days after the Purchase Price is finally trued-up. 
  

 10 

 (c) Proration True Up. Ad valorem real estate and personal property Taxes and assessments
concerning the Assets shall be prorated based on the current year’s gross tax amount. If any special assessments are payable in installments, only the installment payable as of the Closing shall be prorated, and all subsequent installments will
be the obligation of the Subsidiaries. The Parties shall, to the extent reasonably known or estimatable, make such proration payments at Closing and then adjust such amounts as part of the Post-Closing Proration True-Up. If Closing occurs at a date
when the current year’s Taxes are not fixed, but the current year’s assessment is available, then Taxes will be prorated based upon such assessment and the prior year’s millage rate. If the current year’s assessment is not
available, then Taxes will be prorated based on the gross amount of the prior year’s Taxes; provided, however that any Tax prorations based upon the prior year’s Taxes may, at the request of either Party, be subsequently readjusted upon
receipt of the actual Tax bill(s) covering the Property and the Parties shall make all necessary adjustments by appropriate payments between themselves following Closing within sixty (60) days after such amounts are determined. 
 (d) In addition, within sixty (60) days following Closing, the following items shall be apportioned and prorated as of the Closing Date and the
Parties shall pay each other accordingly (the “Post-Closing Proration True-Up”)”; 
 (i) income and operating
expenses under any Assigned Contracts; 
 (ii) utilities; 
 (iii) charges imposed by homeowner/property owner associations and other quasi governmental organizations and amounts owed under Cost Sharing Arrangements; 
 (iv) obligations (including Taxes) secured by an Encumbrance being contested by any Seller Entity prior to Closing (which shall be credited to
Purchaser); and 
 (v) such other items as are customarily apportioned in similar transactions. 
 (e) In addition, within such 60-day period following Closing as part of the Post-Closing Proration True Up, Purchaser and Sellers shall determine:

 (i) those deposits held by Sellers as of the Closing Date that represent certain amounts received by Sellers prior to the Closing Date
related to sales of portions of the Properties occurring on or after the Closing Date and that shall be credited to Purchaser (or the Subsidiaries) at Closing; and 
 (ii) those deposits held by Sellers as of the Closing Date that represent certain amounts that Sellers had on deposit with various Governmental Authorities, utilities and other third parties as of the Closing Date and
that shall have been assigned to Purchaser (or the Subsidiaries) (provided that such deposit has not been returned to Sellers prior to Closing) and credited (whether or not such deposit is returned) to Sellers (or the Subsidiaries) at Closing. For
purposes of this Section 2.2(e), the term “deposits” shall include interest earned thereon. 
  

 11 

 (f) In addition, within such 60-day period following Closing as part of the Post-Closing Proration True
Up, Purchaser and Sellers shall determine all impact fees, credits and other rights of reimbursement for infrastructure costs incurred by Sellers to the extent same specifically pertain to the Properties, which shall constitute part of the
Properties conveyed by Sellers to the Subsidiaries and shall be assigned or credited to Purchaser (or such Subsidiaries) to the extent such fees, credits or reimbursements are payable on or after the Closing Date, regardless of when the related
infrastructure costs were incurred. 
 (g) Any amounts due pursuant to the Post-Closing Proration True-Up shall bear interest from the
Closing Date until the date paid at the same interest rate as the applicable interest rates on principal for the same period under that certain Loan Agreement between Purchaser and its Affiliates, as Borrower, and CitiGroup Global Markets Realty
Corp., as Lender, of even date herewith. 
 2.3 Closing. Subject to the terms and conditions set forth herein, the consummation of the
purchase and sale of the Interests, as well as the other transactions contemplated herein, shall take place on the Closing Date and be effective as of 11:59 p.m., Eastern time, at the offices of Bilzin Sumberg Baena Price & Axelrod LLP
located at 200 South Biscayne Boulevard, Suite 2500, Miami, Florida, unless another time and/or place is agreed to in writing by the Parties. 
 2.4 Sellers’ Representative. Each of the Sellers appoints LHC as the representative of the Sellers hereunder (the “Sellers’ Representative”). Each of the Sellers shall act in a uniform manner under
this Agreement through the acts of the Sellers’ Representative on their behalf and the Sellers’ Representative hereby has the authority to provide to Purchaser, on behalf of all of the Sellers, all notices, approvals, consents and other
actions required hereunder by any or all of the Sellers and to accept, on behalf of any or all of the Sellers, all notices from Purchaser and/or its employees, officers, agents and representatives. In addition, each of the Sellers hereby authorizes
all payments to the Sellers pursuant to this Agreement, including all disbursements of the Purchase Price, to be payable to the central account described in wire instructions or as otherwise provided in writing to Purchaser for disbursement by
Sellers’ Representative. Sellers’ Representative shall be solely liable for disbursement of the Purchase Price among the Sellers, the obtaining of all required consents and approvals of the Sellers hereunder and the provision of all
notices received by the Sellers’ Representative on behalf of the Sellers. Sellers hereby indemnify and hold harmless Purchaser and its Affiliates and their respective Representatives from and against any Claims arising out the acts or omissions
of the Sellers’ Representative in carrying out its duties hereunder, including the allocation and disbursement of any such payments among and to the Sellers. Except as expressly otherwise provided herein, all references in this Agreement to
payments, providing notices, consents or approvals, delivering documents and all other similar actions, either by the Purchaser to, or to the Purchaser from “Sellers” shall mean to or from (as the case may be) Sellers’ Representative
on behalf of Sellers. 
 2.5 Allocation. The Sellers and Purchaser hereby agree that the Purchase Price and all portions and payments
thereof shall be allocated to each of the Sellers and the Interests in the manner set forth in Schedule 2.5. Purchaser and its direct and indirect owners and each Seller and its direct and indirect owners each shall report the purchase
and sale of the Interests for all Tax purposes in a manner consistent with such allocation and with the provisions of Article IX of this Agreement in compliance with Section 1060 of the Code (and the principles thereof), including filing
all forms required under the Code. Within twenty (20) Business Days after the 

  

 12 

 
final determination of the Purchase Price pursuant to Section 2.2, Sellers shall provide to Purchaser, for Purchaser’s approval (which will
not be unreasonably withheld), a revised Schedule 2.5 (consistent with the methodology set forth in the original Schedule 2.5), allocating the Purchase Price information in Schedule 2.5 among each of the
Seller’s Interests after taking into account any post-Closing adjustments to the Purchase Price. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SELLERS 
 Except as disclosed in Sellers’ Disclosure Schedules, each Seller hereby represents and warrants the following to Purchaser as of the Closing Date: 
 3.1 Organization and Qualification. Each of Lennar and the Seller Entities is duly organized, validly existing and in good standing under the Laws
of the state of its formation. Each of the Seller Entities has all requisite power and authority to own, lease, operate and develop its properties and assets (including, with respect to the Subsidiaries, the Assets) and to carry on its business as
it is presently being conducted. None of the Seller Entities is in violation of, in conflict with, or in default under any of its Organizational Documents. Each of the Seller Entities is (or in the case of the Subsidiaries promptly after Closing
will be) duly qualified or licensed to do business and in good standing in each jurisdiction in which the nature of their business or the ownership of their properties makes such qualification or licensing necessary. 
 3.2 Capitalization; Ownership; Restructuring. 
 (a) Sellers. All of the issued and outstanding Capital Stock in each Seller is owned directly or indirectly by Lennar, except as set forth in Schedule 3.2(a). No other equity interests or other securities of any Seller,
and no securities or other interests directly or indirectly convertible into any such equity interests or securities, are issued, allotted or outstanding, nor is any Seller under any contractual or other obligation to issue or allot such equity
interest or securities. 
 (b) Subsidiaries. 
 (i) The equity capitalization of each of the Subsidiaries is set forth in Schedule 3.2(b). Except for the Interests, no Capital Stock of any of the Subsidiaries, and no securities or other interests
directly or indirectly convertible into, exchangeable for or evidencing the right to purchase any Capital Stock of any of the Subsidiaries, is issued, allotted or outstanding, nor is any Subsidiary under any contractual or other obligation to issue
or allot such Capital Stock. All of the Interests are held beneficially and of record by Sellers, as set forth in Schedule 3.2(b), free and clear of all Encumbrances. All of the Interests were duly authorized and issued by the
Subsidiaries. 
 (ii) Except for this Agreement and transactions contemplated hereby, there are no outstanding (A) agreements,
arrangements, warrants, options, puts, calls, rights, options, subscriptions or other commitments to which any Seller Entity or any of its Affiliates is a party or by which any of them or any of their respective properties or assets is bound,
relating to the sale, purchase, 

  

 13 

 
redemption, issuance or voting of any Capital Stock in any of the Subsidiaries; or (B) securities or other instruments directly or indirectly
convertible into, exchangeable for or evidencing the right to purchase any Capital Stock in any Subsidiary. 
 (iii) Sellers are not in
default under any of the Organizational Documents for any Subsidiary. Sellers have provided to Purchaser true and correct copies of the Organizational Documents of each Subsidiary. 
 (c) Restructuring. Prior to the Closing Date, the Sellers formed each of the Subsidiaries, except Gateway Commons, LLC, and conveyed to such
newly-formed Subsidiaries by special or limited warranty deed, contribution agreement and assignment and assumption and other instruments of assignment, the forms of which were provided to and approved by Purchaser, all of their right, title and
interest in and to the Assets (collectively, the “Restructuring”). Pursuant to the Restructuring, the Sellers retained all Contracts relating to the Projects, which will be assigned to the Subsidiaries after the Closing Date
to the extent provided in Section 5.5. The Parties further agree that the following assets were not conveyed by the Sellers to the Subsidiaries: (i) cash, (ii) accounts or notes receivable, (iii) the Sellers’ Security
Instruments, (iv) intellectual property or (v) goodwill associated with Lennar or its Affiliates. 
 3.3 Authorization;
Enforceability. (a) Each of Lennar and the Sellers has all requisite power to execute and deliver this Agreement and the other agreements and instruments contemplated hereby and to perform its obligations hereunder and thereunder and,
subject to the conditions set forth herein to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the other agreements and instruments contemplated hereby have been duly
authorized by all requisite action on behalf of Lennar and each Seller. Without limiting the generality of the foregoing, each of the owners that is not an Affiliate of Lennar that owns an interest in any Seller, as set forth on
Schedule 3.2(a), has to the extent required, prior to the execution of this Agreement, provided its consent to the conveyance of the applicable Properties to the Sellers in which it owns an interest pursuant to the Restructuring, to
the execution of this Agreement and the performance of the transactions contemplated hereby by such Seller in which it has a membership interest. This Agreement has been duly executed and delivered by Lennar and each Seller and, assuming the
due authorization, execution and delivery of this Agreement by Purchaser, constitutes the valid and binding obligation of Lennar and the Sellers, enforceable against each of them, in accordance with its terms subject to (i) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights and remedies generally, and (ii) the effect of general equitable principles, regardless of whether asserted in
a proceeding in equity or at Law. 
 (b) Each of the Sellers had all requisite power to execute and deliver the agreements and instruments
entered into to implement the Restructuring and to perform its obligations thereunder, and the execution, delivery and performance of all such agreements and instruments was duly authorized by all requisite action on behalf of each Seller. Each of
the agreements and instruments entered into to implement the Restructuring was duly executed and delivered by each Seller and constitutes the valid and binding obligation of Sellers, enforceable against each of them, in accordance with its terms
subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium and other similar Laws relating to or affecting creditors’ rights and remedies generally, and (ii) the effect of general equitable
principles, regardless of whether asserted in a proceeding in equity or at Law. 
  

 14 

 3.4 No Conflict or Violation. Except as set forth in Schedule 3.4, the execution,
delivery and performance by Lennar and each of the Sellers of its obligations under this Agreement and the other agreements and instruments contemplated hereby and the consummation of the transactions contemplated hereby and thereby and the
execution, delivery and performance by each of the Sellers of its obligations under the agreements and instruments entered into to implement the Restructuring and the consummation of the transactions contemplated thereby, do not and will not:
(a) conflict with, violate or breach any provision of its Organizational Documents; (b) violate, or result in a material default or breach under, or require any consent, approval or authorization under, any Contract which is not terminable
upon sixty (60) days written notice without payment of penalty or interest or which provides for receipts or payments of less than $100,000.00; or (c) contravene or violate in any material respect any material Law applicable to it or any
of their respective Assets, or any Governmental Order to which Lennar or any of the Seller Entities is a party or by which any of them or any of their respective Assets is bound. 
 3.5 Governmental Consents and Approvals. Except as set forth in Schedule 3.5, the execution, delivery and performance by Lennar and
the Sellers of this Agreement and the other instruments contemplated hereby and the consummation by Lennar and the Sellers of the transactions contemplated hereby and thereby and the execution, delivery and performance by each of the Sellers of its
obligations under the agreements and instruments entered into to implement the Restructuring and the consummation of the transactions contemplated thereby, do not and will not require any approval, consent, authorization or act of, or the making by
Lennar and the Seller Entities of any declaration, filing or registration with, or notification to, any Governmental Authority. 
 3.6
Litigation. Except as set forth in Schedule 3.6, there are no pending, or to the Knowledge of Sellers, threatened, judicial, municipal or administrative proceedings affecting any Subsidiaries, or any of the Assets, or in which
any Seller Entity or any of its Affiliates, is or, to Sellers’ Knowledge, will be a party by reason of any Seller’s ownership of the Interests or any Subsidiary’s ownership or any Sellers’ prior ownership of the Assets or any
portion thereof. No Governmental Orders, attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, are pending, or, to the Knowledge of Sellers, threatened, against any
Seller relating to or against (i) the Properties, (ii) its or their ownership of the Interests in the Subsidiaries, or (iii) any Subsidiary, nor to Sellers’ Knowledge, are any of such proceedings contemplated to be taken by any
Seller Entity. There are no judgments, orders, decrees or injunctions imposed on or affecting any of the Seller relating to or against (i) the Properties, (ii) its or their ownership of the Interests in the Subsidiaries, or (iii) any
Subsidiary. 
 3.7 Compliance with Laws. Except as set forth in Schedule 3.7, the Seller Entities are and have been in
compliance with all applicable Laws and Governmental Orders and Obtained Approvals with respect to the Properties. Except as set forth in Schedule 3.7, no written notices have been received by, and, to the Knowledge of Sellers, no
Claims have been filed against, any Seller Entity alleging a violation of any such Laws, Governmental Orders or Obtained Approvals. The Properties are in compliance in all material respects with all applicable Laws, Governmental Orders,
authorizations and Obtained Approvals. 
  

 15 

 3.8 Properties. 
 (a) Approvals. The material Approvals that have been obtained by the Seller Entities as of the Closing Date are set forth in Schedule 3.8(a) (the “Obtained Approvals”). The
Obtained Approvals are in full force and effect. The Seller Entities and the Subsidiaries have all Approvals necessary for their ownership of the Properties. No Obtained Approvals are terminable as a result of the Restructuring or the transactions
contemplated by this Agreement. Except as set forth in Schedule 3.8(a), no Seller Entity is in material violation of the provisions of any of the Obtained Approvals. Schedule 3.8(a) sets forth, to Sellers’ Knowledge,
the material Approvals that need to be obtained in order to develop and construct the Projects but that have not yet been obtained as of the Closing Date. Sellers have no Knowledge that such unobtained Approvals will not be obtained in due course,
assuming Purchaser diligently pursues their attainment, but shall have no liability to Purchaser under this Agreement if any of such unobtained Approvals are not actually obtained or if the costs that must be incurred to satisfy all conditions to
obtain such Approvals should exceed any budgeted or projected amounts. 
 (b) Options. Except as set forth in Schedule
3.8(b), Subsidiaries have sole possession of the Properties and, except for Purchaser, no Seller Entity has granted or agreed to grant to any Person, and no Subsidiary is a party to, any option, contract, right of first refusal, right of
first offer, charitable housing agreement, profit participation, anti-speculation option, joint venture or similar agreement or any other agreement or understanding with respect to a purchase or sale of the Properties or any portion thereof or any
interest therein or pursuant to which any sales proceeds relating to any Project are required to be paid to any other Person (each, an “Option”). For so long as a Subsidiary or its Affiliates own a Property, Sellers shall be
solely responsible for all payments that are required to be made after the Closing Date with respect to such Property pursuant to any profit participation, anti-speculation option or similar agreement that requires a payment be made to a third-party
based upon the sale of all or a portion (including homesites) of any Property (“Property Rights Contracts”), and this sentence is deemed a covenant for purposes of Article VIII. Any option, right of first refusal,
right of first offer, charitable housing agreement, or similar agreement that runs with or burdens the Property or which requires such assignment and assumption with the transfer of the underlying Property (together with Cost Sharing Arrangements,
“Collateral Rights Contracts”) shall remain obligations of the Subsidiaries and Sellers shall have no liability relating thereto that has not been waived by the applicable Option Party. There are no parties in possession of
any portion of the Properties as lessees, tenants at sufferance, trespassers, licensees or otherwise. 
 (c) Condemnation. Except as
set forth in Schedule 3.8(c), no written notices of any condemnation proceedings by a Governmental Authority having the power of eminent domain to condemn any part of any of the Properties have been received by any of the Seller Entities, or,
to the Knowledge of Sellers, are any such proceedings threatened. 
 (d) Homesites. Except as set forth in Schedule
3.8(d), the number of homesites for those Properties that have Obtained Approvals to develop such homesites and the estimated and projected number of homesites for those Properties for which such Approvals have not yet been obtained
(assuming such Approvals are obtained) are set forth in Schedule 3.8(d); provided, however, 

  

 16 

 
no representation or warranty is made with regard to, and Sellers shall not be liable for, any changes to such number of homesites resulting from any changes
to any Obtained Approvals or from obtaining any Approvals after the Closing Date. Notwithstanding anything to the contrary in this Agreement, the sole remedy for any breach of the representations and warranties made in this
Section 3.8(d) shall be by adjustment of the Purchase Price pursuant to the provisions of, and within the timeframes contained in, Section 2.2(b). 
 (e) Community Summaries. The information contained in the Community Summaries relating to number of original homesites, number of remaining homesites, status of homesites as finished or semi-finished and book
balance at September 30, 2007 are true and correct in all material respects; provided, however, Sellers shall have no liability under this Agreement if any development costs exceeds any budgeted or projected amounts. 
 (f) Cost-Sharing Arrangements. Except as set forth in Schedule 3.8(f), there are no material contracts, agreements or arrangements
(a “Cost Sharing Arrangement”) with any third Party other than with a condominium or homeowners’ association to jointly share costs related to the Properties or the Projects. 
 (g) Associations. Except as set forth in Schedule 3.8(g), there are no material unpaid sums due and payable by Sellers or any
Subsidiary under the Organizational Documents governing any condominium or homeowners’ association (each an “Association Document”), other than amounts in the ordinary course of business or being contested in good faith
with adequate reserves maintained therefor, and none of Sellers or the Subsidiaries is in material default under any of the Association Documents. 
 (h) Access Rights. Except as set forth in Schedule 3.8(h), each parcel of Land either abuts and has actual vehicular and pedestrian access to and from a public right of way or has an insurable appurtenant easement for
vehicular or pedestrian access over and across adjacent land which provides such access to and from the Land and a public right of way; provided, however, that for any Project that is comprised of more than one parcel, it shall not be considered a
breach if not all of such parcels are benefited with such access rights so long as the parcels that are not directly benefited with such access rights can indirectly obtain the benefit of such access rights over one or more contiguous parcels
included in the Property. 
 (i) Development Budgets and Cash Flow Projections. True and correct copies of the Development Budgets and
Cash Flow Projections as they exist as of the date hereof are attached as Exhibit “G” and Exhibit “H,” respectively. Notwithstanding that they are attached as Exhibits, Sellers make no representation
or warranty whatsoever regarding the Development Budgets or the Cash Flow Projections, including any representation or warranty that they represent achievable goals or that any assumptions upon which they are based are true, accurate or reasonable.

 3.9 Contracts. All Contracts that are or will be assigned to the Subsidiaries pursuant to Section 5.5 (the
“Assigned Contracts”) have been entered into in connection with the ownership, use, operation and development of the Property and the construction of the Project and, unless otherwise disclosed to Purchaser in writing prior
to such assignment, in the ordinary course of business. Except as 

  

 17 

 
set forth in Schedule 3.9, with respect to each Assigned Contract, no Seller Entity, or, to the Knowledge of Sellers, any other Person which is
a party to any Assigned Contract, is in material breach of or material default under such Assigned Contract. Each Assigned Contract is in full force and effect and is a legal, valid, binding and enforceable obligation of a Seller or Subsidiary, and,
to the Knowledge of Sellers, each of the other parties thereto in accordance with their respective terms, subject to (a) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights and remedies generally, and (b) the effect of general, equitable principles, regardless of whether asserted in a proceeding in equity or at law. 
 3.10 Title to Assets. The Subsidiaries have (a) in the case of the Properties, good and marketable fee simple title free and clear of all
Encumbrances except Permitted Encumbrances; (b) in the case of any other Asset, legal ownership; (c) in the case of property held under lease, a valid leasehold interest in; or, (d) in the case of property held under other contract or
agreement, a valid right to use, all of the real and personal property (i) owned by it or (ii) used or held for use by it in connection with the ownership, use, operation and development of the Properties. The Assets are owned by
Subsidiaries free and clear of all Encumbrances (other than Permitted Encumbrances). Notwithstanding the foregoing, the representations and warranties in this Section 3.10 with respect to the Properties or any Assets insured by the Title
Policies, shall be deemed to be deleted from this Agreement and have no further force or effect effective upon the issuance of the Title Policies in accordance with the terms and conditions of this Agreement. 
 3.11 Environmental Matters. Except as described in Schedule 3.11: 
 (a) (i) There have been no violations of Environmental Laws at the Properties as a result of the acts or omissions of any Seller Entity and, to the
Knowledge of Sellers, any other Person, and (ii) to the Knowledge of Sellers, there are no wetlands (as the term is defined in Section 404 of the Federal Water Pollution Control Act, as amended, 33 U.S.C. § 1254, and applicable state
laws) at any Property that would reasonably be expected to materially and adversely affect any ongoing or currently planned development. 
 (b) There are no pending, or, to the Knowledge of Sellers, threatened, Claims against any of the Subsidiaries (or, to the Knowledge of Sellers, against any Person whose liability for any Claim any of the Subsidiaries has retained or assumed
either contractually or by operation of Law) under the Environmental Laws. None of the Seller Entities has received written notice that the Property is subject to any private or governmental lien or judicial or administrative notice of violation,
action or inquiry, investigation or claim relating to Hazardous Materials. The Subsidiaries have not entered into or agreed to any consent decree or order or is a party to, and no Property is subject to, any judgment, decree or judicial or
administrative order relating to compliance with Environmental Laws or the investigation, sampling, monitoring, treatment, remediation, removal or cleanup of Hazardous Materials and, to the Knowledge of Sellers, no investigation, litigation or other
proceeding is pending or threatened in writing with respect thereto. 
 (c) Schedule 3.11(c) lists all Phase I and Phase II
environmental site assessments, conducted by Sellers and any of their Affiliates on any portion of the Property (“Existing Environmental Reports”), and true and complete copies of all such Existing Environmental Reports have
been delivered or made available to the Purchaser. 
  

 18 

 (d) None of the Properties have any “Recognized Environmental Conditions” as that
term is defined by ASTM Standard E 1527-05. 
 (e) Notwithstanding anything to the contrary herein, but subject to Section 5.6,
this Section 3.11 shall constitute the sole representations and warranties in this Agreement relating to compliance with Environmental Laws and/or in connection with Hazardous Materials. Notwithstanding anything to the contrary in this
Agreement, including Article VIII, the remedy for any breach of the representations and warranties contained in this Section 3.11, shall be governed solely by the provisions of Section 5.6. 
 3.12 Taxes. 
 (a) All ad valorem taxes
assessed or payable with respect to the Properties have been paid, except for the 2007 ad valorem taxes and assessments, or in the case of any Property located in the State of Illinois, 2006 ad valorem taxes and assessments, all of
which are not yet due and payable. None of the Seller Entities has received any written notice of any other special assessments, levies or taxes imposed or to be imposed affecting any portion of the Properties or of any action regarding the
potential formation of any other district or authority empowered to so assess a tax or levy. 
 (b) No foreign, federal, state, or local Tax
audits or administrative or judicial Tax proceedings are pending or being conducted with respect to Sellers or Subsidiaries and there is no Claim for Taxes by any authority presently outstanding. 
 (c) There are no liens for Taxes (other than Permitted Tax Liens) upon any assets or properties of Subsidiaries. 
 (d) Each Subsidiary has been treated at all times during its existence and will be treated, through the date of Closing as an entity that is disregarded
as separate from its owner for US tax purposes. 
 (e) Notwithstanding anything to the contrary herein, Section 3.12 shall
constitute the sole representations and warranties in this Agreement relating to Tax matters. 
 (f) No Seller Entity is a “foreign
person,” “foreign trust” or “foreign corporation” within the meaning of Section 1445 of the Code. 
 3.13
Employee Benefit Plans. No Subsidiary has any employees or provides any benefits to persons through any Benefit Plans, and no Subsidiary has any liability under any Benefit Plan (including any contingent liability) to any current or former
Subsidiary employee, officer, director or independent contractor. 
 3.14 Liabilities. None of the Subsidiaries is liable for or
subject to any Liabilities of any kind or nature whatsoever that would be required to be reflected in financial statements prepared in accordance with GAAP, except for the following in connection with the Assets (which have been assumed by the
Subsidiaries from the Sellers): 
 (a) all trade account payables related to the Assets and incurred by any Seller in the ordinary course of
business that remain unpaid as of the Closing Date; 
  

 19 

 (b) all Liabilities of each Seller arising under the Assigned Contracts to be paid or performed after the
Closing Date; 
 (c) all Liabilities of each Seller as declarant or developer or under any condominium or homeowners association to be paid
or performed after the Closing Date; 
 (d) all Liabilities of each Seller incurred in the ordinary course of business in connection with the
ownership and development of the Properties; 
 (e) all Liabilities of each Seller Entity under all Security Instruments to be paid or
performed after the Closing Date; 
 (f) all Liabilities under Property Rights Contracts and Collateral Rights Contracts; 
 (g) those Liabilities that are the subject of any other representation and warranty under Article III of this Agreement and disclosed in Sellers
Disclosure Schedule; and 
 (h) those Liabilities to be paid or performed after the Closing Date in connection with or arising out of the
Approvals, including any impact fee, charge, cost, contribution, mitigation or other consideration to obtain or maintain any Approval. 
 3.15 Absence of Changes. At all times since September 30, 2007, except for the Restructuring and otherwise in connection with the entry into the Agreement, Seller Entities have operated the Properties in the ordinary course of
business and there has not been any event which would reasonably be expected to have a Material Adverse Effect. 
 3.16 Solvency. Each
of the Sellers was solvent and able to meet its financial obligations as they became due at the time of the conveyance of its Properties to the applicable Subsidiary pursuant to the Restructuring, and each of the Seller Entities will be solvent at
the Closing and will not be rendered insolvent or unable to meet its financial obligations as they become due as a result of the transactions contemplated by this Agreement. None of the officers or directors of any Seller or Lennar has any direct or
indirect financial interest in any of the transactions contemplated by the Restructuring or this Agreement, or any such interest was fully disclosed to the board or other governing body before its approval and any such director with such interest
abstained from voting on the transactions; provided, however, that the immediately foregoing provision excludes any direct or indirect financial interest in any of the transactions contemplated by the Restructuring or this Agreement
arising out of such officer’s or director’s (a) ownership, directly or indirectly, of any equity interest(s) in any Seller or Lennar or (b) existing compensatory arrangements, in any form, from any Seller or Lennar. 

 

 20 

 3.17 Intent. The Parties intend that the conveyance to Purchaser of all of the Interests shall
constitute an absolute sale, conveying good title to the Interests free and clear of any Adverse Claim from Sellers to Purchaser, and that the Interests conveyed to Purchaser shall not be part of the Sellers’ respective estates in the event of
the insolvency of any Seller or a conservatorship, receivership or similar event with respect to any Seller. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser hereby represents and warrants to Sellers that the statements contained in this Article IV are correct and complete as of the Closing Date. 
 4.1 Organization. Purchaser is duly organized, validly existing and in good standing as a limited liability company under the Laws of the State of
Delaware and has all requisite limited liability company power and authority to own, lease and operate its properties and assets and to carry on its business as it is now being conducted. Purchaser is not in violation of, in conflict with, or in
default under any of its Organizational Documents. 
 4.2 Capitalization; Ownership. The equity capitalization of Purchaser (including
the identity of each direct or indirect equity holder and the other membership or ownership interests held thereby) is set forth in Schedule 4.2. 
 4.3 Authorization; Enforceability. Purchaser has all requisite power and authority to execute and deliver this Agreement and the other instruments contemplated hereby and to perform its obligations hereunder
and thereunder and, subject to the conditions set forth herein, to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and the other instruments contemplated hereby by Purchaser, has
been duly authorized by all requisite limited liability company action on behalf of Purchaser. This Agreement has been duly executed and delivered by Purchaser and, assuming the due authorization, execution and delivery of this Agreement by Sellers,
constitutes a valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium and similar Laws relating to or affecting
creditors’ rights and remedies generally and the effect of general equitable principles, regardless of whether asserted in a proceeding in equity or at Law. 
 4.4 No Conflict or Violation. The execution, delivery and performance by Purchaser of its obligations under this Agreement and the other agreements and instruments contemplated hereby and the consummation of
any of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with, violate or breach any provision of its Organizational Documents or of its direct and indirect owners; (b) violate, or result in a material
default or breach under, or require any consent, approval or authorization under, any material Contract to which Purchaser or any of its Affiliates is a party; or (c) contravene or violate in any material respect any material Law applicable to
Purchaser or any of its assets or properties, or any Governmental Order to which Purchaser is a party or by which it or any of its respective assets or properties is bound. 
  

 21 

 4.5 Consents and Approvals. The execution, delivery and performance by Purchaser of this Agreement
or any of the other instruments contemplated hereby, the consummation by Purchaser of the transactions contemplated hereby and thereby and compliance by Purchaser with, or fulfillment by Purchaser of, the terms, conditions and provisions hereof and
thereof do not and will not require the approval, consent, authorization or act of, or the making Purchaser of any declaration, filing or registration with, any Person or Governmental Authority. 
 4.6 Absence of Proceeding. There is no action, suit, proceeding or investigation pending or, to the knowledge of Purchaser, threatened that would
adversely affect or restrict the ability of Purchaser to consummate the transactions contemplated by this Agreement. Purchaser is not a party to or in default under any outstanding Governmental Orders that would materially adversely affect the
ability of Purchaser to consummate the transactions contemplated by this Agreement. 
 4.7 Investment Intent. Purchaser has such
knowledge and experience in financial matters that it is capable of evaluating the merits and risks of its purchase of the Interests. Purchaser confirms that Seller Entities have provided Purchaser the opportunity to ask questions of the officers
and management employees of Sellers and their Affiliates and to acquire additional information about the business and financial condition of the Seller Entities. Purchaser is acquiring the Interests for investment and not with a view toward, or for
sale in connection with, any distribution thereof, or with any present intention of distributing or selling the Interests. Without conceding that the Interests constitute securities, Purchaser acknowledges that the Interests have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or the securities or “blue sky” Laws of any state, and agrees that the Interests may not be sold, transferred, offered for sale, pledged,
hypothecated or otherwise disposed of without registration under the Securities Act, except pursuant to an exemption from such registration available under the Securities Act, and without compliance with state and foreign securities Laws in each
case, to the extent applicable. 
 ARTICLE V 
 CERTAIN COVENANTS 
 5.1 Inspection Rights of Purchaser. 
 (a) Purchaser acknowledges that, except for the representations of Sellers expressly stated herein and in the documents to be executed by Sellers at the
Closing, Purchaser has not relied upon any statements, representations or warranties by any of the Seller Entities or any of their Affiliates or Representatives. Except for the representations of Sellers expressly stated herein and in the documents
executed by Sellers to implement the Restructuring or to be executed by any of the Sellers at the Closing, neither Seller Entities nor any of their respective Affiliates or Representatives makes any representation or warranty as to the truth,
accuracy or completeness of any materials, data or information delivered by Seller Entities or their Affiliates or Representatives to Purchaser in connection with the transactions contemplated hereby. Purchaser acknowledges and agrees that all
materials, data and information delivered by any of the Seller Entities or their Affiliates or Representatives to Purchaser in connection with the transactions contemplated hereby are provided to Purchaser as a convenience only and that any reliance
on or use of such materials, data or 

  

 22 

 
information by Purchaser shall be at the sole risk of Purchaser, except as otherwise expressly stated herein. Except for the representations of Sellers
expressly stated herein and in the documents executed by Sellers to implement the Restructuring or to be executed by any of the Sellers at the Closing, none of the Sellers nor any of their Affiliates or Representatives shall have any liability to
Purchaser for any inaccuracy in or omission from any report or reports delivered by any of the Seller Entities or their respective Affiliates or Representatives to Purchaser. 
 (b) Purchaser has not conducted any surveys, studies, tests, engineering, structural and other investigations and environmental assessments of the
Properties prior to the Closing Date. Purchaser represents and warrants that it has taken no action prior to the Closing Date which permitted the imposition of a contractor’s or mechanicmen’s lien against any Property or portion thereof,
and Purchaser, by execution of this Agreement, hereby indemnifies and holds harmless Seller Entities from and against any and all liability, cost or expense (including reasonable counsel fees and court costs) imposed upon or asserted against any
Seller Entity, as a result of any activity on any Property or portion thereof by Purchaser or its consultants or Representatives. 
 (c)
Purchaser agrees that, except as specifically provided in this Agreement and the documents delivered by Sellers at Closing in compliance with the provisions of this Agreement, the Interests shall be sold and that Purchaser shall accept possession of
the Interests on the Closing Date strictly on an “AS IS, WHERE IS” AND “WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR UNKNOWN” basis, with no right of set-off or reduction in the Purchase Price,
and that, such sale shall be without representation or warranty of any kind, express or implied, including any warranty of income potential, operating expenses, uses, merchantability or fitness for a particular purpose, and Sellers hereby disclaim
and renounce any such representation or warranty, except to the extent specifically provided in this Agreement and the documents delivered by Sellers at Closing. Purchaser specifically acknowledges that, except for the representations and warranties
of Sellers expressly contained herein and in the documents to be executed by them at the Closing, Purchaser is not relying on any representations or warranties of any kind whatsoever, express or implied, from any of the Seller Entities, any
Affiliate or Representative of any of the Seller Entities or any broker or other agent as to any matters concerning any Seller Entities or the Assets. 
 5.2 Title to Properties. 
 (a) Purchaser has obtained the Title Commitments from North American Title
Group or its Affiliates (the “Title Company”), which Title Commitments have been or will subsequently be brought forward and dated to the date of Closing, together with copies of documents and all exceptions to title to the
Properties as indicated therein. Purchaser and Sellers shall each be responsible for the payment of fifty percent (50%) of the premium for the Title Commitments, the owner’s title policies issued pursuant thereto (“Title
Policies”) (including any endorsements thereto requested by Purchaser at the time of issuance of the Title Policies) and any title insurance policies simultaneously issued with the Title Policies for a mortgagee in connection with any
financing for the acquisition of the Interests (provided the insured value thereunder does not exceed the Purchase Price). Purchaser and Seller agree that Commonwealth Land Title Insurance Company or Lawyers Title Insurance Corporation shall provide
co-insurance for 50% of the title insurance. Purchaser shall direct the placement of co-insurance. 
  

 23 

 (b) Purchaser has not had the opportunity to review the Title Commitments prior to Closing. Within sixty
(60) days after the later of (x) Closing or (y) delivery of all Title Commitments and copies of all documents and all exceptions to title referenced in the applicable Title Commitment (the “Title Review Commencement
Date”), Purchaser shall notify Seller in writing (“Purchaser’s Title Objection Notice”) of any defects to title with respect to the Properties for the period prior to Closing which are not Permitted
Encumbrances. Purchaser shall routinely notify Seller of the non-receipt of any documents or exceptions which are delaying the Purchaser’s Title Review Commitment Date. If Purchaser fails to timely deliver Purchaser’s Title Objection
Notice with respect to any Property, Purchaser shall be deemed to have accepted all matters in the Title Commitment for such Property, and same shall be deemed to be Permitted Encumbrances. Upon timely receipt of Purchaser’s Title Objection
Notice, Sellers shall undertake to remedy all defects therein by the following: 
 (i) If the Properties or any part thereof shall be
subject to any monetary lien created by any action or inaction by any of the Seller Entities prior to Closing that is not a Permitted Encumbrance, Sellers shall pay the same or make other arrangements reasonably satisfactory to Purchaser and Title
Company to remove such lien as an exception to title. 
 (ii) If any other title defects shall be listed in Purchaser’s Title Objection
Notice, other than a Permitted Encumbrance, Sellers shall use commercially reasonable efforts to cure the title defects to the reasonable satisfaction of Purchaser and Title Company, and Sellers shall have ninety (90) days after
Purchaser’s Title Objection Notice to cure same (the “Title Cure Period”); provided, however, that if the defect is not cured in such ninety (90) day period but is capable of being cured, and so long as Sellers
reasonably pursue the cure thereof, the Title Cure Period shall be extended for such additional period as shall be necessary to cure such default. Purchaser shall cooperate with Sellers in all respects, at no cost to Purchaser, to assist Sellers in
curing any title defects, inasmuch as Sellers will have no ownership interest in the Properties or Subsidiaries after Closing. 
 (c) If the
applicable Seller is unable to remedy such defects within the Title Cure Period, Purchaser shall have the option, exercisable by written notice to Sellers of exercising any remedy available to Purchaser under Article VIII (regarding a breach
of the representations and warranties in Section 3.10). 
 (d) To the extent with respect to any Property, Purchaser does not
timely give a Purchaser’s Title Objection Notice or Sellers cure to Purchaser’s reasonable satisfaction any title defect that Sellers are obligated to cure, the representations and warranties of Seller with respect to title to such
Property (or any other Assets insured by such Title Policy) as set forth in Section 3.10 shall be deemed to be deleted from this Agreement effective as of the date of such cure or non-delivery. 
 (e) Sellers shall deliver such standard title related affidavits (which shall be to their Knowledge) and indemnities (which shall be limited to the acts
of the Sellers) as are reasonably requested by the Title Company in order to issue the Title Policies and any endorsements reasonably requested by Purchaser or its lender (including a non-imputation endorsement) consistent with the intent of the
Parties and the terms of this Agreement. 
  

 24 

 5.3 Surveys. Within sixty (60) days after the Title Review Commencement Date, Purchaser may
obtain, with respect to each Property, a new or an update of existing ALTA survey of the Properties (the “Survey”). Purchaser may deliver objections to survey matters related to the Properties to the extent same are not
Permitted Encumbrances within sixty (60) days after the Title Review Commencement Date, and Sellers shall respond to such objections in the same manner as Sellers shall respond to title objections pursuant to Section 5.2. The Cost
of any new or updated Surveys obtained by Purchaser shall be borne fifty percent (50%) by Sellers and fifty percent (50%) by Purchaser. 
 5.4 Sellers’ Security Instruments. Purchaser shall use its commercially reasonable efforts to, as soon as practicable after Closing, but in no event more than twelve (12) months after the Closing Date, substitute all
letters of credit, bonds, indemnifications, guarantees or other security in substitution for, and release, terminate and/or return (as the case may be) all letters of credit, bonds, indemnifications, guarantees or other security posted by any Seller
or any Affiliate thereof in connection with the development of any of the Properties (collectively, the “Sellers’ Security Instruments”), including to guarantee completion of public improvements, in each case
satisfactory to the beneficiary of such security. Schedule 5.4 sets forth to the Sellers’ Knowledge, a true and correct list of all material Sellers’ Security Instruments outstanding on the Closing Date. Schedule
5.4 shall be updated, supplemented, modified and amended within ninety (90) days from Closing. Purchaser shall cause the Subsidiaries to indemnify, defend and hold harmless each Seller and any of its Affiliates for any and all
Indemnified Losses it might sustain upon any attempt by any Party to realize, draw upon or otherwise obtain the rights to any security that is the subject of any Sellers Security Instrument; provided, however, that if, at the end of such 12-month
period, Purchaser has not caused the Subsidiaries to obtain the release, termination and/or return of all of the Sellers’ Security Instruments, then, within fifteen (15) days after written request of Sellers, as security for
Purchaser’s indemnification obligations set forth in this Section 5.4, Purchaser shall cause a financial institution, acceptable to Sellers in their reasonable discretion, to issue an irrevocable letter of credit, in form and
substance acceptable to Sellers in their reasonable discretion, in an amount not less than the total aggregate amount that could be realized by the beneficiaries on all such Sellers’ Security Instruments that have not been released, returned or
terminated. 
 5.5 Assignment of Contracts; Obtaining Consents. As soon as practical, but not more than ninety (90) days after
Closing, Sellers and Purchaser shall review all Contracts and agree upon those Contracts that shall be assigned by Sellers to the Subsidiaries. The Parties agree that they intend to have Sellers assign all Contracts that Sellers entered into in the
ordinary course of business in connection with the ownership and development of the Property and the Project; and in all events any Collateral Rights Contracts and Property Rights Contracts shall be assigned, but the Sellers shall be solely
obligated to make any payments with regard to any Property Rights Contracts. In no event will Sellers assign or the Subsidiaries be obligated to assume (absent mutual agreement of the Parties) any of the following types of Contracts: 
 (i) any Contract under which Seller has incurred, assumed or guaranteed any indebtedness for borrowed money or any material capitalized lease
obligation; 
  

 25 

 (ii) any Contract that by its terms materially limits the freedom of any Subsidiary or any direct or
indirect parent, or any of their officers, to compete in, or conduct any line of business or in any geographic area; 
 (iii) any employment
or consulting agreement; 
 (iv) any Contract requiring any Subsidiary to purchase of any real property; 
 (v) any Contract with Lennar or an Affiliate; 
 (vi) any property management, brokerage or leasing agreement; and 
 (vii) any Contract described in Section 3.8(b);
except for Property Rights Contracts and Collateral Rights Contracts that are described above as Contracts that will be assigned and assumed in all events; 
 and, unless otherwise agreed by the Parties, Sellers shall assign to the Subsidiaries and the Subsidiaries shall assume all such Contracts that have commercially reasonable terms. Seller shall be solely responsible for the payment of any
costs incurred to assign the Contracts or obtain consents for same. Seller shall be solely responsible for the costs to terminate any Contracts that are not Assigned Contracts. Anything in this Agreement to the contrary notwithstanding, no Seller
shall assign, transfer or convey to a Subsidiary any of its rights and obligations in and to any material Contract or Approval or any Property, and no Seller shall assign, transfer or convey any Interest to Purchaser, without first obtaining all
necessary and material approvals, consents or waivers (collectively, “Consents”), unless Sellers and Purchaser mutually agree to such assignment, transfer or conveyance without such Consents. As to any Contract, Approval,
Property or Interest for which the Purchaser and Sellers have not so mutually agreed, the Sellers shall (i) use diligent, commercially reasonable efforts at Sellers’ cost to obtain the Consent of any such third party as soon as
practicable; (ii) cooperate with Purchaser in any reasonable and lawful arrangements designed to provide all of the intended benefits to Purchaser; and Purchaser agrees that, subject to Purchaser’s rights hereunder, including Sellers’
indemnification for breaches of covenants, representations and warranties, the Subsidiaries shall perform and be solely liable for all of Sellers’ obligations that arise following the Closing; and (iii) enforce at the request of Purchaser
and at the expense and for the account of Purchaser, any rights of the Sellers against such issuer thereof or the other party or parties thereto (including the right to elect to terminate any such Contract or Approval in accordance with the terms
thereof upon the written request of Purchaser). Purchaser agrees that, following the Closing, the Subsidiaries shall be solely liable for the payment of all expenses, and the performance of all of Sellers’ obligations, relating to any Contracts
that are assigned to the Subsidiaries in accordance with this Agreement. Effective upon the obtaining of any Consent in connection with any such assignment, transfer or conveyance of any such Contract, Approval, Property or Interest, such Contract,
Approval or Property shall be assigned, transferred and conveyed by the applicable Seller to the applicable Subsidiary or such Interest shall be assigned to the Purchaser (as the case may be). 
  

 26 

 5.6 Environmental Matters. 
 (a) Purchaser may obtain new Phase I environmental assessments and, if necessary, Phase II environmental site assessments or such further environmental
investigations as may be reasonably required under the circumstances (“New Environmental Reports” and together with the Existing Environmental Reports, the “Environmental Reports”), on the Properties
or any property formerly owned by any Subsidiaries. 
 (b) Purchaser has not had the opportunity to completely review the Existing
Environmental Reports listed on Schedule 3.11 and will not have the opportunity to review the New Environmental Reports prior to Closing. Within ninety (90) days after Closing, Purchaser shall notify Seller in writing
(“Purchaser’s Environmental Objection Notice”) of any Recognized Environmental Conditions noted in any Environmental Reports. If Purchaser fails to timely deliver Purchaser’s Environmental Objection Notice with
respect to any Property, Purchaser shall be deemed to have accepted all matters disclosed in the Environmental Reports for such Property. Upon timely receipt of Purchaser’s Environmental Objection Notice, Sellers shall undertake to remove or
remediate any Recognized Environmental Conditions listed in Purchaser’s Environmental Objection Notice in the manner and to the extent set forth in Section 5.6(c), and Sellers shall have ninety (90) days after Purchaser’s
Environmental Objection Notice to cure same (the “Environmental Cure Period”); provided, however, that if such Recognized Environmental Condition is not capable of cure within such ninety (90) day period but is capable
of being cured, and so long as Sellers reasonably pursue the cure thereof, the Environmental Cure Period shall be extended for such additional period as shall be necessary to cure such Recognized Environmental Condition. Purchaser shall cooperate
with Sellers in all respects, at no cost to Purchaser, to assist Sellers in curing any Recognized Environmental Conditions. 
 (c) As to any
Recognized Environmental Condition for which Sellers have been given a timely Purchaser’s Environmental Objection Notice, Sellers shall have the sole power and authority to direct and control all discussions and negotiations with the applicable
Governmental Authorities and, subject to the written approval of Purchaser, which shall not be unreasonably withheld or delayed, (the Parties agree that Purchaser will not be deemed to have acted unreasonably if it fails to approve any Seller
proposal containing deed restrictions or natural attenuation that, in either case, materially and adversely effect the intended purposes of the Property as contemplated by the Community Summaries), to determine with such Governmental Authorities the
acceptable levels, methods and means of remediation and/or removal of such Recognized Environmental Condition necessary in connection with the Property’s intended use consistent with the Community Summary for such Property. Such Recognized
Environmental Condition shall be deemed remedied and/or removed for all purposes, and Sellers shall have no further obligations pursuant to this Section 5.6 or liability pursuant to Article VIII with respect to such Property, upon
the issuance of a No Action Letter or similar finding by the applicable Governmental Authorities. Sellers shall be solely liable for the costs of all such discussions, negotiations, remediation, removal and other expenses related to obtaining such
No Action Letter or similar finding; provided, however, that to the extent that any such costs and expenses have been included in underlying cash flows that are part of the Purchase Price Computation, as determined in accordance with
Section 5.7. Purchaser shall solely be liable for the direct payment of such costs and expense, or shall promptly on demand reimburse Sellers for any such amounts paid by Sellers or their Affiliates. 
  

 27 

 (d) In the event that, at any time after the Closing Date, Purchaser discovers that any Recognized
Environmental Condition existed as of the Closing Date that was not listed on Schedule 3.11, or any other breach of Section 3.11, the provisions of this Section 5.6 shall apply as Purchaser’s sole remedy.
In such event, Purchaser shall provide Sellers with a Purchaser’s Environmental Objection Notice and Sellers shall have the Environmental Cure Period to remediate or remove such Recognized Environmental Condition, in accordance with provisions
of Section 5.6(c), before Purchaser shall have the right to seek indemnification subject to and in accordance with Article VIII. 
 (e) If, and only if, the applicable Seller is unable to remediate or remove such Recognized Environmental Condition within the Environmental Cure Period in accordance with Section 5.6(c), Sellers shall, subject to and in
accordance with Article VIII, indemnify and hold harmless Purchaser and its Affiliates and their respective Representatives from and against any Indemnified Losses in connection with any such Recognized Environmental Condition regarding a
breach of the representations and warranties in Section 3.11. 
 5.7 Determination of Costs Within Purchase Price
Computation. Within sixty (60) days following Closing, the Sellers shall deliver to Purchaser its calculation and itemization, along with documentation reasonably sufficient to confirm such calculation and itemization of the costs and
expenses related to the matters described in Section 3.11 or Section 5.6 that have been included in the underlying cash flows that are part of the Purchase Price Computation. The Purchaser shall review and approve such
calculation and itemization in its good faith, reasonable discretion. During such sixty (60) day period, the parties shall also endeavor in good faith to mutually agree in the same manner which other costs and expenses, if any, included in the
underlying Cash Flows Projections that are part of the Purchase Price Computation could reasonably be related to a matter which could be the subject of an indemnification claim by Purchaser pursuant to Section 8.3; provided, however, no
such other cost or expense less than $25,000 shall be included. For purposes of this Agreement, amounts shall be treated as included in the Purchase Price Computation only if and to the extent specifically approved and agreed by Purchaser in
accordance with this Section 5.7. 
 5.8 True-Sale Opinion. Lennar and Sellers covenant and agree to cause its
independent legal counsel to issue within a reasonable time following the Closing what is commonly referred to as a “True Sale Opinion” in form and substance customary for this type of transaction. 
 ARTICLE VI 
 ADDITIONAL COVENANTS

 6.1 No Public Announcement. No Party, nor any Affiliate thereof, shall make any public announcement or press release
concerning the transactions contemplated by this Agreement without the prior written approval of the other Party (which consent shall not be unreasonably withheld or delayed), except as may be required by Law or rule or regulation of any stock
exchange. 
  

 28 

 6.2 Further Assurances. At any time or from time to time after the Closing, each of the Parties
shall, at the request of other Party and at no additional cost or expense, execute and deliver any further instruments or documents and take all such further action as such requesting Party may reasonably request in order to evidence or effect the
consummation of the transactions contemplated hereby, including those contemplated by the Restructuring. The Properties which were assigned and conveyed pursuant to the Restructuring and this Agreement are intended to include all of Sellers’
right, title and interest in and to any real property, structures, utility lines and infrastructure owned by Sellers but specifically excludes any real property that has a residence constructed thereon or real property upon which vertical
construction has commenced (the “Intended Property”). If Purchaser determines that not all of the Intended Property has been conveyed to the applicable Subsidiary (including, Intended Property which, by reason of mapping,
must be reconveyed), the applicable Seller shall convey to the appropriate Subsidiary all of such Seller’s right, title and interest in and to the Intended Property that was not conveyed to the applicable Subsidiary pursuant to the
Restructuring. In such case, the representations and warranties provided herein shall be modified to include the Intended Property in the definition of “Property” and Purchaser and Seller shall share any costs and expenses and take such
action as if the Intended Property had been included in the definition of Property as of the Closing Date; and any such amounts, including any adjustments to the Purchase Price of the Property under the appropriate Purchase Price Computations as
reasonably agreed by the Parties, shall be paid to the applicable Seller and constitute a Purchase Price adjustment; provided any time periods for performance hereunder under Article V with respect to such newly covered Property, shall run
from the day of the transfer to the end of the applicable period such that Purchaser shall have the full time period to complete its review of such Property. 
 6.3 Land Transferred in Error. In the event that any Property has been included in the Assets that is not Intended Property, conveyed pending resolution of mapping issues or otherwise conveyed in error,
including any Property upon which any residence has been constructed or any vertical construction or a residence has commenced as of the Closing Date, such Property shall promptly be transferred back to the Seller that originally owned such Property
(or in the case of Gateway Commons, LLC, to US Home Corporation), and any portion of the Purchase Price allocable to such Property shall be refunded to Purchaser simultaneously with such transfer of such Property to Seller. 
 6.4 Use of Sale Offices. As to any sales office located on any Property that is not to be developed pursuant to the Development Plans, at
Purchaser’s written request, the respective Seller will lease such sales office on a triple-net, “Where Is, As Is” “With All Faults, Liabilities, and Defects, Latent or Otherwise, Known or Unknown” basis to Purchaser for the
purpose of using such sales office itself, or allowing a builder so use the sales office, for the sale of homesites on the Property. The term of the lease shall be no longer than the projected time that all homesites on the Property will be sold as
contemplated by the Development Plans. The parties agree to negotiate in good faith the commercially reasonable rental payment under such lease. 
 6.5 Use of Name. Sellers hereby grant to Purchaser, solely for the purpose of developing the Properties in accordance with the Development Plans, selling homesites thereon and identifying the community so built, the royalty free,
non-exclusive license to continue to use name (other than any part of any such name that contains the name of any Seller or any Affiliate of any Seller) that is 

  

 29 

 
currently used at such Property for such purposes; provided, however, that Sellers make no representation or warranty, expressed or implied, regarding such
names or the rights to use such names, including any representation or warranty concerning Sellers’ ownership of such names or whether the use of such names infringes on the rights of any other Party. Notwithstanding anything in this Agreement
to the contrary, Sellers shall have no liability whatsoever for any damages, injuries, losses, debts, penalties, fines, awards, judgments, fees, liabilities, costs or expenses resulting from or arising out of such names or the use thereof. The
license granted pursuant to this Section 6.5 shall not be assignable without the express written consent of Sellers, provided, however, that Sellers will grant a similar license for the respective name to a purchaser in connection with a sale
of five or more parcels at the respective Property on terms and conditions reasonably acceptable to Sellers. 
 ARTICLE VII 

DELIVERIES AT CLOSING 
 7.1
Seller Deliveries. At Closing, Sellers shall deliver to Purchaser: 
 (a) an assignment of the Interests free and clear of all
Encumbrances pursuant to assignment agreements in form and content as reasonably acceptable to the Parties; 
 (b) certificates, dated the
Closing Date and executed by Sellers attaching good standing (or substantially equivalent) certificates for each Subsidiary from their respective jurisdictions of formation and each jurisdiction in which such Entity is qualified to do business, in
each case dated as of a recent date prior to the Closing Date; 
 (c) a certificate, dated the Closing Date and executed by Sellers,
attaching certified copies of the resolutions duly adopted by Sellers authorizing the execution, delivery and performance of this Agreement and the other agreements contemplated hereby and the consummation of the transactions contemplated hereby and
thereby; 
 (d) a FIRPTA Affidavit for each Seller, if applicable, in form and substance satisfactory to Purchaser, confirming that each
Seller is not a foreign entity subject to federal withholding requirements; 
 (e) copies of the consents described in
Section 3.3, if any; 
 (f) evidence including such bills of sale, deeds, transfer declarations and other assignment documents
evidencing the Restructuring; 
 (g) a certificate, dated as of the Closing Date and executed by the applicable Sellers, attaching the
original LLC Agreements for the Subsidiaries; and 
 (h) a waiver of the anti-speculation option executed by Newhall Land and Farming Company
in recordable form. 
  

 30 

 7.2 Purchaser Deliveries. At Closing Purchaser shall deliver to Sellers: 
 (a) a certificate, dated the Closing Date and executed by Purchaser, attaching certified copies of the resolutions duly adopted by Purchaser authorizing
the execution, delivery and performance of this Agreement and the other agreements contemplated hereby and the consummation of the transactions contemplated hereby and thereby; and 
 (b) payment of the Purchase Price amount set forth in Section 2.2(a). 
 7.3 Mutual Deliveries. To the extent that a form of any document, instrument, agreement or certificate to be delivered hereunder is not attached
as an exhibit hereto, such document, instrument, agreement or certificate shall be in form and substance, and shall be executed and delivered in a manner, reasonably satisfactory to the Parties. 
 ARTICLE VIII 
 SURVIVAL OF
REPRESENTATIONS; INDEMNIFICATION 
 8.1 Survival of Covenants, Representations and Warranties. 
 (a) All of the representations and warranties set forth in this Agreement or in any certificate, document or other instrument delivered in connection
herewith or contemplated hereby shall survive until March 31, 2009 (the “Expiration Date”). Neither Party shall have any liability to the other Party for a breach of any representation or warranty unless written notice
containing a description of the specific nature of such breach shall have been given by the non-breaching Party to the breaching Party prior to the Expiration Date. All covenants set forth in this Agreement shall survive the Closing. 
 8.2 Indemnification by Purchaser. Purchaser shall indemnify, defend and hold harmless Sellers and their Affiliates and agents (“Seller
Indemnified Parties”) against and in respect of all damages, injuries, losses, debts, penalties, fines, awards, judgments, fees, liabilities, costs and expenses (including reasonable attorneys’, paralegals’, accountants’
and other professionals’ fees, costs and expenses incurred in investigating, preparing and/or defending any Claims covered hereby) (each, an “Indemnified Loss”; collectively, “Indemnified Losses”)
sustained and/or incurred arising out of, in connection with and/or relating to any breaches of Purchaser covenants, representations and warranties set forth in this Agreement and/or in any certificate, agreement and/or other document and/or
instrument executed and/or delivered in connection herewith. 
 8.3 Indemnification by Sellers. Subject to the specific provisions
regarding liability and indemnification set forth in Sections 3.8(b) (subject to 5.5(vii)), 3.8(d) (subject to the terms therein) and 3.11 (subject to Section 5.6), Sellers, jointly and severally, shall
indemnify, defend and hold harmless Purchaser and its Affiliates and agents (“Purchaser Indemnified Parties” and, together with Seller Indemnified Parties, an “Indemnified Party”) against and in
respect of all Indemnified Losses sustained and/or incurred arising out of, in connection with and/or relating to (a) any breaches of any of Sellers’ covenants, representations and warranties set forth in this Agreement and/or in any
certificate, agreement and/or other document and/or instrument executed and/or delivered in connection herewith and (b) any litigation described or required to be described in Schedule 3.5, except for any litigation regarding the
obtaining of any Approvals. In addition, Sellers, jointly and severally, shall indemnify, defend and hold harmless any Purchaser Indemnified Party for Indemnified Losses arising from any matter pertaining to Gateway Commons, LLC that is not related
to the Property owned, or the Projects regarding, such Entity. 
  

 31 

 8.4 Method of Asserting Third Party Claims. All Claims for indemnification by an Indemnified Party
hereunder arising out of a Claim of a Third Party shall be asserted and resolved as set forth in this Section 8.4. In the event that any written Claim or demand for which Purchaser or Sellers, as the case may be (an
“Indemnifying Party”), may be liable to any Indemnified Party hereunder is asserted against or sought to be collected from any Indemnified Party by a third party, such Indemnified Party shall promptly following such
Indemnified Party’s receipt of such Claim or demand, notify in writing the Indemnifying Party of the nature of such Claim or demand and the amount or the estimated amount thereof to the extent then feasible (which estimate shall not be
conclusive of the final amount of such Claim or demand) (the “Claim Notice”); provided, however, that the failure of an Indemnified Party to promptly notify the Indemnifying Party will not relieve the Indemnifying Party from
any liability for indemnification pursuant to this Agreement or otherwise, unless the failure materially prejudices the rights or obligations of the Indemnifying Party. The Indemnifying Party will have thirty (30) days following the date of
receipt of the Claim Notice to notify the Indemnified Party in writing of any objection that it has to the validity or amount of the Indemnified Loss. The failure of the Indemnifying Party to object within such 30-day period shall be deemed an
acceptance of liability hereunder for the Indemnified Loss. Any timely objection to an Indemnified Loss that cannot be resolved by the Parties shall be determined by a court or arbitrator of competent jurisdiction. The Indemnifying Party shall have
thirty (30) days after the provision of the Claim Notice (the “Notice Period”), to notify the Indemnified Party whether or not it desires to defend the Indemnified Party against such Claim or demand and shall during the
Notice Period and thereafter be provided by the Indemnified Party with such information relating to the Claim or demand with counsel reasonably satisfactory to the Indemnified Party as the Indemnifying Party shall request. All costs and expenses
incurred by the Indemnifying Party in defending such Claim or demand shall be borne by the Indemnifying Party. Except as hereinafter provided, in the event that the Indemnifying Party notifies the Indemnified Party within the Notice Period that it
desires to defend the Indemnified Party against such Claim or demand, the Indemnifying Party shall have the sole power to direct and control such defense. If the Indemnifying Party so elects to assume the defense of such Claim, the Indemnifying
Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by the Indemnified Party. If any Indemnified Party desires to participate in, but not control, any such defense it may do so at its sole cost and
expense. The Indemnified Party shall not settle, compromise or discharge a Claim or demand for which it is indemnified by an Indemnifying Party or admit to any liability with respect to such Claim or demand without the prior written consent of the
Indemnifying Party, in its sole and absolute discretion. The Indemnifying Party shall not, without the written consent of the Indemnified Party, settle, compromise or offer to settle or compromise any such Claim or demand on a basis (i) which
would result in any admission or imposition of culpability or liability by or on the Indemnified Party and/or the imposition of a consent order, an injunction or decree which would restrict the future activity or conduct of the Indemnified Party or
any Subsidiary or other Affiliate thereof or (ii) does not provide a full release to the Indemnified Party. To the extent the Indemnifying Party shall assume the defense of any third party Claim or demand, the Indemnified Party will provide the
Indemnifying Party and its counsel access to all relevant business records and other documents, and shall use commercially 

  

 32 

 
reasonable efforts to assist and cooperate, and to cause the employees and counsel of the Indemnified Party to assist and cooperate, in defense of such
Claim. If the Indemnifying Party elects not to defend the Indemnified Party or does not timely assume the defense thereof, the Indemnified Party shall have the right and the obligation to vigorously defend the Claim or demand, at the sole expense of
the Indemnifying Party, by appropriate proceedings and shall have the sole power to direct and control such defense. In any event, the Indemnifying Party shall have the right to participate in the defense or settlement of any third party Claim or
demand for which the Indemnifying Party may be liable hereunder at its own expense. 
 8.5 Assignment of Claims. If the Indemnified
Party receives any payment from an Indemnifying Party in respect of any Indemnified Losses and the Indemnified Party could have recovered all or a part of such Indemnified Losses from a third party (including any insurance) (a “Potential
Contributer”) based on the underlying Claim or demand asserted against the Indemnified Party, the Indemnified Party shall assign such of its rights to proceed against the Potential Contributer as are necessary to permit the Indemnifying
Party to recover from the Potential Contributer the amount of such payment. 
 8.6 Indemnification Limitations. The rights and
obligations of the Parties set forth in this Article VIII shall be subject to the following limitations: 
 (a) The maximum aggregate
amount that Sellers will be required to pay for indemnification arising under Section 8.3 in respect of all Claims by any Purchaser Indemnified Parties relating to the breach of any representation or warranty shall be fifteen percent
(15%) of the Purchase Price (the “Sellers’ Indemnification Cap”) and no Seller shall have liability (for indemnification or otherwise) with respect to the matters described in Section 8.3 relating to the
breach of any representation or warranty in excess of the Sellers’ Indemnification Cap; provided, however, that if the Claim for indemnification arises from or in connection with any breach of Sections 3.2(b), 3.3, 3.10,
3.14 or 11.18 or Article X or fraud by any Seller in any representation or warranty in this Agreement or in any other documents or instruments entered into in connection herewith or pursuant hereto, or as a result of a breach of
covenant, then the Sellers’ Indemnification Cap shall not apply and the maximum aggregate amount that a Seller will be required to pay for such claim shall not be subject to any limit. 
 (b) Notwithstanding the foregoing, no Seller shall be required to pay any amount with respect to any Claim for indemnification relating to the breach of
any representation or warranty, and no Seller shall have liability (for indemnification or otherwise) with respect to the matters described herein unless and until the total, cumulative amount with respect to all Claims for which indemnification
required hereunder has exceeded one-half of one percent (0.5%) of the Purchase Price (the “Sellers’ Indemnification Basket”), after which the Seller’s liability will be for the amount in excess of the Sellers’
Indemnification Basket; provided, however, that the Seller’ Indemnification Basket will not apply to any indemnification Claims arising from or in connection with breach of Sections 3.1, 3.2(b), 3.3, 3.4(a),
3.8(b), 3.8(d) (subject to the terms therein), 3.10, 3.11 3.13 3.14 or Article X or any fraud by any Sellers in any representation or warranty in this Agreement or in any actual documents or
instruments entered into in connection herewith or pursuant hereto. 
  

 33 

 8.7 Exclusive Remedy; Additional Indemnification Issues. 
 (a) The indemnification provided in this Article VIII shall constitute the sole and exclusive remedy and right of any Party for any breach or
default under this Agreement or any document or instrument entered into in connection herewith or pursuant hereto, regardless of whether any claims or causes of action asserted with respect to such matters are brought in contract, tort or any other
legal theory whatsoever or at Law or in equity; it being understood and agreed that, except solely and only in the case of actual fraud by and as to a specific Party, the indemnification provisions in this Article VIII are in derogation of
and replace in all respects as the sole and exclusive remedy and right any statutory, equitable or common Law remedy and rights any Party may have for breach or default of any representation, warranty, covenant or agreement. 
 (b) No Indemnified Party shall seek or be entitled to punitive or special, consequential damages or damages for lost profits in any claim for
indemnification, nor shall it accept payment of any award or judgment for such indemnification to the extent that such award or judgment includes such party’s punitive, special or consequential damages or damages for lost profits. Each party
entitled to indemnification pursuant to this Agreement shall take all reasonable steps to mitigate all losses, costs, expenses and damages after becoming aware of any event which could reasonably be expected to give rise to any losses, costs,
expenses and damages that are indemnifiable or recoverable hereunder or in connection herewith. 
 (c) Any amounts payable under this
Agreement shall be calculated net of (i) any proceeds received or receivable from insurance policies covering the damage, loss, liability or expense that is the subject to the claim for indemnity and (ii) any proceeds received or
receivable from third parties, including, without limitation, through indemnification. 
 (d) Notwithstanding anything to the contrary in
this Agreement, Indemnified Losses shall not include any amount to the extent that it was included in the Purchase Price Computation as determined pursuant to Section 5.7. 
 (e) Notwithstanding anything in this Article VIII to the contrary, prior to any Indemnifying Party being required to make a payment hereunder to
an Indemnified Party, the Indemnifying Party shall have a period of thirty (30) days after it receives written notice from the Indemnified Party of such a breach to cure such breach and/or to mitigate damages resulting from any such breach
which by its nature is capable of cure and/or mitigation. Such thirty 30-day period shall be extended an additional sixty (60) days if the Indemnifying Party is continuing to make commercially reasonable efforts to so cure and/or mitigate at
the end of the initial 30-day period and it is reasonable to believe that the breach can be cured or mitigated by the end of the additional 60-day period. 
  

 34 

 ARTICLE IX 
 TAX MATTERS 
 9.1 Liability and Indemnification for Taxes. Notwithstanding anything to
the contrary in Article VIII, Article IX shall govern all claims for indemnification in connection with all Tax matters. 
 (a)
Sellers shall indemnify Purchaser and hold it harmless from and against any loss, claim, liability, expense, or other damage attributable to all Taxes (or the non-payment thereof) of Sellers or Subsidiaries, or with respect to the Properties for
(i) all Taxable Periods ending on or before the Closing Date (other than ad valorem Taxes assessed against the Properties for any Taxable period that includes (but does not end on) the Closing Date (“Preclosing Tax
Period”) and (ii) all portions of a Straddle Period ending at the end of the Closing Date. 
 (b) Whenever it is necessary
to determine the liability of Subsidiaries or its members for the Taxes, items of income, profit and loss shall be apportioned between the Preclosing Tax Period and the period following the Closing (or within the Straddle Period) based, on a
“closing of the books basis” by assuming that the books of Subsidiaries were closed at the close of the Closing Date. 
 (c)
Notwithstanding anything to the contrary in this Agreement, all transfer, documentary, sales, use, registration and other such Taxes due in connection with Sellers transferring the Properties to the Subsidiaries pursuant to the Restructuring and
transferring the Interests to Purchaser (collectively, “Transfer Taxes”), if any, and any penalties, interest and additions to such Transfer Taxes shall be paid fifty percent (50%) by each of Sellers, on the one hand,
and Purchaser, on the other hand. The term Transfer Taxes is not intended to include all Taxes, and specifically excludes, income taxes, capital gain taxes and similar taxes due in connection with any profits made by any principal or Entity in
connection with said sale of any of the Interests, employment taxes, and ad valorem taxes. The Parties shall cooperate in the timely making of all filings, returns, reports and forms as may be required in connection therewith. The Parties believe
that, while there are Transfer Taxes due on the transfer of the Property in the Restructuring, there are no Transfer Taxes due on the transfer of the Interest with respect to any Subsidiary which holds Property located in New Jersey. Notwithstanding
the forgoing, in the event that an obligation to pay such Transfer Taxes is ever asserted by the State of New Jersey, Sellers shall be solely liable, and shall indemnify Purchaser pursuant to the provisions of this Article IX for any
Indemnified Losses resulting from the failure to pay Transfer Taxes on the transfer of such Interests. There shall be no Sellers’ Indemnification Cap or Sellers’ Indemnification Basket with regard to such indemnification. 
 (d) This Article IX shall survive the Closing without limitation. 
 9.2 Tax Returns. Sellers shall file or cause to be filed when due all Tax Returns, if any, that are required to be filed by or with respect to Subsidiaries for taxable years or periods ending on or before the
Closing Date, and shall remit or cause to be remitted any Taxes due in respect of such Tax Returns for Taxes. 
  

 35 

 9.3 Tax Indemnification Procedures; Contest Provisions. 
 (a) Each Party shall promptly notify the other Party in writing upon receipt by such Party or any of their respective Affiliates or Representatives of
notice of any pending or threatened federal, state, local or foreign Tax audits, examinations, Claims or assessments (a “Tax Claim”) for which such Party is entitled to seek, or is seeking or intends to seek, indemnification;
provided, however, that the failure to give such notice shall not affect the indemnification provided hereunder except to the extent that the failure to give such notice materially prejudices the indemnifying party. 
 (b) (i) Seller shall have the right, at their own expense, to control and to represent the interests of Subsidiaries in and with respect to any Tax Claim
for any Preclosing Tax Period for which it is solely liable under Section 9.1(a), and to employ counsel of their own choice for such purpose; provided that, Sellers shall have the sole right to control and conduct the Tax Claim only if
(A) Sellers notify Purchaser in writing after Purchaser has given notice of the Tax Claim or Sellers are otherwise notified of such Tax Claim that Sellers will indemnify the Purchaser Subsidiaries from and against any loss, claim, liability,
expense, other damages, and Taxes in accordance with Section 9.1(a) such party may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Tax Claim (whether or not otherwise required hereunder and with no
reservation of rights), (B) the Tax Claim involves only money damages, and does not relate to or arise in connection with any criminal proceeding, action, indictment, allegation or investigation and (C) such Tax Claim does not materially
affect Purchaser or Subsidiaries with respect to taxable years or periods or portions thereof beginning or ending after the Closing Date; provided, however, that Sellers shall keep Purchaser informed of any material developments in such Tax Claim.
Sellers shall have the sole right to settle, either administratively or after the commencement of litigation, any proceeding relating to such Tax Claims which it is in sole control of. 
 (ii) Except as otherwise provided by Section 9.3(b)(i), Purchaser shall have the sole right to control all Tax Claims relating to
Subsidiaries; provided, however, that Purchaser shall consult in good faith with Sellers with respect to the contest of a Straddle Period Tax Claim for which Sellers are liable under Section 9.1(a), shall permit Sellers to review all
material written submissions with respect to such Preclosing Tax Period Tax Claim, and shall afford Seller or counsel of its own choosing the right to participate, at their expense, in the prosecution or defense of such Preclosing Tax Period Tax
Claim; and provided further, that Purchaser shall not settle any such Preclosing Tax Period Tax Claim without prior written consent of Sellers, which consent shall not be unreasonably withheld or delayed. 
 9.4 Confidentiality of Tax Information. Unless otherwise required by Law, each Party shall, and shall cause its Representatives to, keep
confidential any non-public Tax information, records, and documents disclosed by the other Party, or to which such Party has received or been granted access, pursuant to this Article IX will not use such Tax information for any purpose other
than making the determinations and taking such other actions contemplated by this Article IX. Notwithstanding any provision of this Agreement to the contrary, the parties hereto (and each of their respective affiliates, employees,
representatives, or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind relating to such tax treatment and tax
structure. 
  

 36 

 9.5 Tax Sharing Agreements. Any Tax sharing agreements or similar agreements with respect to or
involving Subsidiaries, if any, shall be terminated as of the Closing Date and, after the Closing Date, Purchaser and Subsidiaries shall not be bound thereby or have any liability thereunder. 
 9.6 Intended Tax Treatment. The Parties agree that the purchases of the Properties contemplated in this Agreement shall be treated as taxable
purchases for U.S. federal and state tax purposes to the maximum permissible extent and that no portion of the cash paid by the Purchaser is intended to or shall constitute reimbursements of pre-formation capital expenditures within the meaning of
Treas. Reg. Section 1.707-4(d). 
 ARTICLE X 
 OFAC CERTIFICATE AND INDEMNIFICATION 
 10.1 OFAC Representation. Sellers and Purchaser
hereby represent, warrant and certify to and for the benefit of the other Party that such Party is not now and has never been nor shall it be at any time prior to the mutual execution and delivery of this Agreement any Person with whom a United
States citizen, Entity organized under the Laws of the United States or its territories or Entity having its principal place of business within the United States or any of its territories (collectively, a “U.S. Person”), is
prohibited from transacting business of the type contemplated by this Agreement, whether such prohibition arises under United States Law, regulation, executive orders and lists published by the Office of Foreign Assets Control, Department of the
Treasury (“OFAC”) (including those executive orders and lists published by OFAC with respect to Persons that have been designated by executive order or by the sanction regulations of OFAC as Persons with whom U.S. Persons may
not transact business or must limit their interactions to types approved by OFAC (“Specially Designated Nationals and Blocked Persons”)) or otherwise. Neither Party nor any Person who owns an interest in such Party is now or
has ever been, nor shall be at any time prior to the mutual execution and delivery of this Agreement, a Person with whom a U.S. Person, including a “financial institution” as defined in 31 U.S.C. § 5312 (a)(z), as periodically amended
(“Financial Institution”), is prohibited from transacting business of the type contemplated by this Agreement, whether such prohibition arises under United States Law, regulation, executive orders and lists published by the
OFAC (including those executive orders and lists published by OFAC with respect to Specially Designated Nationals and Blocked Persons) or otherwise. 
 10.2 Purchaser’s Assurances. Purchaser represents, warrants and certifies to and for the benefit of Seller Entities that it has taken, such measures as are required by applicable Law to assure that the
funds used to pay all or any portion of the Purchase Price shall be advanced: (i) from transactions that do not violate United States Law nor, to the extent such funds originate outside the United States, do not violate the Laws of the
jurisdiction in which they originated; and (ii) from permissible sources under United States Law and, to the extent such funds originate outside the United States, under the Laws of the jurisdiction in which they originated. 
 10.3 Anti-Money Laundering. Sellers represent, warrant and certify to and for the benefit of the Purchaser that no Seller Entity nor any Affiliate
of any Seller Entity: (i) is under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which in the United States would be
predicate 

  

 37 

 
crimes to money laundering, or any violation of any Anti-Money Laundering Laws (as hereinafter defined); (ii) has been assessed civil or criminal
penalties under any Anti-Money Laundering Laws; or (iii) has had any of its funds seized or forfeited in any action under any Anti Money Laundering Laws. Purchaser represents, warrants and certifies to and for the benefit of Seller Entities
that neither Purchaser nor any Affiliate of Purchaser: (i) is under investigation by any governmental authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities, any crimes which
in the United States would be predicate crimes to money laundering, or any violation of any Anti-Money Laundering Laws (as hereinafter defined); (ii) has been assessed civil or criminal penalties under any Anti-Money Laundering Laws; or
(iii) has had any of its funds seized or forfeited in any action under any Anti Money Laundering Laws. As used herein, the term “Anti-Money Laundering Laws” shall mean all applicable Laws, regulations and sanctions,
state and federal, criminal and civil, that: (w) limit the use of and/or seek the forfeiture of proceeds from illegal transactions; (x) limit commercial transactions with designated countries or individuals believed to be terrorists,
narcotics dealers or otherwise engaged in activities contrary to the interests of the United States; (y) require identification and documentation of the parties with whom a Financial Institution conducts business; or (z) are designed to
disrupt the flow of funds to terrorist organizations. Such Laws, regulations and sanctions shall be deemed to include, without limitation, the USA PATRIOT Act of 2001, Pub. L. No. 107-56 (the “Patriot Act”), the Bank
Secrecy Act of 1970, as amended, 31 U.S.C. § 5311 et seq., the Trading with the Enemy Act, 50 U.S.C. App. § 1 et seq., the International Emergency Economic Powers Act, 50 U.S.C. § 1701 et seq., and the sanction
regulations promulgated pursuant thereto by the OFAC, as well as Laws relating to prevention and detection of money laundering in 18 U.S.C. §§ 1956 and 1957. 
 10.4 Compliance. 
 (a) Each of the Parties represents, warrants and certifies to and for the benefit
of the other Party that it is in compliance in all material respects with any and all applicable provisions of the Patriot Act. 
 (b) For a
period of two (2) years after the Closing Date or any earlier termination of this Agreement, Sellers agree to cooperate with Purchaser, and to cause each, in providing such additional information and documentation respecting each Entity’s
legal or beneficial ownership, policies, procedures (to the extent required by applicable Laws) and sources of funds as Purchaser deems reasonably necessary or prudent to enable compliance with Anti-Money Laundering Laws now in existence or
hereafter enacted or amended. Sellers hereby agree to defend, indemnify and hold harmless Purchaser from and against any and all claims, damages, costs, fines, penalties, losses, risks, liabilities and expenses (including, without limitation,
attorneys’ fees and costs) arising from or related to a breach of any of the foregoing representations, warranties, certifications and agreements. 
 (c) For a period of two (2) years after the Closing Date or any earlier termination of this Agreement, Purchaser agrees to cooperate with Sellers in providing such additional information and documentation
respecting Purchaser’s legal or beneficial ownership, policies, procedures (to the extent required by applicable Laws) and sources of funds as Sellers deems reasonably necessary or prudent to enable compliance with Anti-Money Laundering Laws
now in existence or hereafter enacted or amended. 

  

 38 

 
Purchaser hereby agrees to defend, indemnify and hold harmless Sellers from and against any and all claims, damages, costs, fines, penalties, losses, risks,
liabilities and expenses (including, without limitation, attorneys’ fees and costs) arising from or related to a breach of any of the foregoing representations, warranties, certifications and agreements. 
 ARTICLE XI 
 GENERAL PROVISIONS

 11.1 Expenses. Except as otherwise provided herein, including Section 9.1, Sellers, on the one hand, and
Purchaser, on the other hand, shall pay all of their own costs and expenses incident to their negotiation and preparation of this Agreement and to their performance and compliance with all terms, agreements, covenants and conditions contained herein
on their part to be performed or complied with, including the fees, expenses and disbursements of their counsel and accountants, whether or not the Closing shall have occurred. 
 11.2 Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been
duly given or made (i) upon delivery, if hand delivered; (ii) one (1) Business Day after being sent by prepaid overnight courier with guaranteed delivery, with a record of receipt; or (iii) upon transmission with confirmed
delivery if sent by cable, telegram, email, facsimile or telecopy, to the Parties at the following addresses (or at such other addresses as shall be specified by the Parties by like notice): 
  

	 	(a)	if to Sellers: 

 Lennar Corporation 
 25 Enterprise Drive, Suite 500 
 Aliso Viejo,
CA 92656 
 Attention: Jonathan Jaffe 
 Facsimile No.: (949) 349-0782 
 Email: Jon.Jaffe@lennar.com 
 With a copy to: 
 Lennar Corporation

 700 N.W. 107th Avenue 
 Miami,
FL 33172 
 Attention: General Counsel 
 Facsimile No: 305-229-6650 
 Email: Mark.Sustana@lennar.com 
  

 39 

 With a copy to: 
 Bilzin Sumberg Baena Price & Axelrod LLP 
 200 South Biscayne Boulevard 
 Suite 2200 
 Miami, Florida 33131 

Attention: Brian L. Bilzin 
 Facsimile No.:
(305) 351-2200 
 Email: BBilzin@bilzin.com 
  

	 	(b)	if to Purchaser: 

 c/o Morgan Stanley Real Estate Funding
II, L.P. 
 1585 Broadway, 37th Floor 
 New York, New York 10036 
 Attn: Michael
Franco 
 Facsimile No: (212) 507-4175 
 Email: michael.franco@morganstanley.com 
 With copies to: 
 Jones Day 
 2727 North Harwood Street

 Dallas, Texas 75201 
 Attn:
David J. Lowery 
 Facsimile No: (214) 969-5100 
 Email: djlowery@jonesday.com 
 11.3 Severability. Wherever possible, each provision hereof shall be
interpreted in such manner as to be effective and valid under applicable Law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions had never been contained herein unless the deletion of
such provisions or provisions would result in such a material change as to cause completion of the transactions contemplated hereby to be unreasonable. 
 11.4 Counterparts. The Agreement may be executed in two or more counterparts, each of which shall be considered an original instrument, but all of which shall be considered one and the same agreement, and shall
become binding when one or more counterparts have been executed and delivered by each of the Parties. 
 11.5 Assignment; Successors and
Assigns. Neither this Agreement nor any of the rights, interest or obligations hereunder shall be assigned by any of the Parties without the prior written consent of the other Party. Any purported assignment not in compliance with this
Section 11.5 shall be null and void. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors or assigns, heirs, legatees, distributees, executors,
administrators and guardians. 
  

 40 

 11.6 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to
or shall confer upon any other Person (including without limitation any Purchaser Indemnified Party that is not a Party to this Agreement) any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. 
 11.7 Descriptive Headings. Titles and headings to Articles and Sections herein are inserted for convenience of reference only and are not intended
to be a part of or to affect the meaning or interpretation of this Agreement. 
 11.8 Reasonable Consent Required. Where any provision
of this Agreement requires a Party to obtain the consent, approval or other acquiescence of any other Party, such consent, approval or other acquiescence shall not be unreasonably conditioned, withheld or delayed by such other Party, except as
otherwise provided in this Agreement. 
 11.9 Waivers. Any term or provision of this Agreement may be waived, or the time for its
performance may be extended, by the Party or Parties entitled to the benefit thereof. The failure of any Party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect
the validity of this Agreement or any part hereof or the right of any Party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach.

 11.10 Governing Law; Jurisdiction; Waiver of Jury Trial. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE LAWS THAT MIGHT BE APPLICABLE UNDER CONFLICTS OF LAWS PRINCIPLES. 
 (b) Other than as explicitly set forth herein each of the Parties hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of any Delaware state court, or Federal court of the United States of America, sitting in Wilmington, Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby or for recognition or enforcement of any judgment relating thereto, and each of the Parties hereby irrevocably and unconditionally (i) agrees
not to commence any such action or proceeding except in such courts, (ii) agrees that any claim in respect of any such action or proceeding may be heard and determined in such Delaware state court or, to the extent permitted by Law, in such
Federal court, (iii) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding in any such Delaware state or Federal court, and
(iv) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such Delaware state or Federal court. Each of the Parties agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents to service of process in the manner provided for notices in
Section 11.2. Nothing in this Agreement will affect the right of any Party to this Agreement to serve process in any other manner permitted by Law. 
  

 41 

 (c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (iii) IT MAKES SUCH WAIVERS VOLUNTARILY,
AND (iv) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.10(c). 
 11.11 Enforcement. The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to specifically enforce the terms and provisions of this Agreement, in addition to any other remedy to
which any Party is entitled at Law or in equity. 
 11.12 Entire Agreement; Amendments. This Agreement, including the Schedules and
Exhibits annexed hereto, contains the entire understanding of the Parties with regard to the subject matter contained herein. This Agreement may only be amended, modified or supplemented by written agreement of the Parties. 
 11.13 Construction; Joint Drafting. The Parties acknowledge that they have participated jointly in the negotiation and drafting of this Agreement
and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed consistent with the joint drafting hereof by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any
Party by virtue of the authorship of any of the provisions of this Agreement. 
 11.14 Legal Fees. The prevailing party in any action
or proceeding arising from this Agreement or the transactions contemplated herein shall be reimbursed by the non-prevailing party for its reasonable legal fees and reasonable costs and expenses. 
 11.15 Confidentiality. 
 (a) The terms
and conditions of this Agreement and of any other Contract required to be entered into pursuant hereto (collectively, the “Confidential Information”) are confidential and proprietary information. The Parties acknowledge that
the disclosure of Confidential Information would cause irreparable harm to the Parties. Accordingly, each Party represents that it has not 

  

 42 

 
and agrees that it will not and will direct its direct and indirect owners, partners, directors, officers, agents, lenders, accountants, attorneys, advisors
and Affiliates to whom Confidential Information is disclosed (and, if it so directs, the disclosure to such Persons shall not be a violation of this Section) not to disclose to any Person, including the issuance of any press release regarding, any
Confidential Information or confirm any statement made by third Persons regarding Confidential Information until either or both of the Parties, as the case may be, have publicly disclosed the Confidential Information pursuant to authorization by the
Parties; provided, however, that any Party (or its Affiliates) may disclose such Confidential Information to its lenders, in the course of its (or its Affiliates’) normal reporting practices to its (or their) direct or indirect
owners, if required by Law or rule of any stock exchange (including pursuant to a registration statement or other document filed with a Governmental Authority under applicable Law) or if necessary for it to perform any of its duties or obligations
hereunder. 
 (b) Subject to the provisions of subsection (a), above, each Party agrees not to disclose any Confidential Information to any
Person (other than a Person (including a Representative, Affiliate or lender) agreeing to maintain all Confidential Information in strict confidence or a judge, magistrate, referee, arbitrator or mediator in any action, suit or proceeding relating
to or arising out of this Agreement or otherwise), and to keep confidential all documents (including responses to discovery requests) containing any Confidential Information. Each Party hereby consents in advance to any motion for any protective
order brought by any other Party represented as being intended by the movant to implement the purposes of this Section; provided that, if a Party receives a request to disclose any Confidential Information under the terms of a valid and effective
order issued by a court or governmental agency and the order was not sought by or on behalf of or consented to by such Party then such Party may disclose the Confidential Information to the extent required if the Party as promptly as practicable
(i) notifies the other Party of the existence, terms and circumstances of the order, (ii) consults in good faith with the other Party on the advisability of taking legally available steps to resist or to narrow the order, and (iii) if
disclosure of the Confidential Information is required, exercises its diligent efforts to cooperate with the other Party in its efforts to obtain a protective order or other reliable assurance that confidential treatment will be accorded to the
portion of the disclosed Confidential Information that the other Party designates. The cost (including attorneys’ fees and expenses) of obtaining a protective order covering Confidential Information designated by such other Party will be borne
by such other Party. 
 (c) For the avoidance of doubt, notwithstanding any provision of this Agreement to the contrary, the Parties hereto
(and each of their respective affiliates, employees, representatives, or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated hereby and all materials
of any kind relating to such tax treatment and tax structure. No Tax advisor of any of the parties hereto has imposed a confidentiality restriction on any of the parties relating to any Tax planning or Tax strategy relating to the transactions
covered by this Agreement and none of the Parties hereto has entered into a transaction described in United States Treasury Regulation Section 1.6011-4(b)(4) relating to the transactions covered by this Agreement. 
 11.16 Time of the Essence. Time is of the essence of this Agreement and all covenants and deadlines hereunder. Without limiting the foregoing,
Purchaser and Sellers Entities hereby confirm their intention and agreement that time shall be of the essence of 

  

 43 

 
each and every provision of this Agreement, notwithstanding any subsequent modification or extension of any date or time period that is provided for under
this Agreement. The agreement of Purchaser and Sellers that time is of the essence of each and every provision of this Agreement shall not be waived or modified by any conduct of the Parties, and the agreement of Purchaser and Sellers that time is
of the essence of each and every provision of this Agreement may only be modified or waived by the express written agreement of Purchaser and Sellers that time shall not be of the essence with respect to a particular date or time period, or any
modification or extension thereof, which is provided under this Agreement. 
 11.17 Electronically Transmitted Signatures. Signatures
to this Agreement, any amendment hereof and any notice given hereunder, transmitted electronically submitted (whether by telecopy or email) shall be valid and effective to bind the party so signing. Each Party agrees to promptly deliver an executed
original of this Agreement (and any amendment hereto) with its actual signature to the other Party, but a failure to do so shall not affect the enforceability of this Agreement (or any amendment hereto), it being expressly agreed that each Party to
this Agreement shall be bound by its own electronically submitted signature (whether by email or facsimile) and shall accept the electronically submitted signature (whether by email or facsimile) of the other Party. 
 11.18 No Brokers, Finders, etc. Each Party hereby represents to the other that no other broker(s) or agent(s) were or are involved in this
transaction or the negotiations leading up to this transaction and no Party has incurred, nor will it incur, directly or indirectly, any liability for brokerage or finders’ fees or agents’ commissions or investment bankers’ fees or
any similar charges in connection with this Agreement or any transactions contemplated hereby. Purchaser and Sellers agree to hold the other harmless and indemnify the other from and against any and all damages, costs or expenses (including, but not
limited to, reasonable attorneys’ fees and disbursements) suffered by the other as a result of any claims by any other broker claimed to have acted on behalf of such Party. Notwithstanding Section 8.1(a), the representations and
warranties as well as the indemnification and other agreements in this Section 11.18 shall survive Closing. 
 11.19
Guaranty. Lennar joins in the execution and delivery of this Agreement to guaranty for the benefit of Purchaser all of the representations, warranties, covenants and obligations of the Sellers hereunder and under any agreement or instrument
delivered pursuant hereto. 
 IN WITNESS WHEREOF, the Parties have caused this Membership Interest Purchase Agreement to be executed to be
effective as of the day and year first above written. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 44 

					
	RAINTREE VILLAGE L.L.C., an Illinois limited liability company
		
	By:	  	Lennar Chicago, Inc., an Illinois corporation, its sole member
			
		  	By:	 	 /s/ Erik R. Higgins

		  	Name:	 	Erik R. Higgins
		  	Title:	 	Vice President

							
	LENNAR HINGHAM HOLDINGS, LLC, a Delaware limited liability company
		
	By:	  	Lennar Hingham JV, LLC, a Delaware limited liability company, its sole member
			
		  	By:	 	Lennar Massachusetts Properties, Inc., a Delaware corporation, its sole member
				
		  		 	By:	 	 /s/ Emile K. Haddad

		  		 	Name:	 	Emile K. Haddad
		  		 	Title:	 	Vice President

			
	LENNAR COLORADO, LLC, a Colorado limited liability company
		
	By:	 	 /s/ Erik R. Higgins

	Name:	 	Erik R. Higgins
	Title:	 	Vice President

					
	FOX RIDGE ASSOCIATES, LLC, a New Jersey limited liability company
		
	By:	  	U.S. Home Corporation, a Delaware corporation, its sole member
			
		  	By:	 	 /s/ Emile K. Haddad

		  	Name:	 	Emile K. Haddad
		  	Title:	 	Vice President

							
	RAINTREE VILLAGE II L.L.C., an Illinois limited liability company
		
	By:	  	Lennar Communities of Chicago, L.L.C., an Illinois limited liability company, its sole member
			
		  	By:	 	Lennar Chicago, Inc., an Illinois corporation, its sole member
				
		  		 	By:	 	 /s/ Erik R. Higgins

		  		 	Name:	 	Erik R. Higgins
		  		 	Title:	 	Vice President

			
	U.S. HOME CORPORATION, a Delaware corporation
		
	By:	 	 /s/ Emile K. Haddad

	Name:	 	Emile K. Haddad
	Title:	 	Vice President

					
	U.S. HOME/KB NORTH DOUGLAS, LLC, a Delaware limited liability company
		
	By:	  	Lennar Renaissance, Inc., a California corporation, its sole member
			
		  	By:	 	 /s/ Emile K. Haddad

		  	Name:	 	Emile K. Haddad
		  	Title:	 	Vice President

			
	LENNAR RENO, LLC, a Nevada limited liability company
		
	By:	 	 /s/ Emile K. Haddad

	Name:	 	Emile K. Haddad
	Title:	 	Vice President

			
	LENNAR HOMES, LLC, a Florida limited liability company
		
	By:	 	 /s/ Emile K. Haddad

	Name:	 	Emile K. Haddad
	Title:	 	Vice President

					
	GREYSTONE NEVADA, LLC, a Nevada limited liability company
		
	By:	  	Lennar Pacific Properties Management, Inc., a Delaware corporation, its sole member
			
		  	By:	 	 /s/ Emile K. Haddad

		  	Name:	 	Emile K. Haddad
		  	Title:	 	Vice President

			
	LENNAR HOMES OF CALIFORNIA INC., a California corporation
		
	By:	 	 /s/ Emile K. Haddad

	Name:	 	Emile K. Haddad
	Title:	 	Vice President

			
	LENNAR RENAISSANCE, INC., a California corporation
		
	By:	 	 /s/ Emile K. Haddad

	Name:	 	Emile K. Haddad
	Title:	 	Vice President

			
	LENNAR CORPORATION, a Delaware Corporation
		
	By:	 	 /s/ Jonathan M. Jaffe

	Name:	 	Jonathan M. Jaffe
	Title:	 	Vice President

					
	MS RIALTO RESIDENTIAL HOLDINGS, LLC, a Delaware limited liability company
		
	By:	  	MSR Holding Company, LLC, a Delaware limited liability company, its sole member
			
		  	By:	 	 /s/ Michael Quinn

		  	Name:	 	Michael Quinn
		  	Title:	 	Authorized PersonForm of 2008 Outperformance Award Agreement

 Exhibit 10.1 
 BOSTON PROPERTIES, INC. 
 2008 OUTPERFORMANCE AWARD AGREEMENT 
 2008 OUTPERFORMANCE AWARD AGREEMENT made as of the date set forth on Schedule A hereto between BOSTON PROPERTIES, INC. a Delaware corporation (the
“Company”), its subsidiary BOSTON PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and the
party listed on Schedule A (the “Grantee”). 
 RECITALS 
 A. The Grantee is an employee of the Company or one of its affiliates and provides services to the Partnership. 
 B. The Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) approved this
and other 2008 outperformance (“OPP”) awards pursuant to the Second Amendment and Restatement of the Company’s 1997 Stock Option and Incentive Plan (as further amended, restated or supplemented from time to time, the
“1997 Plan”) and the Second Amended and Restated Agreement of Limited Partnership of the Partnership, as amended, restated and supplemented from time to time, to provide officers and key employees of the Company or its affiliates,
including the Grantee, in connection with their employment or other service relationship, with the incentive compensation described in this Award Agreement (this “Agreement”), and thereby provide additional incentive for them to
promote the progress and success of the business of the Company and its affiliates, including the Partnership. OPP awards were approved by the Committee pursuant to authority delegated to it by the Board as set forth in the Committee’s
charter, including authority to make grants of equity interests in the Partnership which may, under certain circumstances, become exchangeable for shares of the Company’s Common Stock reserved for issuance under the 1997 Plan, or any successor
equity plan (as any such plan may be amended, modified or supplemented from time to time, collectively the “Stock Plan”)). This Agreement evidences one (this “Award”) of a series of OPP awards and is subject to the
terms and conditions set forth herein and in the Partnership Agreement (as defined herein). 
 C. The Grantee was selected by the Committee
to receive this Award and the Committee, effective as of the grant date specified in Schedule A hereto, awarded to the Grantee the participation percentage in the Total Outperformance Pool (as defined herein) set forth in Schedule A.

 NOW, THEREFORE, the Company, the Partnership and the Grantee agree as follows: 
 1. Administration. This Award and all other OPP awards shall be administered by the Committee, which in the administration of OPP awards in general
and this Award in particular shall have all the powers and authority it has in the administration of the Stock Plan as set forth in the Stock Plan; provided that all powers of the Committee hereunder can be exercised by the full Board if the
Board so elects. 

 2. Definitions. Capitalized terms used herein without definitions shall have the meanings given to
those terms in the Stock Plan. In addition, as used herein: 
 “Absolute Baseline” means, as of the Valuation Date, an amount
representing (without double-counting) the sum of: (A) the Baseline Value multiplied by (i) the difference between (x) the Initial Shares and (y) all Buyback Shares repurchased or redeemed between the Effective Date and the
Valuation Date, multiplied by (ii) the sum of 100% plus the Target Absolute Return Percentage; plus (B) with respect to each Additional Share issued after the Effective Date, the product of (i) the Additional Share Baseline
Value of such Additional Share, multiplied by (ii) the sum of (x) 100% plus (y) the product of the Target Absolute Return Percentage multiplied by a fraction the numerator of which is the number of days from the issuance of such
Additional Share to and including February 5, 2011 (or the date of a Change of Control, if prior to February 5, 2011) and the denominator of which is the number of days from but excluding February 5, 2008 to and including
February 5, 2011 (or the date of a Change of Control, if prior to February 5, 2011); plus (C) with respect to each Buyback Share repurchased or redeemed after the Effective Date, the product of (i) the Baseline Value
multiplied by (ii) the sum of (x) 100% plus (y) the product of the Target Absolute Return Percentage multiplied by a fraction the numerator of which is the number of days from the Effective Date to and including the date such Buyback
Share was repurchased or redeemed and the denominator of which is the number of days from but excluding February 5, 2008 to and including February 5, 2011 (or the date of a Change of Control, if prior to February 5, 2011);
provided that if the Valuation Date occurs prior to February 5, 2011 as a result of a Change of Control, then for purposes of this definition in connection with the calculation of the Absolute TRS Pool as of the Valuation Date, then the
Target Absolute Return Percentage to be used in such calculation shall be reduced to 30% multiplied by the CoC Fraction. 
 “Absolute
TRS Pool” means, as of the Valuation Date, a dollar amount calculated as follows (or, if the resulting amount is a negative number, zero): (A) subtract the Absolute Baseline from the Total Return, in each case as of the Valuation Date,
and (B) multiply the resulting amount by three percent (3%); provided, however, that in no event shall the Absolute TRS Pool as of the Valuation Date exceed $110,000,000. 
 “Additional Share Baseline Value” means, with respect to each Additional Share, the gross proceeds received by the Company or the
Partnership upon the issuance of such Additional Share, which amount shall be deemed to equal, as applicable: (A) if such Additional Share is issued for cash in a public offering or private placement, the gross price to the public or to the
purchaser(s); (B) if such Additional Share is issued in exchange for assets or securities of another Person or upon the acquisition of another Person, the cash value imputed to such Additional Share for purposes of such transaction by the
parties thereto, as determined by the Committee, or, if no such value was imputed, the Common Stock Price as of the date of issuance of such Additional Share; and (C) if such Additional Share is issued upon conversion or exchange of 

  

 2 

 
equity or debt securities of the Company, the Partnership or any other Subsidiary, which securities were not previously counted as either Initial Shares or
Additional Shares, the conversion or exchange price in effect as of the date of conversion or exchange pursuant to the terms of the security being exchanged or converted. 
 “Additional Shares” means (without double-counting), as of a particular date of determination, the sum of (A) the number of shares of Common Stock plus (B) the REIT Shares Amount for
all Units (assuming that such Units were converted, exercised, exchanged or redeemed for Common Units as of such date of determination at the applicable conversion, exercise, exchange or redemption rate (or rate deemed applicable by the Committee if
there is no such stated rate) and such Common Units were then tendered to the Partnership for redemption pursuant to Section 8.6 of the Partnership Agreement as of such date) other than those Units held by the Company, in the case of each
(A) and (B), to the extent issued after the Effective Date and on or before such date of determination in a capital raising transaction, in exchange for assets or securities, or upon the acquisition of another entity, but specifically
excluding, without limitation, (i) shares of Common Stock issued after the Effective Date upon exercise of stock options or upon the exchange (directly or indirectly) of LTIP Units or other Units issued to employees, non-employee directors,
consultants, advisors or other persons or entities as incentive or other compensation, and (ii) shares of Common Stock awarded after the Effective Date to employees or other persons or entities in exchange for services provided or to be
provided to the Company or any of its affiliates. For the avoidance of doubt, the definition of “Additional Shares” shall exclude all Initial Shares. 
 “Adjustment Factor” means a factor carried out to the sixth decimal determined by a straight-line interpolation between (A) zero (0) if the Hurdle Rate is 21% or less, and (B) one
(1) if the Hurdle Rate is 30% or more; provided that if the proviso clause of the definition of “Hurdle Rate” applies, then in place of the range of 21% to 30% above, adjusted percentages calculated pursuant to
such clause shall instead be used in this definition of “Adjustment Factor.” 
 “Award Common Units” has the
meaning set forth in Section 7. 
 “Award LTIP Units” has the meaning set forth in Section 3.

 “Baseline Value” means $            ,
representing the average of the Fair Market Value of one share of Common Stock over the five (5) consecutive trading days ending on, and including, the Effective Date. 
 “Buyback Shares” means (without double-counting), as of a particular date of determination, (A) shares of Common Stock or
(B) the REIT Shares Amount for Units (assuming that such Units were converted, exercised, exchanged or redeemed for Common Units as of such date at the applicable conversion, exercise, exchange or redemption rate (or rate deemed applicable by
the Committee if there is no such stated rate) and such Common Units were then tendered to the Partnership for redemption pursuant to Section 8.6 of the Partnership Agreement as of such date), other than Units held by the Company, in the case
of each (A) and 

  

 3 

 
(B), to the extent repurchased by the Company after the Effective Date and on or before such date of determination in a stock buyback transaction or in a
redemption of Units for cash pursuant to Section 8.6 of the Partnership Agreement. 
 “Cause” for termination of the
Grantee’s Service Relationship for purposes of Section 4 means: (A) if the Grantee is a party to a Service Agreement immediately prior to such termination, and “Cause” is defined therein, then “Cause” shall
have the meaning set forth in such Service Agreement, or (B) if the Grantee is not party to a Service Agreement immediately prior to such termination or the Grantee’s Service Agreement does not define “Cause,” then
“Cause” shall mean: (i) gross negligence or willful misconduct by the Grantee in connection with the performance of his or her material duties as an employee of the Company or any Subsidiary; (ii) a breach by the Grantee of any
of his or her material duties as an employee of the Company or any Subsidiary and the failure of the Grantee to cure such breach within thirty (30) days after written notice thereof by the Company or any Subsidiary; (iii) conduct by the
Grantee against the material best interests of the Company or any Subsidiary or a material act of common law fraud against the Company, any Subsidiary or the employees of either the Company or any Subsidiary; or (iv) indictment of the Grantee
of a felony and such indictment has a material adverse effect on the interests or reputation of the Company or any Subsidiary. 
 “Change of Control” means, with respect to any event: (A) if the Grantee is party to a Service Agreement immediately prior to such event and “Change of Control” is defined therein, then “Change of
Control” shall have the meaning set forth in such Service Agreement, or (B) if the Grantee is not party to a Service Agreement immediately prior to such event and/or “Change of Control” is not defined therein, the occurrence of
any one of the following events: 
 (a) any “person,” as such term is used in Sections 13(d) and 14(d) of the
Exchange Act (other than the Company, any of its Subsidiaries, Mortimer B. Zuckerman, Edward H. Linde, any “affiliate” or “associate” (as such terms are defined in Rule 12b-2 under the Exchange Act) of Mortimer B. Zuckerman or
Edward H. Linde, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its Subsidiaries), together with all “affiliates” and “associates” (as such
terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
25 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Company’s Board of Directors (“Voting Securities”) (other than as a result of an
acquisition of securities directly from the Company); provided that for purposes of determining the “beneficial ownership” (as such term is defined in Rule 13d-3 under the Exchange Act) of any “group” of which Mortimer B.
Zuckerman, Edward H. Linde or any of their affiliates or associates is a member (each such entity or individual, a “Related Party”), there shall not be attributed to the “beneficial ownership” (as such term is defined in
Rule 13d-3 under the Exchange Act) of such group any shares beneficially owned by any Related Party; or 
  

 4 

 (b) persons who, as of the Effective Date, constitute the Company’s Board of
Directors (the “Incumbent Directors”) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Company’s Board of
Directors, provided that any person becoming a director of the Company subsequent to such date shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by either
(i) a vote of at least two-thirds of the Incumbent Directors or (ii) a vote of at least a majority of the Incumbent Directors who are members of the Nominating and Corporate Governance Committee; or 
 (c) the stockholders of the Company shall approve (i) any consolidation or merger of the Company where the stockholders of the
Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, “beneficially own” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares
representing in the aggregate 60 percent or more of the voting shares of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (ii) any sale, lease, exchange or other transfer
to an unrelated party (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (iii) any plan or proposal for the liquidation or
dissolution of the Company; or 
 (d) the stockholders of the Company or the general partner and/or limited partners of the
Partnership approve a liquidation or dissolution of the Company or the Partnership and all material contingencies to such liquidation or dissolution have been satisfied or waived. 
 “CoC Fraction” means the number of calendar days that have elapsed since the Effective Date to and including the date as of which a
Change of Control is consummated, divided by 1,096. 
 “Code” means the Internal Revenue Code of 1986, as amended.

 “Common Stock” means the Company’s common stock, par value $0.01 per share, either currently existing or authorized
hereafter. 
 “Common Stock Price” means, as of a particular date, the average of the Fair Market Value of one share of
Common Stock over the fifteen (15) consecutive trading days ending on, and including, such date (or, if such date is not a trading day, the most recent trading day immediately preceding such date); provided, however, that if such
date is the date upon which a Transactional Change of Control occurs, the Common Stock Price as of such date shall be equal to the fair value, as determined by the Committee, of the total consideration paid or payable in the transaction resulting in
the Transactional Change of Control for one share of Common Stock. 
 “Common Units” has the meaning set forth in the
Partnership Agreement. 
  

 5 

 “Continuous Service” means the continuous service to the Company or any Subsidiary or
affiliate, without interruption or termination, in any capacity of employee, or, with the written consent of the Committee, consultant. Continuous Service shall not be considered interrupted in the case of: (A) any approved leave of absence;
(B) transfers among the Company and any Subsidiary or affiliate, or any successor, in any capacity of employee, or with the written consent of the Committee, consultant; or (C) any change in status as long as the individual remains in the
service of the Company and any Subsidiary or affiliate in any capacity of employee or (if the Committee specifically agrees in writing that the Continuous Service is not uninterrupted) as a member of the Board or a consultant. An approved leave of
absence shall include sick leave, military leave, or any other authorized personal leave. 
 “Disability” means, with
respect to any event: (A) if the Grantee is a party to a Service Agreement immediately prior to such event and “disability” is defined therein, then “Disability” shall have the meaning set forth in such Service Agreement, or
(B) if the Grantee is not party to a Service Agreement immediately prior to such event and/or the Grantee’s “Disability” is not defined therein, then “Disability” shall mean that, as a result of the Grantee’s
incapacity due to physical or mental illness, the Grantee shall have been absent from his or her duties on a full-time basis for one hundred eighty (180) calendar days in the aggregate in any consecutive twelve (12) month period.

 “Effective Date” means the close of business on February 5, 2008. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means, as of any given date, the fair market value of a security determined by the Committee using any reasonable
method and in good faith (such determination will be made in a manner that satisfies Section 409A of the Code and in good-faith as required by Section 422(c)(1) of the Code); provided that (A) if such security is admitted to
trading on a national securities exchange, the fair market value of such security on any date shall be the closing sale price reported for such security on the principal stock exchange or, if applicable, any other national exchange on which the
security is traded or admitted to trading on such date on which a sale was reported; and (B) if such security is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) or a
successor quotation system, the fair market value of such security on any such date shall be the average of the highest bid and lowest asked prices for such security on the system on such date on which both the bid and asked prices were reported.

 “Family Member” has the meaning set forth in Section 7. 
 “Good Reason” for termination of the Grantee’s Service Relationship for purposes of Section 4 means: (A) if the
Grantee is a party to a Service Agreement immediately prior to such termination, and “good reason” is defined therein, then “Good Reason” shall have the meaning set forth in such Service Agreement, or (B) if the Grantee is
not party to a Service Agreement immediately prior to such termination and/or the Grantee’s Service Agreement does not define “Good Reason”: (i) a substantial adverse change, not consented to by the Grantee, in the nature 

  

 6 

 
or scope of the Grantee’s responsibilities, authorities, powers, functions, or duties from the responsibilities, authorities, powers, functions or
duties exercised by the Grantee immediately prior to a Change of Control; (ii) a breach by the Company of any of its material obligations hereunder; or (iii) a material change in the geographic location at which the Grantee must perform
his or her services. Unless otherwise provided in a Service Agreement to which the Grantee is a party immediately prior to such termination, to constitute “good reason termination,” the Grantee must: (1) provide written notice to the
Company within ninety (90) days of the initial existence of the event constituting “Good Reason;” (2) may not terminate his or her employment unless the Company fails to remedy the event constituting “Good Reason”
within thirty (30) days after such notice has been deemed given pursuant to this Agreement; and (3) the Grantee must terminate employment with the Company no later than thirty (30) days after the end of the thirty-day period in which
the Company fails to remedy the event constituting “Good Reason.” 
 “Hurdle Rate” means a percentage consisting
of the Company’s TRS Percentage over the period starting on the Effective Date and ending on the Valuation Date; provided that if the Valuation Date occurs prior to February 5, 2011 as a result of a Change of Control, then for
purposes of determining the Adjustment Factor to be used in calculating the Relative TRS Pool as of the Valuation Date, the Hurdle Rate shall instead be the Company’s TRS Percentage over the period starting on the Effective Date and ending on
the date of the Change of Control divided by the CoC Fraction. 
 “Index Return Percentage” means, for any period, the total
percentage return for the SNL Equity REIT Index from the start of such period to the end of such period, as calculated by a consultant engaged by the Committee and as approved by the Committee in its reasonable discretion for purposes of calculating
the Relative Baseline. 
 “Initial Shares” means
                     shares of Common Stock, which includes the sum of
(A)              shares of Common Stock outstanding as of the Effective Date (including restricted shares of Common Stock issued under the 1997 Plan prior to the Effective Date,
regardless of whether they were vested or unvested as of the Effective Date), plus (B)              shares of Common Stock representing the REIT Shares Amount for all of
the Common Units (other than those held by the Company) outstanding as of the Effective Date assuming that all of such Common Units were tendered to the Partnership for redemption pursuant to Section 8.6 of the Partnership Agreement as of such
date, plus (C)              shares of Common Stock representing the REIT Shares Amount for all of the Common Units into which all LTIP Units outstanding as of the
Effective Date could be converted (without regard to the book capital account associated with such LTIP Units as of the Effective Date and regardless of whether they were vested or unvested as of the Effective Date, but excluding all LTIP Units
issued as part of OPP awards), assuming that all of such Common Units were tendered to the Partnership for redemption pursuant to Section 8.6 of the Partnership Agreement as of such date. For the avoidance of doubt, Initial Shares excludes
shares of Common Stock issuable upon exercise of stock options.  
 “LTIP Units” means LTIP Units, as such term is
defined in the Partnership Agreement. 
  

 7 

 “Maximum Total Outperformance Pool Amount” means $110,000,000. 
 “Partial Service Factor” means a factor carried out to the sixth decimal to be used in calculating the Total OPP Unit Equivalent
pursuant to Section 4(b) hereof in the event of a Qualified Termination of the Grantee’s Continuous Service prior to the Valuation Date, determined by dividing the number of calendar days that have elapsed since the Effective Date
to and including the date of the Grantee’s Qualified Termination by 1,096. 
 “Participation Percentage” means, as of a
particular date of determination, the percentage set forth opposite such term on Schedule A hereto. 
 “Partnership
Agreement” means the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of June 29, 1998, among the Company, as general partner, and the limited partners who are parties thereto, as amended,
restated or supplemented from time to time. 
 “Person” means an individual, corporation, partnership, limited liability
company, joint venture, association, trust, unincorporated organization, other entity or “group” (as defined in the Exchange Act). 
 “Per Unit Purchase Price” has the meaning set forth in Section 5. 
 “Qualified
Termination” has the meaning set forth in Section 4(b). 
 “REIT Shares Amount” has the meaning set
forth in the Partnership Agreement. 
 “Relative Baseline” means, as of the Valuation Date, an amount representing (without
double-counting) the sum of: (A) the Baseline Value multiplied by (i) the difference between (x) the Initial Shares and (y) all Buyback Shares repurchased or redeemed between the Effective Date and the Valuation Date, multiplied
by (ii) the sum of 100% plus the Index Return Percentage for the period beginning on the Effective Date and ending on the Valuation Date; plus (B) with respect to each Additional Share issued after the Effective Date, the product of
(i) the Additional Share Baseline Value of such Additional Share, multiplied by (ii) the sum of 100% plus the Index Return Percentage for the period beginning on the date of issuance of such Additional Share and ending on February 5,
2011 (or the date of a Change of Control, if prior to February 5, 2011); plus (C) with respect to each Buyback Share repurchased or redeemed after the Effective Date, the product of (i) the Baseline Value multiplied by
(ii) the sum of 100% plus the Index Return Percentage for the period beginning on the Effective Date and ending on the date such Buyback Share was repurchased or redeemed. 
 “Relative TRS Pool” means, as of the Valuation Date, a dollar amount (which can be positive or negative) calculated as follows:
(A) subtract the Relative Baseline from the Total 

  

 8 

 
Return, in each case as of the Valuation Date, (B) multiply the resulting amount by three percent (3%), and (C) multiply the lesser of (i) the
resulting amount or (ii) $110,000,000 by the Adjustment Factor. 
 “Retirement” means: (A) if the Grantee is a
party to a Service Agreement immediately prior to such event, and “Retirement” is defined therein, then “Retirement” shall have the meaning set forth in such Service Agreement, or (B) if the Grantee is not party to a Service
Agreement immediately prior to such event and/or the Grantee’s Service Agreement does not define “Retirement,” then “Retirement” shall mean the Grantee’s termination of employment with the Company and its Subsidiaries
after attainment of age 65, or attainment of age 62 and completion of twenty (20) years of employment with the Company and/or a Subsidiary. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Service Agreement” means, as of
a particular date, any employment, consulting or similar service agreement then in effect between the Grantee, on the one hand, and the Company or one of its Subsidiaries, on the other hand, as amended or supplemented through such date. 

“SNL Equity REIT Index” means the SNL Equity REIT Index as published from time to time (or a successor index including a comparable
universe of publicly traded U.S. real estate investment trusts (“REITs”)), provided that if (A) the SNL Equity REIT Index ceases to exist or be published prior to the Valuation Date and the Committee determines that there is no
successor to such index or (B) the Committee reasonably determines that the SNL Equity REIT Index is no longer suitable for the purposes of this Agreement, then the Committee in its good faith reasonable discretion shall select for subsequent
periods, or if the Committee in its reasonable good faith discretion so determines, for the entire period from the Effective Date to the Valuation Date, a comparable index for purposes of calculating the Relative Baseline. 
 “Subsidiary” has the meaning set forth in the Stock Plan. 
 “Target Absolute Return Percentage” means 30%, except as otherwise defined for purposes of the definition of Absolute Baseline in certain circumstances, as described in the proviso
clause of such definition. 
 “Total Outperformance Pool” means, as of the Valuation Date, a dollar amount equal to the
algebraic sum of: (A) the Absolute TRS Pool, and (B) the Relative TRS Pool (whether the latter amount is positive or negative); provided that (i) if the resulting amount is a negative number, then the Total Outperformance Pool
shall be zero, and (ii) in no event shall the Total Outperformance Pool exceed the Maximum Total Outperformance Pool Amount. 
 “Total Return” means (without double-counting), as of a particular date of determination, a dollar amount equal to the sum of: (A) the Total Shares as of such date of determination multiplied by the Common Stock Price
as of such date, plus (B) an amount equal to the sum of the total dividends and other distributions declared between the Effective Date and such date of determination so long as the “ex-dividend” date with respect thereto falls
prior to such date of 

  

 9 

 
determination (excluding dividends and distributions paid in the form of additional shares of Common Stock or Units), in respect of the Total Shares as of
such date of determination (it being understood, for the avoidance of doubt, that such total dividends and distributions shall be calculated by reference to actual securities outstanding as of each record date with respect to each applicable
dividend or distribution payment date, and not by multiplying the aggregate amount of distributions paid on one Common Unit that was outstanding as of the Effective Date between the Effective Date and such date of determination by the number of
Total Shares as of the date of determination). 
 “Total Shares” means (without double-counting), as of a particular date of
determination, the algebraic sum of: (A) the Initial Shares, plus (B) the Additional Shares as of such date of determination, minus (C) all Buyback Shares repurchased or redeemed between the Effective Date and such date
of determination. 
 “Total OPP Unit Equivalent” has the meaning set forth in Section 3(c). 
 “Transactional Change of Control” means (A) a Change of Control described in clause (a) of the definition thereof where the
“person” or “group” makes a tender offer for Common Stock, (B) a Change of Control described in clause (c)(i) of the definition thereof where the Company is not the surviving entity, or (C) a Change of Control described
in clause (c)(ii) of the definition thereof; provided that if the applicable definition of “Change of Control” in the applicable Service Agreement pursuant to clause (A) of the definition of “Change of Control” herein
does not track such clauses (a), (c)(i) or (c)(ii), then the term “Transactional Change of Control” shall mean a Change of Control meeting the substantive criteria set forth in such clauses, as reasonably determined in good faith by the
Committee. 
 “Transfer” has the meaning set forth in Section 7. 
 “TRS Percentage” means, with respect to the Company, the cumulative total percentage return per share achieved by one share of the
Company’s Common Stock from the Effective Date to the Valuation Date, assuming contemporaneous reinvestment in Common Stock of all dividends and other distributions, as calculated by a consultant engaged by the Committee using: (A) as the
initial value, the Baseline Value, and (B) as the final value, the Common Stock Price as of the Valuation Date, which calculation shall be approved by the Committee in its reasonable discretion for purposes of calculating the Relative TRS Pool.

 “Units” means all Common Units and other Partnership Units (as defined in the Partnership Agreement) with economic
attributes substantially similar to Common Units as determined by the Committee. 
 “Valuation Date” means the earlier of
(A) February 5, 2011, or (B) the date upon which a Change of Control shall occur. 
  

 10 

 3. Outperformance Award. 
 (a) The Grantee is hereby granted this Award, consisting of the number of LTIP Units set forth on Schedule A hereto (the
“Award LTIP Units”), which (i) will be subject to forfeiture to the extent provided in this Section 3 and (ii) will be subject to vesting as provided in Section 3(d) and Section 4
hereof. At any time prior to or in connection with the calculation of the Total OPP Unit Equivalent, the Partnership may issue additional LTIP Units to the Grantee as provided in Section 3 hereof that shall also be considered Award LTIP
Units and subject to all of the terms and conditions of this Agreement; provided that such issuance will be subject to the Grantee executing and delivering such documents, comparable to the documents executed and delivered in connection with
this Agreement, as the Company and/or the Partnership reasonably request in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws, and the Grantee paying the Per Unit Purchase Price
for each such additional LTIP Unit issued on or before the issuance date. 
 (b) The Award LTIP Units shall be eligible for
vesting over a five-year period, except as otherwise provided in Section 4 hereof, based on a combination of (i) the Company’s performance over a three-year period (or a shorter period in certain circumstances as provided
herein) as indicated by the calculations required to establish the Absolute TRS Pool and the Relative TRS Pool and (ii) the passage of time (five years or a shorter period in certain circumstances as provided herein) as provided in
Section 3(d). Vesting will occur at the times, in the amounts and upon the conditions set forth in this Section 3 and in Section 4, provided that, except as otherwise expressly set forth in this Agreement,
the Continuous Service of the Grantee continues through and on the each applicable vesting date. 
 (c) As soon as practicable
following the Valuation Date, but as of the Valuation Date, the Committee will: 
 (i) determine the Absolute TRS Pool;

 (ii) determine the Relative TRS Pool; 
 (iii) determine the Total Outperformance Pool; 
 (iv) multiply the Total Outperformance Pool by the Grantee’s Participation Percentage; and 
 (v) divide the resulting dollar amount by the Common Stock Price calculated as of the Valuation Date (appropriately adjusted to the
extent that the “Conversion Factor” (as defined in the Partnership Agreement) is greater or less than 1.0); the resulting number is hereafter referred to as the “Total OPP Unit Equivalent.” 
 Exhibit A hereto sets forth a hypothetical example of the calculation of the Absolute TRS Pool, the Relative TRS Pool and the Total Outperformance
Pool based on factual 

  

 11 

 
assumptions as of the date of this Agreement. For the avoidance of doubt, Exhibit A is merely illustrative and will not control the determination of
the Total OPP Unit Equivalent as of the Valuation Date. If the Total OPP Unit Equivalent is smaller than the number of Award LTIP Units previously issued to the Grantee, then the Grantee, as of the Valuation Date, shall forfeit a number of Award
LTIP Units equal to the difference without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5 hereof; thereafter the term Award LTIP Units will refer only to the Award LTIP Units that
were not so forfeited and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in the LTIP Units that were so forfeited. If the Total OPP Unit
Equivalent is greater than the number of Award LTIP Units previously issued to the Grantee, then, upon the performance of the calculations set forth in this Section 3(c): (A) the Company shall cause the Partnership to issue to the
Grantee, as of the Valuation Date, a number of additional LTIP Units equal to the difference; (B) such additional LTIP Units shall be added to the Award LTIP Units previously issued, if any, and thereby become part of this Award; (C) the
Company and the Partnership shall take such corporate and partnership action as is necessary to accomplish the grant of such additional LTIP Units; and (D) thereafter the term Award LTIP Units will refer collectively to the Award LTIP Units, if
any, issued prior to such additional grant plus such additional LTIP Units; provided that such issuance will be subject to the Grantee executing and delivering such documents, comparable to the documents executed and delivered in connection
with this Agreement, as the Company and/or the Partnership reasonably request in order to comply with all applicable legal requirements, including, without limitation, federal and state securities laws, and the Grantee paying the Per Unit Purchase
Price for each such additional LTIP Unit issued on or before the issuance date. If the Total OPP Unit Equivalent is the same as the number of Award LTIP Units previously issued to the Grantee, then there will be no change to the number of Award LTIP
Units under this Award pursuant to this Section 3. 
 (d) If any of the Award LTIP Units have been earned based on
performance as provided in Section 3(c), subject to Section 4 hereof the Total OPP Unit Equivalent shall become vested in the following amounts and at the following times, provided that the Continuous Service of the
Grantee continues through and on the applicable vesting date or the accelerated vesting date provided in Section 4 hereof, as applicable: 
 (i) twenty-five percent (25%) of the Total OPP Unit Equivalent shall become vested on February 5, 2011; 
 (ii) twenty-five percent (25%) of the Total OPP Unit Equivalent shall become vested on February 5, 2012; and 
 (iii) fifty percent (50%) of the Total OPP Unit Equivalent shall become vested on February 5, 2013. 
  

 12 

 To the extent that Schedule A provides for amounts or schedules of vesting that conflict with the
provisions of this Section 3(d), the provisions of Schedule A will govern. 
 (e) Any Award LTIP Units that
do not become vested pursuant to Section 3(d) or Section 4 hereof shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5 hereof, automatically and
without notice be forfeited and be and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP
Units. 
 4. Termination of Grantee’s Service Relationship; Death and Disability; Change of Control. 
 (a) If the Grantee is a party to a Service Agreement and ceases to be an employee of the Company or any of its affiliates, the provisions
of Sections 4(b) through 4(h) hereof shall govern the treatment of the Grantee’s Award LTIP Units exclusively, unless the Service Agreement contains provisions that expressly refer to this Section 4(a) and provides
that those provisions of the Service Agreement shall instead govern the treatment of the Grantee’s Award LTIP Units. The foregoing sentence will be deemed an amendment to any applicable Service Agreement to the extent required to apply its
terms consistently with this Section 4, such that, by way of illustration, any provisions of the Service Agreement with respect to accelerated vesting or payout or the lapse of forfeiture restrictions relating to the Grantee’s
incentive or other compensation awards in the event of certain types of terminations of the Grantee’s service relationship with the Company (such as, for example, termination at the end of the term, termination without Cause by the employer or
termination for Good Reason by the employee) shall not be interpreted as requiring that any calculations set forth in Section 3 hereof be performed or vesting occur with respect to this Award other than as specifically provided in this
Section 4. In the event an entity ceases to be a Subsidiary or affiliate of the Company, such action shall be deemed to be a termination of employment of all employees of that entity for purposes of this Agreement, provided that
the Committee or the Board, in its sole and absolute discretion, may make provision in such circumstances for lapse of forfeiture restrictions and/or accelerated vesting of some or all of the Grantee’s remaining unvested Award LTIP Units that
have not previously been forfeited, effective immediately prior to such event. If a Change of Control occurs, Section 4(h) hereof shall govern the treatment of the Grantee’s Award LTIP Units exclusively notwithstanding the
provisions of Section 18(a) of the 1997 Plan. 
 (b) In the event of termination of the Grantee’s Continuous Service
by (A) the Company without Cause, (B) the Grantee for Good Reason, or (C) the Grantee upon Retirement (each a “Qualified Termination”) prior to the Valuation Date, the Grantee will not forfeit the Award LTIP Units
upon such termination, but the following provisions of this Section 4(b) shall modify the determination and vesting of the Total OPP Unit Equivalent for the Grantee: 
 (i) the calculations provided in Section 3(c) hereof shall be performed as of the Valuation Date as if the Qualified
Termination had not occurred; 
  

 13 

 (ii) the Total OPP Unit Equivalent calculated pursuant to Section 3(c) shall
be multiplied by the Partial Service Factor (with the resulting number being rounded to the nearest whole LTIP Unit or, in the case of 0.5 of a unit, up to the next whole unit), and such adjusted number of LTIP Units shall be deemed the
Grantee’s Total OPP Unit Equivalent for all purposes under this Agreement; 
 (iii) the Grantee’s Total OPP Unit
Equivalent as adjusted pursuant to Section 4(c)(ii) above shall no longer be subject to forfeiture pursuant to Section 3(d) hereof; provided that, notwithstanding that no Continuous Service requirement pursuant to
Section 3(d) hereof will apply to the Grantee after the effective date of a Qualified Termination, the Grantee will not have the right to Transfer (as defined in Section 7 hereof) his or her Award LTIP Units or request
redemption of his or her Award Common Units under the Partnership Agreement until such dates as of which his or her Total OPP Unit Equivalent, as adjusted pursuant to Section 4(b)(ii) above, would have become vested pursuant to
Section 3(d) absent a Qualified termination. For the avoidance of doubt, the purpose of this Section 4(b)(iii) is to prevent a situation where grantees of OPP awards who have had a Qualified Termination would be able to
realize the value of their Award LTIP Units or Award Common Units (through Transfer or redemption) before other grantees of OPP awards whose Continuous Service continues through the applicable vesting dates set forth in Section 3(d)
hereof. 
 (c) In the event of Qualified Termination after the Valuation Date, all unvested Award LTIP Units that have not
previously been forfeited pursuant to the calculations set forth in Section 3(c) hereof shall no longer be subject to forfeiture pursuant to Section 3(d) hereof; provided that, notwithstanding that no Continuous
Service requirement pursuant to Section 3(d) hereof will apply to the Grantee after the effective date of a Qualified Termination, the Grantee will not have the right to Transfer (as defined in Section 7 hereof) his or her
Award LTIP Units or request redemption of his or her Award Common Units under the Partnership Agreement until such dates as of which his or her Total OPP Unit Equivalent would have become vested pursuant to Section 3(d) absent a
Qualified termination. For the avoidance of doubt, the purpose of this Section 4(c) is to prevent a situation where grantees of OPP awards who have had a Qualified Termination would be able to realize the value of their Award LTIP Units
or Award Common Units (through Transfer or redemption) before other grantees of OPP awards whose Continuous Service continues through the applicable vesting dates set forth in Section 3(d) hereof. 
 (d) Notwithstanding the foregoing, in the event any payment to be made hereunder after giving effect to this Section 4 is
determined to constitute “nonqualified deferred compensation” subject to Section 409A of the Code, then, to the extent the Grantee 

  

 14 

 
is a “specified employee” under Section 409A of the Code subject to the six-month delay thereunder, any such payments to be made during the
six-month period commencing on the Grantee’s “separation from service” (as defined in Section 409A of the Code) shall be delayed until the expiration of such six-month period. 
 (e) In the event of a termination of the Grantee’s Continuous Service as a result of his or her death or Disability prior to the
Valuation Date, the Grantee will not forfeit the Award LTIP Units, but the following provisions of this Section 4(e) shall apply: 
 (i) the calculations provided in Section 3(c) hereof shall be performed as of the Valuation Date as if the Grantee’s death or Disability had not occurred; and 
 (ii) 100% of the Grantee’s Total OPP Unit Equivalent shall automatically and immediately vest as of the Valuation Date. 

(f) In the event of a termination of the Grantee’s Continuous Service as a result of his or her death or Disability after the
Valuation Date, all unvested Award LTIP Units that have not previously been forfeited pursuant to Section 3(c) hereof shall vest immediately and automatically upon the Grantee’s death or Disability. 
 (g) In the event of a termination of the Grantee’s Continuous Service Relationship other than a Qualified Termination or by reason of
death or Disability, all Award LTIP Units except for those that, as of the date at such termination, both (i) have ceased to be subject to forfeiture pursuant to Section 3(c) hereof and (ii) are vested pursuant to
Section 3(d) hereof shall, without payment of any consideration by the Partnership other than as provided in the last sentence of Section 5 hereof, automatically and without notice terminate, be forfeited and be and become
null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Award LTIP Units. 
 (h) If the calculations provided in Section 3(c) hereof are triggered by a Change of Control, 100% of the Grantee’s
Total OPP Unit Equivalent shall vest immediately and automatically as of the Valuation Date. If the Valuation Date occurs prior to the occurrence of a Change of Control, all unvested Award LTIP Units that have not previously been forfeited pursuant
to the calculations set forth in Section 3(c) hereof shall vest immediately and automatically upon the occurrence of the Change of Control. 
 5. Payments by Award Recipients. The Grantee shall have no rights with respect to this Agreement (and the Award evidenced hereby) unless he or she shall have accepted this Agreement prior to the close of
business on the Final Acceptance Date set forth on Schedule A hereto by (a) making a contribution to the capital of the Partnership by certified or bank check or other instrument acceptable to the Committee (as defined in the Plan), of
$0.25 (the “Per Unit Purchase Price”), multiplied by the number of LTIP Units to be issued to the Grantee as part of this Award, (b) signing and delivering to the Partnership a copy of this Agreement and (c) unless 

  

 15 

 
the Grantee is already a Limited Partner (as defined in the Partnership Agreement), signing, as a Limited Partner, and delivering to the Partnership a
counterpart signature page to the Partnership Agreement (attached hereto as Exhibit B). The Per Unit Purchase Price paid by the Grantee shall be deemed a contribution to the capital of the Partnership upon the terms and conditions set forth
herein and in the Partnership Agreement. Upon acceptance of this Agreement by the Grantee, the Partnership Agreement shall be amended to reflect the issuance to the Grantee of the LTIP Units so accepted. Thereupon, the Grantee shall have all the
rights of a Limited Partner of the Partnership with respect to the number of LTIP Units specified on Schedule A hereto, as set forth in the Partnership Agreement, subject, however, to the restrictions and conditions specified herein. Award
LTIP Units constitute and shall be treated for all purposes as the property of the Grantee, subject to the terms of this Agreement and the Partnership Agreement. In the event of the forfeiture of the Grantee’s Award LTIP Units pursuant to this
Agreement, the Partnership will pay the Grantee an amount equal to the Per Unit Purchase Price multiplied by the number of Award LTIP Units so forfeited. 
 6. Distributions. 
 (a) The holder of the Award LTIP Units shall be entitled to
receive distributions with respect to such Award LTIP Units to the extent provided for in the Partnership Agreement, as modified hereby. 
 (b) The LTIP Unit Distribution Participation Date (as defined in the Partnership Agreement) for the Award LTIP Units shall be the Valuation Date; provided that prior to such date Award LTIP Units shall be
entitled to a percentage of Common Unit Distributions (as defined in the Partnership Agreement) equal to the following: 
 (i) the LTIP Unit Initial Regular Sharing Percentage (as defined in the Partnership Agreement) (i.e. 10%) of regular periodic distributions; and 
 (ii) the LTIP Unit Initial Special Sharing Percentage (as defined in the Partnership Agreement) (i.e. 0%) of special distributions
and other distributions made other than in the ordinary course. 
 For the avoidance of doubt, after the Valuation Date Award LTIP Units, both
vested and (until and unless forfeited pursuant to Section 3(e) or Section 4(g)) unvested, shall be entitled to receive the same distributions payable with respect to Common Units if the payment date for such distributions is
after the Valuation Date, even though the record date for such distributions is before the Valuation Date. 
 (c) All
distributions paid with respect to Award LTIP Units, both before and after the Valuation Date, shall be fully vested and non-forfeitable when paid, whether or not the underlying LTIP Units have been earned based on performance or have become vested
based on the passage of time as provided in Section 3 or Section 4 hereof. 
  

 16 

 7. Restrictions on Transfer. 
 (a) Except as otherwise permitted by the Committee in its sole discretion, none of the Award LTIP Units granted hereunder nor any of the
Common Units of the Partnership into which such Award LTIP Units may be converted (the “Award Common Units”) shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, encumbered,
whether voluntarily or by operation of law (each such action a “Transfer”); provided that vested Award LTIP Units or Award Common Units that have been held for a period of at least two (2) years beginning on the
Effective Date may be Transferred to the Grantee’s Family Members (as defined below) by gift or domestic relations order; and provided further that the transferee agrees in writing with the Company and the Partnership to be bound
by all the terms and conditions of this Agreement and that subsequent transfers shall be prohibited except those in accordance with this Section 7. Additionally, all Transfers of Award LTIP Units or Award Common Units must be in
compliance with all applicable securities laws (including, without limitation, the Securities Act) and the applicable terms and conditions of the Partnership Agreement. In connection with any Transfer of Award LTIP Units or Award Common Units, the
Partnership may require the Grantee to provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted
Transfer of Award LTIP Units or Award Common Units not in accordance with the terms and conditions of this Section 7 shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any Award
LTIP Units or Award Common Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of any Award LTIP Units or Award Common Units. Except as provided in
this Section 7, this Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 
 (b) For purposes of this Agreement, “Family Member” of a Grantee, means the Grantee’s child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Grantee’s
household (other than a tenant of the Grantee), a trust in which these persons (or the Grantee) own more than 50 percent of the beneficial interest, and a partnership or limited liability company in which these persons (or the Grantee) own more than
50 percent of the voting interests. 
 8. Changes in Capital Structure. If (i) the Company shall at any time be involved in a
merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or other transaction similar thereto, (ii) any reorganization, recapitalization,
reclassification, stock dividend, stock split, reverse stock split, significant repurchases of stock, or other similar change in the capital stock of the Company or any other event that constitutes a change in stock under the terms of the Stock Plan

  

 17 

 
shall occur, (iii) any cash dividend or other distribution to holders of share of Common Stock or Common Units shall be declared and paid other than in
the ordinary course, or (iv) any other extraordinary corporate event shall occur that in each case in the good faith judgment of the Committee necessitates action by way of equitable or proportionate adjustment in the terms of this Agreement or
the LTIP Units to avoid distortion in the value of this Award, then the Committee shall make equitable or proportionate adjustment and take such other action as it deems necessary to maintain the Grantee’s rights hereunder so that they are
substantially proportionate to the rights existing under this Award and the terms of the LTIP Units prior to such event, including, without limitation: (A) interpretations of or modifications to any defined term in this Agreement;
(B) adjustments in any calculations provided for in this Agreement, and (C) substitution of other awards under the Stock Plan or otherwise. All adjustments made by the Committee shall be final, binding and conclusive. 
 9. Miscellaneous. 
 (a) Amendments. This Agreement may be amended or modified only with the consent of the Company and the Partnership acting through the Committee; provided that any such amendment or modification materially and adversely
affecting the rights of the Grantee hereunder must be consented to by the Grantee to be effective as against him or her. Notwithstanding the foregoing, this Agreement may be amended in writing signed only by the Company and the Partnership to
correct any errors or ambiguities in this Agreement and/or to make such changes that do not materially adversely affect the Grantee’s rights hereunder. This grant shall in no way affect the Grantee’s participation or benefits under any
other plan or benefit program maintained or provided by the Company or the Partnership. 
 (b) Incorporation of Stock Plan;
Committee Determinations. The provisions of the Stock Plan are hereby incorporated by reference as if set forth herein. In the event of a conflict between this Agreement and the Stock Plan, the Stock Plan shall govern. The Committee will make
the determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications. In the event of a Change of Control, the
Committee will make such determinations within a period of time that enables the Company to make any payments due hereunder not later than the date of consummation of the Change of Control. 
 (c) Status of LTIP Units; Stock Plan Matters. This Award and the other OPP awards constitute incentive compensation awards by the
Company under the Plan and by the Partnership. The Award LTIP Units are equity interests in the Partnership. The number of shares of Common Stock reserved for issuance under the Stock Plan underlying outstanding Award LTIP Units will be determined
by the Committee in light of all applicable circumstances, including calculations made or to be made under Section 3 hereof, vesting, capital account allocations and/or balances under the Partnership Agreement, the conversion ratio in effect
between LTIP Units and Common Units and the exchange ratio in effect 

  

 18 

 
between Common Units and shares of Common Stock. The Company will have the right at its option, as set forth in the Partnership Agreement, to issue shares of
Common Stock in exchange for Award Common Units in accordance with the Partnership Agreement, subject to certain limitations set forth in the Partnership Agreement, and such shares of Common Stock, if issued, will be issued under the Stock Plan. The
Grantee acknowledges that the Grantee will have no right to approve or disapprove such determination by the Committee. 
 (d)
Legend. The records of the Partnership evidencing the Award LTIP Units shall bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth
herein and in the Partnership Agreement. 
 (e) Compliance With Law. The Partnership and the Grantee will make
reasonable efforts to comply with all applicable securities laws. In addition, notwithstanding any provision of this Agreement to the contrary, no LTIP Units will become vested or be paid at a time that such vesting or payment would result in a
violation of any such law. 
 (f) Grantee Representations; Registration. 
 (i) The Grantee hereby represents and warrants that (A) he or she understands that he or she is responsible for consulting his or
her own tax advisor with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of this Award may become subject, to his or her
particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the
Grantee provides services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the Partnership, as the Grantee believes to be
necessary and appropriate to make an informed decision to accept this Award; (D) Award LTIP Units are subject to substantial risks; (E) the Grantee has been furnished with, and has reviewed and understands, information relating to this
Award; (F) the Grantee has been afforded the opportunity to obtain such additional information as he or she deemed necessary before accepting this Award; and (G) the Grantee has had an opportunity to ask questions of representatives of the
Partnership and the Company, or persons acting on their behalf, concerning this Award. 
 (ii) The Grantee hereby
acknowledges that: (A) there is no public market for Award LTIP Units or Award Common Units and neither the Partnership nor the Company has any obligation or intention to create such a market; (B) sales of Award LTIP Units and Award Common
Units are subject to restrictions under the Securities Act and applicable state securities laws; (C) because of the restrictions on transfer or assignment of Award LTIP Units and 

  

 19 

 
Award Common Units set forth in the Partnership Agreement and in this Agreement, the Grantee may have to bear the economic risk of his or her ownership of
the LTIP Units covered by this Award for an indefinite period of time; (D) shares of Common Stock issued under the Stock Plan in exchange for Award Common Units, if any, are expected to be covered by a Registration Statement on Form S-8 (or a
successor form under applicable rules and regulations of the Securities and Exchange Commission) under the Securities Act, to the extent that the Grantee is eligible to receive such shares under the Stock Plan at the time of such issuance and such
registration Statement is then effective under the Securities Act; (E) resales of shares of Common Stock issued under the Stock Plan in exchange for Award Common Units, if any, shall only be made in compliance with all applicable restrictions
(including in certain cases “blackout periods” forbidding sales of Company securities) set forth in the then applicable Company employee manual or insider trading policy and in compliance with the registration requirements of the
Securities Act or pursuant to an applicable exemption therefrom. 
 (g) Section 83(b) Election. In connection with
each separate issuance of LTIP Units under this Award pursuant to Section 3 hereof, the Grantee hereby agrees to make an election to include in gross income in the year of transfer the applicable Award LTIP Units pursuant to
Section 83(b) of the Code substantially in the form attached hereto as Exhibit C and to supply the necessary information in accordance with the regulations promulgated thereunder. The Grantee agrees to file such election (or to permit
the Partnership to file such election on the Grantee’s behalf) within thirty (30) days after the Effective Date with the IRS Service Center where the Grantee files his or her personal income tax returns, and to file a copy of such election
with the Grantee’s U.S. federal income tax return for the taxable year in which the LTIP Units are awarded to the Grantee. So long as the Grantee holds any Award LTIP Units, the Grantee shall disclose to the Partnership in writing such
information as may be reasonably requested with respect to ownership of LTIP Units as the Partnership may deem reasonably necessary to ascertain and to establish compliance with provisions of the Code applicable to the Partnership or to comply with
requirements of any other appropriate taxing authority. 
 (h) Severability. If, for any reason, any provision of this
Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of
this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent
consistent with law continue in full force and effect. 
 (i) Governing Law. This Agreement is made under, and will be
construed in accordance with, the laws of State of Delaware, without giving effect to the principles of conflict of laws of such state. 
  

 20 

 (j) No Obligation to Continue Position as an Employee, Consultant or Advisor.
Neither the Company nor any affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this Agreement shall not interfere in any way with the right of the Company or any
affiliate to terminate the Grantee’s service relationship at any time. 
 (k) Notices. Any notice to be given to
the Company shall be addressed to the Secretary of the Company at Prudential Center, 800 Boylston Street, Suite 1900, Boston MA 02199 and any notice to be given the Grantee shall be addressed to the Grantee at the Grantee’s address as it
appears on the employment records of the Company, or at such other address as the Company or the Grantee may hereafter designate in writing to the other. 
 (l) Withholding and Taxes. No later than the date as of which an amount first becomes includible in the gross income of the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act
withholding with respect to this Award, the Grantee will pay to the Company or, if appropriate, any of its affiliates, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign
taxes of any kind required by law to be withheld with respect to such amount; provided, however, that if any Award LTIP Units or Award Common Units are withheld (or returned), the number of Award LTIP Units or Award Common Units so
withheld (or returned) shall be limited to the number which have a fair market value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign
income tax and payroll tax purposes that are applicable to such supplemental taxable income. The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company and its affiliates shall, to the
extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee. 
 (m)
Headings. The headings of paragraphs hereof are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
 (n) Counterparts. This Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties
had signed the same document. All counterparts shall be construed together and constitute the same instrument. 
 (o)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and any successors to the Company and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will
or the laws of descent and distribution, but this Agreement shall not otherwise be assignable or otherwise subject to hypothecation by the Grantee. 
 (p) Section 409A. This Agreement shall be construed, administered and interpreted in accordance with a good faith interpretation of Section 409A of the Code. Any provision of this Agreement that is
inconsistent with Section 409A of the Code, or that may 

  

 21 

 
result in penalties under Section 409A of the Code, shall be amended, with the reasonable cooperation of the Grantee and the Company and the
Partnership, to the extent necessary to exempt it from, or bring it into compliance with, Section 409A of the Code. 
 [signature page
follows] 
  

 22 

 IN WITNESS WHEREOF, the undersigned have caused this Award Agreement to be executed as of the
     day of                     , 2008. 
  

			
	BOSTON PROPERTIES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BOSTON PROPERTIES LIMITED PARTNERSHIP

		
	 By:
	 	Boston Properties, Inc., its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 GRANTEE

	
	  

	 Name:

  

 23 

 EXHIBIT A 
 HYPOTHETICAL EXAMPLE OF ABSOLUTE TRS POOL, RELATIVE TRS 
 POOL AND TOTAL OUTPERFORMANCE POOL
CALCULATIONS 
 • $110 Million Maximum Total Outperformance Pool Amount 
 • 3% Award for Absolute Performance Above 10% (Annual Equivalent) Threshold(1)

 • 3% Award for Relative Performance Above (or Below) the Index Return
Percentage(2) 
 • Total Outperformance Pool Equals the Absolute TRS Pool Plus (Minus) the Relative TRS Pool

 • Adjustment Factor for Company TRS Percentage Below 10% (Annual
Equivalent) Threshold(3) 
  

																
	 Scenario
	 	Annual
Company
TRS
Percentage
(%)	 	 	Annual Index
Return
Percentage
(%)	 	 	Absolute TRS
Pool	 	Relative TRS
Pool	 	 	Total
Outperformance
Pool Before
Adjustment
Factor	 	Total
Outperformance
Pool After
Adjustment
Factor
	1	 	5	%	 	2	%	 	—  	 	30,000,000	 	 	30,000,000	 	—  
	2	 	6	%	 	2	%	 	—  	 	40,000,000	 	 	40,000,000	 	—  
	3	 	7	%	 	6	%	 	—  	 	10,000,000	 	 	10,000,000	 	—  
	4	 	8	%	 	7	%	 	—  	 	10,000,000	 	 	10,000,000	 	3,333,333
	5	 	9	%	 	0	%	 	—  	 	90,000,000	 	 	90,000,000	 	60,000,000
	6	 	9	%	 	8	%	 	—  	 	10,000,000	 	 	10,000,000	 	6,666,667
	7	 	10	%	 	0	%	 	—  	 	100,000,000	 	 	100,000,000	 	100,000,000
	8	 	10	%	 	9	%	 	—  	 	10,000,000	 	 	10,000,000	 	10,000,000
	9	 	11	%	 	2	%	 	10,000,000	 	90,000,000	 	 	100,000,000	 	100,000,000
	10	 	11	%	 	5	%	 	10,000,000	 	60,000,000	 	 	70,000,000	 	70,000,000
	11	 	11	%	 	6	%	 	10,000,000	 	50,000,000	 	 	60,000,000	 	60,000,000
	12	 	11	%	 	7	%	 	10,000,000	 	40,000,000	 	 	50,000,000	 	50,000,000
	13	 	11	%	 	9	%	 	10,000,000	 	20,000,000	 	 	30,000,000	 	30,000,000
	14	 	11	%	 	14	%	 	10,000,000	 	(30,000,000	)	 	—  	 	—  
	15	 	12	%	 	3	%	 	20,000,000	 	90,000,000	 	 	110,000,000	 	110,000,000
	16	 	12	%	 	5	%	 	20,000,000	 	70,000,000	 	 	90,000,000	 	90,000,000
	17	 	12	%	 	7	%	 	20,000,000	 	50,000,000	 	 	70,000,000	 	70,000,000
	18	 	12	%	 	8	%	 	20,000,000	 	40,000,000	 	 	60,000,000	 	60,000,000
	19	 	12	%	 	11	%	 	20,000,000	 	10,000,000	 	 	30,000,000	 	30,000,000
	20	 	12	%	 	15	%	 	20,000,000	 	(30,000,000	)	 	—  	 	—  
	21	 	13	%	 	7	%	 	30,000,000	 	60,000,000	 	 	90,000,000	 	90,000,000
	22	 	13	%	 	8	%	 	30,000,000	 	50,000,000	 	 	80,000,000	 	80,000,000
	23	 	14	%	 	9	%	 	40,000,000	 	50,000,000	 	 	90,000,000	 	90,000,000
	24	 	14	%	 	12	%	 	40,000,000	 	20,000,000	 	 	60,000,000	 	60,000,000
	25	 	14	%	 	15	%	 	40,000,000	 	(10,000,000	)	 	30,000,000	 	30,000,000
	26	 	15	%	 	12	%	 	50,000,000	 	30,000,000	 	 	80,000,000	 	80,000,000
	27	 	15	%	 	18	%	 	50,000,000	 	(30,000,000	)	 	20,000,000	 	20,000,000
	28	 	17	%	 	11	%	 	70,000,000	 	60,000,000	 	 	110,000,000	 	110,000,000
	29	 	18	%	 	18	%	 	80,000,000	 	—  	 	 	80,000,000	 	80,000,000
	30	 	19	%	 	22	%	 	90,000,000	 	(30,000,000	)	 	60,000,000	 	60,000,000
	31	 	20	%	 	26	%	 	100,000,000	 	(60,000,000	)	 	40,000,000	 	40,000,000

  

	(1)	Represents an annual equivalent Company TRS Percentage threshold based on a 30% cumulative 3-year Target Absolute Return Percentage. Please note that the assumed Absolute TRS Pool
for each additional 100 basis points of Company TRS Percentage above the threshold is $10 million. 

	(2)	Represents an annual equivalent Index Return Percentage threshold based on the cumulative 3-year total percentage return for the SNL Equity REIT Index. Please note that the assumed
Relative TRS Pool for each 100 basis points of Company TRS Percentage above the Index Return Percentage threshold is $10 million (before application of any Adjustment Factor). 

	(3)	In the event the Relative TRS Pool is potentially positive, but the Company TRS Percentage is below the 10% (annual equivalent) absolute TRS threshold, the Relative TRS Pool will be
subject to a ratable sliding scale low return Adjustment Factor, with 100% of the potential Relative TRS Pool being earned for a Company TRS Percentage of 10% (annual equivalent) or higher, and 0% of the potential Relative TRS Pool being earned for
a Company TRS Percentage of 7% (annual equivalent) or lower. For example, at a Company TRS Percentage of 9% (annual equivalent), the potential Relative TRS Pool would be prorated by 67%. 

 EXHIBIT B 
 FORM OF LIMITED PARTNER SIGNATURE PAGE 
 The Grantee, desiring to become one of the within named
Limited Partners of Boston properties Limited Partnership, hereby accepts all of the terms and conditions of (including, without limitation, the provisions of Section 2.4 titled “Power of Attorney”), and becomes a party to, the
Second Amended and Restated Agreement of Limited Partnership, dated as of June 29, 1998, of Boston Properties Limited Partnership as amended through the date hereof (the “Partnership Agreement”). The Grantee agrees that this
signature page may be attached to any counterpart of the Partnership Agreement. 
  

	
	Signature Line for Limited Partner:
	  

	 Name:
                                        
        

	 Date:                     , 2008

	
	 Address of Limited Partner:

	  

	  

 EXHIBIT C 
 ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF TRANSFER OF 
 PROPERTY PURSUANT TO SECTION 83(b) OF
THE INTERNAL REVENUE CODE 
 The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with
respect to the property described below and supplies the following information in accordance with the regulations promulgated thereunder: 
  

	1.	The name, address and taxpayer identification number of the undersigned are: 

 Name:
                                        
                                        
                                        
                                         (the
“Taxpayer”) 
 Address:                                     
                                        
                                        
                                        
                                        
                                  
 Social Security No./Taxpayer Identification No.:
            -    -             
  

	2.	Description of property with respect to which the election is being made:
                     LTIP Units in Boston Properties Limited Partnership (the “Partnership”). 

  

	3.	The date on which the LTIP Units were transferred is February 5, 2008. The taxable year to which this election relates is calendar year 2008. 

  

	4.	Nature of restrictions to which the LTIP Units are subject: 

  

	 	(a)	With limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the consent of the Partnership.

  

	 	(b)	The Taxpayer’s LTIP Units vest in accordance with the vesting provisions described in the Schedule attached hereto. Unvested LTIP Units are forfeited in accordance with the
vesting provisions described in the Schedule attached hereto. 

  

	5.	The fair market value at time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the LTIP Units with
respect to which this election is being made was $0.25 per LTIP Unit. 

  

	6.	The amount paid by the Taxpayer for the LTIP Units was $0.25 per LTIP Unit. 

  

	7.	A copy of this statement has been furnished to the Partnership and Boston Properties, Inc.. 

  

									
	 Dated:
	 	  
	 		 		 	
		 		 		 	  

		 		 		 	Name:	 	

 SCHEDULE TO EXHIBIT C 
 Vesting Provisions of LTIP Units 
 The LTIP Units are subject to time-based and
performance-based vesting with the final vesting percentage equaling the product of the time-based vesting percentage and the performance-based vesting percentage. Performance-based vesting will be from 0% to 100% based on Boston Properties,
Inc.’s (the “Company’s”) per-share total return to shareholders for the period from February 5, 2008 to February 5, 2011 (or earlier in certain circumstances). Under the time-based vesting hurdles, twenty-five
percent (25%) of the LTIP Units will vest on February 5, 2011, twenty-five percent (25%) of the remaining LTIP Units will vest on February 5, 2012, and the remaining fifty percent (50%) of the LTIP Units will vest on
February 5, 2008, provided that the Taxpayer continues his or her service relationship with the Company and the Partnership through such dates, subject to acceleration in the event of certain extraordinary transactions or termination of
the Taxpayer’s service relationship with the Company under specified circumstances. Unvested LTIP Units are subject to forfeiture in the event of failure to vest based on the determination of the performance-based percentage or the passage of
time. 

 SCHEDULE A TO 2008 OUTPERFORMANCE AWARD AGREEMENT 
  

							
		 	Date of Award Agreement:	  	February 5, 2008	  	
				
		 	Name of Grantee:	  	  
	  	
				
		 	Participation Percentage:	  	                     percent (    %)	  	
				
		 	Number of LTIP Units Subject to Award:	  	  
	  	
				
		 	Final Acceptance Date:	  	February     , 2008	  	

 Initials of Company representative:
                     
 Initials of
the Grantee:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}]]