Document:

Exhibit 10.61

 

CONTRIBUTION AND ADMISSION AGREEMENT

BETWEEN

WWP SPONSOR, LLC

 

AND

ARC NYWWPJV001, LLC

 

 

 

	 	Property:	Worldwide Plaza
	 	 	825 Eighth Avenue
	 	 	New York, New York
	 	 	 
	 	Dated: 	October 8, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE 1	Definitions; Rules of Construction	2
	ARTICLE 2	Contribution and Admission	3
	ARTICLE 3	Deposit	4
	ARTICLE 4	Deposit Provisions	4
	ARTICLE 5	Disclaimer	5
	ARTICLE 6	Representations	7
	ARTICLE 7	Ongoing Operations	21
	ARTICLE 8	Title Insurance; Violations	25
	ARTICLE 9	Closing	27
	ARTICLE 10	Default	36
	ARTICLE 11	Risk of Loss	37
	ARTICLE 12	Miscellaneous	39

 

 

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	Appendix	Definitions
	Schedule A-1	Description of the Land
	Schedule A-2	Description of Amenities Land
	Schedule A-3	Description of Amenities Mortgages
	Schedule 6.1(d)-1	Existing Leases
	Schedule 6.1(d)-2	Notices of Default
	Schedule 6.1(d)-3	Leasing Costs for Existing Leases
	Schedule 6.1(d)-4	Brokerage Agreements
	Schedule 6.1(d)-5	Audits by Major Tenants
	Schedule 6.1(e)-1	Rent Rolls
	Schedule 6.1(e)-2	Tenant Arrearage Schedule
	Schedule 6.1(f)	Security Deposits
	Schedule 6.1(g)	Existing Contracts
	Schedule 6.1(h)	Pending Litigation
	Schedule 6.1(j)-1	Collective Bargaining Agreements
	Schedule 6.1(j)-2	Employees
	Schedule 6.1(k)	Tax Proceedings
	Schedule 6.1(m)	Ongoing Work
	Schedule 6.1(n)	Structure Chart
	Schedule 6.1(o)	Amenities Loan Documents
	Schedule 6.1(q)-1	Mortgage Loan Documents
	Schedule 6.1(q)-2	Mezzanine Loan Documents
	Schedule 6.1(r)	Affiliate Agreements
	Schedule 6.1(v)(viii)	Organizational Documents
	Schedule 6.1(v)(x)	Liabilities or Obligations under Contracts or Commitments
	Schedule 6.1(v)(xi)	Exceptions to Financial Statements
	Schedule 6.1(v)(xii)	Investigations and Audits
	Schedule 6.1(v)(xiii)	Closing Agreements
	Schedule 6.6(e)	Investor’s Structure Chart
	Schedule 8.1(a)	Commitment Objections
	Schedule 9.4(a)(iii)	Free Rent and Rollover Reserves
	 	 
	Exhibit 1	Form of LLC Agreement
	Exhibit 2	Estoppel Certificates
	Exhibit 3-A	Title Certificate
	Exhibit 3-B	Non-Imputation Affidavit
	Exhibit 4	Approved Annual Budget
	Exhibit 5	Investor’s Officer’s Certificate

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CONTRIBUTION
AND ADMISSION AGREEMENT

 

 

THIS CONTRIBUTION AND
ADMISSION AGREEMENT (this “Agreement”) made this 8th day of October, 2013 (the “Effective Date”)
by and among WWP SPONSOR, LLC, a Delaware limited liability company (“WWP Sponsor”), having an address c/o George
Comfort & Sons, Inc., 200 Madison Avenue, New York, New York 10016 and ARC NYWWPJV001, LLC, having an address c/o American
Realty Capital New York Recovery REIT, Inc., 405 Park Avenue, New York, New York 10022 (“Investor”).

 

RECITALS:

 

A.WWP Sponsor is
the owner of 100% of the membership interests in WWP Holdings, LLC, a Delaware limited liability company (“WWP Holdings”).

 

B.WWP Holdings is
the owner of 100% of the membership interests in WWP Mezz, LLC, a Delaware limited liability company (“WWP Mezz”).

 

C.WWP Mezz is the
owner of 100% of the membership interests in WWP Office, LLC, a Delaware limited liability company (“Office Owner”).

 

D.Office Owner is
the owner of the parcel of land known as 825 Eighth Avenue, New York, New York and more particularly described on Schedule A-1
attached hereto, together with the building and all other improvements located thereon (collectively, the “Office Premises”).

 

E.WWP Mezz is also
the owner of 100% of the membership interests in WWP Amenities Holdings, LLC, a Delaware limited liability company (“Amenities
Membership Owner”). 

 

G.Amenities Membership
Owner is the owner of (i) 100% of the membership interests in WWP Amenities MPH Partner, LLC, a Delaware limited liability company
(“WWP MPH Partner”) and (ii) 100% of the membership interests in WWP Amenities MPH Lender, LLC, a Delaware limited
liability company (“MPH Lender”) (the membership interests set forth in clauses (i) and (ii) above, collectively,
the “Amenities Membership Interests”).

 

H.WWP MPH Partner
is the owner of 100% of the membership interests in EOP-NYCCA, L.L.C., a Delaware limited liability company (“EOP”),
and EOP, in turn, is the owner of a one percent (1%) general partnership interest in New York Communications Center Associates,
L.P., a Delaware limited partnership (“Amenities Owner”).

 

I.Amenities Owner
is the owner of (i) the commercial condominium units in the Condominium (as hereinafter defined) and more particularly described
as Parcel I on Schedule A-2 attached hereto, and (ii) the parcels of land, together with the improvements located thereon,
more particularly described as Parcel II on Schedule A-2 attached hereto (collectively, the “Amenities Premises”;
the Office Premises and the Amenities Premises is sometimes referred to herein collectively as the “Real Property”).

 

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J.MPH Lender is the
owner of 100% of the membership interests in NY-Worldwide Plaza, L.L.C., a Delaware limited liability company (“Amenities
Lender”) and Amenities Lender, in turn, is the mortgagee or, as applicable, agent for the mortgagee, under those certain
mortgages described on Schedule A-3 attached hereto (collectively, the “Amenities Mortgages”) encumbering
the Amenities Premises and the other collateral described therein, which evidence certain loans made to the Amenities Owner (collectively,
the “Amenities Loans”).

 

In consideration of the
mutual promises, covenants and agreements hereinafter set forth and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, WWP Sponsor and Investor agree as follows:

 

ARTICLE
1

Definitions; Rules of Construction

 

1.1Definitions.
All capitalized terms used but not otherwise defined in the body of this Agreement shall have the meanings given to such terms
in the Appendix annexed hereto.

 

1.2Rules
of Construction. The following rules of construction shall be applicable to this Agreement, unless expressly provided otherwise
or the context otherwise requires:

 

(a)The
terms “hereby”, “hereof”, “hereto”, “herein”, “hereunder” and any similar
terms shall refer to this Agreement, and “hereafter” shall mean after, and “heretofore” shall mean before,
the date of this Agreement.

 

(b)Words
of the masculine, feminine or neuter gender shall mean and include the correlative words of the other genders and words importing
the singular number shall mean and include the plural number and vice versa.

 

(c)The
terms “include”, “including” and similar terms shall be construed as if followed by the phrase “without
being limited to”.

 

(d)All
references to sections, subsections, paragraphs, schedules and exhibits are to sections, subsections, paragraphs, schedules and
exhibits in or to this Agreement unless otherwise specified.

 

(e)Any
reference to this Agreement or any other agreement, document, certificate or instrument shall be deemed to include references to
such agreement, document, certificate or instrument as the same may hereafter be amended, restated, replaced, supplemented, or
otherwise modified from time to time.

 

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ARTICLE
2

Contribution and Admission

 

2.1On
the Closing Date, (a) Investor agrees to contribute to the capital of WWP Holdings an amount equal to the Investor Capital Contribution;
(b) WWP Sponsor shall cause WWP Holdings to issue the Investor Interest to Investor and admit Investor as a member in WWP Holdings
upon the terms and provisions set forth in the LLC Agreement; and (c) WWP Holdings shall immediately distribute the Investor Capital
Contribution to WWP Sponsor.

 

2.2U.S.
Federal Tax Treatment of Contribution and Admission.

 

(a)For U.S. federal
income tax purposes, WWP Sponsor and Investor hereby acknowledge that immediately prior to the admission of Investor as a member
of WWP Holdings, WWP Holdings was treated as a “disregarded entity” (within the meaning of Regulations 301.7701-2(c))
for U.S. federal income tax purposes and that the contribution and distribution set forth in Section 2.1 shall be treated for U.S.
federal income tax purposes under Situation 1 of Revenue Ruling 99-5 (1999-1 CB 434) as a sale by WWP Sponsor of 48.90% of its
interest in all of the assets and liabilities of WWP Holdings and as a contribution by WWP Sponsor of 51.10% of its interest in
all of the assets and liabilities of the WWP Sponsor and as a contribution by Investor of the 48.90% interest in all of the assets
and liabilities of the WWP Holdings acquired from WWP Sponsor.

 

(b)WWP Holdings
shall make a valid election under Section 754 of the Code to adjust the basis of its assets in accordance with Section 734(b) and
Section 743(b) of the Code for WWP Holdings’ taxable year beginning on the Closing Date.

 

(c)WWP Sponsor
and Investor shall agree on the allocation for U.S. federal income tax purposes of the consideration paid to WWP Sponsor for the
assets of WWP Holdings as described in Section 2.2(a) and the initial Gross Asset Value (as such term is defined in the LLC Agreement)
of the assets of WWP Holdings as of the Closing Date.

 

(d)Investor shall
have an initial Capital Account (as such term is defined in the LLC Agreement) equal to the Investor Capital Contribution and WWP
Sponsor shall have an initial Capital Account in an amount, such that WWP Sponsor’s Capital Account is equal to 51.10% of
the total Capital Account balances of all members of WWP Holdings.

 

(e) WWP Sponsor
and Investor hereby agree not to take any position contrary to this Section 2.2 in any U.S. federal Tax Return or any other report
or proceeding for U.S. federal income tax purposes.

 

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ARTICLE
3

Deposit

 

Concurrently with the
execution and delivery of this Agreement by investor and WWP Sponsor, Investor shall deposit the sum of Thirty Million and No/100
DOLLARS ($30,000,000.00) (such amount, together with all accrued interest earned thereon, the “Deposit”),
by electronic wire transfer of immediately available federal funds to an account designated by Escrowee, which Deposit shall be
held and disbursed in accordance with the terms of this Agreement. Investor and WWP Sponsor hereby appoint Escrowee and by executing
this Agreement below, Escrowee hereby accepts such appointment and acknowledges receipt of the Deposit.

 

ARTICLE
4

Deposit Provisions

 

4.1Upon
Closing, Escrowee is authorized and directed to deliver the Deposit to WWP Holdings, which Deposit shall be deemed to be a portion
of the Investor Capital Contribution and WWP Holdings thereupon shall immediately distribute same to WWP Sponsor, subject to Paragraph
4.6 below.

 

4.2Subject
to Section 4.6, in the event Investor should default under this Agreement, Escrowee shall pay the Deposit to WWP Sponsor,
who shall retain the Deposit in accordance with Section 9.2 below.

 

4.3Subject
to Section 4.6, in the event this Agreement is terminated by reason other than Investor’s default, Escrowee shall
pay the Deposit to Investor.

 

4.4Upon
Escrowee’s receipt of the Deposit as provided in Article 3 together with executed W-9 Form from Investor, Escrowee shall
deposit the Deposit in a segregated bank money market account at JPMorgan Chase, N.A. or in direct obligations of, or obligations,
the principal of and interest on which are unconditionally guaranteed by, the United States of America, or any agency or instrumentality
thereof, as WWP Sponsor shall direct. Escrowee shall not be liable or responsible in the event of failure, insolvency, or inability
of the depositary to pay said funds or for any failure, refusal or inability of the depository into which the Deposit is deposited
to pay the Deposit at Escrowee’s direction, or for levies by taxing authorities based upon the taxpayer identification number
used to establish this interest bearing account. The party entitled to receive the interest earned on the Deposit shall pay all
income taxes owed in connection therewith. The employer identification numbers of WWP Sponsor and Investor are respectively set
forth on the signature page hereof.

 

4.5Escrowee,
by signing this Agreement at the end hereof where indicated, signifies its agreement to hold the Deposit for the purposes as provided
in this Agreement. In the event of any dispute, Escrowee shall have the right to deposit the Deposit in court to await the resolution
of such dispute. Escrowee shall not incur any liability by reason of any action or non-action taken by it in good faith or pursuant
to the judgment or order of a court of competent jurisdiction. Escrowee shall have the right to rely upon the genuineness of all
certificates, notices and instruments delivered to it pursuant hereto, and all the signatures thereto or to any other writing received
by Escrowee purporting to be signed by any party hereto, and upon the truth of the contents thereof. Escrowee shall not receive
any escrow fee for its services hereunder. Escrowee shall be automatically released from all responsibility and liability under
this Agreement upon Escrowee’s delivery or deposit of the Deposit in accordance with the provisions of this Agreement.

 

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4.6Except
as otherwise provided for in Section 4.1, Escrowee shall not pay or deliver the Deposit to any party unless written demand
is made therefor and a copy of such written demand is delivered to the other party. If Escrowee does not receive a written objection
from the other party to the proposed payment or delivery within five (5) Business Days after such demand is delivered to such party,
Escrowee is hereby authorized and directed to make such payment or delivery. If Escrowee does receive such written objection within
such five (5) Business Day period or if for any other reason Escrowee in good faith shall elect not to make such payment or delivery,
Escrowee shall forward a copy of the objections, if any, to the other party or parties, and continue to hold the Deposit unless
otherwise directed by written instructions from the parties to this Agreement or by a judgment of a court of competent jurisdiction.
In any event, Escrowee shall have the right to refrain from taking any further action with respect to the subject matter of the
escrow until it is reasonably satisfied that such dispute is resolved or action by Escrowee is required by an order or judgment
of a court of competent jurisdiction. WWP Sponsor and Investor hereby severally indemnify and save Escrowee harmless from and against
one–half (1/2) of any and all loss, damage, claim, expense or liability of any kind and nature (including, without limitation,
attorneys’ fees and costs, whether paid to retained attorneys or amounts representing the fair value of legal services rendered
to or for itself) which may be incurred by Escrowee by reason of its acceptance of, and its performance under, this Agreement,
except as to Escrowee’s gross negligence or willful misconduct.

 

4.7Escrowee
shall be entitled to consult with counsel in connection with its duties hereunder. WWP Sponsor and Investor, severally, agree to
reimburse Escrowee, upon demand, for one-half (1⁄2) of the reasonable costs and expenses (including attorneys’ fees)
incurred by Escrowee in connection with its acting in its capacity as Escrowee. In the event of litigation relating to the subject
matter of the escrow, whichever of WWP Sponsor or Investor is not the prevailing party shall reimburse the prevailing party for
any reasonable costs and fees paid by the prevailing party or paid from the escrowed funds to Escrowee.

 

ARTICLE
5

Disclaimer

 

5.1EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, INVESTOR IS ACQUIRING THE INVESTOR INTEREST, AND THE CORRESPONDING SHARE OF WWP SPONSOR’S
EXISTING UNDERLYING INTEREST, IN THE OFFICE PROPERTY, THE AMENITIES PROPERTY AND THE AMENITIES MEMBERSHIP INTERESTS IN THEIR "AS
IS" CONDITION ON THE CLOSING DATE, SUBJECT TO ALL LATENT AND PATENT DEFECTS (WHETHER PHYSICAL, FINANCIAL OR LEGAL, INCLUDING
PERMITTED TITLE DEFECTS), BASED SOLELY ON INVESTOR'S OWN INSPECTION, ANALYSIS AND EVALUATION THEREOF. EXCEPT AS EXPRESSLY SET FORTH
IN THIS AGREEMENT, INVESTOR ACKNOWLEDGES THAT IT IS NOT RELYING ON ANY STATEMENT OR REPRESENTATION THAT HAS BEEN MADE OR THAT IN
THE FUTURE MAY BE MADE BY WWP SPONSOR OR ANY WWP SPONSOR PARTY CONCERNING THE CONDITION OF THE OFFICE PROPERTY, THE AMENITIES PROPERTY
OR THE AMENITIES MEMBERSHIP INTERESTS, WHETHER RELATING TO PHYSICAL CONDITIONS, OPERATION, PERFORMANCE, TITLE, OR LEGAL MATTERS.

 

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5.2EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT, INVESTOR HEREBY WAIVES, RELEASES AND FOREVER DISCHARGES WWP SPONSOR AND THE WWP SPONSOR
PARTIES FROM ANY AND ALL CAUSES OF ACTION, CLAIMS, ASSESSMENTS, LOSSES, DAMAGES (COMPENSATORY, PUNITIVE OR OTHER), LIABILITIES,
OBLIGATIONS, REIMBURSEMENTS, COSTS AND EXPENSES OF ANY KIND OR NATURE, ACTUAL, CONTINGENT, PRESENT, FUTURE, KNOWN OR UNKNOWN, SUSPECTED
OR UNSUSPECTED, INCLUDING, WITHOUT LIMITATION, INTEREST, PENALTIES, FINES, AND ATTORNEYS’ AND EXPERTS’ FEES AND EXPENSES,
WHETHER CAUSED BY, ARISING FROM, OR PREMISED, IN WHOLE OR IN PART, UPON A WWP SPONSOR PARTY’S ACTS OR OMISSIONS, AND NOTWITHSTANDING
THAT SUCH ACTS OR OMISSIONS ARE NEGLIGENT OR INTENTIONAL, OR PREMISED IN WHOLE OR IN PART ON ANY THEORY OF STRICT OR ABSOLUTE LIABILITY,
WHICH INVESTOR, ITS SUCCESSORS OR ASSIGNS MAY HAVE OR INCUR IN ANY MANNER OR WAY CONNECTED WITH, ARISING FROM, OR RELATED TO THE
OFFICE PROPERTY, THE AMENITIES PROPERTY OR THE AMENITIES MEMBERSHIP INTERESTS, INCLUDING WITHOUT LIMITATION (I) THE ENVIRONMENTAL
CONDITION OF THE REAL PROPERTY, THE PRESENCE OF HAZARDOUS MATERIALS ON, ABOVE OR BENEATH THE REAL PROPERTY (OR ANY PARCEL IN PROXIMITY
THERETO) OR IN ANY WATER ON OR UNDER THE REAL PROPERTY OR (II) ACTUAL OR ALLEGED VIOLATIONS OF ENVIRONMENTAL LAWS AND/OR ANY REAL
PROPERTY CONDITIONS. INVESTOR AGREES, REPRESENTS AND WARRANTS THAT THE MATTERS RELEASED HEREIN ARE NOT LIMITED TO MATTERS WHICH
ARE KNOWN, DISCLOSED, SUSPECTED OR FORESEEABLE, AND INVESTOR HEREBY WAIVES ANY AND ALL RIGHTS AND BENEFITS WHICH IT NOW HAS, OR
IN THE FUTURE MAY HAVE, CONFERRED UPON INVESTOR BY VIRTUE OF THE PROVISIONS OF ANY LAW WHICH WOULD LIMIT OR DETRACT FROM THE FOREGOING
GENERAL RELEASE OF KNOWN AND UNKNOWN CLAIMS.

 

5.3(a)Investor
shall have the right, in its sole and absolute discretion, and at its sole cost and expense, to cause (i) that certain Phase I
Environmental Site Assessment dated January 31, 2013 and prepared by EMG and (ii) that certain Property Condition Report dated
February 17, 2013 and prepared by EMG (collectively, the “Reports”), which Reports were previously prepared
for the benefit of Lender with respect to the Real Property to be updated (the “Updated Reports”), and for reliance
letters to be issued to Office Owner, Amenities Owner and Investor (collectively, the “Reliance Letters”). WWP
Sponsor hereby waives any conflict of interest or proprietary rights with respect to such Reports, and shall reasonably cooperate
with Investor to cause the Updated Reports to be prepared in a timely manner, at Investor’s expense, between the Effective
Date and the Closing Date.

 

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(b)In the event any
of the Updated Reports identify or there shall occur between the Effective Date and the original Scheduled Closing Date (i) any
material and adverse change in the physical condition of the Property or (ii) the presence of Hazardous Materials on, at, under,
in or emanating from the Real Property in violation of Applicable Law, and which matters were not included in the Reports, and
in either such event, the same causes a Material Adverse Effect (which, for the purposes hereof, shall mean that same shall have
a total cost to remediate in excess of $15,000,000.00), which is not addressed in the Approved Budget that is in existence as of
the Effective Date, then Investor shall have the right to terminate this Agreement by written notice to WWP Sponsor (“Physical
Termination Notice”) within two (2) Business Days of obtaining knowledge of such Material Adverse Effect. If Investor
fails to timely deliver the Physical Termination Notice, Investor shall be deemed to have waived its termination right under this
Section 5.3(b). Upon termination of this Agreement in accordance with this Section 5.3(b), Investor shall thereafter
receive a refund of the Deposit, unless WWP Sponsor delivers written notice to Investor that WWP Sponsor shall agree to either
(1) cause Office Owner or Amenities Owner (as the case may be), at WWP Sponsor’s sole cost and expense, and for the account
of WWP Holdings in connection with its interests under the LLC Agreement, to remediate such Material Adverse Conditions giving
rise to Investor’s right to terminate this Agreement pursuant to this Section, or (2) agree to provide a credit to Investor
at Closing in the amount set forth in the Updated Reports (or if no amount is stated in the Updated Reports, as reasonably determined
by the engineer or consultant that prepared the Updated Report in question) which is sufficient to allow WWP Holdings to fully
remediate the adverse conditions.

 

ARTICLE
6

Representations

 

6.1WWP
Sponsor’s Representations. WWP Sponsor represents to Investor that as of the Effective Date:

 

(a)Each
of WWP Sponsor and the Subsidiary Entities validly exists and is in good standing under the laws of the jurisdiction of its formation
and WWP Sponsor has the full power and authority to enter into and perform this Agreement in accordance with its terms. Office
Owner, Amenities Owner and Amenities Lender are duly qualified or otherwise authorized as a foreign limited liability company and
is in good standing in each jurisdiction where such qualification is required by law. This Agreement and all documents to be executed
by WWP Sponsor which are to be delivered at Closing are, and at the time of Closing will be, duly authorized, executed and delivered
by WWP Sponsor, and at the time of Closing will be, the legal, valid and binding obligations of WWP Sponsor, enforceable against
WWP Sponsor in accordance with their respective terms, and do not and, at the time of Closing will not, conflict with or violate
(i) any provision of any agreement or judicial order to which WWP Sponsor, any of the Subsidiary Entities, the Amenities Membership
Interests, the Office Property or the Amenities Property is subject, or (ii) any organizational documents of WWP Sponsor or any
of the Subsidiary Entities. WWP Sponsor has taken all actions required to execute, deliver and, subject to obtaining any consents
or waivers required to be obtained prior to the Closing, perform this Agreement.

 

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(b)No
consent, waiver, approval, order or authorization of, or registration, declaration or filing with, any governmental entity is,
or at Closing will be, required by or with respect to WWP Sponsor or any of the Subsidiary Entities in connection with the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereunder. No consent, authorization or other
approval is required under the Amenities Loan Documents, or the Condominium Documents in order for WWP Sponsor to enter into this
Agreement and perform the transactions contemplated herein.

 

(c)WWP
Sponsor is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code of 1986, as amended.

 

(d)(i)
Attached hereto as Schedule 6.1(d)-1 is a true, correct and complete list of the Leases, including, without limitation,
all amendments and modifications or other agreements pertaining thereto. WWP Sponsor has delivered to Investor, or made available
to Investor for review, true and complete copies of all Leases. The Leases are in full force and effect. Except as set forth on
Schedule 6.1(d)-2, neither Office Owner, Amenities Owner or any WWP Sponsor Party, as applicable, has sent to, or received
from, a tenant under a Lease any written notice of (A) default since the Acquisition Date which has not been cured or waived and
(B) any defaults that began prior to the Acquisition Date that are, as of the date hereof, current, ongoing and/or outstanding.
There are no brokerage or leasing commissions which are currently outstanding or due or payable in the future by landlord with
regard to the current terms of the Leases. Except as set forth on Schedule 6.1(d)-4 (collectively, the “Brokerage
Agreements”), none of WWP Sponsor, Office Owner, Amenities Owner or any other Subsidiary Entity is a party to any leasing
commission or brokerage agreement for which Investor, WWP Sponsor, Office Owner, Amenities Owner or any other Subsidiary Entity
will be liable after the Closing. WWP Sponsor has delivered or made available to Investor true, correct and complete copies
of the Brokerage Agreements. Neither Office Owner nor Amenities Owner has assigned its interest under the Leases to any third party
(other than its interest in the Office Leases to the current mortgagee of the Office Property).  Except as set forth on Schedule
6.1(d)-5, there are currently no ongoing audits by Major Tenants with respect to the Additional Rents, and, to the best of
WWP Sponsor’s knowledge, except as set forth on Schedule 6.1(e)-2 annexed hereto, all of the Major Tenants are current
in the payment of Additional Rents. WWP Sponsor, at WWP Sponsor’s expense, is causing the Amenities Owner to complete the
repairs required to address the water intrusion and faulty steam meter described in the Estoppel Certificate delivered by Bally’s
dated June 28, 2013, and WWP Sponsor shall be responsible for the costs of curing such matters.

 

(ii) Except as set
forth on Schedule 6.1(d)-3, there are no outstanding initial tenant improvements allowances or unpaid initial landlord contributions
under the Leases. WWP Sponsor specifically warrants that under the Nomura Lease, there is no outstanding balance owed to Nomura
in connection with the landlord’s contributions provided for therein that are currently due and payable, and that Nomura
will not be entitled to an offset against rent as of the Closing Date (or if such amounts are due, WWP Sponsor shall provide a
credit to Investor in the amount of forty-eight and 90/100 percent (48.90%) of such outstanding amounts), and all fire-stopping
work required with respect to the premises occupied by Nomura has been completed. If the representations in this paragraph (ii)
are confirmed in an Estoppel Certificate from Nomura or such other Tenant(s), then the representations in this paragraph (ii) shall
have no further force and effect with respect to Nomura or such other Tenant(s).

 

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(e)The
information on the rent rolls attached hereto as Schedule 6.1(e)-1 (collectively, the “Rent Roll”) is
true, correct and complete in all material respects as of the date set forth thereon (provided, however, WWP Sponsor makes no representation
whatsoever with respect to any square footage set forth on the Rent Roll). Attached hereto as Schedule 6.1(e)-2 is a true,
correct and complete tenant arrearage schedule (the “Tenant Arrearage Schedule”) as of the date hereof.

 

(f)Schedule
6.1(f) attached hereto is a true, correct and complete list of the security deposits in the amounts currently being held by
landlord under the Leases, including all interest accrued on any cash security deposits, and all guarantees currently held by Office
Owner and Amenities Owner under the Leases, true and complete copies of which have been delivered or made available to Investor.
None of the Security Deposits have been applied or drawn down except in compliance with the rights and obligations under the Leases,
and none of the security deposits shall be applied or drawn down between the date hereof and the Closing Date unless and until
the applicable Tenant shall have entirely vacated the Real Property.

 

(g)Schedule
6.1(g) attached hereto is a true, correct and complete list of the Contracts in effect as of the date hereof, including without
limitation, all amendments, modifications, supplements or agreements pertaining thereto. Each of such Contracts is in full force
and effect in accordance with its terms. No owner under any of the Contracts (or George Comfort & Sons, Inc., as property manager)
has received or delivered any written notice of any defaults thereunder. WWP Sponsor has delivered or made available to Investor,
or made available to Investor for review, true and complete copies of all Contracts.

 

(h)Except
for the matters set forth on Schedule 6.1(h) attached hereto or for matters covered (excluding deductibles) by one or more
insurance policies, there is no material action, suit, litigation, hearing or administrative proceeding pending or overtly threatened
against WWP Sponsor, any of the Subsidiary Entities and/or the Real Property as to which WWP Sponsor or any of the Subsidiary Entities
has received written notice.

 

(i)There
are no condemnation or eminent domain proceedings pending or overtly threatened in respect of the Real Property as to which WWP
Sponsor or any of the Subsidiary Entities has received written notice.

 

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(j)Except
as set forth on Schedule 6.1(j)-1 attached hereto, there are no collective bargaining agreements (collectively, the “CBAs”)
or other employment agreements to which Office Owner, Amenities Owner or Comfort Maintenance Corp. is a party. Schedule 6.1(j)-2
attached hereto includes current lists of all Employees of Office Owner, Amenities Owner and Comfort Maintenance Corp. (with respect
to Comfort Maintenance Corp. only such CBA’s with respect to the Real Property) and designates whether such Employees are
union or non-union personnel and sets forth their current wages, vacation pay, welfare and other fringe benefits, positions and
employer. The payment of all wages, employment compensation insurance, health insurance, welfare and other fringe benefits, payroll
taxes and other compensation with respect to such Employees is current and none of Office Owner, Amenities Owner or Comfort Maintenance
Corp. has received or delivered written notice of default under any CBA or employment agreement set forth on Schedule 6.1(j)-1
or under applicable law, which remains uncured.

 

(k)Except
as set forth on Schedule 6.1(k) attached hereto, there are no Tax Proceedings pending with respect to the Real Property.

 

(l)None
of WWP Sponsor, any Subsidiary Entity or George Comfort & Sons, Inc., as property manager, has received any written notice
from any governmental agency or instrumentality that the Real Property is not in compliance with any Environmental Laws and there
are no proceedings currently pending or overtly threatened with respect to the Real Property alleging any non-compliance with any
Environmental Laws at any time since the Acquisition Date. To Seller’s knowledge, there are no proceedings currently pending
or overtly threatened with respect to the Real Property alleging any non-compliance with any Environmental Laws that began prior
to the Acquisition Date that are, as of the date hereof, current, ongoing and/or outstanding, of which the WWP Sponsor or any Subsidiary
Entities has received written notice. WWP Sponsor has provided to Investor copies of the most current engineering and environmental
reports relating to the Real Property in WWP Sponsor’s possession and/or control.

 

(m)Except
for the capital projects described on Schedule 6.1(m) annexed hereto (collectively, the “Ongoing Work”),
tenant improvement work, and for day-to-day maintenance and repair work, there is no construction work or other capital projects
being performed by or on behalf of Office Owner or Amenities Owner at the Real Property. Office Owner and Amenities Owner have
made, or shall make, all necessary or scheduled repairs, upgrades, improvements and maintenance to the Real Property during the
2013 calendar year in a manner materially consistent with (i) the Approved Annual Budget for the 2013 calendar year through the
date of this Agreement (as such has been previously adjusted and disclosed to Investor), and (ii) such owner’s respective
obligations under the Leases and applicable law.

 

(n)The
ownership structure chart attached hereto as Schedule 6.1(n) is true, correct and complete.

 

(o)There
are no material agreements, documents or other instruments evidencing, securing or relating to the indebtedness secured by the
Amenities Mortgages other than the loan documents described on Schedule 6.1(o) attached hereto (together with all amendments,
modifications, supplements or agreements pertaining thereto, collectively, the “Amenities Loan Documents”),
true, correct and complete copies of which have been made available to Investor except to the extent noted on such Schedule
6.1(o), and WWP Sponsor does not have in its possession the documents so noted in Schedule 6.1(o) (the “Missing
Amenities Loan Documents”).  WWP Sponsor has not received copies of the Missing Amenities Loan Documents. The Amenities
Loan Documents are in full force and effect and since the Acquisition Date neither Amenities Owner nor Amenities Lender have delivered
or received any written notice of acceleration or default under any of the Amenities Loan Documents which has not been cured or
waived in writing. As of October 3, 2013, the outstanding principal balance of the Amenities Loans is $256,018,245.98 in the aggregate.

 

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(p)Attached
hereto as Schedule 6.1(p) are true, correct and complete copies of all certificates of insurance evidencing property and
casualty insurance policies and liability insurance policies that WWP Sponsor or any Subsidiary Entity maintains with respect to
the Real Property. The insurance policies are fully paid for or are paid for in installments and such payments are current and
such insurance policies are in full force and effect. Neither WWP Sponsor nor any Subsidiary Entity has received any written notices
that the insurance policies will be cancelled or are not valid, outstanding and enforceable policies or that there have been any
material lapses in coverage.

 

(q)Attached
hereto as Schedule 6.1(q)-1 is a true and correct list of all loan documents evidencing or securing the Mortgage Loan (the
“Mortgage Loan Documents”) that were executed and delivered by Office Owner, Amenities Membership Owner, and
each guarantor in connection with the Mortgage Loan. The copies of the Mortgage Loan Documents that have been delivered or made
available by WWP Sponsor to Investor are true, correct and complete, and have not been modified or amended. None of WWP Sponsor,
Office Owner or Amenities Membership Owner has received written notice from Lender of any default, or event that with the passage
of time or giving of additional notice would constitute a default, under the Mortgage Loan Documents. The outstanding principal
balance of, and all reserves and escrows held under, the Mortgage Loan Documents are set forth on Schedule 6.1(q)-2 attached
hereto, which schedule is true, correct and complete. Attached hereto as Schedule 6.1(q)-3 is a true and correct list of
all loan documents evidencing or securing the Mezzanine Loan (the “Mezzanine Loan Documents”) that were executed
and delivered by WWP Mezz and each guarantor in connection with the Mezzanine Loan. The copies of the Mezzanine Loan Documents
that have been delivered or made available by WWP Sponsor to Investor are true, correct and complete, and have not been modified
or amended. Neither WWP Sponsor nor WWP Mezz has received written notice from Lender of any default, or event that with the passage
of time or giving of additional notice would constitute a default, under the Mezzanine Loan Documents. The outstanding principal
balance of, and all reserves and escrows held under, the Mezzanine Loan Documents are set forth on Schedule 6.1(q)-4 attached
hereto, which schedule is true, correct and complete. 

 

(r)Except
as set forth on Schedule 6.1(r), there are no agreements or other arrangements for furnishing to WWP Sponsor or any Subsidiary
Entity of any goods or services by any affiliate of WWP Sponsor or any WWP Sponsor Party.

 

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(s)To
the knowledge of WWP Sponsor, the Condominium Documents are all of the documents, agreements or other instruments evidencing or
relating to the Condominium and WWP Sponsor has delivered or made available to Investor true, correct and complete copies of the
Condominium Documents. Neither WWP Sponsor nor any Subsidiary Entity has delivered or received a written notice of a default under
any of the Condominium Documents which remains uncured.

 

(t)Except
as expressly set forth in the Nomura Lease, the Amenities Loan Documents or in the organizational documents of Amenities Owner,
neither WWP Sponsor nor any Subsidiary Entity has heretofore granted to any third party an option to purchase all or any portion
of the Office Property, the Amenities Property, the Amenities Membership Interests or any direct or indirect interest in any of
the foregoing (including, without limitation, any rights of first offer or rights of first refusal to purchase all or any portion
of the foregoing), and no third party has any such right or option. Office Owner delivered to Nomura an offer notice (the “Offer
Notice”) with respect to Nomura’s right to purchase the Premises (the “ROFO Right”) by personal
delivery on May 31, 2013. Office Owner did not receive any notice from Nomura exercising the ROFO Right within 45 days after Nomura’s
receipt of the Offer Notice, as required under the Nomura Lease.

 

(u)Neither
WWP Sponsor nor any Subsidiary Entity has (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary
petition in bankruptcy or suffered the filing of any involuntary petition by its creditors, (iii) suffered the appointment of a
receiver to take possession of all, or substantially all, of its assets, (iv) suffered the attachment or other judicial seizure
of all of its assets, or (v) admitted in writing in a legal action its inability to pay its debts as they come due. Notwithstanding
anything to the contrary above, the representations in this Section 6.1(v) with respect to MPH Lender, WWP MPH Partner, Amenities
Lender, EOP and Amenities Owner shall be limited to the period from and after the Acquisition Date.

 

(v)As
to the Subsidiary Entities:

 

(i)(A) WWP Sponsor
owns 100% of the membership interests in WWP Holdings free and clear of any liens, charges, judgments, encumbrances, security interests,
warrants, purchase options and similar claims, instruments or agreements. (B) WWP Holdings does not have any material financial
obligations or liabilities other than as set forth in any operating statements delivered or made available to Investor.

 

(ii)(A) WWP Holdings
owns 100% of the membership interests in WWP Mezz free and clear of any liens, charges, judgments, encumbrances, security interests,
warrants, purchase options and similar claims, instruments or agreements. (B) WWP Mezz does not have any material financial obligations
or liabilities other than the Mezzanine Loan and as set forth in any operating statements delivered or made available to Investor.

 

(iii)(A) WWP Mezz
owns 100% of the membership interests in Office Owner and Amenities Membership Owner free and clear of any liens, charges, judgments,
encumbrances, security interests, warrants, purchase options and similar claims, instruments or agreements, other than the pledge
of such interests in connection with the Mezzanine Loan. (B) Office Owner does not have any financial obligations or liabilities
other than obligations and liabilities under the Mortgage Loan Documents, the Office Leases, the Office Contracts, the Permitted
Encumbrances, or as set forth in any operating statements delivered or made available to Investor. Neither the Amenities Membership
Owner nor any of the Amenities Entities have any financial obligations or liabilities other than with respect to the Amenities
Loan Documents and as set forth in any operating statements delivered or made available to Investor.

 

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(iv)(A) Amenities
Membership Owner owns 100% of the membership interests in WWP MPH Partner and MPH Lender free and clear of any liens, charges,
judgments, encumbrances, security interests, warrants, purchase options and similar claims, instruments or agreements, other than
the pledge of such interests under the Mortgage Loan. (B) WWP MPH Partner and MPH Lender do not have any financial obligations
or liabilities other than the Mortgage Loan and as otherwise set forth in any operating statements delivered or made available
to Investor that accrued from and after the Acquisition Date or, to the knowledge of WWP Sponsor, that accrued prior to the Acquisition
Date.

 

(v)(A) WWP MPH
Partner owns 100% of the membership interests in EOP free and clear of any liens, charges, judgments, encumbrances, security interests,
warrants, purchase options and similar claims, instruments or agreements. (B) EOP does not have any financial obligations or liabilities
other than its liabilities as general partner of the Amenities Owner and as set forth in any operating statements delivered or
made available to Investor that accrued from and after the Acquisition Date or, to the knowledge of WWP Sponsor, that accrued prior
to the Acquisition Date.

 

(vi)(A) MPH Lender
owns 100% of the membership interests in Amenities Lender free and clear of any liens, charges, judgments, encumbrances, security
interests, warrants, purchase options and similar claims, instruments or agreements. (B) Amenities Lender does not have any financial
obligations or liabilities other than its liabilities as a lender and agent, as applicable, under the Amenities Loan Documents
and as set forth in any operating statements delivered or made available to Investor that accrued from and after the Acquisition
Date, or to the knowledge of WWP Sponsor, that accrued prior to the Acquisition Date.

 

(vii)Amenities
Owner does not have any financial obligations or liabilities other than obligations or liabilities under the Amenities Mortgages,
the Amenities Leases, the Amenities Contracts, the Permitted Encumbrances, or as set forth in any operating statements delivered
or made available to Investor that accrued from and after the Acquisition Date, or, to the knowledge of WWP Sponsor, that accrued
prior to the Acquisition Date. EOP has not received written notice of any default of its obligations under the Amenities Owner
LP Agreement, and to WWP Sponsor’s knowledge, the limited partners are not in default under any of their obligations under
the Amenities Owner LP Agreement.

 

(viii)Schedule
6.1(w)(viii) is a true, correct and complete list of the certificate of formation, certificate of limited partnership, limited
liability company agreement, limited partnership agreement and any other material organizational or joint venture document or agreement
applicable to each of the Subsidiary Entities, including all amendments, restatements and supplements thereto that are in WWP Sponsor’s
possession (the “Organizational Documents”). WWP Sponsor has delivered or made available to Investor true, correct
and complete copies of the Organizational Documents. Neither WWP Sponsor nor any Subsidiary Entity has received any written notice
that any party is in default under any of the Organizational Documents, and to WWP Sponsor’s knowledge, there is no such
default thereunder which has occurred and is continuing.

 

    	13

    	 

    

(ix)None of the
Subsidiary Entities own an interest in, or any property through, any entity other than the ownership of the Office Property, Amenities
Property, Amenities Loan or its respective membership interests and limited partnership interests set forth in this Agreement.

 

(x)Neither WWP
Sponsor nor any of the Subsidiary Entities is subject to any claims, liabilities or obligations, except: (i) liabilities to the
extent stated on the liabilities side of the balance sheet delivered or made available to Investor, (ii) liabilities that have
arisen after the date of such balance sheet in the ordinary course of business consistent with past practice and (iii) liabilities
or obligations under contracts or commitments described on Schedule 6.1(w)(x).

 

(xi)Financial Statements.

 

A.WWP
Sponsor has delivered or made available to Investor true, correct and complete copies of the audited consolidated balance sheet
and statements of income and cash flows of WWP Sponsor and the Subsidiary Entities for calendar years 2010, 2011 and 2012 and unaudited
consolidated balance sheet and statements of income and cash flows of WWP Sponsor and the Subsidiary Entities for 2013 year-to-date
(collectively, the “Financial Statements”).

 

B.Except
as disclosed on Schedule 6.1(w)(xi), the Financial Statements (including any notes thereto) (a) have been prepared in a
manner consistent with the books and records of WWP Sponsor and the Subsidiary Entities, as applicable, (b) have been prepared
in accordance with tax basis of accounting, consistently applied (subject, in the case of any unaudited financial statements, to
normal, immaterial year-end audit adjustments, and the absence of notes) and (c) fairly present in all material respects the financial
position of WWP Sponsor and the Subsidiary Entities as of the respective dates thereof.

 

(xii)Taxes. 

 

A.Each
Subsidiary Entity (other than Amenities Owner) has been treated since the date of formation, and will be treated through the Closing
Date, as a “disregarded entity” (within the meaning of Regulations 301.7701-2(c)) for U.S. federal and state income
tax purposes, other than Amenities Owner which has been treated since the Acquisition Date, and will be treated through the Closing
Date, as a partnership (other than a publicly traded partnership) for U.S. federal and state income tax purposes and except that
WWP Holdings will become a partnership for U.S. federal and state income tax purposes on the Closing Date. Notwithstanding anything
to the contrary above, the representations in this Section 6.1(w)(xii)(A) with respect to WWP MPH Partner, MPH Lender, Amenities
Lender and EOP shall limited to the period from and after the Acquisition Date.

 

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B.WWP
Sponsor and each of the Subsidiary Entities have timely filed or will timely file all material Tax Returns required to be filed
by or with respect to WWP Sponsor and each of the Subsidiary Entities for all taxable periods, or portions thereof, for which the
due date (with extension) falls on or before the Closing Date. All such Tax Returns are true, complete and correct in all material
respects. All material Taxes payable with respect to WWP Sponsor and each of the Subsidiary Entities before the Closing Date (whether
or not showing on any Tax Returns) have been timely paid or will be timely paid when due. Except as set forth on Schedule 6.1(w)(xii),
there are no claims, audits or investigations by any governmental authority pending or, to WWP Sponsor’s knowledge, threatened
in writing against or with respect to WWP Sponsor or any of the Subsidiary Entities with respect to any material Taxes, and no
governmental authority has given written notice of any intention to assert any deficiency or claim for additional Taxes with respect
to the WWP Sponsor or any of the Subsidiary Entities. Except as set forth on Schedule 6.1(v)(xiii), none of the WWP Sponsor or
the Subsidiary Entities has executed or entered into a closing agreement pursuant to Section 7121 of the Code or other similar
provision of any Law. None of the WWP Sponsor or the Subsidiary Entities is subject to any private letter ruling of the IRS or
other taxing authority. None of the WWP Sponsor or the Subsidiary Entities has participated in any reportable transaction within
the meaning of Treasury Regulations Section 1.6011-4(b). WWP Sponsor and the Subsidiary Entities has each withheld and paid over
to the appropriate governmental authority all Taxes required to have been withheld and paid in connection with amounts paid or
owing to any person or entity, including, but not limited to, FICA and FUTA. There are no liens or encumbrances for Taxes on any
assets of WWP Sponsor or any of the Subsidiary Entities. Notwithstanding anything to the contrary above, the representations in
this Section 6.1(v)(xii)(B) with respect to WWP MPH Partner, MPH Lender, Amenities Lender, EOP and Amenities Owner shall be only
to the extent of the actual knowledge of WWP Sponsor for periods prior to the Acquisition Date. If there shall be an audit relating
to any period prior to the Closing Date, the cost of such audit shall be the responsibility of WWP Sponsor, and WWP Sponsor shall
indemnify, defend and hold harmless Investor from any matters arising from such audit.

 

C.WWP
Sponsor has delivered or made available to Investor, complete and accurate copies of all federal, state and local income tax returns
of the Company and each Subsidiary Entity for the 2010, 2011 and 2012 tax years.

 

D.None
of the Subsidiary Entities own, or will own as of the Closing Date, any interests in any other entities other than the Subsidiary
Entities.

 

(w)Neither
WWP Sponsor nor any of the Subsidiary Entities are named by any Executive Order (including the September 24, 2001, Executive Order
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United
States Treasury Department as a terrorist, “Specially Designated National and Blocked Person,” or is otherwise a banned
or blocked person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign Assets
Control, and Neither WWP Sponsor nor any of the Subsidiary Entities are engaging in the transactions contemplated by this Agreement,
directly or indirectly, on behalf of, or instigating or facilitating the transactions contemplated by this Agreement, directly
or indirectly, on behalf of, any such person, group, entity or nation. Neither WWP Sponsor nor any of the Subsidiary Entities are
engaging in the transactions contemplated by this Agreement, directly or indirectly, in violation of any laws relating to drug
trafficking, money laundering or predicate crimes to money laundering. Each of WWP Sponsor and the Subsidiary Entities has and
will continue to implement procedures, and has consistently and will continue to consistently apply those procedures, to ensure
the foregoing remain true and correct at all times prior to Closing.

 

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(x)Neither
WWP Sponsor, Office Owner nor Amenities Owner are acting on behalf of an “employee benefit plan” within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, a “plan” within the meaning of
Section 4975 of the Internal Revenue Code of 1986, as amended or an entity deemed to hold “plan assets” within the
meaning of 29 C.F.R. § 2510.3-101 of any such employee benefit plan or plans.

 

6.2Knowledge.
All representations set forth in Section 6.1 that are made to the knowledge of WWP Sponsor, shall be deemed mean the actual,
present, conscious knowledge of Peter S. Duncan, Jay Anderson and Karl Mittermayr (collectively, the “WWP Sponsor Knowledge
Individual”), without any such individual having any duty or obligation to make an independent inquiry or investigation,
other than that which would be usual and customary to expect that a person having a similar management capacity would undoubtedly
inquire or investigate in preparing its due diligence materials with respect to a transaction of this nature. Any reference to
WWP Sponsor’s “receipt” of language similar thereto of notices or other written documents shall mean the actual
receipt of the same by the WWP Sponsor Knowledge Individual. Neither the actual, present, conscious knowledge of any other individual
or entity, nor the constructive knowledge of the WWP Sponsor Knowledge Individual or of any other individual or entity, shall be
imputed to the WWP Sponsor Knowledge Individual. In no event shall Investor be entitled to assert any cause of action against WWP
Sponsor Knowledge Individual nor shall WWP Sponsor Knowledge Individual have any personal liability whatsoever for any matter under
or related to this Agreement.

 

6.3Pre-Closing
Misrepresentation.

 

(a)WWP
Sponsor and Investor hereby agree that in the event Investor has actual knowledge of, at the time of or prior to Closing, any fact,
information or circumstance which renders any representation made by WWP Sponsor in Section 6.1 false or inaccurate so as
to have a Material Adverse Effect, Investor shall, on or before the date which is the earlier to occur of (1) ten (10) days after
Investor first has knowledge of the misrepresentation or (2) the Closing Date, send a written notice to WWP Sponsor, and WWP Sponsor
shall have the right to adjourn the Closing for up to thirty (30) days to cure such misrepresentation. If WWP Sponsor shall fail
to cure such misrepresentation within such period, then, subject to the limitations set forth in Section 6.5 below, Investor
shall have the right to terminate this Agreement, in which event (i) the Deposit shall be returned to Investor, (ii) Investor shall
be entitled to be reimbursed by WWP Sponsor the reasonable, out-of-pocket costs and expenses actually incurred by Investor in connection
with the transactions contemplated by this Agreement, including the cost of a 314 audit and reasonable legal fees and expenses
(but in no event shall such amount exceed $750,000.00 in the aggregate), and (iii) the parties shall have no further obligations
hereunder except for the Surviving Obligations.

 

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(b)At
Closing, WWP Sponsor shall deliver to Investor an instrument (the “Representation Update”) advising Investor
in what respects the representations of WWP Sponsor contained in Section 6.1 are inaccurate as of the Closing Date. It shall
be a condition precedent to Investor’s obligation to close hereunder that such Representation Update shall not contain information
which renders any representation made by WWP Sponsor in Section 6.1 false or inaccurate so as to have a Material Adverse
Effect; provided, however, that in the event the Representation Update shall give rise to Investor’s rights under
this paragraph not to close, WWP Sponsor shall have the right to adjourn the Closing for the time periods set forth in Section
6.3(a) (without duplication thereof) to attempt to satisfy the condition precedent set forth herein. Investor shall have no
rights under this Section 6.3(b) to the extent that the basis of any information disclosed in the Representation Update
is on account of either (x) the acts or omissions of Investor, or (y) acts or circumstances which are
expressly permitted or contemplated by this Agreement. Investor’s rights under this Section 6.3(b) shall be
subject to the limitations set forth in Section 6.5 below.

 

(c)If,
prior to the Closing, there occurs or exists a misrepresentation which does not have a Material Adverse Effect, then Investor shall
have no remedy therefor and shall proceed with the Closing with no adjustment of the Investor Capital Contribution.

 

6.4Survival.
Other than as expressly provided below, the representations and warranties contained in Section 6.1 shall survive the Closing,
for a period (the “Survival Period”) of one (1) year following the Closing Date; provided, however, that (i)
the Survival Period for the representations and warranties in Section 6.1(v)(xii) shall continue until the expiration of
any statute of limitation period(s) within which tax returns may be audited or reviewed by the IRS or any applicable taxing authorities;
and (ii) the Survival Period for any misrepresentations or breaches of warranties which are the result of fraud shall continue
until the expiration of any statutes of limitation. Each such representation shall automatically be null and void and of no further
force and effect on the day following the Survival Period, unless, prior to the expiration thereof, the Investor shall have provided
WWP Sponsor with a notice alleging that WWP Sponsor is in breach of such representation and specifying in reasonable detail the
nature of such breach. Investor shall allow WWP Sponsor sixty (60) days after WWP Sponsor’s receipt of such notice within
which to cure such breach or if such breach cannot be cured within such sixty (60) day period, and WWP Sponsor notifies Investor
it wishes to extend its cure period (the “Cure Extension Notice”), such additional reasonable period of time
as is required to cure the same not to exceed one hundred twenty (120) days in the aggregate so long as such cure has been commenced
within such sixty (60) day period and is being diligently pursued to completion. If WWP Sponsor fails to cure such breach after
written notice thereof, Investor’s sole remedy (subject to the limitations set forth in Section 6.5) shall be to commence
a legal proceeding against WWP Sponsor alleging that WWP Sponsor has breached such representation and that Investor has suffered
actual damages as a result thereof (a “Proceeding”), which Proceeding must be commenced, if at all, within sixty
(60) days after the expiration of the Survival Period; provided, however, that if Investor gives WWP Sponsor written
notice of such a breach within the Survival Period, and WWP Sponsor subsequently sends a Cure Extension Notice, then Investor shall
have until the date which is sixty (60) days after the earlier to occur of (x) the date WWP Sponsor notifies Investor it has ceased
endeavoring to cure such breach and (y) fifteen (15) days after the expiration of any cure period provided to WWP Sponsor pursuant
to the terms hereof, to commence such Proceeding. If Investor shall have timely commenced a Proceeding and a court of competent
jurisdiction shall, pursuant to a final, non-appealable order in connection with such Proceeding, determine that (1) WWP Sponsor
was in breach of the applicable representation as of the Effective Date or as of the Closing Date, as applicable, and (2) Investor
suffered actual damages (the “Damages”) by reason of such breach, and (3) Investor did not have actual knowledge
of such breach on or prior to the Closing Date and is not deemed to have knowledge of such breach as described in Section 6.5
below, then, Investor shall be entitled to receive an amount equal to the Damages. Damages shall in no event include consequential,
punitive, special or exemplary damages, or for lost profits, unrealized expectations or other similar claims, but may include reasonable
legal fees and expenses.

 

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6.5Limitation
of Liability.

 

(a)The
representations of WWP Sponsor set forth in Section 6.1 are subject to the following limitations: (i) WWP Sponsor does not
represent that any particular Lease or Contract will be in force or effect as of the Closing or that the Tenants or contractors
thereunder, as applicable, will not be in default thereunder, (ii) no representation has been made and no responsibility has been
assumed by WWP Sponsor with respect to the continued occupancy of the Real Property, or any part thereof, by the Tenants from and
after the Effective Date, and (iii) to the extent that WWP Sponsor has delivered or made available to Investor any Leases, Contracts
or other written information with respect to the Real Property at any time prior to the Effective Date, and such Leases, Contracts
or other written information contain provisions inconsistent with any of such representations, then such representations shall
be deemed modified to conform to such provisions and Investor shall be deemed to have knowledge thereof. In the event that, prior
to the Closing Date, Investor shall obtain knowledge of any information that is contradictory to, and would constitute the basis
of a breach of, any representation, then, promptly thereafter (and, in all events, prior to Closing), Investor shall deliver to
WWP Sponsor notice of such information specifying the representation to which such information relates, and Investor further acknowledges
that such representation will not be deemed breached in the event Investor shall have, prior to Closing, obtained knowledge of
any information that is contradictory to such representation and shall have failed to disclose to WWP Sponsor as required hereby
and Investor shall not be entitled to bring any action after the Closing Date based on such representation. Any and all uses of
the phrase, “to Investor’s knowledge” or other similar references to Investor’s knowledge in this Agreement,
shall mean the actual, present knowledge of Michael Happel or Michael Ead, collectively, the “Investor Knowledge Individuals”),
without any such individual having any duty or obligation to make an independent inquiry or investigation. Neither the actual,
present knowledge of any other individual or entity, nor the constructive knowledge of the Investor Knowledge Individuals or of
any other individual or entity, shall be imputed to the Investor Knowledge Individuals. In no event shall WWP Sponsor be entitled
to assert any cause of action against the Investor Knowledge Individuals nor shall the Investor Knowledge Individuals have any
personal liability whatsoever for any matter under or related to this Agreement.

 

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(b)Notwithstanding
anything to the contrary set forth in this Agreement, WWP Sponsor’s liability for breach of any representations contained
in this Agreement and in any document executed by WWP Sponsor pursuant to this Agreement, including any instruments delivered at
Closing by WWP Sponsor, shall, subject to the limitations of survival set forth in Section 6.3, be limited to claims of
losses resulting from such breaches in excess of One Million and 00/100 Dollars ($1,000,000.00) in the aggregate (“Liability
Floor”), and if such claims of losses exceed the aforementioned threshold, WWP Sponsor shall be liable to Investor for
all damages suffered by Investor, but in no event shall WWP Sponsor’s aggregate liability for any and all claims arising
out of the Property Reps and/or Entity Reps exceed Seven Million Five Hundred Thousand and 00/100 Dollars ($7,500,000.00) (the
“Rep Liability Ceiling”), in the aggregate with respect to the Property Reps and Entity Reps. In addition, in
no event shall WWP Sponsor be liable for any incidental, consequential, indirect, punitive, special or exemplary damages, or for
lost profits, unrealized expectations or other similar claims, and in every case Investor’s recovery for any claims referenced
above shall be net of any insurance proceeds and any indemnity, contribution or other similar payment recovered by Investor from
any insurance company, tenant, or other third party. The amount of the Liability Ceiling shall be inclusive of Investor’s
attorneys’ fees, and ancillary court and experts’ costs and fees. Notwithstanding the foregoing, the Rep Liability
Ceiling shall not apply to any misrepresentation under Section 6.1(d)(ii) above or any of the representations under Section 6.1(d)(i)
that relate solely to the leasing and brokerage commissions.

 

(c)The
provisions of this Section 6.5 shall survive the Closing.

 

6.6Investor’s
Representations. Investor represents that:

 

(a)Investor
is validly existing under the laws of the jurisdiction of its formation and has full power and authority to enter into and perform
this Agreement in accordance with its terms, and this Agreement and all documents executed by Investor which are to be delivered
to WWP Sponsor at Closing are, and at the time of Closing will be, duly authorized, executed and delivered by Investor and are,
and at the time of Closing will be, the legal, valid and binding obligations of Investor, enforceable against Investor in accordance
with their respective terms, and do not and, at the time of Closing will not, conflict with or violate any provision of any agreement
or judicial order to which Investor is subject. Investor has taken all action required to execute, deliver and perform this Agreement.

 

(b)Investor
is not named by any Executive Order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially
Designated National and Blocked Person,” or is otherwise a banned or blocked person, group, entity, or nation pursuant to
any Law that is enforced or administered by the Office of Foreign Assets Control, and Investor is not engaging in the transactions
contemplated by this Agreement, directly or indirectly, on behalf of, or instigating or facilitating the transactions contemplated
by this Agreement, directly or indirectly, on behalf of, any such person, group, entity or nation. Investor is not engaging in
the transactions contemplated by this Agreement, directly or indirectly, in violation of any laws relating to drug trafficking,
money laundering or predicate crimes to money laundering. None of the funds of Investor have been or will be derived from any unlawful
activity with the result that the investment of direct or indirect equity owners in Investor is prohibited by Law or that the transactions
contemplated by this Agreement or this Agreement is or will be in violation of applicable law. Investor has and will continue to
implement procedures, and has consistently and will continue to consistently apply those procedures, to ensure the foregoing representations
and warranties remain true and correct at all times prior to Closing.

 

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(c)(1)
There is no material action, suit, claim or proceeding, or, to the knowledge of Investor, inquiry or investigation, before or by
any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of Investor, threatened
against or affecting Investor, and (2) there is no judgment, order or decree of any kind against Investor unpaid and unsatisfied
of record, that in the case of clause (1) or (2) above, is reasonably likely, individually or in the aggregate, to have a Material
Adverse Effect on the ability of Investor to consummate the transactions pursuant to this Agreement.

 

(d)No
consent, waiver, approval, order or authorization of, or registration, declaration or filing with, any governmental entity is required
by or with respect to Investor in connection with the execution and delivery of this Agreement or the consummation of the transactions
contemplated hereunder.

 

(e)Investor
is Delaware limited liability company. Attached hereto as Schedule 6.6(e) is a structure chart of the Investor, which chart
is accurate and complete in all material respects. Investor shall have the right to update this representation on the Closing Date
to reflect the structure of the Investor on such date provided that Investor has complied with Section 12.2 below.

 

(f)American
Realty Capital New York Recovery REIT, Inc. ("NYRR") is the sole member of Investor. To Investor’s knowledge:
(i) NYRR is a real estate investment trust; (ii) NYRR has total assets in excess of $600,000,000; (iii) NYRR has capital/statutory
surplus and shareholder's equity of not less than $250,000,000; (iv) neither Investor nor NYRR has ever been indicted or convicted
of, or plead guilty or no contest to, a felony or Patriot Act offense; (v) neither Investor nor NYRR has ever been the subject
of a voluntary or involuntary bankruptcy proceeding; and (vi) neither Investor nor NYRR has a history of material and adverse litigation
as determined in Investor’s reasonable discretion solely with respect to this Subsection (vi).

 

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ARTICLE
7

Ongoing Operations

 

7.1Leasing
Practice. During the pendency of this Agreement, WWP Sponsor shall have the right to amend, modify and cancel existing Leases,
other than (i) any of the Major Leases or (ii) any Lease or Leases which provide for annual aggregate rent and/or additional rent
in excess of $200,000.00, and enter into new Leases at the Office Property and the Amenities Property only (a) in accordance with
the Approved Annual Budget, or (b) in accordance with the terms of the LLC Agreement, and with respect to the rights under the
LLC Agreement as if the LLC Agreement was in effect as of the Effective Date, Investor shall have the consent rights of the Investor
Member (as defined in the LLC Agreement) in accordance with the terms the LLC Agreement. The proposed annual budget for 2014 shall
be delivered to Investor for its review, input and approval as soon as same is ready, and the budget shall not be approved, and
shall not become the Approved Annual Budget, unless and until same has been reviewed and approved by Investor, which approval shall
not be unreasonably withheld, delayed or conditioned. Investor shall endeavor to respond to the proposed budget promptly after
receipt thereof. Until such time as the annual budget for 2014 is approved by WWP Sponsor and Investor, WWP Sponsor agrees to cause
Office Owner and Amenities Owner to operate the Real Property under the Approved Budget for 2013 with only such changes as shall
be made in accordance with the LLC Agreement.

 

7.2Personal
Property and Equipment. During the pendency of this Agreement, WWP Sponsor agrees not to transfer to any third party or remove
any personal property or equipment owned by Office Owner or Amenities Owner and located in the Real Property unless such personal
property or equipment is obsolete or replaced with a substantially similar item.

 

7.3Employees.
Investor acknowledges that Comfort Maintenance Corp., an affiliate of the property manager for the Real Property, is the employer
under those certain agreements set forth in Schedule 6.1(j)-1 attached hereto with respect to the employees (“Employees”)
listed on Schedule 6.1(j)-2 attached hereto; provided, however, that at Closing (or promptly thereafter), all Employees
engaged in the performance of base building cleaning services at the Office Property shall become employees of a special purpose
entity approved by WWP Sponsor and Investor.

 

7.4Development
Rights/Title. During the pendency of this Agreement, WWP Sponsor shall not cause Office Owner or Amenities Owner to (a) sell,
lease, transfer or otherwise encumber any development rights appurtenant to the Real Property, or (b) enter into, deliver or record
any defects, encumbrances, encroachments or other matters of title that are not Permitted Encumbrances without the Investor’s
prior written consent.

 

7.5Tax
Proceedings. Office Owner or Amenities Owner may file and/or prosecute a Tax Proceeding for any fiscal year. Office Owner or
Amenities Owner shall have the right to withdraw, settle or otherwise compromise Tax Proceedings (i) for any fiscal period prior
to the fiscal year in which the Closing shall occur without the prior consent of Investor; provided that Office Owner or Amenities
Owner shall not be entitled to settle or compromise any such Tax Proceeding if such settlement or compromise would have an adverse
impact on the real estate taxes for the fiscal year in which the Closing occurs or any subsequent tax period, and (ii) for the
fiscal year in which the Closing shall occur, provided Investor shall have consented with respect thereto, which consent shall
not be unreasonably withheld, delayed or conditioned. Any amounts due or payable in connection with Tax Proceedings (i) for any
fiscal period prior to the fiscal year in which the Closing shall belong to or be payable by WWP Sponsor, and (ii) for the fiscal
year in which the Closing shall occur shall be prorated in accordance with Section 9.4 below.

 

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7.6Operation
and Maintenance. During the pendency of this Agreement, WWP Sponsor shall cause Office Owner and Amenities Owner to operate
and maintain the Real Property in the usual course of business and consistent with past practices and in conformity with the Approved
Annual Budget for 2013, excepting normal wear and tear and loss or Casualty. Except as set forth in this Section 7.6 or
in the Approved Annual Budget, WWP Sponsor shall not, without the prior written consent of Investor, have the right to cause Office
Owner and Amenities Owner, to make any capital expenditures to the Real Property, other than emergency capital expenditures necessary
to preserve the Real Property or to avoid damage to the Real Property or any bodily harm to any person (the “Emergency
CapEx Needs”); provided, however, that if the Investor’s share of the costs of such Emergency CapEx Needs as a
member of WWP Holdings following the Closing exceeds the aggregate sum of Two and One Half Million and No/100 Dollars ($2,500,000.00)]
and WWP Sponsor does not elect to pay such excess amounts, then Investor shall have the right to terminate this Agreement by delivering
written notice thereof to WWP Sponsor within five (5) Business Days after receipt of the information regarding the Emergency CapEx
Needs and WWP Sponsor’s refusal to fund such excess amounts, and this Agreement shall be terminated upon receipt of timely
written notice, the Deposit shall be returned to Investor and the parties shall have no further obligations under this Agreement
other than the Surviving Obligations. WWP Sponsor shall cause Office Owner and Amenities Owner to continue to perform all reasonably
necessary or scheduled repairs, improvements and maintenance to the Real Property in a manner materially consistent with the Approved
Annual Budget for 2013 and the Leases, through and including the effective date of the Closing.

 

7.7Contracts.
Notwithstanding anything to the contrary contained in this Agreement, during the pendency of this Agreement, WWP Sponsor shall
have the right to cause Office Owner and Amenities Owner to extend, renew, replace or modify any Existing Contract or enter into
any New Contract, in each case in accordance with the terms of the LLC Agreement as if the LLC Agreement was in effect as of the
Effective Date, and Investor shall have the rights of Investor Member under the LLC Agreement with respect to Major Contracts;
provided, however, that in no event shall any contracts with affiliates of WWP Sponsor be entered into or modified without Investor’s
prior written consent.  

 

7.8Tenant
Estoppels.

 

(a)
WWP Sponsor has obtained and delivered to Investor estoppel certificates (each an “Existing Estoppel Certificate”
and collectively the “Existing Estoppel Certificates”) from Nomura, WNET.ORG and THIRTEEN, and Ballys Sports
Club, which Existing Estoppel Certificates are dated more than one hundred twenty (120) days prior to the Effective Date, and which
Existing Estoppel Certificates are hereby approved by Investor. Notwithstanding, WWP Sponsor shall request new estoppel certificates
from all of the Tenants (the “New Estoppel Certificates”, and collectively with the Existing Estoppel Certificates,
the “Estoppel Certificates”), provided, however, that the receipt of such New Estoppel Certificates shall not
be a condition precedent to Investor’s obligation to close hereunder; but it shall be a condition to Closing that WWP Sponsor
deliver an Estoppel Certificate (whether Existing Estoppel Certificate or New Estoppel Certificate) for each of the Major Tenants.
The New Estoppel Certificates shall be in form and substance which do not vary materially from the applicable form annexed hereto
as Exhibit 2 (unless such variance benefits Investor), or, as to any Office Lease providing or allowing for a different
form of estoppel certificate, the form provided or allowed by such Office Lease; provided that, in order to satisfy the requirements
of this Section 7.8(a), each New Estoppel Certificate must (I) be dated not more than forty-five (45) days prior to the
Scheduled Closing Date (provided that no extension or adjournment of the Closing Date by Investor or WWP Sponsor shall cause any
Estoppel Certificate to become unacceptable) and (II) not contain any statements which cause WWP Sponsor’s representations
contained in Section 6.1 to be untrue in any material respect, provided, however, that Investor acknowledges that any matters
of which Investor has knowledge as of the Effective Date (other than those matters described in the letter listed on Schedule
6.1(d)(2), and any other material matter raised by such tenant that is related to the subject matter of such letter) shall
not be an Estoppel Default and such matters shall be subject to the terms of Section 6.3(c) above; provided, however, that
such knowledge shall not impact any other obligations of WWP Sponsor under this Agreement. Investor shall notify WWP Sponsor upon
the date which is the earlier of (i) five (5) Business Days following Investor’s receipt of executed New Estoppel Certificates
and (ii) one (1) Business Day before the Closing Date, of Investor’s permitted objections to any such New Estoppel Certificates
theretofore delivered to Investor. Investor’s failure to timely respond to WWP Sponsor in accordance with the preceding sentence
shall be deemed its approval of the New Estoppel Certificates.

 

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(b)If
the required Estoppel Certificates from all Major Tenants cannot be timely delivered, WWP Sponsor may, but shall not be obligated
to, adjourn the Closing for a period not to exceed thirty (30) days, to obtain the required Estoppel Certificates, and the date
which is three (3) Business Days after WWP Sponsor shall notify Investor that it has received all of the required Estoppel Certificates
shall be the new Scheduled Closing Date hereunder. If WWP Sponsor, after exercising or waiving in writing such adjournment right,
does not or cannot deliver the required Estoppel Certificates, WWP Sponsor shall notify Investor in writing and Investor’s
sole remedy shall be to terminate this Agreement and receive the return of the Deposit, or to waive such condition and close within
three (3) Business Days thereafter, which date shall be the new Scheduled Closing Date.

 

(c)If
any of the delivered New Estoppel Certificates claim defaults by Office Owner or Amenities Owner under a Lease, and such alleged
default, in the aggregate with all other alleged defaults claimed under the New Estoppel Certificates, have a Material Adverse
Effect (each such alleged default hereinafter being referred to as an “Estoppel Default”), then WWP Sponsor
may, but shall not be obligated to, elect to cure any such Estoppel Default and shall, for that purpose, be entitled to adjourn
the Closing for a period not to exceed thirty (30) days, provided, however, that in the event WWP Sponsor elects not to cure such
Estoppel Default or is unable to cure such Estoppel Default within such period of time, Investor’s sole remedy shall be to
terminate this Agreement and receive the return of the Deposit. If, prior to the Closing, there occurs or exists one or more Estoppel
Defaults which do not in the aggregate have a Material Adverse Effect, then Investor shall have no remedy therefor and shall proceed
with the Closing.

 

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(d)WWP
Sponsor, within two (2) Business Days after the date hereof, shall request evidence in writing from Nomura confirming Nomura’s
waiver of the right of first offer under the Nomura Lease or decision not to exercise its right of first offer set forth in the
Nomura Lease with respect to the transaction contemplated by this Agreement, provided, however, that the receipt of such evidence
shall not be a condition precedent to Investor’s obligation to close hereunder.

 

7.9Insurance.
WWP Sponsor covenants to cause Amenities Owner and Office Owner to keep, at Office Owner’s or Amenities Owner’s sole
cost and expense, the insurance policies with respect to the Real Property in effect; provided, however, that
Amenities Owner and Office Owner may make commercially reasonable modifications to such insurance policies provided that such modifications
do not materially reduce the insurance coverage or increase deductibles existing as of the date hereof in any material respect
and such modifications are permitted by the Loan Documents.

 

7.10Amenities
Organizational Documents; Amenities Mortgages; Condominium Documents; Loan Documents. WWP Sponsor shall not cause any Subsidiary
Entity to amend, restate, supplement or otherwise modify or enter into any agreement relating to, (a) their respective organizational
documents, (b) the Condominium Documents, (c) any of the Amenities Loan Documents or (d) the Loan Documents, without, in each instance,
Investor’s prior written consent.

 

7.11Lender
Notice. Not more than five (5) Business Days after the Effective Date, WWP Sponsor shall cause WWP Mezz, Office Owner and Amenities
Membership Owner to deliver to the Lender written notice of the transactions contemplated by this Agreement in the form reasonably
acceptable to WWP Sponsor and Investor (the “Lender Notice”). Investor shall use commercially reasonable efforts
to promptly provide any information or documentation reasonably requested by Lender in connection with the Lender Notice. If the
Lender affirmatively rejects the transactions contemplated herein prior to the Closing because it determines that the conditions
to a transfer of the Investor Interest have not been met solely and specifically as a result of the Investor’s representations
set forth in Section 6.6(f) above or the Investor’s Officer’s Certificate being untrue when made, and it is
ultimately determined by a court of competent jurisdiction that such representations were untrue when made, then WWP Sponsor shall
have the right to terminate this Agreement by written notice to the Investor within three (3) Business Days after such determination
and the Deposit shall thereafter be promptly delivered to WWP Sponsor, and neither party shall have any further obligations under
this Agreement other than the Surviving Obligations. If the Lender affirmatively rejects the transactions contemplated by this
Agreement prior to Closing for any reason other than with respect to Section 7.11(i) above, then either Investor or WWP
Sponsor shall have the right to terminate this Agreement by written notice to the other and the Deposit shall be returned to Investor,
and neither party shall have any further obligations under this Agreement other than the Surviving Obligations.

 

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ARTICLE
8

Title Insurance; Violations

 

8.1Title
Review. 

 

(a)Investor
acknowledges receipt of the Title Commitments and the Survey. Investor shall direct the Title Company to deliver a copy of any
updates to the Title Commitments to WWP Sponsor and its counsel simultaneously with its delivery of the same to Investor. Investor
shall have no right to object to any exceptions or other matters disclosed in the Title Commitments or Survey, except as marked
on Schedule 8.1(a) attached hereto or to the extent any exceptions disclosed on the Title Commitments or the Survey are
not Permitted Encumbrances (collectively, the “Commitment Objections”). Other than the Commitment Objections,
all matters disclosed in the Title Commitments or Survey shall be deemed Permitted Encumbrances.

 

(b)If
prior to the Closing Date, the Title Company shall deliver any update to any of the exhibits and schedules making up the Title
Commitments or any updated or new survey to Investor and its counsel which discloses additional liens, encumbrances or other title
exceptions which were not disclosed by the Title Commitments and which do not otherwise constitute Permitted Encumbrances hereunder
(each, an “Update Exception”), then Investor shall have until the earliest of (x) five (5) Business Days after
delivery of such update to Investor and its counsel, (y) the Business Day immediately preceding the Closing Date; provided, however,
that if such update is delivered within five (5) Business Days preceding the Scheduled Closing Date, the Scheduled Closing Date
shall be postponed by the number of days between the date that is five (5) Business Days before the Scheduled Closing Date and
the date such update is delivered to Investor, or (z) the date of the Closing if disclosed in a continuation of title or any updated
or new survey performed for the Closing, time being of the essence as to such earliest date (the “Update Objection Deadline”),
to deliver written notice to WWP Sponsor objecting to any of the Update Exceptions (the “Update Objections”;
the Update Objections and Commitment Objections are, collectively, the “Title Objections”). If Investor fails
to deliver such objection notice by the Update Objection Deadline, Investor shall be deemed to have waived its right to object
to any Update Exceptions (and the same shall not constitute Title Objections, but shall instead be deemed Permitted Encumbrances).
If Investor shall deliver such objection notice by the Update Objection Deadline, any Update Exceptions which are not objected
to in such notice shall not constitute Title Objections, but shall be Permitted Encumbrances.

 

(c)Investor
shall not be entitled to object to, and shall be deemed to have approved, any liens, encumbrances or other title exceptions (and
the same shall not constitute Title Objections, but shall instead be deemed to be Permitted Encumbrances) which (A) will be extinguished
upon the issuance of the Investor Interest, (B) are the responsibility of any Tenant to cure, correct or remove, or (C) the Title
Company is willing to omit as an exception to a title insurance policy issued by the Title Company (at no cost or premium to Investor),
whether such removal is the result of payment, bonding, indemnity of WWP Sponsor or otherwise. Notwithstanding anything to the
contrary contained herein but subject to Section 8.1(e) below, if WWP Sponsor is unable to (or is unable to cause Office
Owner or Amenities Owner to) eliminate the Title Objections by the Scheduled Closing Date, unless the same are waived by Investor,
WWP Sponsor may, but shall not be obligated to, adjourn the Closing for a period not to exceed thirty (30) days in the aggregate
(the “Title Cure Period”) in order to attempt to eliminate such exceptions.

 

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(d)Subject
to Section 8.1(e) below, if WWP Sponsor is unwilling or unable to (or is unwilling or unable to cause Office Owner or Amenities
Owner to) eliminate any Title Objection within the Title Cure Period, then Investor may (i) close the transactions contemplated
by this Agreement subject to such Title Objection, in which event (x) such Title Objection shall be deemed to be, for all purposes,
a Permitted Encumbrance, (y) Investor shall close hereunder notwithstanding the existence of same, and (z) WWP Sponsor shall have
no obligations whatsoever after the Closing Date with respect to WWP Sponsor’s failure to cause such Title Objection to be
eliminated, or (ii) terminate this Agreement by notice given to WWP Sponsor within five (5) Business Days following expiration
of the Title Cure Period, time being of the essence, in which event Investor shall be entitled to a return of the Deposit. If Investor
shall fail to deliver the termination notice described in clause (ii) of this paragraph within the five (5) Business Day
period described therein, time being of the essence, Investor shall be deemed to have made the election under clause (ii).
Upon the timely giving of any termination notice under clause (ii) (or deemed termination), this Agreement shall terminate
and neither party hereto shall have any further rights or obligations hereunder other than the Surviving Obligations. Subject to
Section 8.1(e) and Section 8.2 below, it is expressly understood that in no event shall WWP Sponsor be required to
bring any action or institute any proceeding, or to otherwise incur any costs or expenses in order to attempt to (or to cause Office
Owner or Amenities Owner to) eliminate any Title Objections, or take any other actions to cure or remove any Title Objections,
or to otherwise cause title to be in accordance with the terms of this Agreement on the Closing Date; provided, that WWP Sponsor
shall (and shall cause Office Owner and Amenities Owner to) use commercially reasonable efforts to attempt to eliminate all such
Title Objections.

 

(e)Notwithstanding
anything in this Agreement to the contrary, WWP Sponsor shall be required to or shall cause Office Owner or Amenities Owner to,
as applicable, (i) satisfy or remove of record any mortgage placed on the Real Property after the Acquisition Date (other than
the Amenities Mortgages, the Mortgage Loan and the Mezzanine Loan), (ii) remove all judgment liens and all tax liens that in either
case are due and payable by WWP Sponsor or, to the extent accruing after the Acquisition Date, any of the Subsidiary Entities,
(iii) remove, by payment, bonding or otherwise any Title Objections which have been voluntarily created by, or with the written
consent of, WWP Sponsor, any Subsidiary Entities or any WWP Sponsor Party following the Effective Date (other than with the written
approval of Investor) and which are not given for the benefit of any utility or governmental authority or caused or created by
an act or omission of Investor or by an act or omission of a Tenant, and (iv) remove any and all other exceptions (other than as
set forth in clauses (i), (ii) and (iii) above) that can be discharged of record by the payment of a liquidated sum not in excess
of Four Million and No/100 Dollars ($4,000,000.00) in the aggregate when added to the amount expended under Section 8.2
below (the “Clause (iv) Cure Cap”). If the Clause (iv) Cure Cap shall be exceeded, and if WWP Sponsor notifies
Investor in writing that WWP Sponsor is not willing to expend in excess of the Clause (iv) Cure Cap, then, in such instance, Investor
may nevertheless close hereunder, subject to such exceptions, with a credit against the purchase price in the amount required to
cure such condition up to the Clause (iv) Cure Cap.

 

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8.2Violations.
Investor agrees to make the Investor Capital Contribution and accept the Investor Interest subject to any and all notes or notices
of violations of law, or municipal ordinances, orders, designations or requirements whatsoever noted in or issued by any federal,
state, municipal or other governmental department, agency or bureau or any other governmental authority having jurisdiction over
the Real Property (individually, a “Violation” and collectively, “Violations”) or any condition
or state of repair or disrepair or other matter or thing, whether or not noted, which, if noted, would result in a Violation being
placed on the Real Property. WWP Sponsor shall have no duty to cause Office Owner or Amenities Owner to remove or comply with or
repair any of the aforementioned Violations, or any condition, matter or thing whether or not noted, which, if noted, would result
in a Violation being placed on the Real Property. However, WWP Sponsor shall pay any and all fines, interest and penalties relating
to Violations which are not the responsibility of non-defaulted tenants in occupancy of the Real Property and which relate to periods
prior to the Closing Date, which shall be part of and not exceed, when added to the amount expended under Section 8.1(e), the Clause
(iv) Cure Cap. Notwithstanding the foregoing, this Section 8.2 shall survive Closing hereunder.

 

ARTICLE
9

Closing

 

9.1Closing
Date and Location.

 

(a)The
closing of the transactions contemplated hereunder (the “Closing”) shall occur, and the documents referred to
in Section 9.3 shall be delivered upon tender of the Investor Capital Contribution provided for in this Agreement, on or
before 6:00 p.m., eastern time, on November 12, 2013 (as such date may be extended or adjourned in accordance with this Agreement,
the “Scheduled Closing Date”; and the actual date of the Closing, the “Closing Date”), time
being of the essence but subject to the express adjournment rights set forth in this Agreement. If the closing conditions are not
satisfied or waived prior to the Scheduled Closing Date (as such may be adjourned by either party in accordance with the terms
of this Agreement), and neither party has adjourned pursuant to the terms of this Agreement, then either Investor or WWP Sponsor
shall have the right to terminate this Agreement by delivering written notice thereof to the other party, and upon such termination
the Deposit shall be returned to Investor and the parties shall have no further obligations or liabilities under this Agreement
other than the Surviving Obligations. Closing shall be held at the offices of WWP Sponsor’s attorneys, Blank Rome LLP, 405
Lexington Avenue, New York, New York 10174, or, if requested by Investor, through an escrow closing with the Escrowee, at which
neither party shall be required to be present. Investor shall have the right, but not the obligation, to accelerate the Scheduled
Closing Date or any adjourned Closing Date, as applicable, upon ten (10) business days prior written notice to WWP Sponsor, provided
that all conditions precedent to both Investor’s and WWP Sponsor’s respective obligations to close under this Agreement
shall have been satisfied or waived in writing. Investor and WWP Sponsor or their counsel shall meet one (1) Business Day prior
to the Scheduled Closing Date to pre-close the transactions contemplated hereunder, and deliver all executed documents to be held
in escrow on such date pursuant to reasonably acceptable escrow instructions that will provide, among other things, that the transfer
documents will be released only upon Escrowee, on behalf of WWP Sponsor and Investor, being unconditionally and irrevocably authorized
to disburse the Investor Capital Contribution to WWP Holdings or as WWP Holdings may direct, and WWP Holdings shall immediately
distribute the Investor Capital Contribution to WWP Sponsor.

 

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(b)Notwithstanding
Section 9.1(a) to the contrary, WWP Sponsor shall have the right, from time to time, to adjourn the then Scheduled Closing
Date for up to thirty (30) days in the aggregate by providing written notice thereof to Investor on or before 4:00 p.m., eastern
time, on the then Scheduled Closing Date. In addition, Investor shall have the one-time right to adjourn the then Scheduled Closing
Date for up to fifteen (15) days in the aggregate by providing written notice thereof to WWP Sponsor on or before 4:00 p.m., eastern
time, on the then Scheduled Closing Date.

 

(c)Notwithstanding
anything to the contrary contained in this Agreement, to the extent WWP Sponsor has a right pursuant to one or more provisions
of this Agreement to extend the Closing Date, WWP Sponsor shall not have the right to extend the Closing Date to a date more than
sixty (60) days later than the Scheduled Closing Date (except that the foregoing shall not apply to any adjournment exercised by
WWP Sponsor under Section 11.2 below).

 

9.2Transfer
Tax; Closing Expenses.

 

(a)WWP
Sponsor shall be responsible for the costs of its legal counsel, advisors and other professionals employed by it in connection
with the transactions contemplated by this Agreement.

 

(b)WWP
Sponsor shall be responsible for any transfer taxes payable with respect to the transactions set forth in this Agreement pursuant
to Article 31 of the Tax Law of the State of New York and the regulations applicable thereto, and the New York City Real Property
Transfer Tax Law (Admin. Code Chapter 21), and the regulations applicable thereto (collectively the “Transfer Taxes”)
in connection with the transactions contemplated by this Agreement. WWP Sponsor shall control, and make any decisions (subject
to Investor’s approval, not to be unreasonably withheld, conditioned or delayed) regarding, any audit, examination, administrative
or judicial proceeding or other matter pertaining to any Transfer Taxes, and WWP Sponsor shall indemnify, defend and hold Investor
and WWP Holdings harmless from and against any and all losses, liability, cost, expenses, damages or demands relating thereto,
of every type and nature whatsoever (including reasonable legal fees and expenses, and any fines, interest and penalties relating
thereto).

 

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(c)Investor
shall be responsible for (i) the costs and expenses associated with its due diligence, (ii) the costs and expenses of its legal
counsel, advisors and other professionals employed by it in connection with the transactions contemplated by this Agreement, (iii)
all premiums and fees for title examination and title insurance and endorsements obtained and all related charges and survey costs
in connection therewith, (iv) all fees (including, without limitation, any “transfer fees” due under the Loan Documents)
and out-of-pocket costs and expenses of the Lender, and (v) all escrow and/or closing fees.

 

(d)The
provisions of this Section 9.2 shall survive the Closing.

 

9.3Closing
Deliveries.

 

(a)At
Closing, WWP Sponsor shall deliver (or cause to be delivered) to Escrowee:

 

(i)the LLC Agreement
executed by WWP Sponsor in the form attached hereto as Exhibit 1, together with all exhibits attached thereto which are
to be executed and delivered concurrently with the LLC Agreement;

 

(ii)the Indemnity
and Contribution Agreement in the form attached to the LLC Agreement;

 

(iii)a title certificate
in the form attached hereto as Exhibit 3-A and a non-imputation affidavit in the form attached hereto as Exhibit 3-B;

 

(iv)a settlement/closing
statement with respect to the apportionments set forth in this Agreement;

 

(v)Estoppel Certificates;

 

(vi)an update of
WWP Sponsor’s representations and warranties under Section 6.1 above;

 

(vii)duly executed
certificate of WWP Sponsor in the applicable form set forth in Treasury Regulations §1.1445-2(b)(2); 

 

(viii)an executed
direction letter naming a designee of the Investor to the board of managers, each in accordance with the Condominium Documents,
and to the extent necessary to make such manager position available, the resignation of one (1) of the WWP Sponsor’s designees
to the board of managers of the Condominium;

 

(ix)Good standing
certificates of WWP Sponsor and each of the Subsidiary Entities;

 

(x)evidence of
WWP Sponsor’s organizational authority; and

 

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(xi)the Reliance
Letters.

 

(xii)if received,
evidence that the Lender has not objected to the transactions contemplated by this Agreement.

 

(b)At
Closing, Investor shall deliver (or cause to be delivered) to Escrowee:

 

(i)the balance
of the Investor Capital Contribution (after deducting the Deposit, which shall be delivered by Escrowee to WWP Holdings);

 

(ii)the LLC Agreement
executed by Investor in the form attached hereto as Exhibit 1, together with all exhibits attached thereto which are to
be executed and delivered concurrently with the LLC Agreement;

 

(iii)the Indemnity
and Contribution Agreement in the form attached to the LLC Agreement;

 

(iv)a settlement/closing
statement with respect to the apportionments set forth in this Agreement;

 

(v)an update of
Investor’s representations and warranties under Section 6.5 above; and

 

(vi)evidence of
Investor’s organizational authority.

 

9.4Apportionments
and Reimbursements. The following adjustments shall be made to the Investor Contribution with respect to the Office Property
and the Amenities Membership Interests and the following procedures shall be followed:

 

(a)General.

 

(i)Preparation
of Prorations. Before the Closing Date, WWP Sponsor shall prepare and deliver to Investor an unaudited statement for the Real
Property (the “Preliminary Proration Statement”) showing prorations for the items set forth below, calculated
as of 11:59 p.m. on the day preceding the Closing Date (the “Apportionment Date”), on the basis of the actual
number of days of the month which shall have elapsed as of the Closing Date and based upon the actual number of days in the month
in which the Closing Date occurs, and on the basis of a 365-day year. Notwithstanding the foregoing, in the event that the Investor
Capital Contribution is not delivered to Escrowee pursuant to Section 9.1 above by 6:00 P.M. Eastern Time on the Closing
Date, then in such event, the items set forth in this Section shall be apportioned as of 11:59 P.M. on the Closing Date based upon
the respective party’s period of ownership for the item being apportioned. WWP Sponsor and Investor acknowledge that
notwithstanding that this Agreement is for the admission of Investor as a 48.90% member in WWP Holdings, it is the intention of
the parties hereto to prorate and apportion the revenue and expenses pertaining to the Office Property and Amenities Membership
Interests as if there was a sale of the Office Property and Amenities Membership Interests subject to the specific terms and conditions
of this Agreement, such that the seller is WWP Sponsor and the buyer is owned 51.10% by WWP Sponsor and 48.90% by Investor. Investor
and WWP Sponsor shall agree upon any adjustments to be made to the Preliminary Proration Statement before the Closing, and at the
Closing, the parties shall adjust and credit the amounts due or payable pursuant to the Preliminary Proration Statement as finally
agreed upon by Investor and WWP Sponsor. The items to be covered by the Preliminary Proration Statement are as follows:

 

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A.Base
or fixed rents due or pre-paid under the Leases, and any percentage rents, escalation charges for increases in real estate taxes
or operating expenses, porter's wage increases, labor cost increases, cost-of-living increases, charges for electricity, water,
cleaning or overtime services, work order charges, “sundry charges” or other charges of a similar nature (collectively,
“Additional Rents”) shall be adjusted on an “if, as and when” collected basis; provided that if
any of the foregoing are not finally adjusted between Office Owner and/or Amenities Owner and a Tenant until after the preparation
of the Preliminary Proration Statement, then proration of such items shall be subject to adjustment pursuant to Section 9.4(b);

 

B.Real
estate and personal property taxes, business improvement district assessments and charges, vault charges and special assessments,
if any. WWP Sponsor shall cause Office Owner and Amenities Owner to pay all real estate and personal property taxes, business improvement
district assessments and charges, vault charges and special assessments attributable to the Office Property and Amenities Property
through, but not including, the Closing Date. If the tax rate, assessment and/or assessed value for any of the foregoing items
have not been set for the tax period in which the Closing occurs, then the proration of such items shall be based upon the rate,
assessment and/or assessed value for the immediately preceding tax period and promptly following the date that the tax rate, assessment
and/or assessed value is finally determined for such tax period, the net amount due to WWP Sponsor or Investor (as members of WWP
Holdings), if any, by reason of such final determination, shall be paid by the party obligated to make such payment within five
(5) Business Days following notice from the other party with respect thereto. Any discount received for an early payment shall
be for the benefit of WWP Sponsor. If as of the Closing Date the Office Property or the Amenities Property or any portion thereof
shall be affected by any special or general assessments which are or may become payable in installments of which the first installment
is then a lien and has become payable, WWP Sponsor shall cause Office Owner and/or Amenities Owner to pay the unpaid installments
of such assessments which are due prior to the Closing Date and Investor and WWP Sponsor (as the members of WWP Holdings) shall
pay their respective share of the installments which are due on or after the Closing Date;

 

C.water,
sewer and utility charges not payable by a Tenant;

 

D.amounts
payable under the Contracts, monthly debt service payments under the Mortgage Loan and the Mezzanine Loan, and tax and insurance
escrows under the Mortgage Loan;

 

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E.permits,
licenses and/or inspection fees (calculated on the basis of the period covered);

 

F.fuel,
if any, as estimated by WWP Sponsor’s supplier, at current cost, together with any sales taxes payable in connection therewith,
if any (a letter from WWP Sponsor’s fuel supplier shall be conclusive evidence as to the quantity of fuel on hand and the
current cost therefor);

 

G.salaries,
wages, vacation pay, bonuses and any other fringe benefits (including, without limitation, social security, unemployment compensation,
employee disability insurance, sick pay, welfare and pension fund contributions, payments and deposits, if any) of all Employees;

 

H.Insurance
premiums due in connection with insurance over the Office Property and the Amenities Property;

 

I.payments
of interest and principal (if any) under the Amenities Mortgages;

 

J.to
the extent not duplicative of other adjustments provided in this Section 9.4, any reimbursements and other amounts payable to the
Office Owner or the Amenities Owner in connection with the Condominium;

 

K.utility
deposits; and

 

L.such
other items as are customarily apportioned in real estate closings of commercial properties in the City of New York, State of New
York.

 

(ii)Principles
of Prorations; Collections and Payments. Subject to the prorations to be made pursuant to this Section 9.4, all revenues,
liabilities and expenses with respect to the Office Property, Office Owner, the Amenities Property, Amenities Owner, Amenities
Membership Interests and/or WWP Holdings that relate to periods (x) before the Closing shall belong to (or be borne by) WWP Sponsor
and WWP Sponsor shall be responsible for any such liabilities and expenses that relate to the period prior to the Closing, and
(y) after the Closing shall belong to (or be borne by) WWP Holdings (after giving effect to the Investor Capital Contribution and
admission of Investor as a member of WWP Holdings pursuant to the LLC Agreement), and WWP Holdings shall be responsible for such
liabilities and expenses that relate to periods from and after the Closing. Any rent or other payment collected after the Closing
from any Tenant which owed any amounts under the Leases as of the Closing Date or that relates to any period prior to the Closing
Date shall be applied (i) first to the payment of monies owed, for the month or other billing period in progress on the Closing
Date prorated in accordance with this Section 9.4 above, (ii) second to any current sums and arrearages owed for the month
or other billing periods after the month or other billing period in progress as of the Closing Date, and (iii) last for the period
prior to the month or other billing period in which the Closing occurred.

 

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(iii)Lender
Held Reserves. Notwithstanding anything to the contrary contained herein, all reserves held by the Lender under the Mortgage
Loan or Mezzanine Loan for tenant rollover and free rent for tenants as set forth on Schedule 9.4(a)(iii) shall not be credited
to WWP Sponsor as of the Closing Date and shall be beneficially owned by WWP Holdings after giving effect to the Investor Capital
Contribution and admission of Investor as a member of WWP Holdings pursuant to the LLC Agreement.

 

(b)Post
Closing Reconciliation.

 

(i)On each of the
date that is (A) thirty (30) days after the Closing Date, and (B) ninety (90) days after the Closing Date, WWP Sponsor and Investor
shall work together to correct any errors in the prorations made on the Closing Date and any prorations based on estimates as of
the Closing Date. If the amounts were in excess of or less than the amounts actually required to be paid or adjusted on the Closing
Date, there shall be an adjustment and payment to be made by Investor to WWP Sponsor or by WWP Sponsor to Investor, as the case
may be, for such excess or shortfall.

 

(ii)If any Tenants
are required to pay Additional Rents, then, with respect to those Additional Rents for the 2013 calendar year (or other applicable
fiscal period under any Lease for the determination of Additional Rent ending prior to the Closing Date) which are not finally
adjusted until after the preparation of the Preliminary Proration Statement pursuant to Section 9.4(a) above, and for those
percentage rents which have not been finally determined for the 2013 calendar year (or other applicable fiscal period under any
Lease for the measurement of percentage rents during which the Closing occurs), the Administrative Member (as defined in the LLC
Agreement) shall submit to WWP Sponsor and Investor, no later than one (1) year after the Closing Date, an unaudited statement
for the Office Property and the Amenities Property (a “Supplemental Proration Statement”) covering any such
Additional Rents or any other items which have been finally adjusted between Office Owner and Amenities Owner and such Tenant for
the 2013 calendar year (provided that (x) if the applicable fiscal period is other than a calendar year, the Administrative Member
shall submit the Supplemental Proration Statement to WWP Sponsor and Investor within ninety (90) days after the end of the applicable
fiscal period and (y) if percentage rents are measured over a different fiscal period the Administrative Member shall submit a
separate Supplemental Proration Statement to WWP Sponsor and Investor within ninety (90) days after the end of such fiscal period),
containing a calculation of the prorations of such Additional Rents and such other items, prepared based on the principles set
forth in Section 9.4(a) above. If Additional Rents for the 2012 calendar year (or other applicable fiscal period under any
Lease for the measurement of percentage rents ending prior to the Closing Date) have not been finally adjusted between Office Owner
or Amenities Owner and a Tenant, as applicable, as of the Closing, WWP Sponsor shall retain all rights and obligations with respect
to the adjustment thereof directly with the Tenant following the Closing (provided that no such adjustment shall adversely affect
any fiscal period subsequent to the Closing). Without limiting the generality of the foregoing, WWP Sponsor shall retain all rights
to bill and collect any additional amounts owing by any Tenant with respect to Additional Rents for the 2012 calendar year (or
other applicable fiscal period under any Lease for the measurement of percentage rents ending prior to the Closing Date), and shall
remain solely obligated to pay any refund owing to any Tenant for overpayment of Additional Rents for the 2012 calendar year (or
other applicable fiscal period under any Lease for the measurement of percentage rents ending prior to the Closing Date). For the
avoidance of doubt, any revenue attributable to, or any expenses to be paid in connection with, the period prior to the Closing
Date shall belong solely to, and be the sole obligation of, WWP Sponsor, and not WWP Holdings or any of the Subsidiary Entities.

 

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(iii)Any Supplemental
Proration Statement prepared by the Administrative Member shall be final and binding for purposes of this Agreement unless WWP
Sponsor or Investor, as the case may be, shall give written notice to the other party of disagreement with the prorations contained
therein within sixty (60) days following receipt of such Supplemental Proration Statement, specifying in reasonable detail the
nature and extent of such disagreement. If WWP Sponsor and Investor are unable to resolve any disagreement with respect to any
Supplemental Proration Statement within ten (10) Business Days following delivery of the notice referred to above, either party
may pursue any remedy available for the resolution of such dispute. Any net credit due WWP Sponsor or Investor (as a member of
WWP Holdings), as the case may be, shall be paid to WWP Sponsor or Investor, as the case may be, promptly after the delivery of
a Supplemental Proration Statement, unless a party notifies the other of a disagreement with respect to any such statement, in
which case such payment (less a hold back sufficient to cover the amount of the disagreement) shall be made within ten (10) Business
Days after such party notifies the other of such disagreement, and any further payment due after such disagreement is resolved
shall be paid within ten (10) Business Days after the resolution of such disagreement.

 

(c)The
terms and provisions of this Article 9 shall survive Closing.

 

9.5Conditions
Precedent to Closing. (a) Investor’s obligation to close the transaction hereunder is subject to the satisfaction of
the following conditions precedent; provided, however, that Investor, at Investor’s election, upon notice delivered to WWP
Sponsor at or prior to the Closing, may waive all or any of such conditions (or shall be deemed to have waived any such condition
if it elects to consummate the Closing despite having Actual Knowledge of such conditions not having been satisfied):

 

(i)WWP Sponsor
shall have executed and delivered to Investor or Escrowee all of the documents required to be executed and/or delivered by WWP
Sponsor under this Agreement.

 

(ii)WWP Sponsor
shall have performed in all material respects, all of WWP Sponsor’s covenants, agreements and obligations under this Agreement.

 

(iii)Subject to
Section 6.3(b), all of WWP Sponsor’s representations and warranties set forth in this Agreement shall be true and
correct as of the Closing Date in accordance with Sections 6.3(b) and (c) above; provided,
however, notwithstanding anything contained to the contrary in this Agreement, Sponsor’s representation and warranty in Section
6.1(d) can take no exception for those matters set forth on Schedule 6.1(d)(2), which were not rectified in all material
respects to Investor’s reasonable satisfaction or any other material matter raised by such tenant that is related
to the subject matter of such letter or Nomura; it being agreed that such matters would constitute a
Material Adverse Effect and such matters must be cured in all material respects and to the reasonable satisfaction of Investor
as a condition precedent to Investor’s obligations to closing.

 

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(iv)WWP Sponsor
shall have obtained and delivered to Investor the Estoppel Certificates in accordance with Section 7.8 above.

 

(v)The Lender has
not objected to or has not affirmatively rejected the transactions as set forth in the Lender Notice; provided, however, that if
the Lender affirmatively rejects the transactions under the Lender Notice solely and specifically as a result of Investor’s
representations set forth in Section 6.6(f) above or in the Investor’s Officer’s Certificate being untrue when
made, and it is ultimately determined by a court of competent jurisdiction that such representations were untrue when made, such
failure shall constitute a default by Investor as set forth in Section 7.11 above.

 

(b)WWP
Sponsor’s obligation to close the transaction hereunder is subject to the satisfaction of the following conditions precedent;
provided, however, that WWP Sponsor, at WWP Sponsor’s election, upon notice delivered to Investor at or prior to the Closing,
may waive all or any of such conditions (or shall be deemed to have waived any such condition if it elects to consummate the Closing
despite having Actual Knowledge of such conditions not having been satisfied):

 

(i)Investor shall
have executed and delivered to WWP Sponsor or Escrowee all of the documents required to be executed and/or delivered by Investor
under this Agreement.

 

(ii)All of Investor’s
representations and warranties set forth in this Agreement shall be true and correct in all material respects as of the Closing
Date as though made on and as of the Closing Date.

 

(iii)Investor shall
have performed in all material respects, all of Investor’s covenants, agreements and obligations under this Agreement.

 

(iv)The Lender
has not objected or affirmatively rejected the transactions as set forth in the Lender Notice; provided, however, that if the Lender
affirmatively rejects the transactions under the Lender Notice solely and specifically as a result of Investor’s representations
set forth in Section 6.6(f) above or in the Investor’s Officer’s Certificate being untrue when made, and it
is ultimately determined by a court of competent jurisdiction that such representations were untrue when made, such failure shall
constitute a default by Investor as set forth in Section 7.11 above.

 

(v)Investor shall
have delivered the balance of the Investor Capital Contribution in accordance with this Agreement (as adjusted under Section
9.4 hereof or elsewhere herein).

 

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ARTICLE
10

Default

 

10.1WWP
SPONSOR’S DEFAULT. IF THE TRANSACTION HEREIN PROVIDED SHALL NOT BE CLOSED BY REASON OF WWP SPONSOR’S DEFAULT OF
ANY OF ITS OBLIGATIONS TO BE PERFORMED ON THE CLOSING DATE OR IF WWP SPONSOR IS IN DEFAULT OF ANY OF ITS MATERIAL OBLIGATIONS TO
BE PERFORMED PRIOR TO THE CLOSING DATE AND SUCH DEFAULT REMAINS UNCURED FOR A PERIOD OF FIVE (5) BUSINESS DAYS AFTER WRITTEN NOTICE
THEREOF FROM INVESTOR, AND INVESTOR IS NOT IN DEFAULT HEREUNDER, THEN INVESTOR SHALL HAVE, AS ITS EXCLUSIVE REMEDIES (ALL OTHER
RIGHTS AND/OR REMEDIES, WHETHER AVAILABLE AT LAW OR IN EQUITY, BEING IRREVOCABLY WAIVED) THE RIGHT TO EITHER (A) TERMINATE THIS
AGREEMENT AND RECEIVE A RETURN OF (1) THE DEPOSIT, AND (2) THE REASONABLE, OUT-OF-POCKET COSTS AND EXPENSES ACTUALLY INCURRED BY
INVESTOR IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT (BUT IN NO EVENT SHALL SUCH AMOUNT EXCEED $750,000.000
IN THE AGGREGATE), AS THE FULL, AGREED AND LIQUIDATED DAMAGES FOR WWP SPONSOR’S DEFAULT AND FAILURE TO COMPLETE THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT (IN WHICH EVENT NEITHER PARTY HERETO SHALL HAVE ANY FURTHER OBLIGATION OR LIABILITY TO THE OTHER
EXCEPT WITH RESPECT TO THE SURVIVING OBLIGATIONS), INVESTOR HEREBY WAIVING ANY OTHER RIGHT OR CLAIM TO DAMAGES FOR WWP SPONSOR’S
BREACH, AND/OR (B) SPECIFICALLY ENFORCE WWP SPONSOR’S OBLIGATIONS UNDER THIS AGREEMENT; PROVIDED THAT ANY ACTION BY INVESTOR
FOR SPECIFIC PERFORMANCE MUST BE FILED, IF AT ALL, WITHIN SIXTY (60) DAYS OF WWP SPONSOR’S DEFAULT, AND THE FAILURE TO FILE
WITHIN SUCH PERIOD SHALL CONSTITUTE A WAIVER BY INVESTOR OF SUCH RIGHT AND REMEDY. IF INVESTOR SHALL NOT HAVE FILED AN ACTION FOR
SPECIFIC PERFORMANCE WITHIN THE AFOREMENTIONED TIME PERIOD OR SO NOTIFIED WWP SPONSOR OF ITS ELECTION TO TERMINATE THIS AGREEMENT
AND RECOVER ITS COSTS, INVESTOR’S SOLE REMEDY SHALL BE TO TERMINATE THIS AGREEMENT IN ACCORDANCE WITH CLAUSE (A) ABOVE.

 

10.2
 INVESTOR’S DEFAULT. IN THE EVENT THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT SHALL NOT CLOSE BY REASON OF INVESTOR’S
DEFAULT OF ANY OF ITS OBLIGATIONS TO BE PERFORMED ON THE CLOSING DATE OR IF INVESTOR IS IN DEFAULT OF ANY OF ITS MATERIAL OBLIGATIONS
TO BE PERFORMED PRIOR TO THE CLOSING DATE AND SUCH DEFAULT REMAINS UNCURED FOR A PERIOD OF FIVE (5) BUSINESS DAYS AFTER WRITTEN
NOTICE THEREOF FROM WWP SPONSOR, AND WWP SPONSOR IS NOT IN DEFAULT HEREUNDER, AND IS OTHERWISE READY, WILLING AND ABLE TO CLOSE
HEREUNDER THEN THIS AGREEMENT SHALL TERMINATE AND THE RETENTION OF THE DEPOSIT SHALL BE LIQUIDATED DAMAGES AND WWP SPONSOR’S
SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, SUBJECT TO THE SURVIVING OBLIGATIONS; PROVIDED, HOWEVER, NOTHING IN THIS AGREEMENT
SHALL BE CONSTRUED TO LIMIT WWP SPONSOR’S RIGHTS OR DAMAGES UNDER ANY INDEMNITIES GIVEN BY INVESTOR TO WWP SPONSOR UNDER
THIS AGREEMENT. IN CONNECTION WITH THE FOREGOING, THE PARTIES RECOGNIZE THAT WWP SPONSOR WILL INCUR EXPENSE IN CONNECTION WITH
THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT AND THAT THE OFFICE PROPERTY, AMENITIES PROPERTY AND AMENITIES MEMBERSHIP INTERESTS
WILL BE REMOVED FROM THE MARKET; FURTHER, THAT IT IS EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN THE EXTENT OF DETRIMENT
TO WWP SPONSOR CAUSED BY THE BREACH BY INVESTOR UNDER THIS AGREEMENT AND THE FAILURE OF THE CONSUMMATION OF THE TRANSACTION CONTEMPLATED
BY THIS AGREEMENT OR THE AMOUNT OF COMPENSATION WWP SPONSOR SHOULD RECEIVE AS A RESULT OF INVESTOR’S BREACH OR DEFAULT. IF
WWP SPONSOR TERMINATES THIS AGREEMENT PURSUANT TO A RIGHT GIVEN TO IT HEREUNDER AND INVESTOR TAKES ANY ACTION WHICH INTERFERES
WITH WWP SPONSOR’S ABILITY TO SELL, EXCHANGE, TRANSFER, LEASE, DISPOSE OF OR FINANCE THE OFFICE PROPERTY, THE AMENITIES PROPERTY
OR THE AMENITIES MEMBERSHIP INTERESTS OR ANY INTEREST THEREIN OR TAKE ANY OTHER ACTIONS WITH RESPECT THERETO (INCLUDING, WITHOUT
LIMITATION, THE FILING OF ANY LIS PENDENS OR OTHER FORM OF ATTACHMENT AGAINST ANY PROPERTY), THEN INVESTOR SHALL BE LIABLE FOR
ALL LOSS, COST, DAMAGE, LIABILITY OR EXPENSE (INCLUDING, WITHOUT LIMITATION, REASONABLE OUT-OF-POCKET ATTORNEYS’ FEES, COURT
COSTS AND DISBURSEMENTS) INCURRED BY WWP SPONSOR, WWP HOLDINGS, OFFICE OWNER AND AMENITIES OWNER BY REASON OF SUCH ACTION OR CONTEST
BY INVESTOR, UNLESS INVESTOR SHALL BE THE PREVAILING PARTY IN ANY SUCH ACTION.  

 

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10.3The
provisions of this Article 10 shall survive the termination hereof.

 

ARTICLE
11

Risk of Loss

 

11.1Condemnation.

 

(a)If,
at any time prior to the Closing Date, all or a Substantial Portion of the Real Property shall be the subject of a Taking, then
Investor may cancel this Agreement by written notice given to WWP Sponsor within ten (10) Business Days after receipt of notice
from WWP Sponsor of such Taking, time being of the essence, in which event this Agreement shall be deemed cancelled and of no force
and effect and neither party shall have any further obligations or liabilities against or to the other except for the Surviving
Obligations, and WWP Sponsor shall cause the return of the Deposit to Investor. In the case of a Taking of less than a Substantial
Portion of the Real Property, or if Investor does not elect to terminate this Agreement in the case of a Taking of all or a Substantial
Portion of the Real Property as provided for above, then this Agreement shall remain in full force and effect and the parties shall
nonetheless consummate this transaction in accordance with the terms of this Agreement, without any abatement of or reduction in
the Investor Capital Contribution, or any liability or obligation on the part of WWP Sponsor by reason of such Taking.

 

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(b)The
provisions of this Section 11.1 supersede any Law applicable to the Real Property governing the effect of condemnation in
contracts for real property. Any disputes under this Section 11.1 as to whether the Taking involves a Substantial Portion
of the Real Property shall be resolved by expedited arbitration before a single arbitrator in New York, New York acceptable to
both WWP Sponsor and Investor in their reasonable judgment in accordance with the rules of the American Arbitration Association;
provided that if WWP Sponsor and Investor fail to agree on an arbitrator within five (5) days after a dispute arises, then either
party may request the office of the American Arbitration Association located in New York, New York to designate an arbitrator.
Such arbitrator shall be an independent architect or engineer having at least ten (10) years of experience in the construction
of office buildings in New York, New York. The costs and expenses of such arbitrator shall be borne equally by WWP Sponsor and
Investor.

 

11.2Destruction
or Damage.

 

(a)In
the event that the Real Property shall be damaged or destroyed by a Casualty prior to the Closing Date, WWP Sponsor shall give
Investor prompt written notice of such event together with an estimate of the cost and time to restore prepared by an independent
insurance examiner or engineer selected by WWP Sponsor and reasonably approved by Investor. If the Casualty is a Casualty Termination
Event, Investor may cancel this Agreement by notice to WWP Sponsor within twenty (20) Business Days after receipt of notice from
WWP Sponsor specifying the Casualty Termination Event, time being of the essence, in which event this Agreement shall be deemed
terminated and of no force and effect and neither party shall have any further rights or liabilities against or to the other except
for the Surviving Obligations and WWP Sponsor shall cause the return of the Deposit to Investor. If there is no Casualty Termination
Event or if Investor does not timely elect to cancel this Agreement in the event of a Casualty Termination Event, this Agreement
shall remain in full force and effect, and the parties shall nonetheless consummate this transaction in accordance with the terms
of this Agreement, without any abatement of or reduction in the Investor Capital Contribution, or any liability or obligation on
the part of WWP Sponsor by reason of such Casualty.

 

(b)The
estimated cost to repair and/or restore and the estimated time to complete the work contemplated in subsection (a) above
shall be established by estimates obtained by WWP Sponsor from independent contractors, subject to Investor’s review and
reasonable approval of the same and the provisions of Section 11.2(d) below. The Closing Date may be extended up to a maximum
extension of sixty (60) days, as reasonably required to obtain such estimates (including the resolution of any arbitration required
pursuant to paragraph (d) below), determine the availability and amount of insurance proceeds and give the notices required
under this Section 11.2. WWP Sponsor and Investor shall cooperate and exercise due diligence to obtain damage estimation
and insurance proceeds.

 

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(c)The
provisions of this Section 11.2 supersede any Law applicable to the Real Property governing the effect of fire or other
casualty in contracts for real property (including, without limitation, Section 5-1311 of the New York General Obligations Law).

 

(d)Any
disputes under this Section 11.2 as to whether the Casualty constitutes a Casualty Termination Event shall be resolved by
expedited arbitration before a single arbitrator in New York, New York acceptable to both WWP Sponsor and Investor in their reasonable
judgment in accordance with the rules of the American Arbitration Association; provided that if WWP Sponsor and Investor fail to
agree on an arbitrator within five (5) days after a dispute arises, then either party may request the office of the American Arbitration
Association located in New York, New York to designate an arbitrator. Such arbitrator shall be an independent architect or engineer
having at least ten (10) years of experience in the construction of office buildings in New York, New York. The determination of
the arbitrator shall be conclusive and binding upon the parties. The costs and expenses of such Arbitrator shall be borne equally
by WWP Sponsor and Investor.

 

ARTICLE
12

Miscellaneous

 

12.1Broker.
WWP Sponsor and Investor represent to each other that neither party has dealt with any broker or real estate consultant in connection
with the transaction contemplated by this Agreement. WWP Sponsor hereby indemnifies and holds Investor free and harmless from and
against any liabilities, damages, costs or expenses (including, but not limited to, reasonable attorneys’ fees and disbursements)
suffered by Investor arising from a misrepresentation or a breach of any covenant made by WWP Sponsor pursuant to this Section
or any claim made by Eastdil Secured, LLC (“Broker”). Investor hereby indemnifies and holds WWP Sponsor free
and harmless from and against any liabilities, damages, costs or expenses (including, but not limited to, reasonable attorneys’
fees and disbursements, but excluding any claims by the Broker) suffered by WWP Sponsor arising from a misrepresentation or a breach
of any covenant made by Investor pursuant to this Section. The provisions of this Section shall survive the Closing or termination
of this Agreement.

 

12.2Assignment.
Investor may not assign or otherwise transfer this Agreement or any of its rights or obligations hereunder or any of the direct
or indirect ownership interests in Investor, without first obtaining WWP Sponsor’s written consent thereto, which consent
may be granted or withheld in WWP Sponsor’s sole discretion. Notwithstanding the foregoing, Investor may assign its rights
under this Agreement and transfer any of the direct or indirect ownership interests in Investor for no consideration, without the
consent of WWP Sponsor, to an affiliate, corporation, partnership or other entity in which ARC NYWWPJV001, LLC and/or American
Realty Capital New York Recovery REIT, Inc. has direct or indirect control (provided that such entity is a wholly owned
subsidiary of American Realty Capital New York Recovery REIT, Inc.), such assignment is made for no consideration, and in all events
such assignment is subject to the other provisions of this Section 12.2. Any assignee approved by WWP Sponsor or otherwise
permitted pursuant to the terms herein shall assume in writing all of the obligations of Investor to be performed under this Agreement
and an original of such fully executed assignment and assumption agreement shall be delivered to WWP Sponsor at least five (5)
Business Days prior to the Closing. Investor shall not assign this Agreement to an entity or individual which would make any of
the statements, representations or warranties set forth in Section 6.6(b), (d), (e) or (f) of this
Agreement untrue or incorrect and any such assignment shall be null and void and without force and effect, and no assignment shall
otherwise delay or adversely affect the Lender Notice or the contents thereof. No assignment of this Agreement shall relieve Investor
from any of its obligations set forth herein arising prior to or after the effective date of the assignment. The provisions of
this Section shall survive the Closing or termination of this Agreement.

 

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12.3Attorneys’
Fees. If either party institutes a legal proceeding against the other party in connection with this Agreement, the losing party
in such proceeding shall reimburse the prevailing party all reasonable attorneys’ fees paid by the prevailing party in connection
with such proceeding. The provisions of this Section shall survive the Closing or termination of this Agreement.

 

12.4Notices.
All notices or other communications required or permitted hereunder shall be in writing, and shall be given by any nationally recognized
overnight delivery service with proof of delivery, or by hand delivery, or by e-mail (provided a copy of such email is promptly
sent by any nationally recognized overnight delivery service with proof of delivery), sent to the intended addressee at the address
set forth below, or to such other address or to the attention of such other person as the addressee will have designated by written
notice sent in accordance herewith. Unless changed in accordance with the preceding sentence, the addressee for notices given pursuant
to this Agreement will be as follows:

 

WWP SPONSOR:

 

c/o George Comfort & Sons, Inc.

200 Madison Avenue

New York, New York 10281

Attention: Peter S. Duncan and Karl Mittermayr

E-mail: pduncan@gcomfort.com and kmittermayr@gcomfort.com

 

with a concurrent copy to:

 

c/o DRA Advisors LLC

220 East 42nd Street, 27th Floor

New York, New York 10017

Attn.: Mr. David Luski and Jean Marie Apruzzese

Email: dluski@draadvisors.com and jmapruzzese@draadvisors.com

 

and

 

c/o RCG Longview

7 Penn Plaza, Suite 618

New York, NY 10001

Attention:  Mr. Jay Anderson

Email: janderson@rcglongview.com

    	40

    	 

    

 

and

 

c/o Ramius LLC

599 Lexington Avenue

20th Floor

New York, NY 10029

Attention:  Mr. Michael Boxer

Email: mboxer@ramius.com

 

and

 

Blank Rome LLP

405 Lexington Avenue

New York, New York 10174

Attention: Martin Luskin, Esq. and Corey Tarzik, Esq.

Email: mluskin@blankrome.com and ctarzik@blankrome.com

 

and

 

Stroock & Stroock & Lavan LLP

180 Maiden Lane

New York, NY 10038-4982

Attention:  Karen Scanna, Esq.

Email: kscanna@stroock.com

 

INVESTOR:

 

ARC NYWWPJV001, LLC

c/o American Realty Capital New York Recovery REIT, Inc.

405 Park Avenue

New York, New York 10022

Attention: Mr. Michael Happel and Jesse C Galloway, Esq.

E-mail: MHappel@arlcap.com and JGalloway@arlcap.com

 

with a concurrent copy to:

 

Donovan LLP

152 Madison Avenue, 14th Floor

New York, New York 10016

Attention: Nicholas T. Donovan, Esq.

E-mail: nick@donovanllp.com

 

    	41

    	 

    

ESCROWEE:

 

First American Title Insurance Company

633 Third Avenue

New York, New York 10017

Attention: Stephen Farber

Email: sfarber@firstam.com

 

Notices given by (i)
overnight delivery service as aforesaid shall be deemed received and delivered on the first Business Day following such dispatch,
(ii) hand delivery shall be deemed received and delivered on the date actually delivered to or rejected by the intended recipient,
and (iii) e-mail shall be deemed received and delivered as of the time and on the date the e-mail is sent (unless a delivery failure
report is generated), provided that delivery pursuant to clause (i) or clause (ii) is provided within one (1) Business Day thereafter.
Notices may be given by counsel for the parties described above, and such notices shall be deemed given by said party for all purposes
hereunder, and counsel may enter into binding agreements on behalf of their respective clients, if the intention to be bound is
expressly stated therein. Notwithstanding the foregoing provisions of this Section, notices served by hand delivery shall be deemed
served on the date of delivery if delivered at or prior to 5:00 P.M. Eastern Time on a Business Day and on the next Business Day
if delivered after 5:00 P.M. Eastern Time on a Business Day or at any time on a non-Business Day.

 

12.5WWP Sponsor shall cause
Office Owner and Amenities Owner to cooperate with Investor, at Investor’s cost and expense and without any additional liability
to WWP Sponsor, WWP Owner or Amenities Owner, both prior to and after the Closing, in connection with any and all reasonable information
requests made by or on behalf of Investor which are required to complete a so-called “Section 314 Audit”, including,
but not limited to providing the following (to the extent applicable and in the possession or control of Office Owner and Amenities
Owner or which Office Owner and Amenities Owner can obtain without undue burden): (a) monthly historical income statements for
the Real Property for 2012; (b) monthly historical income statements for the Real Property for 2013, year to date; (c) five (5)
years of annual historical occupancy and rent for the Real Property; (d) back-up and supporting documents relating to the items
set forth herein (such as bills, checks, etc.); and (e) the most current financial statement for each Tenant, to the extent such
current financial statements are in the possession of Office Owner or Amenities Owner or its managing agent. In addition, WWP Sponsor
shall cause Office Owner and Amenities Owner to reasonably cooperate with Investor, at Investor’s cost and expense, both
prior to and after the Closing, in connection with any and all reasonable information requests made by or on behalf of Investor
to Office Owner and Amenities Owner, provided that such information is in the possession or control of Office Owner and Amenities
Owner can obtain without undue burden, relating to the Real Property, including the books and records of the Real Property. WWP
Sponsor acknowledges and agrees that any and all requests for information or documentation requested from the Investor or its affiliates
by the Securities and Exchange Commission (“SEC”) shall be deemed “reasonable” for purposes of this
Section. The provisions of this Section shall survive until the third (3rd) year anniversary of the Closing to the extent
requests are made of Investor by the SEC.

 

    	42

    	 

    

12.6Further
Assurances. The parties each agree to do such other and further acts and things, and to execute and deliver such instruments
and documents (not creating any obligations additional to those otherwise imposed by this Agreement), as either may reasonably
request from time to time, whether at or after the Closing, in furtherance of the purposes of this Agreement. The provisions of
this Section shall survive the Closing.

 

12.7Confidentiality.

 

(a)Investor
agrees that all written documentation furnished to Investor by WWP Sponsor concerning the Office Property, the Amenities Property,
the Amenities Membership Interests and each of the Subsidiary Entities, including, without limitation, the Leases, Contracts, Amenities
Mortgages, development plans, pro formas and rent rolls (all of the aforementioned information is collectively referred to as “Evaluation
Material”) shall be treated confidentially as hereinafter provided, subject to the terms of the Confidentiality Agreement
between the parties, which shall govern and control.

 

(b)All
Evaluation Material shall not be used or duplicated by Investor in any way detrimental to WWP Sponsor, or for any purpose other
than evaluating a possible investment by Investor in WWP Holdings. Investor agrees to keep all Evaluation Material (other than
information which is a matter of public record other than as a result of disclosure thereof by Investor or Related Parties) strictly
confidential; provided, however, that the Evaluation Material may be disclosed to the directors, officers, employees and prospective
investors and partners of Investor, and to Investor’s attorneys, accounting firm and other professionals (all of whom are
collectively referred to as “Related Parties”) who need to know such information for the purpose of evaluating
a possible investment in and contribution to WWP Holdings, provided such Related Parties agree to abide by this Section 12.7.
The Related Parties shall be informed of the confidential nature of the Evaluation Material and shall be directed in writing to
keep all such information in the strictest confidence and use such information only for the purpose of evaluating a possible purchase
by Investor. Investor will promptly, upon request of WWP Sponsor following the termination of this Agreement, deliver to WWP Sponsor
all Evaluation Material furnished by WWP Sponsor, whether furnished before or after the date hereof, without retaining copies thereof.
Investor shall direct Related Parties to whom Evaluation Material is made available not to make similar disclosures and any such
disclosure shall be deemed made by and be the responsibility of Investor.

 

(c)Prior
to the Closing, each of WWP Sponsor and Investor shall keep strictly confidential and shall cause the WWP Sponsor Parties and Related
Parties, as applicable, to keep strictly confidential the provisions of this Agreement and the transactions contemplated hereunder
except as may be required by law or in connection with any court or administrative proceeding, or required financial disclosures
or other filings with the SEC or other governmental agencies by Investor or Investor’s affiliates. After the Closing, neither
WWP Sponsor nor Investor shall make any public disclosures and shall cause the WWP Sponsor Parties and Related Parties, as applicable,
not to make any public disclosures mentioning WWP Sponsor or Investor, as applicable, or the financial terms of the transactions
contemplated herein, or regarding the provisions of this Agreement or the transactions accomplished at the Closing without the
prior written consent of the other party, not to be unreasonably withheld. Nothing contained herein shall preclude the parties
from issuing customary press releases following the Closing.

 

    	43

    	 

    

(d)The
provisions of this Section 12.7 shall (i) supersede any other confidentiality agreement entered into by and among Investor
and WWP Sponsor and Subsidiary Entities, and (ii) survive the Closing or termination of this Agreement.

 

12.8Recording.
Investor shall not record this Agreement or any memorandum or notice thereof and any such recording shall be null and void and
shall constitute a default hereunder. Investor shall indemnify WWP Sponsor, WWP Holdings, Office Owner and Amenities Owner, without
duplication, against any liabilities, damages, costs or expenses (including, but not limited to, reasonable attorneys’ fees
and disbursements) suffered by such party arising from Investor’s failure to comply with this Section, which liability shall
not be limited to the Deposit. The provisions of this Section shall survive the termination of this Agreement.

 

12.9Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and permitted assigns, if any, but nothing contained herein shall be deemed a waiver
of the provisions of Section 12.2 hereof.

 

12.10Entire
Agreement. This Agreement and the Appendix, Schedules and Exhibits annexed hereto constitute the entire agreement between the
parties hereto with respect to the subject matter hereof, and all understandings and agreements heretofore or simultaneously had
between the parties hereto are merged in and are contained in this Agreement and said Schedules and Exhibits.

 

12.11Waiver
and Modifications. The provisions of this Agreement may not be waived, changed, modified or discharged orally, but only by
an agreement in writing signed by the party against which any waiver, change, modification or discharge is sought.

 

12.12Captions
and Titles. The captions or section titles contained in this Agreement and the Index, if any, are for convenience and reference
only and shall not be deemed a part of the text of this Agreement.

 

12.13Non-Business
Days. If a party is required to perform an act or give a notice on a date that is a Saturday, Sunday or national holiday, the
date such performance or notice is due shall be deemed to be the next Business Day.

 

12.14Governing
Law and Jurisdiction. This Agreement was negotiated in the State of New York and was executed and delivered by WWP Sponsor
and Investor in the State of New York, which State the parties agree has a substantial relationship to the parties and to the underlying
transactions embodied hereby, and in all respects, including, without limiting the generality of the foregoing, matters of construction,
validity, enforcement and performance, this Agreement and the obligations arising hereunder shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts made and performed wholly within such State, without
giving effect to the principles of conflicts of law of such jurisdiction. To the fullest extent permitted by law, the parties hereby
unconditionally and irrevocably waive and release any claim that the law of any other jurisdiction governs this Agreement and this
Agreement shall be governed and construed in accordance with the laws of the State of New York as aforesaid pursuant to Section
5-1401 of the New York General Obligations Law.

 

    	44

    	 

    

12.15Counterparts.
This Agreement may be executed in two or more counterparts and each of such counterparts, for all purposes, shall be deemed to
be an original but all of such counterparts together shall constitute but one and the same instrument, binding upon all parties
hereto, notwithstanding that all of such parties may not have executed the same counterpart. This Agreement may be delivered by
facsimile or in portable document format (.pdf) by electronic mail, and such delivery shall be binding against the party so delivering
this Agreement.

 

12.16No
Third Party Benefits. This Agreement is made for the sole benefit of WWP Sponsor and Investor and its respective successors
and assigns (subject to Section 12.2 above) and no other person shall have any right, remedy or legal interest of any kind
by reason of this Agreement.

 

12.17Submission
not an Offer. The submission of this Agreement by any part to the other shall not be construed as an offer, nor shall any party
have any rights with respect thereto, unless and until each party has executed a copy of this Agreement and unconditionally delivered
the same to the other party.

 

12.18Severability.
If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, such determination
will not affect the remaining provisions of this Agreement, all of which will remain in full force and effect.

 

12.19Interpretation.
This Agreement shall not be construed more strictly against one party than against the other merely by virtue of the fact that
it may have been prepared by counsel for one of the parties, it being recognized that both WWP Sponsor and Investor have contributed
substantially and materially to the preparation of this Agreement.

 

12.20Exhibits.
Each of the Exhibits and Schedules attached hereto are incorporated herein by reference.

 

12.21Survival.
Except for those provisions of this Agreement which expressly provide that any obligation, representation or covenant contained
therein shall survive the Closing and/or the termination of this Agreement (collectively, the “Surviving Obligations”),
the provisions of this Agreement and the representations herein shall not survive Closing.

 

12.22Waiver
of Trial by Jury. The respective parties hereto shall and hereby do waive trial by jury in any action, proceeding or counterclaim
brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with
this Agreement, or for the enforcement of any remedy under any statute, emergency or otherwise.

 

    	45

    	 

    

12.23Real
Estate Reporting Person. Escrowee is hereby designated the "real estate reporting person" for purposes of Section
6045 of the Internal Revenue Code of 1986, as amended, and Treasury Regulation 1.6045-4 and any instructions or settlement statement
prepared by Escrowee shall so provide. Upon the consummation of the transaction contemplated by this Agreement, Escrowee shall
file Form 1099 information return and send the statement to WWP Sponsor as required under the aforementioned statute and regulation.
WWP Sponsor and Investor shall promptly furnish their federal tax identification numbers to Escrowee and shall otherwise reasonably
cooperate with Escrowee in connection with Escrowee’s duties as real estate reporting person.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	46

    	 

    

 

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

 

	 	WWP SPONSOR, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Peter S. Duncan
	 	 	Name: Peter S. Duncan
	 	 	Title:   President
	 	 	 
	 	 	 
	 	ARC NYWWPJV001, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Nicholas S. Schorsch
	 	 	Name:  Nicholas S. Schorsch
	 	 	Title:   Chief Executive Officer

 

 

As to Section 4 and the other duties and responsibilities
of Escrowee set forth in this Agreement:

 

First American Title
INSURANCE COMPANY

 

	By:	/s/ Stephen Farber
	 	Name:  Stephen Farber
	 	Title:    Vice President

 

 

    	47

    	 

    

APPENDIX

 

DEFINITIONS

 

“Acquisition
Date” shall mean July 22, 2009.

 

“Additional
Rents” shall have the meaning ascribed to it in Section 9.4(a)(i)(A).

 

“Agreement”
shall have the meaning ascribed to it in the introductory paragraph.

 

“Amenities
Entities” shall mean Amenities Membership Owner, WWP MPH Partner, MPH Lender, EOP, Amenities Owner and Amenities Lender.

 

“Amenities
Lender” shall have the meaning ascribed to it in the Recitals.

 

“Amenities
Loan Documents” shall have the meaning ascribed to it in Section 6.1(o).

 

“Amenities
Membership Interests” shall have the meaning ascribed to it in the Recitals.

 

“Amenities
Membership Owner” shall have the meaning ascribed to it in the introductory paragraph.

 

“Amenities
Mortgages” shall have the meaning ascribed to it in the Recitals.

 

“Amenities
Owner” shall have the meaning ascribed to it in the Recitals.

 

“Amenities
Owner LP Agreement” shall mean that certain Amended and Restated Limited Partnership Agreement of New York Communications
Center Associates L.P. dated as of August 21, 1996, as amended by that certain First Amendment to the Amended and Restated Agreement
of Limited Partnership of New York Communications Center Associates L.P. dated as of December 31, 2000.

 

“Amenities
Premises” shall have the meaning ascribed to it in the Recitals.

 

“Amenities
Property” shall mean the following:

 

(a)the
Amenities Premises and any land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the
Amenities Premises or any portion thereof, to the center line thereof, and any strips and gores adjacent to the Amenities Premises
or any portion thereof, and all right, title and interest of Amenities Owner in and to any award made or to be made in lieu thereof
and in and to any unpaid award for damage to the Amenities Premises or any portion thereof by reason of any change of grade of
any street;

 

(b)all
rights, privileges, grants and easements appurtenant to the Amenities Premises, if any, including, without limitation, all of Amenities
Owner’s right, title and interest, if any, in and to all easements, licenses, covenants and other rights-of-way or other
appurtenances used in connection with the beneficial use and enjoyment of the Amenities Premises;

 

Appendix: Page 1

 

    	 

    	 

    

(c)to
the extent in effect on the Closing Date, all leases, licenses and other use and occupancy agreements entered into by Amenities
Owner or its predecessors in interest covering offices, stores and other spaces at or within the Amenities Premises, including
all amendments, modifications and supplements thereto, that have been (A) entered into prior to the Effective Date or (B) entered
into on or after the Effective Date in accordance with the terms of this Agreement (collectively, “Amenities Leases”),
and the security deposits under the Amenities Leases that have not heretofore been applied in accordance with the provisions of
the Amenities Leases and this Agreement (whether in the form of cash, check or letter of credit) and any guarantees of the Amenities
Leases, or applied hereafter in accordance with the terms of this Agreement;

 

(d)all
fixtures, equipment and personal property, if any, owned by Amenities Owner and used solely in connection with the management,
maintenance or operation of the Amenities Premises and located at the Amenities Property as of the Effective Date, and all inventory
used solely in connection with the management, maintenance or operation of the Amenities Premises owned by Amenities Owner and
located on the Amenities Premises on the date of Closing (the “Amenities Personal Property”);

 

(e)all
service contracts, utility agreements, maintenance agreements, leasing, brokerage or commission agreements (including the Brokerage
Agreements) and other contracts or agreements with respect to the Amenities Premises, including all amendments, modifications and
supplements thereto, that have been (A) entered into prior to the Effective Date or (B) entered into on or after the Effective
Date in accordance with the terms of this Agreement (collectively, “Amenities Contracts”), if any, (C) guarantees,
licenses, approvals, certificates, permits, consents, authorizations, variances and warranties relating to the Amenities Premises
(collectively, the “Amenities Permits and Licenses”), and (D) the name “Worldwide Plaza,” all to
the extent assignable (the Amenities Contracts and the Amenities Permits and Licenses are sometimes hereinafter collectively referred
to as the “Amenities Intangible Property”);

 

(f)all
plans, specifications and drawings used in connection with the Amenities Premises that are in Amenities Owner’s possession
or under Amenities Owner’s control as of the Closing Date;

 

(g)all
available tenant lists, lease files, correspondence, documents, booklets, manuals and promotional and advertising materials concerning
the Amenities Premises, the Amenities Leases, the Amenities Personal Property or the Amenities Intangible Property or used in connection
therewith, or any part thereof, to the extent any of the foregoing are in Amenities Owner’s possession or control;

 

(h)all
other right, title and interest of Amenities Owner in and to the Amenities Premises and any of the foregoing.

 

Appendix: Page 2

 

    	 

    	 

    

“Apportionment
Date” shall have the meaning ascribed to it in Section 9.4(a)(i).

 

“Approved
Annual Budget” shall mean collectively or individually, as the context may require, the budget and leasing guidelines
for the year 2013 dated as of November 30, 2012 for the Office Property and November 28, 2012 for the Amenities Property, each
of which has been delivered to and previously approved by Investor, and are attached hereto as Exhibit 4.

 

“Broker”
shall have the meaning ascribed to it in Section 12.1.

 

“Brokerage
Agreements” shall have the meaning ascribed to it in Section 6.1(d).

 

“Business
Day” shall mean any day other than a Saturday, Sunday or day on which the banks in New York are authorized or permitted
to be closed.

 

“Casualty”
shall mean a fire, earthquake, flood, fire or other casualty occurring on or after the Effective Date and prior to the Closing.

 

“Casualty
Termination Event” shall mean a Casualty (i) for which the estimated cost of repair or restoration is more than $100,000,000.00,
or (ii) will result in the termination of any Leases covering in excess of 25% of the aggregate leasable square footage of the
Property, or (iii) for which any of (A) Cravath, (B) Nomura or (C) at least two (2) of the other Major Tenants have the right to
terminate its or their respective Leases (and the time period for the exercise of such right has not elapsed, nor has such right
been waived by such Tenant), or (iv) which entitles the Lender to accelerate the Mortgage Loan and apply the proceeds of such Casualty
to the repayment of principal of the Mortgage Loan, and Lender elects in writing to so accelerate and apply, nor has such right
been waived by Lender.

 

“CBAs”
shall have the meaning ascribed to it in Section 6.1(j).

 

“Clause
(iv) Cure Cap” shall have the meaning ascribed to it in Section 8.1(e)(iv).

 

“Closing”
shall have the meaning ascribed to it in Section 9.1.

 

“Closing
Date” shall have the meaning ascribed to it in Section 9.1.

 

“COBRA”
shall have the meaning ascribed to it in Section 6.1(y)(vi).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Commitment
Objections” shall have the meaning ascribed to it in Section 8.1(a).

 

“Condominium”
shall mean the condominium known as The Residences at Worldwide Plaza and established pursuant to the Declaration.

 

“Condominium
Documents” shall mean, collectively, the Declaration dated April 5, 1989 and recorded on May
2, 1989 at Reel 1568, Page 2399 and 2401, the Bylaws
of the Residences at Worldwide Plaza, the Amendment to Declaration of Condominium and Bylaws of 59 West 12th Street
Condominium dated August 22, 1997 and  the Agreement dated May 20, 1998 between The Board
of Managers of the Residences at Worldwide Plaza, New York Communications Center Associates, L.P. and BRE/Worldwide, L.L.C.

 

Appendix: Page 3

    	 

    	 

    

“Contracts”
shall mean, collectively, (i) the Office Contracts, and (ii) the Amenities Contracts.

 

“Controlled
Group” shall have the meaning ascribed to it in Section 6.1(y)(ii).

 

“Cravath”
shall mean Cravath, Swaine & Moore LLP.

 

“Cravath
Lease” shall mean Lease Dated July 28, 1998, as modified by Letter Agreement dated July 28, 1998, a commencement date
letter dated October 3, 1989, a First Amendment to Lease dated August 21, 1986, a Second Amendment to Lease dated November 20,
1997, a Third Amendment dated November 30, 1999, a Fourth Amendment dated September 15, 2000, a Fifth Amendment dated December
12, 2003, and Sixth Amendment to Lease dated June 8, 2007.

 

“Cure
Extension Notice” shall have the meaning ascribed to it in Section 6.3.

 

“Damages”
shall have the meaning ascribed to it in Section 6.3.

 

“Deposit”
shall have the meaning ascribed to it in Article 3.

 

“Effective
Date” shall have the meaning ascribed to it in the introductory paragraph.

 

“Emergency
CapEx Needs” shall have the meaning ascribed to it in Section 7.6.

 

“Employee
Benefit Plan” shall have the meaning ascribed to it in Section 6.1(y)(ii).

 

“Employees”
shall have the meaning ascribed to it in Section 7.3.

 

“Environmental
Laws” shall mean all federal, state and local laws, statutes, ordinances and regulations, now or hereafter in effect,
in each case as amended or supplemented from time to time, including, without limitation, all applicable judicial or administrative
orders, applicable consent decrees and binding judgments relating to the regulation and protection of human health, safety, the
environment and natural resources (including, without limitation, ambient air, surface, water, groundwater, wetlands, land surface
or subsurface strata, wildlife, aquatic species and vegetation), including, without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. §§ 9601 et seq.), the Hazardous
Material Transportation Act, as amended (49 U.S.C. §§ 1801et seq.), the Federal Insecticide, Fungicide,
and Rodenticide Act, as amended (7 U.S.C. §§ 136 et seq.), the Resource Conservation and Recovery Act,
as amended (42 U.S. §§ 6901 et seq.), the Toxic Substance Control Act, as amended (15 U.S.C. §§
2601 et seq.), the Clean Air Act, as amended (42 U.S.C. §§ 7401 et seq.), the Federal Water
Pollution Control Act, as amended (33 U.S.C. §§ 1251 et seq.), the Occupational Safety and Health Act,
as amended (29 U.S.C. §§ 651 et seq.), the Safe Drinking Water Act, as amended (42 U.S.C. §§
300f et seq.), Environmental Protection Agency regulations pertaining to Asbestos (including, without limitation,
40 C.F.R. Part 61, Subpart M, the United States Environmental Protection Agency Guidelines on Mold Remediation in Schools and Commercial
Buildings, the United States Occupational Safety and Health Administration regulations pertaining to Asbestos including, without
limitation, 29 C.F.R. Sections 1910.1001 and 1926.58), applicable New York State and New York City statutes and the rules and regulations
promulgated pursuant thereto regulating the storage, use and disposal of Hazardous Materials, the New York City Department of Health
Guidelines on Assessment and Remediation of Fungi in Indoor Environments and any state or local counterpart or equivalent of any
of the foregoing, and any related federal, state or local transfer of ownership notification or approval statutes.

 

Appendix: Page 4

    	 

    	 

    

“EOP”
shall have the meaning ascribed to it in the Recitals.

 

“ERISA”
shall have the meaning ascribed to it in Section 6.1(y)(ii).

 

“Escrowee”
First American Title Insurance Company, as escrowee.

 

“Estoppel
Certificate(s)” shall have the meaning ascribed to it in Section 7.8(a).

 

“Estoppel
Default” shall have the meaning ascribed to it in Section 7.8(c).

 

“Evaluation
Material” shall have the meaning ascribed to it in Section 12.6(a).

 

“Financial
Statements” shall have the meaning ascribed to it in Section 6.1(w)(xi)(A).

 

“Hazardous
Materials” shall mean (a) those substances included within the definitions of any one or more of the terms “hazardous
materials,” “hazardous wastes,” “hazardous substances,” “industrial wastes,” and “toxic
pollutants,” as such terms are defined under the Environmental Laws, or any of them, (b) petroleum and petroleum products,
including, without limitation, crude oil and any fractions thereof, (c) natural gas, synthetic gas and any mixtures thereof, (d)
asbestos and or any material which contains any hydrated mineral silicate, including, without limitation, chrysotile, amosite,
crocidolite, tremolite, anthophylite and/or actinolite, whether friable or non-friable (collectively, “Asbestos”),
(e) polychlorinated biphenyl (“PCBs”) or PCB-containing materials or fluids, (f) radon, (g) any other hazardous or
radioactive substance, material, pollutant, contaminant or waste, and (h) any other substance with respect to which any Environmental
Law or governmental authority requires environmental investigation, monitoring or remediation.

 

“Intangible
Property” shall have the meaning ascribed to it in the definition of Office Property.

 

“Investor”
shall have the meaning ascribed to it in the introductory paragraph.

 

“Investor
Capital Contribution” shall mean the amount that is equal to forty-eight and 90/100 percent (48.90%) of the amount arrived
at by subtracting Eight Hundred Seventy-Five Million and No/100 Dollars ($875,000,000.00) from One Billion Three Hundred Twenty-Five
Million and No/100 Dollars ($1,325,000,000.00), as adjusted in accordance with Section 9.4 above. It being understood that
Investor shall have an initial 48.90% membership interest in WWP Holdings and WWP Sponsor shall have an initial 51.10% membership
interest in WWP Holdings and the Capital Accounts (as defined in the LLC Agreement) shall be in the amounts set forth in Section
2.2(d) above.

 

Appendix: Page 5

    	 

    	 

    

“Investor
Interest” shall mean a forty-eight and 90/100 percent (48.90%) Percentage Interest in WWP Holdings as set forth in the
LLC Agreement.

 

“Investor
Knowledge Individuals” shall have the meaning ascribed to it in Section 6.5(a).

 

“Investor
Officer’s Certificate” shall mean a certificate of an officer of Investor in the form attached hereto as Exhibit
5.

 

“Law”
shall mean all binding Federal, State, local and municipal laws, statues, ordinances, rules, regulations, codes or executive orders
enacted, issued, adopted, promulgated or applied by any governmental authority.

 

“Leases”
shall mean, collectively, (i) the Office Leases, and (ii) the Amenities Leases.

 

“Lender”
shall mean, collectively, German American Capital Corporation and Bank of America, N.A., together with their respective successors
and assigns.

 

“LLC
Agreement” shall mean the Second Amended and Restated Limited Liability Company Agreement of WWP Holdings, LLC attached
hereto as Exhibit 1.

 

“Liability
Ceiling” shall have the meaning ascribed to it in Section 6.5(b).

 

“Loan
Documents” shall mean the Mortgage Loan Documents and the Mezzanine Loan Documents.

 

“Loans”
shall mean, collectively, the Mortgage Loan and the Mezzanine Loan.

 

“Major
Tenants” shall mean shall mean (i) Cravath, (ii) Nomura, (iii) WNET.ORG and THIRTEEN, and (iv) Ballys Sports Club.

 

“Material
Adverse Effect” shall mean an effect that, individually or in the aggregate with all other effects, is materially adverse
to the business, results of operations or financial condition of the Office Property, the Amenities Property or the Amenities Membership
Interests, or WWP Sponsor’s ability to complete the transactions contemplated in this Agreement, taken as a whole.

 

“Material
Contract” shall have the meaning ascribed to it in the LLC Agreement.

 

“Material
Lease” shall have the meaning ascribed to it in the LLC Agreement.

 

Appendix: Page 6

    	 

    	 

    

“Mezzanine
Loan” shall mean the mezzanine financing to WWP Mezz from Lender in the principal amount of $165,000,000, advanced on
February 25, 2013, pursuant to the Mezzanine Loan Documents.

 

“Mezzanine
Loan Documents” shall have meaning ascribed to it in Section 6.1(q).

 

“Mortgage
Loan” shall mean that first- lien mortgage financing to Office Owner and Amenities Membership Owner from Lender in the
principal amount of $710,000,000, advanced on February 25, 2013, pursuant to the Mortgage Loan Documents.

 

“Mortgage
Loan Documents” shall have meaning ascribed to it in Section 6.1(q).

 

“MPH
Lender” shall have the meaning ascribed to it in the Recitals.

 

“Nomura”
shall mean Nomura Holding America Inc., the tenant under the Nomura Lease.

 

“Nomura
Lease” shall mean that certain Lease dated as of June 29, 2011 between Office Owner, as landlord, and Nomura, as tenant,
as amended by the First Amendment to Lease dated as of December 28, 2011, covering certain premises in the Office Premises, as
amended by the First Amendment to Lease dated as of December 28, 2011, Second Amendment to Lease dated as of September 12, 2012,
and Third Amendment to Lease dated as of April 22, 2013, covering certain premises in the Office Premises.

 

“Office
Contracts” shall have the meaning ascribed to it in the definition of Office Property.

 

“Office
Leases” shall have the meaning ascribed to it in the definition of Office Property.

 

“Office
Owner” shall have the meaning ascribed to it in the introductory paragraph.

 

“Office
Premises” shall have the meaning ascribed to it in the Recitals.

 

“Office
Property” shall mean the following:

 

(a)the Office Premises
and any land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Office Premises or
any portion thereof, to the center line thereof, and any strips and gores adjacent to the Office Premises or any portion thereof,
and all right, title and interest of Office Owner in and to any award made or to be made in lieu thereof and in and to any unpaid
award for damage to the Office Premises or any portion thereof by reason of any change of grade of any street;

 

(b)all rights, privileges,
grants and easements appurtenant to the Office Premises, if any, including, without limitation, all of Office Owner’s right,
title and interest, if any, in and to all easements, licenses, covenants and other rights-of-way or other appurtenances used in
connection with the beneficial use and enjoyment of the Office Premises;

 

Appendix: Page 7

    	 

    	 

    

(c)to the extent
in effect on the Closing Date, all leases, licenses and other use and occupancy agreements entered into by Office Owner or its
predecessors in interest covering offices, stores and other spaces at or within the Office Premises, including all amendments,
modifications and supplements thereto, that have been (A) entered into prior to the Effective Date or (B) entered into on or after
the Effective Date in accordance with the terms of this Agreement (collectively, “Office Leases”) and the security
deposits under the Office Leases that have not heretofore been applied in accordance with the provisions of the Office Leases and
this Agreement (whether in the form of cash, check or letter of credit) and any guarantees of the Office Leases, or applied hereafter
in accordance with the terms of this Agreement;

 

(d)all fixtures,
equipment and personal property, if any, owned by Office Owner and used solely in connection with the management, maintenance or
operation of the Office Premises and located at the Office Property as of the Effective Date, and all inventory used solely in
connection with the management, maintenance or operation of the Office Premises owned by Office Owner and located on the Office
Premises on the date of Closing (the “Office Personal Property”);

 

(e)all service contracts,
utility agreements, maintenance agreements, leasing, brokerage or commission agreements (including the Brokerage Agreements) and
other contracts or agreements with respect to the Office Premises, including all amendments, modifications and supplements thereto,
that have been (A) entered into prior to the Effective Date, or (B) entered into on or after the Effective Date in accordance with
the terms of this Agreement (collectively, “Office Contracts”), if any, (C) guarantees, licenses, approvals,
certificates, permits, consents, authorizations, variances and warranties relating to the Office Premises (collectively, the “Office
Permits and Licenses”), and (D) the name “Worldwide Plaza,” all to the extent assignable (the Office Contracts
and the Office Permits and Licenses are sometimes hereinafter collectively referred to as the “Office Intangible Property”);

 

(f)all plans, specifications
and drawings used in connection with the Office Premises that are in Office Owner’s possession or under Office Owner’s
control as of the Closing Date;

 

(g)all available
tenant lists, lease files, correspondence, documents, booklets, manuals and promotional and advertising materials concerning the
Office Premises, the Office Leases, the Office Personal Property or the Office Intangible Property or used in connection therewith,
or any part thereof, to the extent any of the foregoing are in Office Owner’s possession or control; and

 

(h)all other right,
title and interest of Office Owner in and to the Office Premises and any of the foregoing.

 

“Ongoing
Work” shall have the meaning ascribed to it in Section 6.1(m).

 

“Organizational
Documents” shall have the meaning ascribed to it in Section 6.1(w)(x).

 

“Permitted
Encumbrances” shall mean each of the following:

 

Appendix: Page 8

    	 

    	 

    

(i)the
state of facts disclosed on the Survey and any further state of facts a current survey or private inspection of the Real Property
would disclose which further facts do not materially impair the current use of the Real Property or which are otherwise permitted
exceptions as listed in the Condominium Documents;

 

(j)The
standard printed exclusions from coverage contained in the ALTA form of owners title policy currently in use in New York;

 

(k)Property
Taxes which are a lien but not yet due and payable, subject to proration in accordance with Section 9.4 of this Agreement;

 

(l)Any
Laws affecting the Real Property in effect as of the Effective Date or the Closing Date, including, without limitation, all zoning,
land use, building and Environmental Laws, rules, regulations, statutes, ordinances, orders or other legal requirements, including
landmark designations and all zoning variance and special exceptions, if any;

 

(m)All
covenants, restrictions and utility company rights, easements and franchises for electricity, water, steam, gas, telephone or other
service or the right to use and maintain poles, lines, wires, cables, pipes, boxes and other fixtures and facilities in, over,
under and upon the Real Property, provided that, in the case of any of the foregoing items which shall not be of record, the same
do not materially adversely affect the present use of the Real Property (unless same were disclosed on the Survey);

 

(n)Any
installment not yet due and payable of assessments imposed after the Effective Date and affecting the Real Property or any portion
thereof, subject to proration in accordance with Section 9.4 of this Agreement;

 

(o)All
Violations now or hereafter issued or noted;

 

(p)The
rights and interests held by Tenants, as tenants only, under the Leases in effect at Closing and others claiming by, through or
under such Leases;

 

(q)Possible
encroachments and/or projections of stoop areas, roof cornices, window trims, vent pipes, cellar doors, steps, columns and column
bases, flue pipes, signs, piers, lintels, window sills, fire escapes, satellite dishes, protective netting, sidewalk sheds, ledges,
fences, coping walls (including retaining walls and yard walls), air conditioners and the like, if any, on, under, or above any
street or highway, the Real Property or any adjoining property;

 

(r)Any
lien or encumbrance (including, without limitation, any mechanics' lien or materialmen's lien), the removal of which is the obligation
of a tenant under a Lease, provided, that such Lease is then in effect;

 

(s)The
Condominium Documents;

 

(t)the
Amenities Mortgages; and

 

Appendix: Page 9

    	 

    	 

    

(u)All
other matters which, pursuant to the terms of this Agreement, are deemed Permitted Encumbrances.

 

“Permits
and Licenses” shall mean the Office Permits and Licenses and the Amenities Permits and Licenses.

 

“Preliminary
Proration Statement” shall have the meaning ascribed to it in Section 9.4(a)(i).

 

“Proceeding”
shall have the meaning ascribed to it in Section 6.4.

 

“Property
Taxes” shall mean any real property taxes assessed or levied against the Real Property, including, BID and other special
assessment districts.

 

“Real
Property” shall have the meaning ascribed to it in the Recitals.

 

“REIT”
shall mean a real estate investment trust, as defined in Section 856(a) of the Code.

 

“Related
Parties” shall have the meaning ascribed to it in Section 13.6(b).

 

“Rent Roll”
shall have the meaning ascribed to it in Section 6.1(e).

 

“Representation
Update” shall have the meaning ascribed to it in Section 6.3(b).

 

“Scheduled
Closing Date” shall have the meaning ascribed to it in Section 9.1.

 

“Second
Mortgage” shall have the meaning ascribed to it in Schedule A-3.

 

“Subsidiary
Entities” means, collectively, WWP Holdings, WWP Mezz, Office Owner, Amenities Membership Owner, WWP MPH Partner, MPH
Lender, EOP, Amenities Owner and Amenities Lender.

 

“Substantial
Portion” shall mean a Taking which (a) involves more than ten percent (10%) of the rentable area of the Real Property
as determined by an independent architect chosen by WWP Sponsor, (b) shall materially and adversely affect the ingress or egress
rights of the Real Property on a permanent basis, (c) allows Cravath, Nomura or at least two (2) of the other Major Tenants the
right to terminate its or their respective Leases, unless such rights shall be waived, or (c) entitles the Lender to accelerate
the Mortgage Loan and apply the proceeds of such Taking to the repayment of principal of the Mortgage Loan and Lender elects in
writing to so accelerate and apply.

 

“Supplemental
Proration Statement” shall have the meaning ascribed to it in Section 9.4(b)(i).

 

“Survey”
shall mean the existing ALTA survey of the Real Property prepared by Earl B. Lovell – S.P. Belcher, Inc., dated April 19,
1990, updated June 29, 2012 and last redated by visual examination of the premises made on February 1, 2013.

 

Appendix: Page 10

    	 

    	 

    

“Surviving
Obligations” shall have the meaning ascribed to it in Section 12.20.

 

“Survival
Period” shall have the meaning ascribed to it in Section 6.5(b).

 

“Taking”
shall mean a taking of property in the exercise of the power of condemnation or eminent domain by any sovereign, municipality or
other public or private authority (other than a temporary taking) or shall be the subject of a duly noticed hearing held by any
such authority relating to a pending taking in the exercise of the power of condemnation or eminent domain.

 

“Tax”
or “Taxes” shall mean any and all federal, state, local and foreign taxes, levies, fees, imposts, duties, and
similar governmental charges, including, without limitation, (x) taxes based upon or measured by gross receipts, income, or profits,
and (y) sales, use and occupation, value added, ad valorem, transfer, franchise, withholding, payroll, employment, excise, goods
and services, capital stock, license, branch, social security (or similar), unemployment, compensation, utility, severance, production,
stamp, occupation, premium, windfall profits, transfer and gains and real and personal property taxes, and customs duties together
with all interest, fines, assessments, penalties and additions imposed with respect to such amounts. “Tax” or
“Taxes” shall also include any liability for the payment of any amounts of the type described in the preceding
sentence as a result of being a transferee of or successor to any person.

 

“Tax
Proceedings” shall mean an application for the reduction of the assessed valuation of the Real Property or any portion
thereof or for a refund of Property Taxes previously paid.

 

“Tax
Return” means returns, reports, claims for refund, information returns or other documents (including any related or supporting
schedules, statements or information, and any amendment thereto) filed or required to be filed in connection with the determination,
assessment or collection of Taxes of any party or the administration of any Law relating to any Taxes.

 

“Tenant”
shall mean any tenant under a Lease.

 

“Tenant
Arrearage Schedule” shall have the meaning ascribed to it in Section 6.1(e).

 

“Third Mortgage”
shall have the meaning ascribed to it in Schedule A-3.

 

“Title
Commitments” shall mean that certain Certificate of Title No. 3020-633164 issued by the Title Company.

 

“Title
Company” shall mean First American Title Insurance Company.

 

“Title
Cure Period” shall have the meaning ascribed to it in Section 8.1(c).

 

“Title
Objections” shall have the meaning ascribed to it in Section 8.1(b).

 

“Transfer
Taxes” shall have the meaning ascribed to it in Section 9.2(a).

 

Appendix: Page 11

    	 

    	 

    

“Update
Exception” shall have the meaning ascribed to it in Section 8.1(b).

 

“Update
Objection Deadline” shall have the meaning ascribed to it in Section 8.1(b).

 

“Update
Objections” shall have the meaning ascribed to it in Section 8.1(b).

 

“Violations”
shall have the meaning ascribed to it in Section 8.2.

 

“WWP
MPH Partner” shall have the meaning ascribed to it in the Recitals.

 

“WWP Holdings”
shall have the meaning ascribed to it in the Recitals.

 

“WWP
Mezz” shall have the meaning ascribed to it in the Recitals.

 

“WWP
Sponsor Knowledge Individual” shall have the meaning ascribed to it in Section 6.2.

 

“WWP
Sponsor Parties” shall mean WWP Sponsor, the Subsidiary Entities, George Comfort & Sons, Inc., Comfort Maintenance
Corp. and each of their respective affiliates, subsidiaries, and each of their respective officers, directors, shareholders, employees,
independent contractors, partners, representatives, agents, members, trustees, property managers, asset managers, managers, non-member
managers, agents, lenders, attorneys, affiliates and related entities, heirs, successors and assigns, all without duplication.

 

“WWP Sponsor”
shall have the meaning ascribed to it in the introductory paragraph.

 

Appendix: Page 12

    	 

    	 

    

EXHIBIT 1

 

FORM OF LLC AGREEMENT

 

 

    	 

    	 

    

EXHIBIT 2

 

ESTOPPEL CERTIFICATES

 

 

Exhibit 2: Page 1

    	 

    	 

    

EXHIBIT 3-A

 

TITLE CERTIFICATE 

 

The undersigned, being
duly sworn, deposes and says on behalf of_______________ (the “Company”): [NOTE – TITLE AFFIDAVIT TO COME
FROM OFFICE OWNER AND AMENITIES OWNER]

 

		1.	That the Company, a Delaware limited liability company, is the owner of the premises known as __________________(the
“Premises”) and more particularly set forth on Exhibit A attached hereto.

 

		2.	That, to the best of the undersigned’s knowledge, there has been no work done upon the Premises
by the City of New York, nor any demand made for any such work by the City of New York that may result in charges assessed by the
New York City Department of Rent and Housing Maintenance, Emergency Services, or charges by the New York City Department of Environmental
Protection for water tap closings or any related work.

 

		3.	That, to the best of the undersigned’s knowledge, except as disclosed in that certain Certificate
of Title No. ___________ for the Premises prepared by [______________] Company dated _____________ and any updates thereto on or
prior to the date hereof (the “Title Report”), there are no unpaid fees or charges which may become a lien against
the Premises levied by the City of New York Department of Buildings for inspections, reinspections, examinations, services or permits
relating to the Premises.

 

		4.	That, except as set forth on the rent roll attached as Exhibit B hereto, there are no tenants
in the Premises. All persons in possession of the Premises are in possession as tenants only. [The leases referred to in Exceptions
____ (Ogilvy & Mather), ____ (Polygram Records), ____ (Microsoft Corporation) and _____ (Darcy Masius Benton & Bowles)
of the Title Report have either been terminated or have expired and there are no parties or persons in possession of the Premises
or any part thereof pursuant to said leases.] ] [IF NEEDED] No tenant at the Premises holds an option to purchase the fee interest
or a right of first offer or a right of first refusal with respect to the fee interest, either pursuant to a written lease or by
separate agreement, [except the right of first offer with respect to the (i) net lease of all or substantially all or the sale
of the building located on the Premises or (ii) sale of all or substantially all of ownership interests in landlord provided for
in Article 65 of that certain Agreement of Lease dated as of June 29, 2011, between Office Owner and Nomura Holding America Inc.,
a Delaware corporation (“Nomura”), as amended by that certain First Amendment to Lease dated as of December 28, 2011
(as amended, the “Nomura Lease”). Owner delivered to Nomura an offer notice (the “Offer Notice”) with respect
to Nomura’s right to purchase the Premises (the “ROFO Right”) by personal delivery on May __, 2013. Owner did
not receive any notice from Nomura exercising the ROFO Right within 45 days after Nomura’s receipt of the Offer Notice, as
required under the Nomura Lease.] [OFFICE ONLY] [AMENITIES WILL REQUIRE DISCLOSURE OF PARTNER RIGHTS]

 

That any open
real estate taxes, water and sewer charges assessed against the Premises and set forth in the Title Report will be paid in the
ordinary course of business.

 

Exhibit
3-A: Page 1

    	 

    	 

    

The undersigned makes
this affidavit on behalf of the Company in his capacity as an officer thereof (and without personal liability of any nature whatsoever)
to [______________] and its coinsurers to insure title to the Premises.

 

[SIGNATURE IS ON NEXT PAGE]

 

Exhibit
1: Page 2

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned has executed this Certificate as of __________ ___, 2013.

 

 

 

	 	__________________________________
	 	 
	 	By: ________________________________
	 	 	Name:
	 	 	Title:

 

 

 

 

Sworn to before me the ____

day of __________, 2013

__________________________

Notary Public

 

Exhibit
1: Page 3

 

    	 

    	 

    

EXHIBIT
A to Exhibit 3-a

 

Legal Description

 

Exhibit
3-A: Page 4

    	 

    	 

    

EXHIBIT
B to Exhibit 3-a

 

Rent Roll

 

 

Exhibit
3-A: Page 5

 

 

    	 

    	 

    

EXHIBIT 3-B

 

NON-IMPUTATION AFFIDAVIT

 

Title No.

 

	STATE OF NEW YORK	:	 
	 	: ss.:	 
	COUNTY OF __________	:	 

 

WWP SPONSOR LLC (“Deponent”),
being duly sworn, deposes and says:

 

		1.	Deponent is the current sole member of WWP HOLDINGS, LLC, a Delaware limited liability company
(“Holdings”), which is the indirect owner of all of the membership interests in WWP Office, LLC (hereinafter referred
as the "Owning Entity"), which owns certain real property and improvement located thereon (hereinafter referred to as
the "Property") as more particularly described on Schedule A annexed to this Affidavit;

 

 

		2.	Deponent is familiar with the facts set forth herein and makes this Affidavit to induce the [______________]
(hereinafter referred to as "[______________] ") to issue an Owner’s policy of title insurance under title number
__________ (the “Owner’s Policy”) insuring title to the Property by Owning Entity (hereinafter referred to as
the "Insured") with a non-imputation endorsement for the purposes of providing certain assurances under said Owner’s
Policy in order that [______________] would not deny liability under the Owner’s Policy by virtue of the imputation of knowledge
by operation of law from the undersigned as a member of an Holdings and indirect owner of the interests in the Owning Entity.

 

 

		3.	To the best knowledge of the undersigned from personal knowledge or making inquiry of persons with
knowledge and except (i) as otherwise set forth in the Insurer’s owner’s or mortgagee’s policy of title insurance
or (ii)  as disclosed in the underlying commitment or in any accompanying lien, litigation or violation searches or
(iii) for matters existing in the land records where the Property is located as of the date hereof or any other
public filings or records or (iv) for matters which are part of or arising out of any leases or subleases for the Property
or (v) for matters covered by insurance or which constitute landlord/tenant matters:

 

 

		a.	The Owning Entity has not executed and delivered any unrecorded deed, land contract, lease (except
for those leases disclosed on Schedule B annexed to this Affidavit), option to purchase or other agreement or instrument adversely
affecting title to the Property and the Owning Entity has not otherwise created in writing any encumbrance or other adverse interest
in and to any Property, except in each case as disclosed or referred to herein or in the title reports (hereinafter referred to
as the "Title Reports") identified on Schedule A hereto issued by [______________] with respect to the Properties.

 

Exhibit
3-A: Page 6

    	 

    	 

    

 

 

		b.	No claims have been asserted in writing by third parties against the Owning Entity’s interest
in, or title to, the Property, which claims have not been satisfied, except as disclosed or referred to herein or in the Title
Reports.

 

 

		c.	There are no material judgments, decrees or orders of any court for the payment of moneys against
Owning Entity, which remain unsatisfied, or any suit or proceeding now pending anywhere, which in either case would materially
and adversely affect the Owning Entity or the Property; no proceeding in bankruptcy and no assignment for the benefit of creditors
has ever been instituted or made by or against the Owning Entity.

 

 

		d.	Deponent acknowledges that he has read the forgoing and understands the legal aspects if any misrepresentation
or untrue statement is made herein and that Deponent will indemnify and hold harmless [______________] against any liability occasioned
by reason of its reliance on this Affidavit in the event of any misrepresentation or untrue statement contained herein.

 

 

	 	WWP SPONSOR LLC
	 	 
	 	By:_________________________
	 	:
	 	Title:

Sworn to before me this

______ day of _______, 20___

 

 

_________________________

Notary Public

 

 

Exhibit
3-A: Page 7

    	 

    	 

    

 

 

Exhibit
4

 

Approved
Annual Budget

 

Exhibit
4: Page 1

 

    	 

    	 

    

Exhibit
5

 

INVESTOR’S
OFFICER’S CERTIFICATE

 

American Realty Capital
New York Recovery REIT, Inc., a Maryland corporation (“NYRR”), does hereby certify to GERMAN AMERICAN CAPITAL
CORPORATION, a Maryland corporation and BANK OF AMERICA, N.A., a national banking association, as of October [___], 2013 that:

 

1.NYRR is the sole
member of ARC NYWWPJV001, LLC, a Delaware limited liability company (“Investor”).

 

2.Neither NYRR
nor Investor (a) have ever been indicted or convicted of, or plead guilty or no contest to a felony, (b) have ever been indicated
or convicted of, or plead guilty or no contest to a Patriot Act Offense, (c) are on any Governmental List, and (d) have ever been
the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding.

 

3.NYRR is a real
estate investment trust and together with its subsidiaries and affiliates, has total assets (in name or under management) in excess
of $600,000,000.00 and capital/statutory surplus and shareholder’s equity of not less than $250,000,000.00.

 

All capitalized terms
used herein and not otherwise defined shall have respective meanings ascribed to them in that certain Loan Agreement dated as of
February 25, 2013 between German American Capital Corporation and Bank of America, N.A., as lenders, and WWP Office, LLC and WWP
Amenities Holdings, LLC, as borrowers.

 

IN WITNESS WHEREOF, the undersigned has
executed this Certificate as of the date set forth above.

 

	 	American Realty Capital New York Recovery
	 	REIT, Inc., a Maryland corporation
	 	 	 
	 	 	 
	 	By:	______________________________
	 	 	Name:
	 	 	Title:

 

Exhibit
4: Page 2Exhibit 10.62

 

 

SALE - PURCHASE AGREEMENT

 

by and between

 

 

 

1440 BROADWAY OWNER, LLC

 

as Seller,

 

 

 

and

 

 

 

ARC NY1440BWY1, LLC

 

as Purchaser

 

 

 

 

 

Premises:

 

1440 Broadway

New York, New York

 

As of October 21, 2013

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	1.	Certain Definitions	1
	2.	Sale and Purchase	4
	3.	Purchase Price	4
	4.	Condition of Title	5
	5.	Closing	6
	6.	Violations	7
	7.	Apportionments	7
	8.	Closing Deliveries.	13
	9.	Conditions Precedent.	16
	10.	Estoppel Certificates	18
	11.	Employees	19
	12.	Right of Inspection	21
	13.	Title Insurance.	23
	14.	Return of Deposit	25
	15.	Purchaser Defaults.	25
	16.	Representations and Warranties	26
	17.	Broker.	31
	18.	Condemnation and Destruction.	32
	19.	Escrow.	33
	20.	Covenants.	35
	21.	Transfer Taxes.	37
	22.	Non-Liability	38
	23.	Seller’s Inability to Perform; Seller’s Default	39
	24.	Condition of Premises	40
	25.	Environmental Matters	40
	26.	Tax Certiorari Proceedings.	41
	27.	Notices	42
	28.	Entire Agreement	43
	29.	Amendments	43
	30.	No Waiver	43
	31.	Successors and Assigns	43
	32.	Partial Invalidity	43
	33.	Section Headings; Incorporation of Exhibits	43
	34.	Governing Law	44
	35.	Confidentiality	44
	36.	No Recording or Notice of Pendency	44
	37.	Assignment	45
	38.	Counterparts	45
	39.	No Third Party Beneficiary	45
	40.	Section 3.14 Audit	45
	41.	Consequential and Punitive Damages	46

    	i

    	 

    

 

 

EXHIBITS

 

	A	Description of Land
	1(A)	Brokerage Agreements
	1(B)	Description of Leases
	1(C)	Description of Surviving Contracts
	4(A)(i)	Title Objections
	8(A)(i)	Form of Deed
	8(A)(ii)	Form of Bill of Sale
	8(A)(iii)	Form of Assignment of Leases
	8(A)(iv)	Form of Assignment of Contracts
	8(A)(vii)	Form of FIRPTA Certificate
	8(A)(viii)	Form of Tenant Notice Letter
	8(A)(ix)	Form of Contractor Notice Letter
	8(A)(xvi)	Form of Assignment of Union Agreements
	8(A)(xvii)	Form of Title Affidavit
	8(A)(xxi)	Form of Master Lease
	10-1	Form of Tenant Estoppel Certificate
	10-2	Macy’s, Inc. Estoppel from Seller’s Acquisition
	16(A)(iii)-1	Recognition Agreements
	16(A)(iii)-2	Defaults/Arrears
	16(A)(iv)	Tenant Deposits
	16(A)(v)	Employees
	16(A)(xi)	Pending Litigation
	16(A)(xiv)	Tax Certiorari Proceedings
	16(A)(xvi)	Seller Leasing Costs

 

    	ii

    	 

    

 

SALE-PURCHASE AGREEMENT
(this “Agreement”), made as of the 21st day of October, 2013 (the “Effective Date”), by and
among 1440 BROADWAY OWNER, LLC, a Delaware limited liability company having an address c/o Monday Properties, 230 Park Avenue,
New York, New York 10169 (“Seller”), and ARC NY1440BWY1, LLC, a Delaware limited liability company, having
an address c/o American Realty Capital New York Recovery REIT, Inc., 405 Park Avenue, New York, New York 10022 (“Purchaser”).

 

RECITALS:

 

WHEREAS, Seller
owns that certain real property situated in the Borough of Manhattan, City of New York, County of New York and State of New York
more particularly described on Exhibit A annexed hereto and made a part hereof (the “Land”) and
the building and all other improvements located thereon commonly identified as 1440 Broadway, New York, New York (the “Building”);
and

 

WHEREAS, Seller
desires to sell to Purchaser the Premises (hereinafter defined), and Purchaser desires to purchase the Premises from Seller, subject
to and upon all the terms and conditions of this Agreement;

 

NOW, THEREFORE,
in consideration of the mutual covenants set forth in this Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows:

 

		1.	Certain Definitions.

 

A.For purposes of this Agreement, in addition to the
terms defined in the Recitals and elsewhere in the body of this Agreement, the following terms shall have the meanings
indicated below:

 

“Brokerage Agreements”
shall mean the agreements between Seller and any leasing brokers which are set forth on Exhibit 1(A).

 

“Escrow Agent”
shall mean First American Title Insurance Company, 633 Third Avenue, New York, New York 10017.

 

“Fixtures”
shall mean all equipment, fixtures, furnishings, machinery and appliances of whatever nature which are (i) affixed to the Land
or Building and (ii) owned by Seller.

 

“Hazardous Materials”
shall mean any solid wastes, toxic or hazardous substances, wastes or contaminants, polychlorinated biphenyls, paint or other materials
containing lead, urea formaldehyde foam insulation, radon, asbestos, and asbestos containing material, petroleum product and any
fraction thereof as any of these terms is defined in or for the purposes of any Relevant Environmental Laws (as hereinafter defined).

 

“Leases”
(each individually, a “Lease”) shall mean the leases, tenancies, concessions, licenses and occupancies affecting
the Premises to which Seller or a predecessor owner of the Property is a party, as the same may be amended, modified or extended
from time

 

    	 

    	 

    

 

to time in accordance with the terms of
this Agreement, and any New Leases entered into between the date hereof and the Closing Date in accordance with Article 20
hereof, provided, “Leases” shall not include any subleases, subtenancies, sub-concessions, sublicenses or sub-occupancies
affecting the Property.

 

“Personal Property”
shall mean the aggregate of the following, if any:

 

(i)Seller’s
right, title and interest, if any, in and to all site plans, architectural renderings, plans and specifications, engineering plans,
as-built drawings, floor plans and other similar plans or diagrams, if any, which (a) relate to the Real Property and (b) are in
Seller’s or its property manager’s possession;

 

(ii)Seller’s
right, title and interest, if any, in and to all licenses, permits, warranties, guaranties, indemnities, and bonds, which (a) relate
exclusively to, or are used exclusively in, the Property or to any other personal property to which Seller has sole title and (b)
are assignable by Seller to Purchaser (the “Permits”); and

 

(iii)All equipment,
appliances, tools, machinery, supplies, building materials and other similar personal property which are (a) owned by Seller as
of the date of this Agreement and (b) attached to, appurtenant to, or located at the Property and used in the day-to-day operation
or maintenance of the Property, but expressly excluding the Fixtures and any and all personal property owned by any property manager,
tenants in possession, public or private utilities licensees or contractors. Notwithstanding the foregoing, “Personal
Property” expressly excludes, and Seller shall not be required to convey, and Purchaser shall not be entitled to receive,
any items containing the logo of Seller or any of Seller’s affiliates, or any computer programs, software and documentation
thereof, electronic data processing systems, program specifications, source codes, logs, input data and report layouts and forms,
record file layouts, diagrams, functional specifications and variable descriptions, flow charts and other related materials (collectively,
“Operational Systems”).

 

“Premises”
shall mean the Property, the Fixtures and the Personal Property.

 

“Property”
shall mean the Land and the Building.

 

“Recognition
Agreement” means, with respect to any sublease, license or other occupancy agreement under any Lease, an agreement to
which Seller is a party or, to Seller’s knowledge, to which a predecessor Owner is a party, to the effect that if the applicable
Lease terminates during the term of such sublease, license or other occupancy agreement for any reason other than by reason of
the occurrence of a fire or other casualty, or a condemnation, or the Tenant’s exercising the Tenant’s right to terminate
the applicable Lease in accordance with the express terms of the applicable Lease, then (i) Seller will not evict such subtenant,
licensee or other occupant, disturb such subtenant’s, licensee’s or other occupant’s possession or terminate
or disturb such subtenant’s, licensee’s or other occupant’s occupancy of the space that such sublease, license
or other occupancy agreement demises, and will recognize such subtenant, licenses or other occupant as the direct tenant of Seller,
subject to and in accordance with the terms and conditions of such agreement, and (ii) such subtenant, licensee, or other occupant
will

 

    	2

    	 

    

 

recognize Seller as such subtenant’s
direct landlord, subject to and in accordance with the terms and conditions of such agreement.

 

“Relevant Environmental
Laws” shall mean any and all laws, rules, regulations, orders and directives, whether federal, state or local, applicable
to the Premises or any part thereof with respect to the environmental condition of the Premises, and any activities conducted on
or at the Premises, including by way of example and not limitation: (i) Hazardous Materials; (ii) air emissions, water discharges,
noise emissions and any other environmental, health or safety matter; (iii) the existence of any underground storage tanks that
contained or contain Hazardous Materials; and (vi) the existence of PCB contained electrical equipment.

 

“Required Estoppel
Tenants” shall mean Macy’s Inc., Primedia, Inc., Advance Magazine Publishers Inc., Fifth & Pacific Companies,
Inc. and Mizuho Capital Markets Corporation.

 

“Security Deposits”
(each individually, a “Security Deposit”) shall mean all refundable deposits actually held by Seller under Leases
as of the date hereof (including, without limitation, those security deposits held in the form of cash and those that are letters
of credit), subject, however, to any draw down, application and/or retention after the date hereof in accordance with the applicable
Lease and the terms of this Agreement.

 

“Service Contracts”
shall mean any management, service, maintenance, telecommunications, information service and collective bargaining and other agreements
relating to the Premises or the operation thereof or other agreements of similar nature, together with all modifications and amendments
thereof and supplements thereto.

 

“Surviving Contracts”
shall mean (i) the Service Contracts listed on Exhibit 1(C) annexed hereto and made a part hereof and (ii) any Service
Contracts entered into by Seller after the date hereof in accordance with Article 20 hereof which will not be terminated
at or prior to the Closing in accordance with the terms hereof.

 

“Tenants”
(each individually, a “Tenant”) shall mean the tenants, licensees or other occupants occupying space in the
Building pursuant to and as a party to the Leases.

 

“Title Insurer”
shall mean First American Title Insurance Company (it being understood, however, that Royal Abstract of New York LLC and National
Land Tenure shall each be a co-insurer as to a ten percent (10%) share each).

 

B.Certain References.

 

(i)The use of the
masculine gender in this Agreement shall be deemed to refer to the feminine gender and the use of the singular shall be deemed
to refer to the plural and vice versa whenever the context so requires.

 

(ii)The terms “herein,”
“hereof” or “hereunder,” or similar terms used in this Agreement, refer to this entire Agreement
and not to the particular provision in which the terms are used, unless the context otherwise requires.

 

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(iii)Whenever in
this Agreement the term “including” is used, it shall be deemed to mean “including without limitation,”
unless expressly provided otherwise.

 

(iv)Whenever in this
Agreement the term “not be unreasonably withheld” or similar terms are used, it shall be deemed to mean “not
unreasonably withheld, conditioned or delayed,” whether or not so stated.

 

(v)As used in this
Agreement, the term “business day” shall mean every day other than Saturdays, Sundays, all days observed by
the federal or New York State government as legal holidays and all days on which commercial banks in New York State are required
by law to be closed.

 

(vi) If any deadline
for the performance of an obligation or the exercise of a right allocable to either party under this Agreement falls on a date
that is not a business day, the deadline will be postponed to the next business day.

 

2.        Sale
and Purchase. In consideration of, and upon and subject to, the mutual covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the mutual receipt and legal sufficiency of which is hereby
acknowledged, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase from Seller, the Property and
all of Seller’s right, title and interest in and to the Fixtures, the Personal Property, the Leases, the Security
Deposits and the Surviving Contracts. Seller and Purchaser agree that the Personal Property included in this sale, if any, is
negligible and that no portion of the Purchase Price (as hereinafter defined) is attributable to the Personal Property
included in this sale.

 

3.        Purchase Price.
The purchase price for the Premises (the “Purchase Price”) is Five Hundred Twenty Eight Million Six Hundred
Thousand Dollars ($528,600,000), payable as follows:

 

(i)Thirty Million
Dollars ($30,000,000) (together with any interest earned thereon, the “Deposit”) on the date hereof to
Escrow Agent, by wire transfer of immediately available federal funds to an account designated by Escrow Agent, which Deposit shall
be non-refundable to Purchaser except as expressly set forth herein and which shall be held by Escrow Agent pursuant to and in
accordance with the provisions of Article 19 of this Agreement; and

 

(ii)subject to the
apportionments and other credits provided for in this Agreement, the balance of the Purchase Price, together with all other amounts
to be paid by Purchaser pursuant to this Agreement, not later than 5:00 pm Eastern time one (1) business day prior to the Closing
Date (it being understood, however, that Purchaser shall use commercially reasonable efforts to pay such amounts not later than
2:00 pm Eastern time one (1) business day prior to the Closing Date) by wire transfer of immediately available federal funds to
Escrow Agent. Seller and Purchaser agree that any interest earned on the Deposit shall be credited to the Purchase Price upon the
Closing, or shall be delivered to the party receiving the Deposit if this Agreement is terminated before Closing.

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4.        Condition of Title.
The Premises shall be sold, and title thereto conveyed, subject only to the provisions of Article 13 hereof and to the following
matters (collectively, the “Permitted Exceptions”):

 

(i)The matters set
forth in Schedule B of that certain Report of Title issued by Title Insurer with an effective date of September 16, 2013
under Title No. 3020-635447 (the “Commitment”) other than those items listed on Exhibit 4(A)(i);

 

(ii)The Leases;

 

(iii)All Violations
(as hereinafter defined);

 

(iv)All present and
future zoning, building, environmental and other laws, ordinances, codes, restrictions and regulations of all governmental authorities
having jurisdiction with respect to the Property, including, without limitation, landmark designations and all zoning variances
and special exceptions, if any;

 

(v)Liens, encumbrances,
violations and defects (including, without limitation, any mechanics and/or materialmen’s lien or any judgment arising as
a result thereof), removal of which is an obligation of a Tenant;

 

(vi)All presently
existing and future liens for unpaid real estate taxes and assessments (including any assessments of a business improvement district
(“BID taxes”)) and water and sewer charges not due and payable as of the date of the Closing, subject to adjustment
as hereinbelow provided;

 

(vii)All covenants,
restrictions and rights and all easements and agreements for the erection and/or maintenance of water, gas, steam, electric, telephone,
sewer or other utility pipelines, poles, wires, conduits or other like facilities, and appurtenances thereto, over, across and
under the Property which are either (a) presently existing or (b) granted to a public utility in the ordinary course, provided
that the same shall not prevent the use of the Property for its current use;

 

(viii)State of facts
shown on or by survey prepared by Earl B. Lovell – S.P. Belcher, Inc., dated March 17, 1979, last updated by visual examination
by Earl B. Lovell – S.P. Belcher, Inc. on August 2, 2012, and any additional facts which would be shown on or by an accurate
update thereof (collectively, “Facts”), provided that, solely with respect to such additional Facts, the same
shall not prevent the use of the Property for its current use;

 

(ix)The Surviving
Contracts (including, without limitation, the CBAs);

 

(x)Consents by any
former owner of the Land for the erection of any structure or structures on, under or above any street or streets on which the
Land may abut;

 

(xi)Possible encroachments
and/or projections of stoop areas, roof cornices, window trims, vent pipes, cellar doors, steps, columns and column bases, flue
pipes, signs, piers, lintels, window sills, fire escapes, satellite dishes, protective netting, sidewalk sheds, ledges, fences,
coping walls (including retaining walls and yard walls), air conditioners and the like, if

 

    	5

    	 

    

 

any, on, under or above
any street or highway, the Building, or any adjoining property, provided that the same shall not prevent the use of the Premises
for its current use;

 

(xii)Variations between
tax lot lines and lines of record title;

 

(xiii)Standard exclusions
from coverage contained in the ALTA form of owner’s title insurance policy;

 

(xiv)Any financing
statements, chattel mortgages, encumbrances or mechanics’ or other liens entered into by Seller, or arising from, any financing
statements filed on a day more than five (5) years prior to the Closing, and any financing statements, chattel mortgages, encumbrances
or mechanics’ or other liens filed against property no longer contained in the Premises, provided that in either case the
Title Insurer shall remove each of them as exceptions from the title insurance policy to be issued to Purchaser at Closing;

 

(xv)Any lien or encumbrance
arising out of the acts or omissions of Purchaser;

 

(xvi)Any other matter
which the Title Insurer may raise as an exception to title, provided the Title Insurer will omit such matter as an exception from
the title insurance policy to be issued to Purchaser at Closing and no prohibition of a present use or maintenance of the Premises
will result therefrom, as may be applicable;

 

(xvii)Any encumbrance
that will be extinguished upon conveyance of the Premises to Purchaser, provided that the Title Insurer shall remove the same as
an exception from the title insurance policy to be issued to Purchaser at Closing; and

 

(xviii) Any other
matter which, pursuant to the terms of this Agreement, is a permitted condition of the transaction contemplated by this Agreement.

 

5.        Closing.

 

A.The “Closing”
shall mean the consummation of each of the actions set forth in Article 8 of this Agreement, or the waiver of such action
by the party in whose favor such action is intended, and the satisfaction of each condition precedent to the Closing set forth
in Article 9 and elsewhere in this Agreement, or the waiver of such condition precedent by the party intended to be benefited
thereby. The Closing shall take place commencing at 10:00 a.m., with the Purchase Price deposited with Escrow Agent no later than
5:00 P.M. Eastern time one (1) business day prior to the Closing (it being understood, however, that Purchaser shall use commercially
reasonable efforts to deposit the Purchase Price with Escrow Agent no later than 2:00 pm Eastern time one (1) business day prior
to the Closing), on the date that is thirty (30) days after the date of this Agreement (as the same may be adjourned by Seller
or Purchaser pursuant to the terms of this Agreement, the “Scheduled Closing Date”, and the date upon which
the Closing occurs, the “Closing Date”). Purchaser shall be entitled to one (1) adjournment of the Scheduled
Closing Date for a period not to exceed five (5) days, which adjournment shall be made upon not less than one (1) business day
prior written notice to Seller. TIME SHALL BE OF THE ESSENCE as to Purchaser’s obligations hereunder to consummate the Closing
on the Scheduled Closing Date, subject, however, to any adjournment of the

 

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Scheduled Closing Date
by Seller or Purchaser in accordance with the terms hereof. The Closing shall take place at (i) the offices of Gibson, Dunn &
Crutcher LLP, 200 Park Avenue, New York, New York or such other place which the parties shall mutually agree.

 

B.Notwithstanding
the foregoing, Seller may adjourn the Closing Date for up to sixty (60) days in the aggregate with all other adjournments by Seller
under this Agreement to defease the loan currently secured by the Property by providing written notice thereof to Purchaser no
later than three (3) business days prior to the then-scheduled Closing Date.

 

6.        Violations.
The Premises are sold, and Purchaser shall accept same, subject to any and all violations of law, rules, regulations, ordinances,
orders or requirements noted in or issued by any Federal, state, county, municipal or other department or governmental agency having
jurisdiction against or affecting the Premises or the Property whenever noted or issued (collectively, “Violations”)
and any conditions which could give rise to any Violations. Seller shall have no obligation to cure or remove any Violations, except
that Seller shall be responsible for any monetary penalties, fees or fines (and the interest on each, if any) imposed on Seller
or the Property on or before the Closing in connection with any Violations.

 

7.        Apportionments.

 

A.The following
shall be apportioned between Seller and Purchaser at the Closing with respect to the Premises as of 11:59 p.m. of the day immediately
preceding the Closing Date, and the net amount thereof either shall be paid by Purchaser to Seller or credited to Purchaser, as
the case may be, at the Closing (or thereafter, pursuant to the terms hereof):

 

(i)Real property
taxes and assessments (or installments thereof), BID taxes, vault charges and any other governmental taxes, charges or assessments
levied or assessed against the Premises, except those required by Leases to be paid by a Tenant directly to the entity imposing
same;

 

(ii)Water rates and
charges, except those required by Leases to be paid by a Tenant directly to the entity imposing same;

 

(iii)Sewer taxes
and rents, except those required by Leases to be paid by a Tenant directly to the entity imposing same (collectively with the items
described in the immediately preceding clauses (i) and (ii), “Property Taxes”);

 

(iv)Permit, license
and inspection fees, if any, on the basis of the fiscal year for which levied, if the rights with respect thereto are transferred
to Purchaser;

 

(v)Fuel, if any,
at the cost per gallon most recently charged to Seller as of the Closing Date, based on the supplier’s measurements thereof,
plus sales taxes thereon, which measurements shall be given by Seller to Purchaser as close to the Closing Date as is reasonably
practicable (but in no event more than two (2) Business Days prior to Closing), and which, absent manifest error, shall be conclusive
and binding on the Seller and Purchaser, except those required by Leases to be paid by a Tenant directly to the entity imposing
same;

 

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(vi)Deposits on account
with any utility company servicing the Premises to the extent transferred to Purchaser shall not be apportioned, and Seller shall
receive a credit in the full amount thereof (including accrued interest thereon, if any);

 

(vii)Rents (as hereinafter
defined), if, as and when collected, in accordance with Section 7(F) hereof;

 

(viii)Leasing Costs
(as hereinafter defined), in accordance with Section 20(B) hereof;

 

(ix)Payments due
under any Surviving Contracts;

 

(x)Wages and fringe
benefits (including, without limitation, vacation pay, sick days, health, welfare, pension and disability benefits) and other compensation
payable to all Employees (other than and not including pension withdrawal liability, which is addressed in Article 11 hereof);
and

 

(xi)All other items
customarily apportioned in connection with the sale of similar properties similarly located.

 

B.Apportionment
of Property Taxes shall be made on the basis of the fiscal year for which assessed. If the Closing Date shall occur before an assessment
is made or a tax rate is fixed with respect to Property Taxes for the tax period in which the Closing Date occurs, apportionment
for any item not yet fixed shall be made on the basis of the Property Tax rate for the preceding year applied to the latest assessed
valuation. After the tax rate for Property Taxes is finally fixed, Seller and Purchaser shall promptly make a recalculation of
the apportionment of same after the Closing, and Seller or Purchaser, as the case may be, shall make an appropriate payment to
the other based upon such recalculation.

 

C.Any unpaid amounts
due in respect of Property Taxes which Seller is obligated to pay and discharge, with interest and penalties thereon (if any) to
the Closing Date may, at Seller’s option, be allowed to Purchaser out of the balance of the Purchase Price, provided that
official bills therefor with interest and penalties thereon (if any) are furnished by Seller at the Closing and provided that the
Title Insurer will omit same as exceptions from Purchaser’s title insurance policy, at no additional cost or expense to Purchaser.

 

D.If any refund
of Property Taxes is made after the Closing Date covering a period prior to and/or after the Closing Date, the same shall be applied
first to the reasonable out-of-pocket costs incurred by Seller or Purchaser, as the case may be, in obtaining same and the balance,
if any, of such refund shall, to the extent received by Purchaser, be paid to Seller to the extent that any portion thereof is
attributable to the period prior to the Closing Date and, to the extent received by Seller, be paid to Purchaser to the extent
that any portion thereof is attributable to the period commencing on the Closing Date. Any payment to Seller pursuant to the immediately
preceding sentence shall be net of any amount payable to a Tenant in accordance with its Lease (and any payment to Purchaser by
Seller pursuant to the immediately preceding sentence shall include (without double counting) any amount payable to a Tenant in
accordance with its Lease, and Purchaser shall promptly pay any such amounts received by

 

    	8

    	 

    

 

Purchaser from Seller
to the extent owing to such Tenant pursuant to its Lease. Purchaser hereby agrees to indemnify, defend and hold harmless Seller
against any claims, losses, costs and expenses incurred by Seller to the extent resulting from Purchaser’s failure to remit
such amount payable to such Tenant pursuant to its Lease promptly after receipt thereof from Seller by Purchaser (including, without
limitation, any reasonable attorneys’ fees, disbursements and court costs). Purchaser’s indemnification obligations
hereunder shall survive the Closing and delivery of the Deed.

 

E.If there are
meters measuring water consumption or sewer usage at the Property (other than meters measuring water consumption or sewer usage
for which a Tenant is obligated to pay under its Lease directly to the taxing authority or utility), Seller shall attempt to obtain
readings to a date not more than thirty (30) days prior to the Closing Date, and apportionment for water rates and charges and
sewer taxes and rents shall be made based on such reading. If such readings are not obtained (and if such readings are obtained,
then with respect to any period between such reading and the Closing Date), water rates and charges and sewer taxes and rents,
if any, shall be apportioned based upon the last meter readings, subject to reapportionment when readings for the relevant period
are obtained after the Closing Date, and the parties shall, within five (5) business days following notice of the determination
of such actual reading, make an appropriate payment to the other based upon such recalculation. Charges for all electricity, steam,
gas and other utility services (collectively, “Utilities”) shall be billed to Seller’s account up to the
Closing Date and, from and after the Closing Date, all Utilities shall be billed to Purchaser’s account. If for any reason
such changeover in billing is not practicable as of the Closing Date as to any Utility, such Utility shall be apportioned on the
basis of actual current readings (which shall be made no more than thirty (30) days prior to the Closing Date). If any apportionment
is not based on an actual current reading, then upon the taking of a subsequent actual reading, the parties shall, within five
(5) business days following notice of the determination of such actual reading, readjust such apportionment and make an appropriate
payment to the other based upon such recalculation. If any of the Tenants pay electric charges based on a submeter for their electric
consumption, then Seller shall cause any such submeter to be read as close as possible to the Closing Date and upon completion
of such reading, Seller shall bill each such Tenant electric charges, based on such reading. At the Closing, Seller shall provide
the Purchaser with documentation as to any such readings and billings for submetered electric charges.

 

F.To the extent
that Seller or Purchaser receives Rents after the Closing Date, the same shall be held in trust by Seller or Purchaser, as the
case may be, and shall be applied in the order of priority set forth in this Section 7(F).

 

(i)The following
terms shall be as defined herein: “Base Rents”: fixed rent, and other amounts of a fixed nature (which may include,
without limitation, electric inclusion and supplemental water, HVAC and condenser water charges paid or payable by Tenants); “Overage
Rents”: a percentage of the Tenant’s business during a specified annual or other period (sometimes referred to
as “percentage rent”), so-called “escalation rent”, and additional rent based upon increases in or otherwise
attributable to real estate and BID taxes, operating expenses, utility costs, a cost of living index or porter’s wages or
otherwise, but which shall in no event include Reimbursable Payments (as hereinafter defined); “Reimbursable Payments”:

 

    	9

    	 

    

 

overtime heat, air
conditioning or other utilities or services; freight elevator; electric inclusion and adjustments related to electric usage (such
as rate and/or fuel adjustments and survey); submetered electric; supplemental water, HVAC, and condenser water charges; services
or repairs, and labor costs associated therewith, to the extent to which a Tenant is obligated to reimburse the landlord under
its Lease or for which a Tenant has separately contracted with Seller or its agent; true-ups on account of escalation and/or additional
rent for years prior to the year in which the Closing occurs; amounts payable for above standard cleaning; and all other items
which are payable to Seller as reimbursement or payment for above standard or overtime services (but which amounts shall not be
treated as Reimbursable Payments if already included in a Tenant’s Base Rents); and “Rents”: all amounts
due and owing from Tenants, however characterized, including, without limitation, Base Rents, Overage Rents and Reimbursable Payments.

 

(ii)Base Rents and
Overage Rents shall be adjusted and prorated on an as, if and when collected basis. Base Rents and Overage Rents collected by Purchaser
or Seller after the Closing from any Tenant who owes any such amounts for periods prior to the Closing shall be applied in the
following order: (a) first, in payment of such amounts owed by such Tenant for the month in which the Closing occurs, (b) second,
in payment of such amounts owed by such Tenant (if any) for periods after the month in which the Closing occurs, (c) third, in
payment of such amounts owed by such Tenant (if any) for any periods prior to the month in which the Closing occurs, and (d) fourth,
the balance, if any, to Purchaser. Each such amount, less any third party costs of collection (including reasonable attorneys’
fees and expenses) reasonably allocable thereto, shall be paid over as provided above, and the party who receives any such amount
shall promptly pay over to the other party any portion thereof to which it is so entitled.

 

(iii)Reimbursable
Payments shall not be apportioned or adjusted to the extent they relate to a period of time prior to the Closing Date. Reimbursable
Payments incurred and which relate to a period of time prior to the Closing Date shall belong in their entirety to Seller, and
shall be retained by Seller, and/or paid over to Seller by Purchaser, as applicable, on an as, if and when collected basis. To
the extent a payment is made by a Tenant to Purchaser after the Closing Date which is specifically designated as being on account
of one or more Reimbursable Payments due to Seller, by reference to a charge, invoice number or otherwise, or is of an amount which
is equal to one or more Reimbursable Payments due to Seller, then same shall be treated as a Reimbursable Payment which relates
to a period of time prior to the Closing Date, and shall be paid over to Seller promptly upon receipt thereof.

 

(iv)Purchaser shall
bill Tenants who owe Rents for periods prior to the Closing on a monthly basis for a period of six (6) consecutive months following
the Closing and shall use commercially reasonable efforts to collect such past due Rents (which efforts shall include, but not
be limited to, including such amounts in Purchaser’s invoices and notices for such period of six (6) months) but Purchaser
shall have no liability for the failure to collect any such amounts and shall not be required to conduct eviction proceedings or
take any other legal action to enforce collection of any such amounts owed to Seller by Tenants, provided, however, if Purchaser
in fact commences any such action or proceeding, the amount sought shall include all Rents unpaid for the period prior to the Closing.
If Purchaser shall fail to collect such past due Rents after such six (6) month period, then Seller shall have the right to pursue
such Tenants

 

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to collect such delinquencies
(including, without limitation, the prosecution of one or more lawsuits); provided, however, that in no event shall Seller have
the right to terminate, or cause the termination of, the Lease of any such Tenants. Any sums collected by Seller after the Closing
on account of Rents (less any out-of-pocket costs and expenses (including reasonable counsel fees) incurred by Seller in the collection
thereof) shall be promptly turned over to Purchaser without offset or deduction for application by Purchaser in accordance with
this Agreement.

 

(v)Purchaser shall
(a) promptly render bills to the applicable Tenants for any Overage Rent in respect of a period that shall have expired prior to
the Closing but which is payable after the Closing, (b) bill Tenants for any such Overage Rent on a monthly basis for a period
of six (6) consecutive months thereafter and (c) use commercially reasonable efforts to collect such Overage Rent (which efforts
shall include, but not be limited to, including such amounts in Purchaser’s invoices and notices for such period of six (6)
months), but Purchaser shall have no liability for the failure to collect any such amounts and shall not be required to conduct
eviction proceedings or take any other legal action to enforce collection of any such amounts owed to Seller by Tenants, provided,
however, if Purchaser in fact commences any such action or proceeding, the amount sought shall include all Rents unpaid for the
period prior to the Closing. If Purchaser shall be unable to collect such Overage Rent after such six (6) month period, then Seller
shall have the right to pursue Tenants to collect such delinquencies (including, without limitation, the prosecution of one or
more lawsuits); provided, however, that in no event shall Seller have the right to terminate, or cause the termination of, the
Lease of any such Tenants. Any sums collected by Seller after the Closing on account of Rents (less any out-of-pocket costs and
expenses (including reasonable counsel fees) incurred by Seller in the collection thereof) shall be promptly turned over to Purchaser
without offset or deduction for application by Purchaser in accordance with this Agreement. From and after the Closing, Seller
may furnish to Purchaser calculations of the amounts due from Tenants on account of Overage Rent for periods prior to the Closing,
and such other information relating to the period prior to the Closing as is reasonably necessary for the billing of any such Overage
Rent. Purchaser shall bill such Tenants for Overage Rent for periods prior to the Closing in accordance with and on the basis of
such information furnished by Seller. Purchaser shall deliver to Seller, concurrently with the delivery to such Tenants, copies
of all statements delivered to Tenants relating to Overage Rent for periods prior to the Closing.

 

(vi)Overage Rent
for the calendar year in which the Closing occurs shall be apportioned between Seller and Purchaser using a percentage derived
by dividing the total operating expenses incurred for those operating expenses (or Property Taxes, as the case may be) which are
used by Seller in determining the operating expense pool for the calendar year in question consistent with the terms of the applicable
Leases over each parties’ actual expenses incurred for such operating expenses (or Property Taxes, as the case may be). Seller
shall be entitled to receive the proportion of such Overage Rent (less a like portion of any out-of-pocket costs and expenses (including
reasonable attorneys’ fees and expenses) incurred in the collection of such Overage Rent) that the portion of the actual
expenses incurred for operating expenses (or Property Taxes, as the case may be) for the calendar year in question by Seller bears
to the entire operating expenses (or Property Taxes, as the case may be) pool for the calendar year in question, and Purchaser
shall be entitled to receive the proportion of such Overage Rent (less a

 

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like portion of any out-of-pocket
costs and expenses (including reasonable attorneys’ fees and expenses) incurred in the collection of such Overage Rent) that
the portion of the actual expenses incurred for operating expenses (or Property Taxes, as the case may be) for the calendar year
in question by Purchaser bears to the entire operating expenses (or Property Taxes, as the case may be) pool for the calendar year
in question. If, prior to the Closing, Seller shall receive any installment of Overage Rent attributable to Overage Rent for periods
from and after the Closing, such sum shall be apportioned at the Closing. If, after the Closing, Purchaser shall receive any installment
of Overage Rent attributable to Overage Rent for periods prior to the Closing, such sum (less any out-of-pocket costs and expenses
(including reasonable counsel fees) incurred by Purchaser in the collection of such Overage Rent) shall be promptly applied in
accordance with the terms of this Agreement.

 

(vii)To the extent
that any payment on account of Overage Rent for a period prior to the Closing Date is required to be paid periodically by Tenants
for any calendar year (or, if applicable, any lease year or any other applicable accounting period), and at the end of such calendar
year (or lease year or other applicable accounting period, as the case may be) such estimated amounts are required to be recalculated
based upon the actual expenses, taxes or other relevant factors for that calendar year (or lease year or other applicable accounting
period, as the case may be), then Purchaser agrees (with respect to the calendar year, lease year or other applicable accounting
period in which the Closing occurs) to so recalculate same, subject to Seller’s review and reasonable approval of such recalculation
and to bill such Tenants for all amounts due from such Tenants on account therefor, within six (6) months after the end of such
calendar year (or lease year or other applicable accounting period, as the case may be). At the time(s) of final calculation and
collection from (or refund to) each Tenant of the amounts in reconciliation of actual Overage Rent, there shall be a re-proration
between Seller and Purchaser in accordance with this Agreement and Seller and Purchaser shall each be entitled to (or responsible
for, as the case may be) the amounts attributable to such party’s period of ownership of the Premises, provided that Seller
shall have no liability for amounts due to Tenants to the extent that Purchaser shall have failed to obtain Seller’s prior
approval of any such recalculation and Seller is prejudiced by such failure. Any amounts owed to a Tenant in possession as of the
Closing Date for which Seller is responsible pursuant to the immediately preceding sentence shall be delivered by Seller to Purchaser
within ten (10) business days following demand, which payment to such Tenant shall be forwarded promptly by Purchaser to such Tenant.
Purchaser shall indemnify, defend and hold Seller harmless from any and all losses, costs, damages, liens, claims, counterclaims,
liabilities and expenses (including, but not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred
by Seller to the extent resulting from Purchaser failing to pay over to any Tenant in possession as of the Closing Date any amount
paid by Seller to Purchaser for the benefit of any Tenant on account of Overage Rent. Seller, on or prior to the Closing, shall
send statements of the reconciliations with the Tenants for Overage Rent for calendar year 2012 and, upon Purchaser’s request,
the calendar years 2011 and 2010, and, to the extent any such Tenant overpaid such Overage Rent, Seller shall, on or prior to the
Closing, refund any such overpayment of Overage Rent to each such applicable Tenant. Seller hereby agrees to indemnify, defend
and hold Purchaser harmless from any and all losses, costs, damages, liens, claims, counterclaims, liabilities and expenses (including,
but not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred by Purchaser to the extent

 

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resulting from Seller’s
failure to refund any overpayment of Overage Rent due by Seller to any Tenant for any time period prior to the Closing.

 

(viii)For the period
commencing on the Closing Date and ending on the date that is the earlier to occur of (i) the one (1) year anniversary of the Closing
Date, and (ii) the day that all amounts required to be paid to Seller by Purchaser pursuant to this Section 7(F) shall have
been paid in full, if Purchaser collects from a Tenant any arrears in Base Rents and/or Overage Rent owed to Seller, Purchaser
shall furnish to Seller a reasonably detailed monthly accounting of cash receipts from Tenants (accompanied by aged receivable
reports), which accounting shall be delivered to Seller for each such applicable month, within twenty (20) days after the end thereof.
Seller and Purchaser and their representatives shall each have the right from time to time, for a period of one (1) year following
the Closing, on reasonable prior notice to the other party, during ordinary business hours on business days, but in no event more
than three (3) times during such period of one (1) year, to review each other’s rental records and operating expense costs
with respect to the Premises to ascertain the accuracy of any such accountings during Seller’s and Purchaser’s respective
periods of ownership of the Premises.

 

(ix)If any adjustment
or apportionment is miscalculated at the Closing, or the complete and final information necessary for any adjustment is unavailable
at the Closing, the affected adjustment shall be calculated after the Closing. The provisions of this Section 7 shall survive
the Closing for a period of one (1) year.

 

8.        Closing
Deliveries.

 

A.At the Closing,
Seller shall deliver to Purchaser, executed and acknowledged, as applicable:

 

(i)A deed, in the
form attached hereto as Exhibit 8(A)(i), and made a part hereof (“Deed”);

 

(ii)A general bill
of sale for the Personal Property, in the form of Exhibit 8(A)(ii);

 

(iii)An assignment
and assumption of leases in the form of Exhibit 8(A)(iii) (the “Assignment of Leases”);

 

(iv)An assignment
and assumption of Surviving Contracts in the form of Exhibit 8(A)(iv) (the “Assignment of Contracts”)
which shall not include CBAs;

 

(v)(a)The unapplied
cash Security Deposits under Leases then then actually held by Seller (together with accrued interest thereon, if any) by payment
of the aggregate amount thereof to Purchaser or a credit to Purchaser against the Purchase Price, at Seller’s option.

 

      (b)If one or more
Security Deposit is wholly or partially comprised of a letter of credit (collectively, the “Letters of Credit”),
Seller shall use commercially reasonable efforts to transfer (or cause to be transferred) the Letters of Credit to Purchaser as
of the Closing

 

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Date, any cost and expense
of which Purchaser shall pay, and, on the Closing Date, Seller shall deliver (or cause to be delivered) to Purchaser all original
Letters of Credit, with all amendments thereto, actually held by Seller. As to those Letters of Credit which are not transferred
to Purchaser at Closing (collectively, the “Non-Transferable Letters of Credit”), Seller and Purchaser shall
reasonably cooperate with each other following the Closing so as to transfer the same to Purchaser and cause Purchaser to be the
beneficiary thereunder or to obtain a replacement letter of credit showing Purchaser as the beneficiary thereunder. Until the Non-Transferable
Letters of Credit shall be transferred to Purchaser or replaced, as aforesaid, Purchaser shall hold the same, but upon request
may deliver the same to Seller (if necessary), who shall then draw upon the same and deliver the proceeds to Purchaser or return
the same to the applicable Tenant, in each case upon Purchaser’s written instruction. Seller shall also deliver to Purchaser
at Closing such documentation, including, without limitation, sight drafts executed in blank, as Purchaser shall reasonably require
in connection with drawing under the Non-Transferable Letters of Credit in Seller’s name. Purchaser shall indemnify and hold
Seller harmless from any and all losses, costs, damages, liens, claims, counterclaims, liabilities and expenses (including, but
not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred by Seller to the extent resulting from
Seller taking any steps pursuant to a request of Purchaser, including drawing, or seeking to draw, on any Tenant’s Security
Deposit. The provisions of this Section 8(A)(v)(b) shall survive the Closing.

 

(vi)Executed original
counterparts of all Leases and Surviving Contracts, or copies thereof to the extent executed original counterparts are not in Seller’s
or its property manager’s possession;

 

(vii)A certification
of nonforeign status, in form required by Internal Revenue Code Section 1445 and the regulations issued thereunder in the form
of Exhibit 8(A)(vii);

 

(viii)Notice letters
to the Tenants, in the form of Exhibit 8(A)(viii) (the “Tenant Notice Letters”), to be prepared
by Purchaser;

 

(ix)Notice letters
to contractors under Surviving Contracts, in the form of Exhibit 8(A)(ix) (the “Contractor Notice Letters”),
to be prepared by Purchaser;

 

(x)The Estoppels
(as hereinafter defined), including any applicable Seller Certificate (as hereinafter defined), required to be delivered under
Article 10 hereof;

 

(xi)A Real Property
Transfer Tax Return with respect to the New York City Real Property Transfer Tax (the “RPT Form”);

 

(xii)A New York State
Real Estate Transfer Tax Return and Credit Line Mortgage Certificate with respect to the New York State Real Estate Transfer Tax
(the “Form TP-584”);

 

(xiii)A New York
State Real Property Transfer Report Form RP-5217 NYC (the “RP-5217”);

 

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(xiv)A Department
of Housing Preservation and Development Affidavit in Lieu of Registration Statement;

 

(xv)Evidence of authority,
good standing (if applicable) and due authorization of Seller to enter into the within transaction and to perform all of its obligations
hereunder, including, without limitation, the execution and delivery of all of the closing documents required by this Agreement,
and setting forth such additional facts, if any, as may be needed to show that the transaction is duly authorized and is in conformity
with Seller’s organizational documents and applicable laws and to enable the Title Insurer to omit all exceptions regarding
Seller’s standing, authority and authorization;

 

(xvi)An assignment
and assumption of CBAs in the form of Exhibit 8(A)(xvi) (the “Assignment of CBAs”);

 

(xvii)To the extent
in Seller’s or its property manager’s possession or control, those transferable licenses and permits, authorizations
and approvals pertaining to the Premises which are not posted at the Premises, provided that such items shall be deemed delivered
if maintained at the Property or at the on-site management office;

 

(xviii)A title affidavit
in substantially the form attached hereto as Exhibit 8(A)(xvii) (the “Title Affidavit”);

 

(xix)To the extent
in Seller’s or its property manager’s possession or control, all transferrable guarantees and warranties which Seller
has received in connection with any work or services performed or equipment installed in and improvements erected on the Premises
(it being understood that, for the purposes of this clause (xix), “control” shall mean within Seller’s ability
to obtain);

 

(xx)A Form 1099-S
Statement for Recipient of Proceeds from Real Estate Transaction;

 

(xxi)The master lease
agreement with respect to the entire second (2nd) floor in the Building in the form attached hereto as Exhibit xxi
(the “Master Lease”);

 

(xxii)A closing statement
(the “Closing Statement”);

 

(xxiii)Keys and combinations
to locks at the Property in the possession or control of Seller or its property manager, provided that such items shall be deemed
delivered if maintained at the Property or at the on-site management office; and

 

(xxiv)Such other
instruments or documents which (a) by the terms of this Agreement are required to be delivered by Seller at the Closing or (b)
that may be reasonably required by Title Insurer to effect the consummation of the transactions which are the subject of this Agreement;
provided, however, in no event shall Seller be required to provide any indemnities to the Title Company or any other Person in
such other instruments or documents.

 

B.At or prior to
the Closing, Purchaser shall deliver to Seller, executed and acknowledged, as applicable:

 

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(i)The balance of
the Purchase Price (i.e., the Purchase Price, less the Deposit) and all other amounts payable by Purchaser to Seller at the Closing
pursuant to this Agreement as adjusted for apportionments hereunder, which shall be delivered to Escrow Agent no later than 5:00
p.m. one (1) business day prior to the Closing;

 

(ii)The Assignment
of Leases;

 

(iii)The Assignment
of Contracts;

 

(iv)The Tenant Notice
Letters;

 

(v)The Contractor
Notice Letters;

 

(vi)The RPT Form;

 

(vii)The RP-5217;

 

(viii)The Form TP-584;

 

(ix)The Assignment
of CBAs;

 

(x)Evidence of authority,
good standing (if applicable) and due authorization of Purchaser to enter into the within transaction and to perform all of its
obligations hereunder, including, without limitation, the execution and delivery of all of the closing documents required by this
Agreement, and setting forth such additional facts, if any, as may be needed to show that the transaction is duly authorized and
is in conformity with Purchaser’s organizational documents and applicable laws;

 

(xi)The Closing Statement;
and

 

(xii)Such other instruments
or documents which by the terms of this Agreement are required to be delivered by Purchaser at Closing or that may be reasonably
required by Title Insurer to effect the consummation of the transactions which are the subject of this Agreement.

 

C.Subject to Section
16(C) hereof, the acceptance of the Deed by Purchaser shall be deemed to be full performance and discharge of any and all obligations
on the part of Seller to be performed pursuant to the provisions of this Agreement, except where such agreements and obligations
are specifically stated to survive.

 

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9.        Conditions
Precedent.

 

A.Seller’s
obligations under this Agreement are subject to satisfaction of the following conditions precedent which may be waived in whole
or in part by Seller, provided such waiver is in writing and signed by Seller on or before the Closing Date:

 

(i)Purchaser shall
have paid or tendered payment of the Purchase Price pursuant to the terms hereof and the existing loan shall have been defeased
or paid off by Seller or assumed by Purchaser, if applicable;

 

(ii)Purchaser shall
have delivered to or for the benefit of Seller, on or before the Closing Date, all of the documents and items required to be delivered
by Purchaser pursuant to this Agreement, including, without limitation, Article 8 hereof, which have been tendered thereto
by Seller, and Purchaser shall have performed in all material respects all of its obligations hereunder to be performed on or before
the Closing Date; and

 

(iii)All of Purchaser’s
representations and warranties made in this Agreement shall be true and correct in all material respects as of the date made and
true and correct in all material respects as of the Closing Date as if then made.

 

B.Purchaser’s
obligations under this Agreement are subject to the satisfaction of the following conditions precedent which may be waived in whole
or in part by Purchaser, provided such waiver is in writing and signed by Purchaser on or before the Closing Date:

 

(i)Seller shall have
delivered to or for the benefit of Purchaser, on or before the Closing Date, all of the documents and items required to be delivered
by Seller pursuant to this Agreement, including, without limitation, Article 8 hereof and Seller shall have performed in
all material respects all of its obligations hereunder to be performed on or before the Closing Date;

 

(ii)Reserved.

 

(iii)Seller shall
comply with Article 21 hereof; and

 

(iv)Subject to the
other provisions of this Agreement, all of Seller’s representations and warranties made in this Agreement shall be true and
correct as of the date made and true and correct in all material respects as of the Closing Date as if then made, other than those
representations or warranties made as of a specific date, or with reference to previously dated materials, in which event such
representations and warranties shall be true and correct as of the date thereof or as of the date of such materials, as applicable.
For purposes hereof, a representation or warranty shall not be deemed to have been breached if the representation or warranty is
not true and correct in all material respects as of the Closing Date by reason of changed facts or circumstances arising after
the date hereof which pursuant to this Agreement are not prohibited to have occurred and did not arise by reason of a breach of
any covenant made by Seller under this Agreement. The parties hereto acknowledge, agree and understand that nothing contained in
this Section 9(B)(iv) shall relieve Seller of its obligation to

 

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comply with all covenants
of Seller expressly set forth herein (including, without limitation, Seller’s obligations under Article 13 hereof).

 

C.Notwithstanding
anything to the contrary contained in this Agreement, (i) Seller does not represent, warrant or guaranty that any Lease will be
in force or effect at Closing, that any Tenant will continue to perform its obligations under its Lease or that any Tenant will
not become the subject of bankruptcy proceedings and (ii) the existence of any default by a Tenant, the failure by a Tenant to
perform its obligations under its Lease, the termination of any Lease prior to Closing by reason of the Tenant’s default
thereunder (if terminated in accordance with the provisions of this Agreement) or the existence of bankruptcy proceedings pertaining
to any Tenant shall not affect Purchaser’s obligations hereunder in any manner or entitle Purchaser to an abatement of or
credit against the Purchase Price or give rise to any other claim on the part of Purchaser.

 

10.        Estoppel Certificates.

 

A.Seller shall
use commercially reasonable efforts to obtain and deliver to Purchaser estoppel certificates (individually, an “Estoppel”
and, collectively, the “Estoppels”) from each of the Tenants. Each Estoppel shall either (i) be substantially
in the form attached hereto as Exhibit 10-1 and made a part hereof, it being agreed that the inclusion of qualifications
as to knowledge shall not cause the Estoppel to be non-compliant, or (ii) be on such other form as may be provided by the applicable
Tenant, provided that it certifies in all material respects to the matters contained in Exhibit 10-1; or (iii) in
the event that a Lease provides for the form or content of an Estoppel that such Tenant shall be required to deliver, then such
Tenant’s estoppel may be in such form or contain only those matters as an estoppel is required to address pursuant to such
Lease, without giving effect to any requirement regarding “additional information reasonably requested by the lessor”
or words of similar import, or (iv) with respect to the Estoppel from Macy’s, Inc., be substantially in the form of the estoppel
delivered to Seller by Macy’s, Inc. when Seller acquired the Property, which estoppel is attached hereto as Exhibit
10-2. Each Estoppel satisfying the above requirements is referred to herein as a “Confirming Estoppel”.
In the event that Seller is unable to obtain Confirming Estoppels from each of the Tenants, then, provided that Seller has obtained
Confirming Estoppels from each of the Required Estoppel Tenants, Seller may, at its option, deliver one or more certificates in
lieu thereof in substantially the same form as the form of Estoppel attached hereto as Exhibit 10-1 (each, a “Seller
Certificate”) with respect any one or more of the remaining Tenants such that Purchaser shall have received (a) Confirming
Estoppels from each of the Required Estoppel Tenants, (b) a Confirming Estoppel from, or a Seller Certificate with respect to,
Citibank N.A., and (c) either Confirming Estoppels from, or Seller Certificates with respect to, a sufficient number of the remaining
Tenants which, together with the Required Estoppel Tenants and Citibank, N.A., represent not less than eighty percent (80%) of
the total leasable square footage at the Property, and Seller shall by virtue thereof be deemed to have fulfilled the conditions
set forth in this Article 10 to deliver Confirming Estoppels. Seller’s liability under each Seller’s Certificate
shall expire on the earlier to occur of (x) the date of delivery to Purchaser of a Confirming Estoppel covering the Tenant covered
by the Seller’s Certificate which has been given, and (y) the end of the Survival Period. Seller’s failure to deliver
(I) Confirming Estoppels from each of the Required Estoppel Tenants, (II) a Confirming Estoppel from, or a Seller Certificate with
respect

 

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to, Citibank, N.A. and
(III) either Confirming Estoppels from, or Seller Certificates with respect to, a sufficient number of the remaining Tenants which,
including the Required Estoppel Tenants and Citibank, N.A., represents not less than eighty percent (80%) of the total leasable
square footage at the Property, shall constitute a failure of a condition to Purchaser’s obligations hereunder and not a
default by Seller, and Purchaser shall not be entitled to specific performance of such obligation of Seller to deliver such Confirming
Estoppels and Purchaser’s sole remedy shall be to waive such failure or terminate this Agreement and receive a refund of
the Deposit, together with any interest earned thereon. Claims of any Tenant set forth in any Estoppel shall not be deemed (alone
or in combination with other matters), to cause such Estoppel not to be a Confirming Estoppel unless the facts underlying such
claims: (i) constitute a material misrepresentation or default under this Agreement and (ii) result in damages, or are reasonably
likely to result in damages, to Purchaser that equal or exceed the Floor (as hereinafter defined). An Estoppel shall be a Confirming
Estoppel notwithstanding that such Estoppel may contain claims that are based on (i) facts disclosed in writing to Purchaser prior
to Purchaser’s execution of this Agreement, (ii) an assertion by a Tenant that there are amounts due from Seller to such
Tenant allocable to periods prior to the Closing and which, under the terms of this Agreement, Seller has agreed to pay or (iii)
failure of the landlord to keep the Premises, the building systems or other improvements or equipment in good order and repair
or to make required repairs or improvements thereto (it being agreed that Seller shall not be obligated to make any such repairs
or improvements unless otherwise expressly set forth herein).

 

B.Seller shall
request that Advance Magazine Publishers Inc. includes the following in its Estoppel (but the same shall not be a requirement for
the Advance Magazine Publishers Inc.’s Estoppel hereunder): (i) confirmation of Advance Magazine Publishers Inc.’s
real estate tax reimbursement obligations, (ii) Advance Magazine Publishers Inc.’s real estate tax base year, and (iii) confirmation
that Advance Magazine Publishers Inc. does not have any claims against Seller relating to Advance Magazine Publisher Inc.’s
real estate taxes (including, without limitation, Seller’s calculation of Advance Magazine Publisher Inc.’s real estate
tax base year or real estate tax escalations).

 

C.Seller shall
be entitled to one or more adjournments of the Closing Date, not to exceed sixty (60) days in the aggregate with all other adjournments
by Seller under this Agreement, to obtain Confirming Estoppels.

 

D.In addition to
the Required Estoppel Tenants, Seller shall request Estoppels from the balance of the Tenants (the “Non-Required Tenants”),
but, subject to Section 10(C) hereof, a failure of any Non-Required Tenant to deliver an Estoppel shall not (i) constitute a failure
of a condition to Purchaser’s obligations under this Agreement, (ii) be a default by Seller, and (iii) relieve Purchaser
from any of its obligations under this Agreement. Seller shall provide to Purchaser, promptly upon receipt by Seller, a copy of
each executed Estoppel received by Seller from Tenants after the date hereof.

 

11.        Employees.

 

A.Effective as
of the Closing Date, Purchaser shall offer or cause its managing agent or a contractor to offer all Building employees (and any
replacements thereof) who are employees employed subject to a CBA (the “Employees”) the same employment at the
Building

 

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on the same terms and
conditions as such Employees were employed immediately prior to the Closing. Purchaser shall be solely responsible for, and hereby
assumes, all liabilities whatsoever with respect to, any and all (i) salaries (for the period from and after the Closing Date),
(ii) benefits attributable to the period from and after the Closing Date payable to the Employees and all relevant benefit plan
contributions, (iii) benefit continuation and/or severance payments relating to any Employee that may be payable upon any termination
of employment of any such Employee from and after the Closing Date, and (iv) notices, payments, fines or assessments due pursuant
to any laws, rules or regulations arising under federal, state or local jurisdiction or otherwise, with respect to the employment,
discharge or layoff of Employees from and after the Closing Date, including, but not limited to, such liability as arises under
the Worker Adjustment and Retraining Notification Act, Section 4980B of the Internal Revenue Code (COBRA) and any rules or regulations
as have been issued in connection with any of the foregoing. Purchaser hereby agrees to indemnify, defend and hold Seller harmless
from and against any and all liability, loss, cost, judgment, claim, damage or expense (including, without limitation, reasonable
attorneys’ fees and expenses) incurred or suffered as a result of any claim by any Employee (or other representative thereof,
including, without limitation, the union or any fund trustee) that arises under federal, state or local statute (including, without
limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of
1967, the National Labor Relations Act, the Equal Pay Act, the Americans with Disabilities Act of 1990, ERISA (as hereinafter defined),
the Multi-Employer Pension Plan Amendments Act of 1980 (including, without limitation, any claim for pension plan withdrawal liability
arising out of the transaction contemplated by this Agreement), the Displaced Building Service Workers Protection Act of the City
of New York, and all other statutes or rules regulating the terms and conditions of employment), under any regulation or ordinance,
under the common law or in equity (including any claims for wrongful discharge or otherwise), or under any policy, agreement, understanding
or promise, written or oral, formal or informal, arising or accruing out of actions, events or omissions that occurred (or, in
the case of omissions, failed to occur) from and after the Closing Date. Seller shall, on or before the Closing, provide to Purchaser
an updated list of Employees that is, to Seller’s actual knowledge, true, correct and complete. Seller hereby agrees to indemnify,
defend and hold Purchaser harmless from and against any and all liability, loss, cost, judgment, claim, damage or expense (including,
without limitation, reasonable attorneys’ fees and expenses) incurred or suffered as a result of any claim by any Employee
(or other representative thereof, including, without limitation, any union or any fund trustee) that arises under federal, state
or local statute (including, without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age
Discrimination in Employment Act of 1967, the National Labor Relations Act, the Equal Pay Act, the Americans with Disabilities
Act of 1990, ERISA (as hereinafter defined), the Multi-Employer Pension Plan Amendments Act of 1980 (including, without limitation,
any claim for pension plan withdrawal liability not arising out of the transaction contemplated by this Agreement), the Displaced
Building Service Workers Protection Act of the City of New York, and all other statutes or rules regulating the terms and conditions
of employment), under any regulation or ordinance, under the common law or in equity (including any claims for wrongful discharge
or otherwise), or under any policy, agreement, understanding or promise, written or oral, formal or informal, arising or accruing
out of actions, events or omissions that occurred (or, in the case of omissions, failed to occur) prior to the Closing Date.

 

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B.The 2012 Commercial
Building Agreement Between Local 32BJ Service Employees International Union and The Realty Advisory Board on Labor Relations, Inc.
and the 2011 Engineer Agreement Between Realty Advisory Board on Labor Relations, Incorporated and Local 94-94A-94B International
Union of Operating Engineers AFL-CIO, or the successor to such agreements in effect as of the Closing Date (the “CBAs”)
shall each be deemed a Surviving Contract, and effective as of the Closing Date, Purchaser shall assume, observe, pay and perform
all obligations and liabilities under, arising or accruing from or otherwise relating to the CBAs. Purchaser shall have sole responsibility
for all such obligations and liabilities arising under or relating to the CBAs on or at any time after the Closing Date and hereby
agrees to indemnify, defend and hold Seller harmless from and against any and all liability, loss, cost, judgment, claim, damage
or expense (including, without limitation, reasonable attorneys’ fees and expenses) incurred by Seller as a result of the
failure of Purchaser to so assume, observe, pay and perform the same. The parties acknowledge the enactment of the Building Service
Workers Protection Act, §22-505 of the Administrative Code of the City of New York (“BSWPA”). By this Agreement,
including, without limitation, Purchaser’s assumption of the CBA and Employees through this Section 11, the parties
have availed themselves of the opt-out provision of §22-505(d) of BSWPA.

 

C.The parties intend
to comply with section 4204 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and
to take any other action required or desirable, so that no withdrawal liability is imposed upon Seller as a result of this transaction
or any subsequent action or omission of Purchaser or any affiliate of Purchaser. To that end, Purchaser agrees and covenants to
contribute to the applicable union pension fund (the “Multiemployer Pension Plan”) for substantially the same
number of contribution base units, as defined in Section 4001(a)(11) of ERISA, for which Seller was obligated to contribute with
respect to the Property prior to the Closing Date, and (ii) unless a waiver or variance is in effect pursuant to Section 4204(c)
of ERISA, to provide to and for the benefit of the Multiemployer Pension Plan, for the five plan years commencing with the first
plan year to begin after the Closing Date (the “Surety Period”), either a bond issued by a corporate surety
company that is an acceptable surety for purposes of Section 412 of ERISA, a letter of credit or an amount held in escrow by a
bank or similar financial institution in accord with Section 4024(a)(1)(B) of ERISA, in either case in an amount equal to the greater
of (A) the average annual contribution that Seller was required to make with respect to the Property for the three plan years preceding
the plan year in which the Closing Date occurs, or (B) the annual contribution that Seller was required to make with respect to
the covered operation for the plan year preceding the plan year in which the Closing Date occurs, which bond, letter of credit
or such amount held in escrow shall be paid to the Multiemployer Pension Plan, if at any time during the Surety Period, Purchaser,
or any successor in interest thereto, withdraws from the Multiemployer Pension Plan or fails to make any contribution to the Multiemployer
Pension Plan when due. If a waiver or variance has not been requested by the Purchaser, or has been requested and denied in accordance
with the PBGC regulations pursuant to Section 4204(c) of ERISA, Purchaser shall deliver to the Multiemployer Pension Plan by the
first day of the plan year following the Closing Date, with copies to Seller, either the bond or evidence of the establishment
of a letter of credit or an escrow described in the preceding sentence. If Purchaser shall withdraw from the Multiemployer Pension
Plan during the first five (5) plan years following the plan year in which the Closing Date occurs in either a complete or partial
withdrawal, as such terms are used in

 

    	21

    	 

    

 

Sections 4203 and 4205
of ERISA, and withdrawal liability is imposed under Section 4201 of ERISA, Seller agrees that Seller shall be secondarily liable
to the Multiemployer Pension Plan for any withdrawal liability that it would have had to the Multiemployer Pension Plan in the
absence of Section 4204 of ERISA; provided, however, that (i) the preceding clause of this sentence will be void and of no effect,
if the parties obtain a waiver or variance from the requirements of Section 4204(a)(1)(C) of ERISA, and (ii) Purchaser shall indemnify,
defend and hold Seller harmless from and against any and all liability, loss, cost, judgment, claim, damage or expense (including,
without limitation, reasonable attorneys’ fees and expenses) for any amounts it pays to the Multiemployer Pension Plan pursuant
to this sentence. The parties will reasonably cooperate in obtaining a waiver or variance from the requirements of Sections 4204(a)(1)(B)
and 4204(a)(1)(C) of ERISA. To the extent that any obligation is imposed on Purchaser herein, Purchaser agrees to require each
of its successors in interest and assigns to specifically assume and accept the obligations assumed by it under this Section
11(C). The provisions of this Section 10(e) shall survive the Closing.

 

12.        Right of Inspection.

 

A.Purchaser and
its employees, agents, consultants, contractors and advisors (collectively, “Purchaser’s Representatives”),
from time to time prior to the Closing and during regular business hours, upon at least two (2) business days’ prior written
notice to Seller, may inspect the Premises, provided that (i) Purchaser’s Representatives shall not communicate with any
employees of Seller or Seller’s managers or contractors or with Tenants or occupants of the Property without, in each instance,
the prior written consent of Seller, which consent may be withheld in Seller’s reasonable discretion, (ii) Purchaser’s
Representatives shall not perform any tests in the Property without the prior written consent of Seller in each instance, which
consent may be withheld in Seller’s reasonable discretion; provided however, if such tests are invasive Seller shall also
have the right to withhold its consent to such tests in its sole discretion, (iii) Purchaser shall have no additional rights or
remedies under this Agreement as a result of such inspection(s) or any findings in connection therewith and (iv) Purchaser may
exercise such right of access no more than five (5) times plus such additional times as to which Seller may consent in Seller’s
reasonable discretion. Any entry upon the Property shall be performed in a manner which is not disruptive in any material respects
to Tenants or to the normal operation of the Premises and shall be subject to the rights of any Tenants or occupants of the Premises.
Purchaser’s Representatives shall (1) exercise reasonable care at all times that Purchaser’s Representatives shall
be present in the Premises, (2) at Purchaser’s expense, observe and comply with all applicable laws and any conditions imposed
by any insurance policy then in effect with respect to the Premises and (3) not engage in any activities which would violate the
provisions of any permit or license pertaining to the Premises. Seller shall have the right to have a representative of Seller
accompany Purchaser’s Representatives during any such communication or entry into the Property.

 

B.Purchaser hereby
agrees to indemnify, defend and hold Seller, its officers, shareholders, partners, members, directors, employees, attorneys and
agents harmless from and against any and all liability, loss, cost, judgment, claim, damage or expense (including, without limitation,
attorneys’ fees and expenses), to the extent resulting from or arising out of the entry

 

    	22

    	 

    

 

upon or inspection of
the Premises prior to the Closing by Purchaser’s Representatives. The foregoing indemnification shall survive the Closing
or the termination of this Agreement.

 

C.As a condition
precedent to Purchaser’s Representatives entering the Property in connection with any inspection, Purchaser shall maintain
or cause to be maintained, at Purchaser’s sole cost and expense, a policy of comprehensive general public liability and property
damage insurance by an insurer or syndicate of insurers reasonably acceptable to Seller: (a) with a combined single limit of not
less than Three Million Dollars ($3,000,000.00) general liability and Five Million Dollars ($5,000,000.00) excess umbrella liability,
(b) insuring Purchaser, Seller, Seller’s property manager, each of their respective affiliates, Seller’s lender and
any other person or entity related to Seller or involved with the transaction contemplated by this Agreement (such additional persons
or entities to be designated in writing by Seller), as additional insureds, against any injuries or damages to persons or property
that may result from or are related to (x) Purchaser’s Representatives entry into the Property or upon the Property and (y)
any inspection or other activity conducted thereon by Purchaser’s Representatives and (c) containing a provision to the effect
that insurance provided by Purchaser hereunder shall be primary and noncontributing with any other insurance available to Seller
or any other additional insured party. Purchaser shall deliver evidence of such insurance coverage to Seller prior to the commencement
of the first inspection and proof of continued coverage prior to any subsequent inspection.

 

D.Notwithstanding
any provision in this Agreement to the contrary, neither Purchaser nor any representative or agent of Purchaser shall contact any
Federal, state, county, municipal or other department or governmental agency regarding the Premises without Seller’s prior
written consent thereto, in each instance; provided, however, that the foregoing shall not prohibit Purchaser from accessing publicly
accessible governmental records and databases from time to time, obtaining a title report, or performing customary title and municipal
searches. In addition, if Seller’s consent is obtained by Purchaser, Seller shall be entitled to receive at least three (3)
business days prior written notice of the intended contact and shall be entitled to have a representative present when Purchaser
has any such contact with any governmental official or representative.

 

13.        Title
Insurance.

 

A.Purchaser acknowledges
receipt of the Commitment. At Closing, Purchaser shall cause title to the Premises to be insured by the Title Insurer at Purchaser’s
sole cost and expense. Except as otherwise expressly provided in this Agreement, Seller shall have no obligation to remove any
exception, lien, mortgage, security interest, claim, charge, reservation, Lease, easement, right of way, encroachment, restrictive
covenant, condition, limitation or other encumbrance affecting title to the Property (collectively, “Exceptions”).
Except for the items identified in Exhibit 4(A)(i) (the “Title Objections”), Purchaser unconditionally
waives any right to object to any matters set forth in the Commitment. At Closing, Seller shall deliver and Purchaser shall accept
the Premises subject only to the Permitted Exceptions. If any Exceptions appear on any update or continuation of the Commitment
(each a “Continuation”) which are not Permitted Exceptions or the Title Objections, then Purchaser shall notify
Seller thereof within the earlier of (x) five (5) business days after Purchaser receives each such Continuation and (y) the last
business day prior to the Closing Date (provided, however, that if Purchaser receives a

 

    	23

    	 

    

 

Continuation after the
last business day prior to the Closing Date or on the Closing Date and such Continuation discloses an Exception that is not a Permitted
Exception, then Purchaser shall have the right to so notify Seller of any such Exception (other than a Permitted Exception) on
the Closing Date), TIME BEING OF THE ESSENCE. Seller shall exercise commercially reasonable efforts (which shall not require
the institution of litigation or any other legal proceeding) in removing any Removable Exceptions (hereinafter defined) and any
Exceptions that Seller elects to remove at Seller’s cost pursuant to this Section 13. Subject to Section 13(B) hereof
and Section 13(C) hereof, if Seller is unable, or elects not to attempt, to eliminate an Exception (which is not a Permitted
Exception or a Removable Exception), or if Seller elects to attempt to eliminate any Exception (which is not a Permitted Exception
or a Removable Exception) but is unable to do so or thereafter decides not to eliminate the same, and accordingly, is unable to
convey title to the Premises in accordance with the provisions of this Agreement, then in either case Seller shall so notify Purchaser
within the earlier to occur of (I) five (5) business days following receipt of Purchaser’s notification of such exception
and (II) the second to last business day prior to the Closing Date (unless Seller receives Purchaser’s notification on the
second to last business day or last business day prior to the Closing Date, in which case Seller shall have until the Closing Date
to respond). Purchaser, within the earlier to occur of (A) five (5) business days after receipt of such notice from Seller and
(B) the last business day prior to the Closing Date (unless Purchaser receives Seller’s notice on the last business day prior
to the Closing Date or on the Closing Date, in which case the Closing Date shall be extended for one (1) business day), shall elect,
at Purchaser’s option, to either (i) terminate this Agreement by notice given to Seller (TIME BEING OF THE ESSENCE
with respect to Purchaser’s notice), in which event the provisions of Article 14 of this Agreement shall apply, or
(ii) to accept title to the Premises subject to such exceptions, without any abatement of the Purchase Price. If Purchaser shall
not notify Seller of such election within such period, TIME BEING OF THE ESSENCE, Purchaser shall be deemed to have elected
clause (ii) above with the same force and effect as if Purchaser had elected clause (ii) within such period.

 

B.If the Commitment
or any Continuation discloses judgments, bankruptcies or similar returns against persons or entities having names the same as or
similar to that of Seller but which returns are not against Seller, Seller, on request, shall deliver to Purchaser and Title Insurer
affidavits reasonably acceptable to Title Insurer to the effect that such judgments, bankruptcies or returns are not against Seller,
in form and substance sufficient (as determined by Title Insurer) to permit removal of same as exceptions in Purchaser’s
title policy.

 

C.If the Commitment
or any Continuation discloses any Exception (other than the Permitted Exceptions) which (i) may be removed of record or satisfied
solely by reference to Seller’s existing title policy insuring Seller’s interest in the Property or delivery of a customary
affidavit acceptable to Title Insurer, (ii) was voluntarily created by, consented to or affirmatively permitted by Seller in writing
during the period of Seller’s ownership of the Premises (including, without limitation, any mortgage encumbering the Premises),
or (iii) may be satisfied by the payment of a liquidated sum of money not to exceed One Million Five Hundred Thousand Dollars ($1,500,000)
in the aggregate (an Exception meeting the criteria set forth in clauses (i), (ii) or (iii), together with the Title Objections,
being referred to as a “Removable Exception”), then, in any such case, Seller shall take such action as is required
on the part of Seller to have

 

    	24

    	 

    

 

such Removable Exception
omitted by the Title Insurance Company, and the failure of Seller to take such action shall be a Seller’s Willful Default
(hereinafter defined). Notwithstanding the foregoing, Seller, at its option in lieu of satisfying an Exception, may deposit with
Title Insurer such amount of money and provide such documentation, affidavits and indemnities as may be reasonably determined by
Title Insurer as being sufficient to induce it to omit such Exception from Purchaser’s title policy and insure Purchaser
against collection of such Exception, including interest and penalties, out of or against the Property, in which event such Exception
shall not be an objection to title.

 

D.Seller shall
be entitled to one or more adjournments of the Closing Date, not to exceed sixty (60) days in the aggregate with all other adjournments
by Seller under this Agreement, to remove any Exceptions which Seller is obligated to remove under this Agreement or which Seller
elects to attempt, but is not obligated, to remove.

 

E.Notwithstanding
the foregoing provisions of this Article 13, in the event that Title Insurer or any title insurance company retained by
Purchaser shall raise an Exception that is not a Permitted Exception and Title Insurer or such other title insurance company is
not willing to omit such Exception, then Purchaser shall have no right to terminate this Agreement by reason of such Exception
(and such Exception shall be deemed a Permitted Exception) if Title Insurer or another nationally recognized title insurance company
reasonably acceptable to Purchaser, as applicable, shall omit such Exception and insure title to the Premises at regular rates
with such Exception omitted.

 

F.Purchaser shall
pay the costs of examination of title and any owner’s or mortgagee’s policy of title insurance to be issued insuring
Purchaser’s title to the Premises, as well as all other title charges, survey fees, recording charges (other than to remove
of record or satisfy Exceptions which are not Permitted Exceptions) and any and all other title and survey costs or expenses incident
to the Closing or in connection therewith.

 

G.Notwithstanding
anything in this Article 13 to the contrary, Purchaser may at any time accept such title as Seller can convey, without reduction
of the Purchase Price or any credit or allowance on account thereof or any claim against Seller, except that Purchaser shall be
entitled to a credit against the Purchase Price in an amount equal to any amounts required to be expended in connection with removal
of any Removable Exception provided for in Section 13(C)(iv), but not so expended following Seller’s exercise of, waiver
of, or failure to timely exercise, its right to adjourn the Closing pursuant to Section 13(D) above. Subject to Section 16(C) hereof,
the acceptance of the Deed by Purchaser shall be deemed to be full performance and discharge of any and all obligations on the
part of Seller to be performed pursuant to the provisions of this Agreement, except where such agreements and obligations are specifically
stated to survive.

 

14.        Return of Deposit.
Subject to Seller’s obligations under Article 13 hereof, if Seller is unable to convey title in accordance with the express
terms of this Agreement or if, in accordance with the terms of this Agreement, Purchaser is entitled to and elects to terminate
this Agreement, then, subject to Section 13(C) hereof and Article 23 of
this Agreement, this Agreement shall terminate and neither party to this Agreement shall have any further rights or obligations
hereunder, except as provided in Article 23 hereof, and except that Escrow Agent 

 

    	25

    	 

    

 

shall refund to Purchaser
the Deposit (together with all interest thereon, if any), and neither party to this Agreement shall thereafter have any further
rights or obligations hereunder, except for the right and obligation hereunder that expressly survive the termination of this Agreement
(collectively, the “Surviving Obligations”).

 

15.        Purchaser
Defaults.

 

If Purchaser shall
fail to perform Purchaser’s material obligations hereunder when obligated to do so in accordance with this Agreement (including,
without limitation, Purchaser’s failure to deliver each of the items set forth in Section 8(B) one (1) business day prior
to Closing Date in accordance with the terms hereof), the parties hereto agree that Seller’s sole remedy shall be to terminate
this Agreement and retain the Deposit (together with all interest thereon, if any) as liquidated damages, it being expressly understood
and agreed that in the event of Purchaser’s default, Seller’s damages would be impossible to ascertain and that the
Deposit (together with all interest thereon, if any) constitutes a fair and reasonable amount of compensation in such event. Upon
such termination, neither party to this Agreement shall have any further rights or obligations hereunder except that: (a) Purchaser
shall return to Seller all written material relating to the Premises or the transaction contemplated herein delivered by or on
behalf of Seller; (b) Escrow Agent shall deliver to Seller and Seller shall retain the Deposit (together with all interest thereon,
if any) as liquidated damages, except with respect to any breaches of Surviving Obligations; and (c) the Surviving Obligations
shall survive and continue to bind Purchaser and Seller.

 

16.        Representations and
Warranties.

 

A.Seller hereby
represents and warrants to Purchaser as follows as of the date hereof:

 

(i)[intentionally
omitted];

 

(ii)The Fixtures
and Personal Property included in this sale, if any, are owned by Seller and are or will on the Closing Date be free of all liens
and encumbrances, except for the Permitted Exceptions;

 

(iii)The Leases,
together with all amendments thereto and guarantees thereof, listed on Exhibit 1(B) are the only leases, licenses,
tenancies, possession agreements and occupancy agreements affecting the Premises on the date of this Agreement in which Seller
holds the lessor’s, licensor’s or grantor’s interest and there are no other leases, licenses, tenancies, possession
agreements or occupancy agreements affecting the Premises (other than subleases, licenses, tenancies or other possession or occupancy
agreements which may have been entered into by the Tenants, or their predecessors in interest, under such Leases); except as set
forth on Exhibit 16(A)(iii)-1 attached hereto, Seller has not entered into any Recognition Agreements; Seller has
provided or made available to Purchaser copies of all of the Leases and Recognition Agreements executed by Seller, which copies
are true, complete and correct in all material respects; as of the date hereof, except as set forth on Exhibit 16(A)(iii)-2,
(1) Seller has not received any written notice of any material default of any of its material obligations under any of the Leases
which has not been cured, (2) no Tenant is in arrears in the payment of Base

 

    	26

    	 

    

 

Rent for any period in
excess of thirty (30) days, and (3) Seller has not delivered to any Tenant a written notice of monetary default or material non-monetary
default on the part of such Tenant, which default remains uncured or has not been waived;

 

(iv)There are no
unapplied Security Deposits presently held by or on behalf of Seller with respect to the Leases, except as set forth on Exhibit
16(A)(iv) attached hereto (the “Tenant Deposits”);

 

(v)The only employees
who service the Premises and who are subject to collective bargaining agreements or multiemployer pension plans to which Seller
is obligated to contribute, and the only collective bargaining agreements to which Seller is a party or is otherwise bound, are
those employees and collective bargaining agreements and pension plans listed on Exhibit 16(A)(v) attached hereto;
to Seller’s knowledge, as of the date hereof, there are no written threats or actual grievances formally filed in accordance
with the CBAs and pending by any of the Employees;

 

(vi)There are no
judgments of any kind against Seller unpaid or unsatisfied of record, except as shown in the Commitment which would have a material
adverse effect on the Premises or Seller’s ability to perform its obligations hereunder;

 

(vii)Seller is a
limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware; Seller
has taken all action required to execute, deliver and, subject to obtaining any consents or waivers required to be obtained prior
to the Closing, perform Seller’s obligations under this Agreement and to make all of the provisions of this Agreement the
valid and enforceable obligations they purport to be and has caused this Agreement to be executed by a duly authorized person;

 

(viii)This Agreement
is, and all documents which are to be delivered to Purchaser by Seller at the Closing (a) are, or at the time of Closing will be,
duly authorized, executed and delivered by Seller, (b) are, or (with respect to any of the documents to be delivered at Closing)
at the time of Closing will be, the legal, valid and binding obligations of Seller enforceable in accordance with their terms,
subject to general principles of equity and to bankruptcy, insolvency, reorganization, moratorium or other similar laws presently
or hereafter in effect affecting the rights of creditors or debtors generally, and (c) do not conflict with any provision of any
law or regulation to which Seller is subject, violate any provision of any judicial order to which Seller is a party or to which
Seller or the Premises is subject;

 

(ix)Seller is not
a “foreign person” or “foreign corporation” within the meaning of Section 1445(f)(3) of the Internal Revenue
Code;

 

(x)There are no currently
pending condemnation or eminent domain proceedings, or, to Seller’s actual knowledge, Seller has not received written notice
of any threatened condemnation or eminent domain proceeding, with respect to the Premises or any part thereof;

 

(xi)There are no
legal actions, suits or similar proceedings pending (or to Seller’s knowledge threatened in writing) against Seller or otherwise
relating to the Premises, or

 

    	27

    	 

    

 

Seller’s ownership
or operation of the Premises in any court of law or in equity or before any governmental instrumentality or arbitration tribunal
that are reasonably likely to be adversely decided and, if adversely decided, would materially and adversely affect the continued
use or operation of the Premises, the ability of Seller to perform its obligations under this Agreement, or, to Seller’s
actual knowledge, the value of the Premises, other than as set forth on Exhibit 16(A)(xi);

 

(xii)To Seller’s
actual knowledge, Seller is in compliance with all statutes, laws, common law, rules, regulations, ordinances, codes or other legal
requirements of any governmental authority, quasi-governmental agencies or entities, and any judgment, injunction, order, directive,
decree or other judicial or regulatory requirement of any court or governmental authority of competent jurisdiction affecting or
relating to the Property, agreements, contracts, CBAs, and policies, in each case to the extent relating to employment, employment
practices, wages, hours, occupational safety and health, the withholding and payment of taxes from or with respect to the compensation
of Employees, and terms and conditions of employment;

 

(xiii)The Brokerage
Agreements listed on Exhibit 1(A) are the only brokerage, leasing agency or similar agreements entered into by Seller
with respect to the leasing of portions of the Premises that will be binding on Purchaser after the Closing Date. Seller has made
copies of all such Brokerage Agreements available to Purchaser, which copies are, to Seller’s knowledge, true, complete and
correct in all material respects;

 

(xiv)Other than as
set forth on Exhibit 16(A)(xiv), Seller has not commenced, and, to Seller’s knowledge, there are not pending,
any tax assessment reduction or tax certiorari proceedings with respect to the Premises;

 

(xv)Seller has not
agreed to sell, lease, or grant any person or entity an option or right of first refusal to purchase or lease all or any part of
the Property other than the Leases set forth on Exhibit 1(B) attached hereto;

 

(xvi)No consent,
waiver, approval or authorization is required from any person or entity (that has not already been obtained) in connection with
the execution and delivery of this Agreement by Seller or the performance by Seller of the transactions contemplated hereby;

 

(xvii)Seller is not
and, to Seller’s knowledge, no affiliate of Seller is a person and/or entity with whom Purchaser is restricted from doing
business under the International Emergency Economic Powers Act, 50 U.S.C. § 1701 et seq.; the Trading With the Enemy Act,
50 U.S.C. App. § 5; the USA Patriot Act of 2001; any executive orders promulgated thereunder, any implementing regulations
promulgated thereunder by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) (including
those persons and/or entities named on OFAC’s List of Specially Designated Nationals and Blocked Persons), or any other applicable
law of the United States;

 

(xviii)Except as
set forth on Exhibit 16(A)(xvii) attached hereto, there are no unpaid Leasing Costs incurred in connection with (a)
the current term of any Leases entered into prior to the date hereof or (b) any renewals, amendments, modifications, terminations,
extensions and expansions of any Lease entered into and with an effective date prior to the date hereof;

 

    	28

    	 

    

 

 

 

(xix)None of the
Employees are employed by Seller; and

 

(xx)The Surviving
Contracts listed on Exhibit 1(C) are the only Service Contracts that will be binding on Purchaser after the Closing
Date. To the extent in the possession of Seller or its property manager, Seller has made copies of all such Surviving Contracts
available to Purchaser, which copies are true, complete and correct in all material respects.

 

B.Purchaser represents
and warrants to Seller that, as of the date hereof:

 

(i)Purchaser is a
limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware and
is in good standing and qualified to do business under the laws of the State of New York; Purchaser has taken all action required
to execute, deliver and perform this Agreement and to make all of the provisions of this Agreement the valid and enforceable obligations
they purport to be and has caused this Agreement to be executed by a duly authorized person;

 

(ii)This Agreement
is, and all documents which are to be delivered to Seller by Purchaser at the Closing are or at the time of Closing will be, duly
authorized, executed and delivered by Purchaser; this Agreement is, and all documents which are to be delivered to Purchaser by
Seller at the Closing are, or (with respect to any of the documents to be delivered at Closing) at the time of Closing will be,
legal, valid and binding obligations of Purchaser enforceable in accordance with their terms, subject to general principles of
equity and to bankruptcy, insolvency, reorganization, moratorium or other similar laws presently or hereafter in effect affecting
the rights of creditors or debtors generally; and do not conflict with any provision of any law or regulation to which Purchaser
is subject, violate any provision of any judicial order to which Purchaser is a party or to which Purchaser is subject;

 

(iii)There are no
judgments, orders or decrees of any kind against Purchaser unpaid or unsatisfied of record and no legal action, suit or other legal
or administrative proceeding against Purchaser pending or, to Purchaser’s knowledge, threatened or reasonably anticipated
which could be filed before any court or administrative agency, and, to Purchaser’s knowledge, no fact or circumstance, which
in each case has, or is likely to have, any material adverse effect on the ability of Purchaser to perform its obligations under
this Agreement;

 

(iv)Purchaser has
not filed any petition seeking or acquiescing in any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any law relating to bankruptcy or insolvency, nor, to Purchaser’s knowledge, has any such petition
been filed against Purchaser; No general assignment of Purchaser’s property has been made for the benefit of creditors, and,
to Purchaser’s knowledge, no receiver, master, liquidator or trustee has been appointed for Purchaser or any of its property;
Purchaser is not insolvent and the consummation of the transactions contemplated by this Agreement shall not render Purchaser insolvent;

 

(v)Purchaser is not
a person and/or entity with whom Seller is restricted from doing business under the International Emergency Economic Powers Act,
50 U.S.C. § 1701 et seq.; the Trading With the Enemy Act, 50 U.S.C. App. § 5; the USA Patriot Act of 2001;
any

 

    	29

    	 

    

 

executive orders promulgated
thereunder, any implementing regulations promulgated thereunder by OFAC (including those persons and/or entities named on OFAC’s
List of Specially Designated Nationals and Blocked Persons); or any other applicable law of the United States.

 

C.The representations
of Seller set forth in this Agreement and the statements of Seller in any Seller Certificate (collectively, the “Surviving
Seller Representation(s)”) shall survive the Closing under this Agreement for a period of six (6) months after the Closing
Date (the “Survival Period”); provided, however, that the representations of Seller set forth in Section 16(A)(iii)
and Section 16(A)(iv) of this Agreement shall not survive the Closing to the extent that Purchaser receives a Confirming Estoppel
with respect to the applicable Lease covering substantially the same subject matter. Each of the Surviving Seller Representations
shall automatically be null and void and of no further force and effect after the Survival Period unless Purchaser shall have asserted
in writing a specific claim with respect to the particular Surviving Seller Representation and commenced a legal action or proceeding
(such action or proceeding is referred to herein as a “Proceeding”) within thirty (30) days after the last day
of the Survival Period against Seller alleging that Seller is in breach of such Surviving Seller Representation and that Purchaser
has suffered, or is reasonably likely to suffer, an actual loss or actual damages (any actual loss or actual damages is referred
to herein as “Damages”) as a result thereof. In no event shall Purchaser be entitled to assert a claim for any
consequential, special or punitive damages, nor shall it be entitled to any award or payment based on such damages. If Purchaser
timely commences a Proceeding, and a court of competent jurisdiction, pursuant to a final, non-appealable order in connection with
such Proceeding, determines that (1) the applicable Surviving Seller Representation was breached as of the date of this Agreement
or the Closing Date, as applicable, (2) Purchaser suffered, or is reasonably likely to suffer, Damages by reason of such breach
and (3) Purchaser did not have, prior to the Closing, actual knowledge of such breach or diligence materials which disclose such
breach, then Purchaser shall be entitled to receive an amount equal to the Damages, but in no event in an amount in the aggregate
for all Damages greater than the Ceiling (as hereinafter defined) minus the amount of any Curative Payments (hereinafter defined)
(subject to a cap of Five Million Dollars ($5,000,000) with respect to Curative Payments that may be offset against the Ceiling);
provided, however, Purchaser shall not be entitled to pursue any claim against Seller for Damages that is less, in the aggregate,
than the Floor (as hereinafter defined). If Purchaser has claim(s) against Seller, in excess of the Floor, then Purchaser shall
be entitled to pursue the Damages in connection with such claim(s) against Seller, but in no event shall Seller’s liability
in the aggregate for any and all claims exceed the Ceiling minus the amount of any Curative Payments (subject to a cap of Five
Million Dollars ($5,000,000) with respect to Curative Payments that may be offset against the Ceiling). For purposes of this Section
16(C), Purchaser shall be deemed to have actual knowledge of any matter if Purchaser and/or its affiliates, officers, or employees
had actual knowledge of the fact at issue prior to Closing or if such information is available in any Lease or Surviving Contract,
or any other information with respect to the Premises identified in the Exhibits hereto. As used herein, “Floor”
shall mean One Hundred Thousand Dollars ($100,000), and “Ceiling” shall mean Seven Million Five Hundred Thousand
Dollars ($7,500,000). The provisions of this Section 16(C) shall constitute the sole and exclusive remedy after Closing
for breaches of Seller’s representations. Seller’s obligation to pay Damages under this Section 16(C) shall
be secured by a cash escrow (the “Damages Escrow”) in the amount of Seven Million Five Hundred Thousand Dollars
($7,500,000) minus the amount

 

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of any Curative Payments
(provided, however, that in no event shall the Damages Escrow be less than Two Million Five Hundred Thousand Dollars ($2,500,000)
at the Closing), which shall delivered by Seller to Escrow Agent at Closing and shall be held by Escrow Agent during the Survival
Period. In the event Purchaser is entitled to any Damages under this Section 16(C), Purchaser may, upon prior written notice
to Seller and Escrow Agent, cause Escrow Agent to pay the same to Purchaser from the Damages Escrow. On the date that is the later
to occur of (x) the expiration of the Survival Period, and (y) the date that Purchaser is no longer entitled to such Damages (or
any further Damages) under this Section 16(C), Seller shall be entitled to a return of the Damages Escrow (to the extent
the same has not been paid to Purchaser in accordance with this Section 16(C)). In addition, no steps shall be taken to
dissolve the Seller entity until the expiration of the Survival Period.

 

D.(i) Until Closing,
Seller shall endeavor to update any representation or warranty in this Agreement to correct any mistake and/or to reflect any matter
which arises subsequent to the date of this Agreement. If Purchaser has knowledge of any matter which would constitute a material
breach of Seller’s representations and warranties (including an alleged breach based on information contained in a Confirming
Estoppel or materials available on the Broker (hereinafter defined) diligence website), Purchaser shall notify Seller of such material
breach within the earlier of five (5) business days of learning of same and the Closing Date, failing which Purchaser shall be
deemed to waive any such material breach of Seller’s representations and warranties. Seller shall have the right to contest
Purchaser’s determination as to a material breach of Seller’s representations and warranties, and shall have the right
to attempt to cure such breach without being obligated to complete such cure. Prior to the Closing, upon Purchaser’s written
request, Seller shall use Seller’s commercially reasonable efforts (which shall not require the commencement of litigation
or any other proceeding or the expenditure of funds (“Curative Payments”) in excess of the Ceiling) to cure
any material breach of Seller’s representations and warranties contained herein that is susceptible of cure; provided, however,
that Seller shall not be obligated to incur any Curative Payments in excess of the Ceiling. If Purchaser notifies Seller of a breach
of a representation or warranty made by Seller herein, then Seller shall have until the date that is the later of the originally
scheduled Closing Date and sixty (60) days from the date of Purchaser’s notice to cure any such material breach of Seller’s
representations and warranties and, at Seller’s sole option, the Closing Date shall be extended to such sixty (60) day (or
any earlier business day) after Purchaser’s notice to permit such cure by Seller. If Seller fails to cure any such material
breach of Seller’s representations and warranties within the time period set forth herein, then Purchaser, as its sole and
exclusive remedy, shall have the option (i) to terminate this Agreement by written notice to Seller, in which case Escrow Agent
shall return the Deposit (together with all interest thereon, if any) to Purchaser and neither party to this Agreement shall thereafter
have any further right or obligation hereunder, other than the Surviving Obligations, or (ii) waive such material breach and consummate
the transactions contemplated by this Agreement without any credit against or reduction of the Purchase Price, in which case Purchaser
shall be deemed to have forever and for all purposes waived such material breach and shall not be entitled to pursue any action
for or collect any damages hereunder therefor.

 

(ii)Seller’s
representations are subject to the following limitations: (1) to the extent that Seller has provided Purchaser with any Lease or
Service Contract, or any other

 

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information with respect
to the Premises at any time prior to the date of this Agreement which contain provisions inconsistent with any of such Seller’s
representations, then such Seller’s representations shall be deemed modified to conform to such provisions and (2) Seller
shall have no liability with respect to any incorrect information set forth in any Estoppel.

 

E.The terms “to
Seller’s actual knowledge,” “to the best of Seller’s actual knowledge” and phrases of similar import
shall mean the actual present knowledge (and not constructive knowledge) of Paisley Boney and Adam Carr without independent
inquiry or investigation, and shall not mean that Seller or such individual is charged with knowledge of the acts, omissions and/or
knowledge of Seller’s property manager (or any employee thereof), or of Seller’s other agents or employees or Seller’s
predecessors in title to the Premises.

 

17.        Broker.

 

A.Seller represents
to Purchaser that it has not dealt with any broker, finder or like agent in connection with this transaction other than Eastdil
Secured (“Broker”). Seller shall pay the amounts due Broker as set forth in a separate agreement by and between
Seller and Broker. Seller hereby indemnifies and holds Purchaser harmless from and against any and all claims for any commission,
fee or other compensation by any person or entity, including Broker, who shall claim to have dealt with Seller in connection with
the sale of the Premises and for any and all costs incurred by Purchaser in connection with any such claims including, without
limitation, reasonable attorneys’ fees and disbursements.

 

B.Purchaser represents
to Seller that it has not dealt with any broker, finder or like agent in connection with this transaction other than Broker. Purchaser
hereby indemnifies and holds Seller harmless from and against any and all claims for any commission, fee or other compensation
by any person or entity other than Broker, who shall claim to have dealt with Purchaser in connection with the sale of the Premises
and for any and all costs incurred by Seller in connection with any such claims including, without limitation, reasonable attorneys’
fees and disbursements.

 

C.The provisions
of this Article 17 shall survive the Closing or any early termination of this Agreement.

 

18.        Condemnation
and Destruction.

 

A.For purposes
of this Article 18 hereof, a “Significant Portion” shall mean either (i) with respect to damage by fire
or other casualty to the Premises or a portion thereof, damage requiring repair costs of Twenty Five Million Dollars ($25,000,000.00)
or more to repair as determined by an independent third-party architect reasonably designated by Seller, or (ii) with respect to
a condemnation or sale in lieu of condemnation, fifteen percent (15%) or more in the aggregate of the rentable square foot area
of the Building is taken or such condemnation or sale would have a permanent material adverse effect on access to the Improvements.
For purposes of this Article 18 hereof, “permanently” shall mean for a period of one (1) year or more.

 

B.If, prior to
the Closing Date, any Significant Portion of the Premises is permanently taken, or permanently rendered unusable for its current
purpose or reasonably

 

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inaccessible by eminent
domain (or is the subject of a pending or contemplated taking which has not been consummated), Seller shall notify Purchaser of
such fact (the “Taking Notice”). In such event Purchaser shall have the option to terminate this Agreement upon
notice to Seller given not later than five (5) business days after Seller sends the Taking Notice with TIME BEING OF THE ESSENCE.
If this Agreement is terminated as aforesaid, neither party shall have any further right or obligation hereunder except that Escrow
Agent shall refund to Purchaser the Deposit (together with interest thereon, if any). If Purchaser does not elect to terminate
this Agreement (provided that Purchaser’s failure to timely elect to terminate shall be deemed an election to close) or if
the portion of the Premises which is taken or rendered unusable or reasonably inaccessible by eminent domain (or is the subject
of a pending or contemplated taking which has not been consummated) is not a Significant Portion of the Premises, Purchaser shall
accept so much of the Premises as remains after such taking with no abatement of the Purchase Price, and at the Closing, Seller
shall assign and turn over to Purchaser, and Purchaser shall be entitled to receive and keep, all of Seller’s interest in
and to all awards for such taking by eminent domain.

 

C.If, prior to
the Closing Date, a Significant Portion of the Property is destroyed by fire or other casualty, Seller shall notify Purchaser in
writing of such fact (a “Casualty Notice”) and, within ten (10) business days after receipt of a Casualty Notice,
Purchaser shall have the option to terminate this Agreement upon notice to Seller given not later than ten (10) business days after
Seller sends the Casualty Notice (a “Casualty Termination Notice”) (TIME BEING OF THE ESSENCE). If Purchaser
gives Seller a Casualty Termination Notice, Escrow Agent shall refund to Purchaser the Deposit (together with interest thereon,
if any) and, from and after the date of such termination, neither party shall have any further right or obligation hereunder except
for the Surviving Obligations. If (i) Purchaser does not give Seller a timely Casualty Termination Notice, (ii) Purchaser has no
right to give Seller a Casualty Termination Notice, or (iii) less than a Significant Portion of the Property is destroyed by fire
or other casualty, then (a) at Closing, Seller shall assign and turn over to Purchaser and Purchaser shall then have all of Seller’s
right to receive any casualty insurance proceeds received by or payable to Seller under any insurance policies maintained by Seller
with respect to the Premises on account of said physical damage or destruction less any reasonable costs incurred by Seller in
the repair or restoration of the Premises in accordance with the terms hereof and (b) the parties shall proceed to Closing pursuant
to the terms hereof without abatement of the Purchase Price, except that Purchaser shall receive a credit for the amount of any
applicable insurance deductible.

 

D.This Article
18 is an express agreement to the contrary of Section 5-1311 of the New York General Obligations Law.

 

19.        Escrow.

 

A.The Deposit shall
be held in escrow by Escrow Agent, upon the following terms and conditions:

 

(i)Escrow Agent shall
deposit the Deposit in an interest-bearing account. A W-9 shall be executed by Purchaser in connection with the execution of this
Agreement so that such interest bearing account can be opened;

 

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(ii)Escrow Agent
shall deliver to Seller the Deposit (together with all interest thereon, if any) at and upon the Closing and the same shall be
applied toward the Purchase Price; and

 

(iii)If this Agreement
is terminated in accordance with the terms hereof, or if the Closing does not take place under this Agreement by reason of the
failure of either party to comply with such party’s obligations hereunder, Escrow Agent shall pay the Deposit (together with
all interest thereon, if any) to Seller and/or Purchaser, as the case may be, in accordance with the provisions of this Agreement.

 

B.It is agreed
that:

 

(i)The duties of
Escrow Agent are only as herein specifically provided, and, except for the provisions of Section 19(C) hereof, are purely
ministerial in nature, and Escrow Agent shall incur no liability whatever except for its own willful misconduct or gross negligence;

 

(ii)Escrow Agent
shall not be liable or responsible for the collection of the proceeds of any checks used to pay the Deposit;

 

(iii)In the performance
of its duties hereunder, Escrow Agent shall be entitled to rely upon any document, instrument or signature believed by it in good
faith to be genuine and signed by either of the other parties hereto or their successors;

 

(iv)Escrow Agent
may assume, so long as it is acting in good faith, that any person purporting to give any notice of instructions in accordance
with the provisions hereof has been duly authorized to do so;

 

(v)Escrow Agent shall
not be bound by any modification, cancellation or rescission of this Agreement unless in writing and signed by Escrow Agent, Seller
and Purchaser;

 

(vi)Except as otherwise
provided in Section 19(C) hereof, Seller and Purchaser shall jointly and severally reimburse and indemnify Escrow Agent
for, and hold it harmless against, any and all loss, liability, costs or expenses in connection herewith, including attorneys’
fees and disbursements, incurred without willful misconduct or gross negligence on the part of Escrow Agent arising out of or in
connection with its acceptance of, or the performance of its duties and obligations under, this Agreement, as well as the costs
and expenses of defending against any claim or liability arising out of or relating to this Agreement;

 

(vii)Each of Seller
and Purchaser hereby releases Escrow Agent from any act done or omitted to be done by Escrow Agent in good faith in the performance
of its duties hereunder; and

 

(viii)Escrow Agent
may resign upon ten (10) days written notice to Seller and Purchaser. If a successor Escrow Agent is not appointed by Seller and
Purchaser within such ten (10) day period, Escrow Agent may petition a court of competent jurisdiction to name a successor with
the expenses thereof to be borne equally be Seller and Purchaser.

 

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C.Escrow Agent
is acting as a stakeholder only with respect to the Deposit. Escrow Agent, except in the event of the Closing, shall not deliver
the Deposit except on seven (7) days’ prior written notice to the parties and only if neither party shall object within such
seven (7) day period. If there is any dispute as to whether Escrow Agent is obligated to deliver all or any portion of the Deposit
or as to whom the Deposit is to be delivered, Escrow Agent shall not be required to make any delivery, but in such event Escrow
Agent may hold the same until receipt by Escrow Agent of an authorization in writing, signed by all of the parties having any interest
in such dispute, directing the disposition of the Deposit (together with all interest thereon, if any), or in the absence of such
authorization Escrow Agent may hold the Deposit (together with all interest thereon, if any), until the final determination of
the rights of the parties in an appropriate proceeding. If such written authorization is not given or proceedings for such determination
are not begun within thirty (30) days after the date Escrow Agent shall have received written notice of such dispute, and thereafter
diligently continued, Escrow Agent may, but is not required to, bring an appropriate action or proceeding for leave to deposit
the Deposit (together with all interest thereon, if any), in court pending such determination. Escrow Agent shall be reimbursed
for all costs and expenses of such action or proceeding including, without limitation, reasonable attorneys’ fees and disbursements,
by the party determined not to be entitled to the Deposit, or if the Deposit is split between the parties hereto, such costs of
Escrow Agent shall be split, pro rata, between Seller and Purchaser, in inverse proportion to the amount of the Deposit received
by each. Upon making delivery of the Deposit (together with interest thereon, if any), in the manner provided in this Agreement,
Escrow Agent shall have no further obligation or liability hereunder.

 

D.Escrow Agent
has executed this Agreement solely to confirm that Escrow Agent has received the Deposit (if the Deposit is made by check, subject
to collection) and will hold the Deposit, in escrow, pursuant to the provisions of this Agreement.

 

20.        Covenants.

 

A.Prior to the
Closing:

 

(i)Seller shall not
(a) enter into any new lease, license or other occupancy agreement for all or any portion of the Property without Purchaser’s
prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed so long as: (1) the rent for any
such portion of the Property shall be at least equal to the market rent (taking into account leasing concessions and other economic
parameters of such lease); (2) the term shall not exceed ten (10) years; and (3) the creditworthiness of the proposed tenant shall
be commercially reasonably taking into account the size and nature of the Premises and the subject demised premises, or (b) enter
into any terminations, amendments, expansions or renewals of Leases (other than (i) a termination in accordance with Section 20(A)(iii)
hereof or (ii) pursuant to the express terms of any Lease), in each instance without Purchaser’s prior written consent, which
consent shall not be unreasonably withheld, delayed or conditioned. If Purchaser fails to respond to a request from Seller for
consent to any action for which Purchaser’s consent is required under this Section 20(A)(i) within five (5) business days
after Purchaser’s receipt of Seller’s written request, which request shall include a summary of terms relating to such
request, Purchaser’s consent to such action shall be deemed granted. Notwithstanding anything to the contrary contained herein,
Seller’s approval shall not be required for any amendment to the Lease for Macy’s Inc. or any new lease entered into
by Seller with Macy’s Inc. in either case in connection

 

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with the exercise by
Macy’s Inc. of its right of first offer, pursuant to its existing Lease, provided that any such amendment or new lease is
on substantially similar terms as are set forth in the notice letter sent to Macy’s Inc. by Seller on July 18, 2013.

 

(ii)Seller shall
not enter into any Service Contracts or CBAs, other than with the consent of Purchaser, which consent shall not be unreasonably
withheld, conditioned or delayed, except that Seller may enter into Service Contracts which (A) expire prior to the Closing Date,
(B) are cancelable at any time without cause or penalty payment by Purchaser on not more than thirty (30) days’ notice or
(C) are terminated prior to the Closing Date;

 

(iii)Subject to Section
20(A)(v), Seller shall keep and perform in all material respects all of the obligations to be performed by it under the Leases
(“Landlord’s Lease Obligations”); provided that anything in this Agreement to the contrary notwithstanding,
nothing contained in this Agreement shall prohibit Seller from terminating any Lease by virtue of a default by the tenant thereunder,
bringing any proceeding against a Tenant by reason of a default by such Tenant under the Lease for such Tenant or applying a Security
Deposit under a Lease in accordance with the terms of such Lease or by reason of default of a Tenant under its Lease;

 

(iv)Seller shall
not create, incur or suffer to exist any mortgage, deed of trust, lien, pledge or other encumbrance in any way affecting any portion
of the Premises that will survive the Closing other than the Permitted Exceptions;

 

(v)Seller shall operate
the Premises substantially in accordance with past practice and substantially in accordance with its obligations under existing
loan documents and the Leases, reasonable wear and tear excepted; provided, however, that except for Landlord’s Lease Obligations,
Seller may (subject to Seller’s receipt of Purchaser’s prior written consent), but shall not be obligated to, make
any capital or other repairs, or replacements or any material improvements to the Premises. To the extent Seller is required to
make any repairs, replacements or improvements to the Premises (other than Landlord’s Lease Obligations) or Seller elects
to make any repairs, replacements or improvements to the Premises (other than Landlord’s Lease Obligations) and in either
case Purchaser approves such repairs, replacements or improvements (which approval Purchaser may withhold in Purchaser’s
sole and absolute discretion), Purchaser shall, on or before the Closing, reimburse Seller for the unamortized costs of such repairs,
replacements or improvements that are capital in nature (it being understood that Purchaser’s approval shall not be required
for Seller’s ordinary maintenance of the Property);

 

(vi)Seller shall
maintain the insurance coverage on the Premises which is at least equivalent in all material respects to Seller’s insurance
policies covering the Premises as of the date hereof;

 

(vii)Seller shall
not transfer or remove any material Fixtures or Personal Property from the Property except for the purpose of repair or replacement
thereof. Any Fixtures or items of Personal Property replaced after the date hereof shall be installed prior to Closing and shall
be of substantially similar quality of the Fixture or item of Personal Property being replaced;

 

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(viii)Seller shall
not alter the number of Union Employees or remove or replace any Union Employee from the Property, or adjust any grievance affecting
the number or identity of any Union Employees assigned or to be assigned to work at the Property without prior notice to and consent
of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed, except where there is a termination for
just cause or other legitimate business reason for removing or replacing any Union Employee, or as may be necessary due to a reduction
in force as permitted by the Union Agreements, or due to the need to recall any employee from layoff as required under the Union
Agreements;

 

(ix)Seller, to the
extent received by Seller, shall promptly deliver to Purchaser copies of written default notices and written notices of lawsuits
affecting the Leases, the Surviving Contracts or the Premises.

 

(x)Purchaser shall
reasonably cooperate and require its lender, if any, to reasonably cooperate with the defeasance of the existing loan at no additional
cost or liability (other than de minimis amounts) to Purchaser or Purchaser’s lender.

 

B.As used in this
Agreement, (i) “Leasing Costs” shall mean brokerage commissions in connection with any lease (including commissions
and overrides payable to affiliates of Seller of one-full commission, computed at Seller’s affiliates standard rates, if
Seller’s affiliate is the sole broker, and one-half of such full commission if Seller’s affiliate is a co-broker),
out-of-pocket reasonable legal fees and expenses incurred in connection with any lease and all costs and expenses required under
a lease to be paid by the landlord thereunder, to or for the benefit of the tenant thereunder, including, but not limited to, the
costs and expenses, or reimbursements, to prepare the space thereunder for the initial occupancy of the tenant, for so-called landlord
work, tenant improvement allowances, construction allowances and free rent payments under any Leases, and (ii) “Seller
Leasing Costs” shall mean those Leasing Costs listed under the heading “Seller Obligations” on Exhibit
16(A)(xvii) attached hereto. Purchaser shall receive a credit against the Purchase Price at Closing for the Seller Leasing
Costs. Except for the Seller Leasing Costs, Purchaser shall be responsible for all Leasing Costs incurred prior to the Effective
Date or incurred in connection with any new Lease entered into in accordance with the terms hereof or any renewal, amendment, modification,
termination, extension or expansion of a Lease entered into in accordance with this Agreement. Seller shall be relieved of all
liability for Leasing Costs (other than Seller Leasing Costs, if any, for which Purchaser did not receive a credit against the
Purchase Price at Closing), and Purchaser shall pay such amounts as they become due, subject to the provisions of Article 7.
Purchaser hereby agrees to indemnify, defend and hold Seller harmless from and against any and all liability, loss, cost, judgment,
claim, damage or expense (including, without limitation, reasonable attorneys’ fees and expenses), in connection with Leasing
Costs (other than Seller Leasing Costs, if any, for which Purchaser did not receive a credit against the Purchase Price at Closing).
The provisions of this Section 20(B) shall survive the Closing.

 

21.        Transfer
Taxes.

 

A.Seller and Purchaser
shall join on the Closing Date in completing, executing, and delivering the returns, affidavits and other documents required in
connection with the taxes imposed under Article 31 of the Tax Law of the State of New York and Title II of Chapter 46 of

 

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the Administrative Code
of the City of New York and any other tax payable by reason of delivery and/or recording of the documents to be delivered at the
Closing (collectively, “Conveyance Taxes”). The Conveyance Taxes relating to the portion of the Purchase Price
in the amount of Five Hundred Twenty-Five Million Dollars ($525,000,000) (the “Seller Conveyance Taxes”) shall
be paid by Seller, and the Conveyance Taxes relating to the portion of the Purchase Price in the amount of Three Million Six Hundred
Thousand Dollars ($3,600,000) (the “Purchaser Conveyance Taxes”) shall be paid by Purchaser.

 

B.Seller shall
deliver to the Title Insurer at the Closing certified check(s), payable to the order of the appropriate tax collecting agency or
official, or a wire transfer, at the election of Seller, in the amount of the Seller Conveyance Taxes. Purchaser shall deliver
to the Title Insurer at the Closing certified check(s), payable to the order of the appropriate tax collecting agency or official,
or a wire transfer, at the election of Purchaser, in the amount of the Purchaser Conveyance Taxes.

 

C.Seller shall
indemnify, defend and hold Purchaser harmless from any and all losses, costs, damages, liens, claims, counterclaims, liabilities
and expenses (including, without limitation, reasonable attorney’s fees, court costs and disbursements) incurred by Purchaser
as a result of Seller’s failure to pay, or cause to be paid, all or any portion of the Seller Conveyance Taxes at the Closing.
Purchaser shall indemnify, defend and hold Seller harmless from any and all losses, costs, damages, liens, claims, counterclaims,
liabilities and expenses (including, without limitation, reasonable attorney’s fees, court costs and disbursements) incurred
by Seller as a result of Purchaser’s failure to pay, or cause to be paid, all or any portion of the Purchaser Conveyance
Taxes at the Closing.

 

D.If requested
by Purchaser, Seller shall use commercially reasonable efforts (which shall not require the commencement of litigation or any other
proceeding or the expenditure of any funds by Seller unless funded by Purchaser) to cause the holder of the existing mortgage on
the Premises assign such mortgage, endorse the note secured thereby and assign the remainder of its loan documents to Purchaser’s
lender at the Closing and to request that such holder execute and deliver to Purchaser or such lender such instruments and other
documents as shall be necessary or appropriate in compliance with all applicable laws to evidence any such assignment, provided
that such holder shall not be required to make any certifications, representations or warranties in accordance therewith. Purchaser
shall be responsible for any and all fees and/or expenses charged by the existing mortgagee in connection with such assignment,
including, without limitation, the processing fees and attorney’s fees of the mortgagee charged in connection with such assignment.
Notwithstanding the foregoing, Seller shall not bear any liability as a result of any failure of said mortgage holder to deliver
any such assignment of mortgage and the same shall not be a condition of Purchaser’s obligation to close the transactions
contemplated hereunder, and Purchaser shall be obligated to close hereunder without said assignment (subject to the other terms
and conditions of this Agreement). Purchaser hereby agrees to indemnify, defend and hold Seller, its officers, shareholders, partners,
members, directors, employees, attorneys and agents harmless from and against any and all liability, loss, cost, judgment, claim,
damage or expense (including, without limitation, attorneys’ fees and expenses), to the extent resulting from or arising
out of the assignment of such mortgage to Purchaser’s lender.

 

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E.Purchaser shall
pay the Commercial Rent or Occupancy Tax due (if any) as a result of the Master Lease pursuant to the New York City Administrative
Code. Purchaser shall indemnify, defend and hold Seller harmless from any and all losses, costs, damages, liens, claims, counterclaims,
liabilities and expenses (including, without limitation, reasonable attorney’s fees, court costs and disbursements) incurred
by Seller as a result of Purchaser’s failure to pay, or cause to be paid, the Commercial Rent or Occupancy Tax (if any).

 

F.The provisions
of this Article 21 shall survive the Closing.

 

22.        Non-Liability.
Purchaser agrees that it shall look solely to the Premises and proceeds thereof, and not to any other assets of Seller, or to
the members, managers, directors, officers, employees, shareholders, partners or agents of Seller or any other person,
partnership, corporation or trust, as principal of Seller or otherwise, and whether disclosed or undisclosed, to enforce its
rights hereunder, and that none of the members, managers, directors, officers, employees, shareholders, partners or agents of
Seller or any other person, partnership, corporation or trust, as principal of Seller or otherwise, and whether disclosed or
undisclosed, shall have any personal obligation or liability hereunder, and Purchaser shall not seek to assert any claim or
enforce any of its rights hereunder against such party. Seller agrees that it shall look solely to Purchaser, and not to the
members, managers, directors, officers, employees, shareholders, partners or agents of Purchaser or any other person,
partnership, corporation or trust, as principal of Purchaser or otherwise, and whether disclosed or undisclosed, to enforce
its rights hereunder, and that none of the members, managers, directors, officers, employees, shareholders, partners or
agents of Purchaser or any other person, partnership, corporation or trust, as principal of Purchaser or otherwise, and
whether disclosed or undisclosed, shall have any personal obligation or liability hereunder, and Seller shall not seek to
assert any claim or enforce any of its rights hereunder against such party. The provisions of this Article 22 shall survive
the Closing.

 

23.        Seller’s Inability
to Perform; Seller’s Default. If Seller shall be unable to perform its obligation
to convey the Premises to Purchaser in accordance with the terms of this Agreement (other than by reason of Seller’s Willful
Default (as hereinafter defined)), then Purchaser, at its sole option and as its sole and exclusive remedy, may terminate this
Agreement, in which event Escrow Agent shall refund to Purchaser the Deposit (and all interest earned thereon, if any), and neither
party shall thereafter have any further right or obligation hereunder, other than with respect to any Surviving Obligations. “Seller’s
Willful Default” shall mean (1) Seller’s refusal to perform its obligation to convey the Premises to Purchaser
in accordance with terms of this Agreement, (2) Seller’s refusal to deliver each of the items set forth in Section 8(A) (other
than any item required pursuant to Section 8(A)(xxiv)(b)) and (3) Seller’s refusal to remove a Removable Exception in accordance
with and subject to the limitations set forth in Section 13(C), provided that Purchaser has satisfied all material conditions required
to be satisfied by it under this Agreement and is ready, willing and able to perform all of its obligations under this Agreement
and to deliver the Purchase Price due Seller under this Agreement. In the event of Seller’s Willful Default, then Purchaser,
at its sole option and as its sole and exclusive remedy may either (a) terminate this Agreement, in which event Escrow Agent
shall refund to Purchaser the Deposit (and all interest thereon, if any), Seller shall reimburse Purchaser for the reasonable out-of-pocket,
third party costs and expenses theretofore incurred by Purchaser, including, 

 

    	39

    	 

    

 

without
limitation, financing costs, the costs and performing title and survey examinations and reasonable attorneys’ fees and disbursements,
(within ten (10) business days after the date that Purchaser submits to Seller a reasonably detailed invoice therefor), provided
that such liability shall not exceed One Million Five Hundred Thousand Dollars ($1,500,000), and neither party shall thereafter
have any further right or obligation hereunder, other than the Surviving Obligations or (b) within forty-five (45) days after
any rights of Purchaser arise due to a Seller’s Willful Default, bring an action in equity against Seller for specific performance.
If the remedy of specific performance is not an available remedy, then Purchaser may seek the remedy described in clause (a) above.
In no event may Purchaser bring an action against Seller for damages or seek any remedy (whether or not in an action at law or
in equity) against Seller that could require Seller to pay any monies to Purchaser whether characterized as damages or otherwise
(except for an action to compel Escrow Agent to return the Deposit to Purchaser if Purchaser is, in fact, entitled to the return
thereof in accordance with this Agreement, and except for a reimbursement to Purchaser of costs and expenses as expressly provided
in this Article 23). The untruth or inaccuracy of any representation or warranty of Seller or Seller’s noncompliance with
any of its covenants shall not be deemed Seller’s Willful Default, provided Seller has used commercially reasonable efforts
(subject to the limitations set forth in Section 16(D)) to cure such untruth, inaccuracy or noncompliance in accordance with Seller’s
obligations under Section 16(D).

 

24.        Condition of Premises.

 

A.Purchaser shall
accept the Premises at the Closing in its “as is” condition as of the date hereof, reasonable wear and tear excepted,
and subject to the provisions of Article 18 hereof in the event of a casualty or condemnation and subject to Seller’s compliance
with the covenants contained in Article 20 hereof or elsewhere in this Agreement. Seller shall not be liable for any latent or
patent defects in the Premises or bound in any manner whatsoever by any guarantees, promises, projections, operating expenses,
set ups or other information pertaining to the Premises or the Property made, furnished or claimed to have been made or furnished,
whether orally or in writing, by Seller, or any other person or entity, or any partner, employee, agent, attorney or other person
representing or purporting to represent Seller, except to the extent expressly set forth herein or in any document or instrument
expressly required in this Agreement to be delivered at Closing (collectively, the “Closing Documents”). Purchaser
acknowledges that neither Seller nor any of the employees, agents or attorneys of Seller have made or do make any oral or written
representations or warranties whatsoever to Purchaser, whether express or implied, except as expressly set forth in this Agreement
or in any Closing Documents, and, in particular, that no such representations and warranties have been made with respect to the
physical, environmental condition or operation of the Premises, the presence, introduction or effect of Hazardous Materials at
or affecting the Premises, the actual or projected revenue and expenses of the Premises, the zoning and other laws, regulations
and rules or Relevant Environmental Laws applicable to the Premises or the compliance of the Premises or the Property therewith,
the current or future real estate tax liability, assessment or valuation of the Premises, the availability of any financing for
the alteration, rehabilitation or operation of the Premises from any source, including, without limitation, any state, city or
Federal government or any institutional lender, the current or future use of the Premises, including, without limitation, the use
for residential or commercial purposes, the present and future condition and operating

 

    	40

    	 

    

 

state of any and all
machinery or equipment in the Premises and the present or future structural and physical condition of the Building or its suitability
for rehabilitation or renovation, the ownership or state of title of any Personal Property, the quantity, quality or condition
of the Personal Property or Fixtures, the use or occupancy of the Premises or any part thereof, or any other matter or thing affecting
or relating to the Premises, the Property or the transactions contemplated hereby, except as specifically set forth in this Agreement
or in any Closing Documents.

 

B.Purchaser has
not relied and is not relying upon any representations or warranties or upon any statements made in any informational materials
with respect to the Premises provided by Seller or any other person or entity, or any shareholder, employee, agent, attorney or
other person representing or purporting to represent Seller, other than the representations and warranties expressly set forth
in this Agreement or in any Closing Documents. The parties hereto agree that the Personal Property included in this sale, which
is or may be attached to or used in connection with the Premises, has no significant separate value except in conjunction with
the Premises. No part of the Purchase Price is attributable to the Personal Property.

 

C.The provisions
of this Article 24 shall survive the Closing.

 

25.        Environmental
Matters. Without limiting the generality of Article 24,
Purchaser acknowledges that it has had an opportunity to conduct its own investigation of the Property, including the Premises,
with regard to Hazardous Materials and compliance of the Premises and the Property with Relevant Environmental Laws. Purchaser
is aware (or has had sufficient opportunity to become aware) of the environmental, biological and pathogenic conditions of, affecting
or related to the Premises and Purchaser agrees to take the Premises subject to such conditions. Purchaser agrees to assume all
costs and liabilities arising out of or in any way connected to the Premises, including, but not limited to those arising out
of Hazardous Materials and Relevant Environmental Laws. Purchaser hereby releases Seller, its principals and affiliates, and their
respective officers, directors, members, managers, partners, agents, employees, successors and assigns, from and against any and
all claims, counterclaims and causes of action which Purchaser may now or in the future have against any of the foregoing parties
arising out of the existence of Hazardous Materials affecting the Premises. The provisions of this Article 25
shall survive the Closing.

 

26.        Tax
Certiorari Proceedings.

 

A.If any tax reduction
or tax certiorari proceedings in respect of the Premises relating to any fiscal year ending prior to the fiscal year in which the
Closing occurs are pending at the time of the Closing, Seller reserves and shall have the right to continue to prosecute and/or
settle the same. If any tax reduction proceedings in respect of the Premises relating to the fiscal year in which the Closing occurs
are pending at the time of the Closing, then Seller reserves and shall have the right to continue to prosecute and/or settle the
same, provided, however, that Seller shall not settle any such proceeding without Purchaser’s prior written consent, which
consent shall not be unreasonably withheld or delayed, and Purchaser shall be entitled to that portion of any refund relating to
the period from and after the Closing in accordance with Section 7(D). Purchaser shall reasonably cooperate with Seller
in connection with the prosecution of any such tax reduction proceedings. Purchaser shall have the sole right to prosecute any
tax proceedings

 

    	41

    	 

    

 

in respect of the Premises
relating to any fiscal year ending after the fiscal year in which the Closing occurs. Seller, at no out of pocket cost or liability
to Seller, shall reasonably cooperate with Purchaser in connection with the prosecution of any such tax proceedings.

 

B.Any refunds or
savings in the payment of taxes resulting from such tax reduction proceedings applicable to the period prior to the Closing shall
belong to and be the property of Seller, and any refunds or savings in the payment of taxes applicable to the period from and after
the Closing shall belong to and be the property of Purchaser; provided, however, that if any such refund creates an obligation
to reimburse any Tenants for any Overage Rent paid or to be paid, that portion of such refund equal to the amount of such required
reimbursement (after deduction of allocable expenses as may be provided in the Lease to such Tenant) shall, at Seller’s election,
either (i) be paid to Purchaser and Purchaser shall disburse the same to such Tenants or (ii) be paid by Seller directly
to the Tenants entitled thereto. All reasonable attorneys’ fees and other expenses incurred in obtaining such refunds or
savings shall be apportioned between Seller and Purchaser in proportion to the gross amount of such refunds or savings payable
to Seller and Purchaser, respectively (without regard to any amounts reimbursable to Tenants), provided, however, that Purchaser
shall not be required to fund any portion of the cost of obtaining such refunds or savings which exceeds the amount of the refund
or savings which is allocated to Purchaser.

 

C.The provisions
of this Article 26 shall survive the Closing.

 

27.        Notices.
All notices, demands or requests made pursuant to, under or by virtue of this Agreement (in each case, a “Notice”)
must be in writing and sent to the party to which the Notice is being made by nationally recognized overnight courier or delivered
by hand with receipt acknowledged in writing as follows:

 

	To Seller:	
	 	 	 
	 	 	c/o Monday Properties Monday Properties

230 Park Avenue

New York, New York  10169

Attention:  Anthony Westreich and Brian Robin
	 	 	 
	with a copy to:	 
	 	 	 
	 	 	Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York  10153

Attention:  David Herman, Esq.
	 	 	 
	and to:	 
	 	 	 
	 	 	Rockpoint Group, L.L.C.

500 Boylston Street, Suite 1880

Boston, Massachusetts  02116

Attention: Paisley Boney

 

    	42

    	 

    

 

 

	 	 	 
	with a copy to:	 
	 	 	 
	 	 	
        Rockpoint Group, L.L.C.

        Woodlawn at Old Parkland

        3953 Maple Avenue, Suite 300

        Dallas, Texas  75219

        Attention: Ron Hoyl

	 	 	 
	and a copy to:	 
	 	 	 
	 	 	Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, New York  10166

Attention:  Andrew Lance, Esq.
	 	 	 
	To Purchaser:	 
	 	 	 
	 	 	
        ARC NY1440BWY1, LLC

        c/o American Realty Capital New York Recovery REIT, Inc.

        405 Park Avenue

        New York, New York 10022

        Attention: Michael A. Happel

	 	 	 
	with a copy to:	 
	 	 	 
	 	 	
        ARC NY1440BWY1, LLC

        c/o American Realty Capital New York Recovery REIT, Inc.

        405 Park Avenue

        New York, New York 10022

        Attention: Jesse C. Galloway, Esq.

	 	 	 
	To Escrow Agent:	 
	 	 	 
	 	 	
        First American Title Insurance Company

        633 Third Avenue

        New York, New York 10017

        Attention: Stephen Farber, Esq. and Jason Gorbel, Esq.

  

All Notices (i) shall be deemed given upon
the date of delivery if delivery is made before 5:00 PM (New York time) and, if delivered later, on the next business day after
delivery of such Notice or the date of refusal to accept delivery of such Notice and (ii) may be given either by a party hereto
or by such party’s attorney set forth above. The address for Notices to any party may be changed by such party by a written
Notice served in accordance with this Section 27.

 

28.        Entire Agreement.
This Agreement contains all of the terms agreed upon between the parties with respect to the subject matter hereof, and all agreements
heretofore had or made between the parties hereto are merged in this Agreement which alone fully and completely expresses the agreement
of said parties.

 

    	43

    	 

    

 

29.        Amendments.
This Agreement may not be changed, modified or terminated, nor may any provision hereunder be waived, except by an instrument executed
by the parties hereto.

 

30.        No Waiver.
No waiver by either party of any failure or refusal to comply with its obligations under this Agreement shall be deemed a waiver
of any other or subsequent failure or refusal to so comply.

 

31.        Successors and Assigns.
This Agreement shall inure to the benefit of, and shall bind the parties hereto and the heirs, executors, administrators, successors
and permitted assigns of the respective parties.

 

32.        Partial Invalidity.
If any term or provision of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid
or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances other
than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this
Agreement shall be valid and be enforced to the fullest extent permitted by law.

 

33.        Section Headings;
Incorporation of Exhibits. The headings of the various Articles and Sections of this
Agreement have been inserted only for convenience, and are not part of this Agreement and shall not be deemed in any manner to
modify, explain or restrict any of the provisions of this Agreement. Unless otherwise provided in this Agreement, any reference
in this Agreement to an Exhibit is understood to be a reference to the Exhibits annexed to this Agreement. All Exhibits annexed
to this Agreement shall be incorporated into this Agreement as if fully set forth herein.

 

34.        Governing Law.
This Agreement shall be governed by, interpreted under and construed and enforced in accordance with, the laws of the State of
New York, without reference to conflicts of laws principles. Each of the parties hereby irrevocably waives all right to trial by
jury in any action, proceeding or counterclaim arising out of relating to this Agreement. Any action brought hereunder shall be
brought in a court of law located in the City, County and State of New York. The prevailing party in any such litigation shall
be entitled to recovery of all of its fees and expenses (including reasonable legal fees) incurred in such action.

 

35.        Confidentiality.
Except as may be required by law, the Securities and Exchange Commission (“SEC”) or in connection with any court
or administrative proceeding and as expressly provided in this Section 35, neither Purchaser nor Seller nor either of their agents
or designees controlled by them shall issue or cause the publication of any press release or other public announcement, or cause,
permit or suffer any other disclosure which sets forth the terms of the transactions contemplated hereby (other than to Purchaser’s
consultants, advisors, attorneys, accountants, lenders and investors or potential investors, who, in turn, shall be bound by this
Article 35), without first obtaining the written consent of the other party
hereto. Seller acknowledges and agrees that Purchaser or American Realty Capital New York Recovery REIT, Inc. may disclose in press
releases, filings with governmental authorities, financial statements and/or other communications such information regarding the
transactions contemplated hereby as may be necessary or advisable under securities laws, rules or regulations, GAAP or other accounting
rules or procedures or American Realty Capital New York Recovery REIT, Inc.’s 

 

    	44

    	 

    

 

prior custom, practice
or procedure and Purchaser acknowledges and agrees that Seller and its owners may disclose in press releases, filings with governmental
authorities, financial statements and/or other communications such information regarding the transactions contemplated hereby as
may be necessary or advisable under securities laws, rules or regulations, GAAP or other accounting rules or procedures or such
owners’ prior custom, practice and procedure. Notwithstanding the foregoing, any press release or other public statement
that names Seller its affiliates or the Property shall be subject to the prior approval of Seller, not to be unreasonably withheld
or delayed.

 

36.        No
Recording or Notice of Pendency. The parties hereto agree that neither this Agreement
nor any memorandum hereof shall be recorded. Supplementing the other liabilities and indemnities of Purchaser to Seller under
this Agreement, and notwithstanding any other provision of this Agreement (including, without limitation, any provision purporting
to create a sole and exclusive remedy for the benefit of Seller), Purchaser agrees to indemnify and hold Seller harmless from
and against any and all losses, costs, damages, liens, claims, counterclaims, liabilities or expenses (including, but not limited
to, reasonable attorneys’ fees, court costs and disbursements) incurred by Seller arising from or by reason of the recording
of this Agreement, any memorandum hereof, any notice of pendency or any other instrument against the Premises in any case, by
Purchaser (unless Purchaser prevails in a final unappealable order against Seller in the action underlying such notice of pendency).
The provisions of this Article 36 shall survive the Closing or termination
of this Agreement.

 

37.        Assignment.
Purchaser may not assign its rights or obligations under this Agreement or transfer any direct or indirect ownership or other interest
in Purchaser without the prior written consent of Seller in its sole discretion, and any such assignment made without Seller’s
consent shall be void ab initio.

 

38.        Counterparts.
This Agreement may be executed in any number of counterparts each of which when so executed and delivered shall be deemed to be
an original, but all such counterparts shall constitute one and the same agreement.

 

39.        No Third Party Beneficiary.
The provisions of this Agreement are not intended to benefit any third parties.

 

40.        Section 3.14 Audit.
Seller covenants and agrees to cooperate with Purchaser, at Purchaser’s sole cost and expense, both prior to and after the
Closing, at Purchaser’s sole cost and expense, in connection with any and all reasonable information requests made by or
on behalf of Purchaser, which are required to complete a so-called “Section 314 audit”, including, but not limited
to providing the following (to the extent applicable and in Seller’s possession or control or is information which Seller
can obtain without cost or undue burden on Seller): (a) monthly historical income tax basis statements for the Premises for 2012;
(b) monthly historical income tax basis statements for the Premises for 2013, year to date; (c) five (5) years of annual rent rolls
for the Premises; (d) access to supporting documents relating to the items set forth herein (such as bills, checks, etc.); and
(e) to the extent not subject to confidentiality, the most current financial statement for each of the Tenants to the extent such
current financial statements are in the possession of Seller or its managing agent. In addition, Seller shall reasonably cooperate
with Purchaser, at Purchaser’s sole cost and expense, both prior to and after the 

 

    	45

    	 

    

 

Closing, in connection
with any and all information requests made by or on behalf of Purchaser, provided that such information is in Seller’s possession
or control or which Seller can obtain without undue burden on Seller, relating to the Property, including the books and records
of the Property. For the avoidance of doubt, (i) Purchaser acknowledges that to the extent such information or documentation referred
to above does not exist or is not in Seller’s possession or control, Seller shall not be required to recreate or obtain such
documentation or information for Purchaser, and (ii) Purchaser’s failure or inability to conduct or complete such audit shall
not constitute the failure of a condition to Purchaser’s obligation to consummate the Closing (it being acknowledged, however,
that Seller has a continuing obligation to comply with this Article 40). The provisions of this Article 40 shall survive the Closing
until the third (3rd) anniversary of the Closing to the extent requests are made by the SEC; provided, however, that nothing in
this Article 40 shall obligate Seller to incur any costs or remain in existence or prevent the Seller from dissolving after the
Closing (subject to Seller’s other obligations pursuant to this Agreement).

 

41.        Consequential and
Punitive Damages. Each of Seller and Purchaser waives any right to sue the other for any
consequential or punitive damages for matters arising under this Agreement. The provisions of this Article 41 shall survive Closing
or termination of this Agreement.

 

[Remainder of page intentionally left blank]

    	46

    	 

    

 

IN WITNESS WHEREOF, this Sale-Purchase
Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	SELLER:
	 	 
	 	1440 BROADWAY OWNER, LLC
	 	a Delaware limited liability company
	 	By:	/s/Ron J. Hoyl
	 	 	Name:	 Ron J. Hoyl
	 	 	Title:	 Vice President
	 	 	 	 
	 	PURCHASER:
	 	 
	 	ARC NY1440BWY1, LLC,
	 	a Delaware limited liability company
	 	By:	/s/ Michael A. Happel
	 	 	Name:	 Michael A. Happel
	 	 	Title:	 Executive Vice President and Chief Investment Officer

 

    	47

    	 

    

 

	 	The undersigned has executed this Agreement solely to confirm its acceptance of the duties of Escrow Agent as set forth in Article 19 hereof:
	 	FIRST AMERICAN TITLE INSURANCE COMPANY
	 	By:	/s/ Stephen Farber
	 	 	Name:  Stephen Farber
	 	 	Title:    Vice President
	 	 	 

 

    	48

    	 

    

 

EXHIBIT A

 

Description of Land

 

All that certain plot, piece or parcel
of land, situate, lying and being in the Borough of Manhattan, City, County and State of New fork, bounded and described as follows:

 

BEGINNING at a point on the northerly side
of 40th Street, distant 279 feet 6 inches westerly from the northwesterly comer of Avenue of the Americas (formerly Sixth Avenue)
and 40th Street;

 

RUNNING THENCE westerly along the northerly
side of 40th Street 203 feet 10-1/2 inches to the intersection of the easterly side of Broadway with the northerly side of 40th
Street;

 

RUNNING THENCE northerly along the easterly
side of Broadway 128 feet 1-1/2 inches to the southerly line of Lot Number 191 on “Map of Property belonging to the corporation
of the City of New York, situated in the vicinity of the Distributing Reservoir”, December 1844 by Daniel Ewen, C.S., filed
in the Office of the Register of the County of New York;

 

THENCE easterly along the southerly line
of said Lot 92 feet 8-1/2 inches to the westerly line of Lot Number 189 on said Map;

 

THENCE southerly parallel with Avenue of
the Americas and along the westerly line of Lot Number 189, 24 feet 8-1/4 inches to the center line of the block;

 

THENCE easterly along the same 59 feet
11-1/2 inches to the easterly side of the premises on which the Hotel Vendome stands or formerly stood;

 

THENCE northerly along the same 98 feet
9 inches to the southerly side of 41st Street at a point 173 feet 2-1/2 inches east of Broadway as measured along the southerly
side of 41st Street;

 

THENCE easterly along the southerly side
of 41st Street 65 feet 1-1/2 inches to the westerly line of Lot Number 184 on said map;

 

THENCE southerly along the same 98 feet
9 inches to the center line of the block;

 

THENCE easterly along the center line of
the block 20 feet 6 inches;

 

THENCE southerly parallel with Avenue of
the Americas 98 feet 9 inches to the point or place of BEGINNING.

 

Said premises now being known as and by
the Street Number 1440 Broadway.

 

    	Exhibit A-1

    	 

    

 

EXHIBIT 1(A)

 

Existing Brokerage Agreements

 

[See Attached]

 

    	Exhibit 1(A)-1

    	 

    

 

EXHIBIT 1(B)

 

Description of Leases

 

[See Attached]

 

    	Exhibit 1(B)-1

    	 

    

 

EXHIBIT 1(C)

 

Description of Surviving Contracts

 

[See Attached]

 

    	Exhibit 1(C)-1

    	 

    

 

EXHIBIT 4(A)(i)

 

Title Objections

The items listed below are all references to the Commitment.

 

		1)	Schedule B-I

		2)	Scheduled B-II, item 1 should read as follows:  Rights of tenants or persons in possession as tenants only, if any, pursuant
to unrecorded leases without purchase options or rights of first refusal.

		3)	Schedule B-II, item 2 should read as follows: Taxes, tax liens, tax sales, water rates, sewer rents and assessments, in each
case as a lien not yet due and payable.

		4)	Schedule B-II, item 3 – unless the title company reads in the survey

		5)	Schedule B-II, item 4

		6)	Schedule B-II, items 8 through 18

 

 

    	Exhibit 4(A)(i)-1

    	 

    

 

EXHIBIT 8(A)(i)

 

FORM OF DEED

 

 

 

Bargain
and Sale Deed

 

Without
Covenant Against Grantor’s Acts

 

1440 BROADWAY OWNER, LLC,

a Delaware limited liability company

 

TO

 

[_____________________________________],

a [__________________________________________]

 

 

ADDRESS: 1440 Broadway, New York, New York

 

	 	BLOCK:	993	 
	 	LOT:	11	 
	 	COUNTY:	New York	 

RETURN BY MAIL TO:

 

 

_______________________

 

 

 

    	Exhibit 8(A)(i)-1

    	 

    

 

BARGAIN AND SALE DEED WITHOUT COVENANT
AGAINST GRANTOR’S ACTS THIS INDENTURE, made as of this ____ day of _____________, 201__.

 

BETWEEN 1440 BROADWAY OWNER, LLC a Delaware
limited liability company, having an address c/o Monday Properties, 230 Park Avenue, New York, New York 10169, party of the first
part, and ___________________________________________, with offices at ____________________________________, party of the second
part.

 

WITNESSETH, that the party of the first
part, in consideration of ten dollars and other valuable consideration paid by the party of the second part, does hereby grant
and release unto the party of the second part, the heirs or successors and assigns of the party of the second party forever,

 

ALL that certain plot, piece or parcel
of land, with the buildings and improvements thereon erected, situate, lying and being in the City, County and State of New York,
more commonly known as 1440 Broadway, New York, New York, designated as Block 993, Lot 11 in the county of New York, as shown on
the Tax Map of the City of New York, and more particularly described on Exhibit A attached hereto and hereby made part hereof;

 

BEING the same premises conveyed to the
party of the first part by 1440 Partners, LLC, a Delaware limited liability company, pursuant to that Bargain and Sale Deed, dated
August 8, 2007, and recorded August 31, 2007 at CRFN 2007000451539 in the Office of the City Register of the City of New York;

 

TOGETHER with all right, title and interest,
if any, of the party of the first part in and to any streets and roads abutting the above described premises to the center lines
thereof; TOGETHER with the appurtenances and all the estate and rights of the party of the first part in and to said premises;

 

TO HAVE AND TO HOLD the premises herein
granted unto the party of the second part, the heirs or successors and assigns of the party of the second part forever.

 

AND the party of the first part, in compliance
with Section 13 of the Lien Law, covenants that the party of the first part will receive the consideration for this conveyance
and will hold the right to receive such consideration as a trust fund to be applied first for the purpose of paying the cost of
the improvement and will apply the same first to the payment of the cost of the improvement before using any part of the total
of the same for any other purpose. The word “party” shall be construed as if it read “parties” whenever
the sense of this indenture so requires.

 

IN WITNESS WHEREOF, the party of the first
part has duly executed this deed the day and year first above written.

 

In
Presence of:                                                1440 BROADWAY OWNER, LLC,

a Delaware limited liability company

 

By:______________________________

Name:

Title:

 

    	Exhibit 8(A)(i)-2

    	 

    

 

STATE OF NEW YORK

COUNTY OF NEW YORK

 

On the _____ day of
_______ in the year 201___ before me, the undersigned, a Notary Public in and for said State, personally appeared ________________,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed
to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by
his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed
the instrument.

 

                                                                                                           

Signature and Office of individual taking acknowledgement

 

    	Exhibit 8(A)(i)-3

    	 

    

 

Exhibit A

 

Legal Description

 

All that certain plot, piece or parcel
of land, situate, lying and being in the Borough of Manhattan, City, County and State of New fork, bounded and described as follows:

 

BEGINNING at a point on the northerly side
of 40th Street, distant 279 feet 6 inches westerly from the northwesterly comer of Avenue of the Americas (formerly Sixth Avenue)
and 40th Street;

 

RUNNING THENCE westerly along the northerly
side of 40th Street 203 feet 10-1/2 inches to the intersection of the easterly side of Broadway with the northerly side of 40th
Street;

 

RUNNING THENCE northerly along the easterly
side of Broadway 128 feet 1-1/2 inches to the southerly line of Lot Number 191 on “Map of Property belonging to the corporation
of the City of New York, situated in the vicinity of the Distributing Reservoir”, December 1844 by Daniel Ewen, C.S., filed
in the Office of the Register of the County of New York;

 

THENCE easterly along the southerly line
of said Lot 92 feet 8-1/2 inches to the westerly line of Lot Number 189 on said Map;

 

THENCE southerly parallel with Avenue of
the Americas and along the westerly line of Lot Number 189, 24 feet 8-1/4 inches to the center line of the block;

 

THENCE easterly along the same 59 feet
11-1/2 inches to the easterly side of the premises on which the Hotel Vendome stands or formerly stood;

 

THENCE northerly along the same 98 feet
9 inches to the southerly side of 41st Street at a point 173 feet 2-1/2 inches east of Broadway as measured along the southerly
side of 41st Street;

 

THENCE easterly along the southerly side
of 41st Street 65 feet 1-1/2 inches to the westerly line of Lot Number 184 on said map;

 

THENCE southerly along the same 98 feet
9 inches to the center line of the block;

 

THENCE easterly along the center line of
the block 20 feet 6 inches;

 

THENCE southerly parallel with Avenue of
the Americas 98 feet 9 inches to the point or place of BEGINNING.

 

Said premises now being known as and by
the Street Number 1440 Broadway.

 

 

    	Exhibit 8(A)(i)-1

    	 

    

 

EXHIBIT 8(A)(ii)

 

FORM OF BILL OF SALE

 

KNOW ALL MEN BY THESE
PRESENTS,

 

That, subject to the
terms and conditions hereinafter set forth, 1440 BROADWAY OWNER, LLC, a Delaware limited liability company having an address
c/o Monday Properties, 230 Park Avenue, New York, New York 10169 (collectively, “Seller”) for and in consideration
of the sum of Ten Dollars ($10.00), lawful money of the United States, to it in hand paid at or before delivery of these presents
by __________________________, a ____________ having an address at _________________________________ (“Purchaser”),
the receipt of which is hereby acknowledged, has bargained and sold, and by these presents does grant and convey unto Purchaser
its successors and assigns all right, title and interest of Seller in and to all of the Personal Property (as such term is defined
in that certain Sale-Purchase Agreement dated ________, 201__, between Seller and Purchaser (the “Agreement”)).

 

Seller grants and conveys
the Personal Property unto Purchaser without recourse and without representation or warranty of any kind, express or implied (except
to the extent and only for so long as any representation and warranty, if any, regarding the Personal Property as is set forth
in the Agreement shall survive the closing of title thereafter, and subject to the limitations contained herein).

 

TO HAVE AND TO HOLD
the same unto Purchaser, its successors and assigns forever.

 

SELLER HAS MADE NO
WARRANTY THAT THE PERSONAL PROPERTY COVERED BY THIS BILL OF SALE IS MERCHANTABLE OR FIT FOR ANY PARTICULAR PURPOSE AND THE SAME
IS SOLD IN AN “AS IS” “WHERE IS” CONDITION EXCEPT AS MAY BE EXPRESSLY SET FORTH IN THE AGREEMENT. BY ACCEPTANCE
HEREOF, PURCHASER AFFIRMS THAT IT HAS NOT RELIED ON ANY WARRANTY OF SELLER WITH RESPECT TO THE PERSONAL PROPERTY EXCEPT AS MAY
BE EXPRESSLY SET FORTH IN THE AGREEMENT AND THAT THERE ARE NO REPRESENTATIONS OR WARRANTEES, EXPRESSED, IMPLIED OR STATUTORY (EXCEPT
TO THE EXTENT AND ONLY FOR SO LONG AS ANY REPRESENTATION AND WARRANTY, IF ANY, REGARDING THE PERSONAL PROPERTY AS SET FORTH IN
THE AGREEMENT SHALL SURVIVE THE CLOSING OF TITLE THEREUNDER, AND SUBJECT TO THE LIMITATIONS CONTAINED THEREIN).

 

This Bill of Sale shall
be governed by and construed in accordance with the laws of the State of New York.

 

This Bill of Sale shall
be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

[Signature page follows immediately]

 

    	Exhibit 8(A)(ii)-1

    	 

    

 

 

 

IN WITNESS WHEREOF,
Seller has caused this instrument to be duly executed this day of ________________, 201__.

 

 

 

	 	SELLER:
	 	1440 BROADWAY OWNER, LLC,
	 	a Delaware limited liability company
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 

 

    	Exhibit 8(A)(ii)-2

    	 

    

 

EXHIBIT 8(A)(iii)

 

FORM OF ASSIGNMENT AND ASSUMPTION
OF LEASES

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASES (this “Assignment”), made as of the ____ day of _________, 201__, between 1440 BROADWAY
OWNER, LLC, a Delaware limited liability company having an address c/o Monday Properties, 230 Park Avenue, New York, New York
10169 (“Assignor”) and [__________________________], a [_____________________], with offices at [_____________________________________________]
(“Assignee”):

 

RECITALS

 

WHEREAS, pursuant to
that certain Sale-Purchase Agreement dated ________, 201__, between Assignor, as seller, and Assignee, as purchaser (the “Agreement”),
Assignor is selling the Premises (as such term is more particularly described in the Agreement) to Assignee.

 

NOW THEREFORE, in consideration
of the foregoing promises, covenants and undertakings contained in this Assignment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ASSIGNMENT AND ASSUMPTION

 

1.Assignor hereby
assigns, transfers, sets-over, delivers and conveys unto Assignee all of the rights, title and interest of Assignor, as landlord,
under the Leases (as such term is defined in the Agreement), all security deposits paid by Assignor, all guaranties of the Tenant’s
obligations under the Leases, if any, and all letters of credit delivered to Assignor pursuant to the Leases described in Schedule
A annexed hereto and incorporated herein by this reference, and all rents, issues and profits arising therefrom (subject to adjustment
as set forth in the Agreement), TO HAVE AND TO HOLD all and singular subject as aforesaid, unto Assignee. This conveyance is made
without any recourse and without representation or warranty of any kind, express or implied (except to the extent and only for
so long as any representation and warranty, if any, regarding the Leases, security deposits, guaranties and/or letters of credit
as is set forth in the Agreement shall survive the closing of title thereunder, and subject to the limitations contained therein).

 

2.Assignee assumes
all of Assignor’s obligations imposed upon landlord under the Leases and liabilities, in each case, arising on or after the
date hereof to be performed by Assignor, as landlord, under the Leases, for the duration of the respective terms thereof.

 

3.Assignee and
Assignor acknowledge and agree that there are no advance rents or other deposits (other than Security Deposits, as defined in the
Agreement) being held by Assignor under the Leases.

 

4.Assignee does
hereby for itself and its legal representatives, successors and assigns agree to indemnify and save harmless Assignor and its legal
representatives, successors and assigns, from and against any and all liability, claims, counterclaims, costs, charges, expenses,
losses, damages, fees and expenses, including, but not limited to, reasonable attorneys’

 

    	Exhibit 8(A)(iii)-1

    	 

    

 

fees and expenses and the costs of prosecuting
the within indemnification, arising from or as a result of Assignee’s acts or omissions, arising from and after the date
hereof, asserted by any of tenants or any person or persons claiming under any of them with respect to any such Leases.

 

5.This Assignment
shall be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and
assigns.

 

4.This Assignment
may be signed in multiple counterparts which, when taken together and signed by all parties and delivered to any other party hereto,
shall constitute a binding Assignment between the parties.

 

5.This Assignment
shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of laws
principles.

 

6.Assignor and
Assignee shall each execute and deliver such additional documents and take such further actions as the other party may reasonably
request to effectuate the purpose of this Assignment.

 

IN WITNESS WHEREOF,
Assignor and Assignee have duly executed this instrument as of the date first set forth above.

 

 

 

	 	ASSIGNOR:
	 	1440 BROADWAY OWNER, LLC,
	 	a Delaware limited liability company
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	ASSIGNEE:
	 	[_____________________________],
	 	a _____________________
	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

    	Exhibit 8(A)(iii)-2

    	 

    

 

Schedule A

 

    	Exhibit 8(A)(iii)-3

    	 

    

 

EXHIBIT 8(A)(iv)

 

FORM OF ASSIGNMENT AND ASSUMPTION
OF SURVIVING CONTRACTS

 

THIS ASSIGNMENT AND
ASSUMPTION OF CONTRACTS (this “Assignment”), made as of the ____ day of _________, 201__, between 1440 BROADWAY
OWNER, LLC, a Delaware limited liability company having an address c/o Monday Properties, 230 Park Avenue, New York, New York
10169 (“Assignor”) and [__________________________], a [_____________________], with offices at [_____________________________________________]
(“Assignee”):

 

RECITALS

 

WHEREAS, pursuant to
that certain Sale-Purchase Agreement dated ________, 201__, between Assignor, as seller, and Assignee, as purchaser (the “Agreement”),
Assignor is selling the Premises (as such term is more particularly described in the Agreement) to Assignee.

 

NOW THEREFORE, in consideration
of the foregoing promises, covenants and undertakings contained in this Assignment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ASSIGNMENT AND ASSUMPTION

 

1.Assignor hereby
assigns, transfers, sets-over, delivers and conveys unto Assignee all of the rights, title and interest of Assignor under the Surviving
Contracts (as defined in the Agreement), TO HAVE AND TO HOLD all and singular subject as aforesaid, unto Assignee. This conveyance
is made without any recourse and without representation or warranty of any kind, express or implied (except to the extent and only
for so long as any representation, warranty and/or covenant, if any, regarding the Surviving Contracts as is set forth in the Agreement
shall survive the closing of title thereunder, and subject to the limitations contained therein).

 

2.Assignee assumes
all obligations of Assignor under the Surviving Contracts and liabilities, in each case, arising on or after the date hereof to
be performed by Assignor under the Surviving Contracts, for the duration of the respective terms thereof.

 

3.Assignee does
hereby for itself and its legal representatives, successors and assigns agree to indemnify and save harmless Assignor and its legal
representatives, successors and assigns, from and against any and all liability, claims, counterclaims, costs, charges, expenses,
losses, damages, fees and expenses, including, but not limited to, reasonable attorneys’ fees and expenses and the costs
of prosecuting the within indemnification, arising from or as a result of Assignee’s acts or omissions, arising from and
after the date hereof, with respect to any such Surviving Contracts.

 

4.This Assignment
shall be binding upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and
assigns.

 

    	Exhibit 8(A)(iv)-1

    	 

    

 

 

 

5.This Assignment
may be signed in multiple counterparts which, when taken together and signed by all parties and delivered to any other party hereto,
shall constitute a binding Assignment between the parties.

 

6.This Assignment
shall be governed by and construed in accordance with the laws of the State of New York without reference to conflicts of laws
principles.

 

7.Assignor and
Assignee shall each execute and deliver such additional documents and take such further actions as the other party may reasonably
request to effectuate this Assignment.

 

IN WITNESS WHEREOF,
Assignor and Assignee have duly executed this instrument as of the date first set forth above.

 

 

 

	 	ASSIGNOR:
	 	1440 BROADWAY OWNER, LLC,
	 	a Delaware limited liability company
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	ASSIGNEE:
	 	[_____________________________],
	 	a _____________________
	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

    	Exhibit 8(A)(iv)-2

    	 

    

 

EXHIBIT 8(A)(vii)

 

FORM OF FIRPTA CERTIFICATE

 

Section 1445 of the Internal Revenue Code
provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform
[_______________________] (“Purchaser”), that withholding of tax is not required upon the disposition by 1440 BROADWAY
OWNER, LLC (“Seller”) of a U.S. real property interest, the undersigned hereby certifies the following on behalf of
Seller:

 

1.Seller is the
owner of the property located in the County, City and State of New York, having an address of 1440 Broadway New York, New York;

 

2.Seller is not
a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue
Code and Income Tax Regulations);

 

3.Seller's U.S.
employer identification number is [_____________]; and

 

4.Seller's address
is c/o Monday Properties, 230 Park Avenue, New York, New York 10169.

 

5.Seller understands
that this certification may be disclosed to the Internal Revenue Service by Purchaser and that any false statement contained herein
could be punished by fine, imprisonment or both.

 

6.Under penalties
of perjury I declare that I have examined this certification and to the best of my knowledge and belief it is true, correct, and
complete, and I further declare that I have authority to sign this document on behalf of Seller.

 

Dated: [______________] [__], 2013

 

1440 BROADWAY OWNER, LLC,

a Delaware limited liability company

 

By:______________________________

Name:

Title:

 

    	Exhibit 8(A)(vii)-1

    	 

    

 

EXHIBIT 8(A)(viii)

 

FORM OF TENANT NOTICE LETTER

 

1440 BROADWAY OWNER, LLC

c/o Monday Properties

230 Park Avenue

New York, New York 10169

_________, 201__

By Certified Mail -

Return Receipt Requested

 

(Name/Address of Tenant)

 

Re: Lease For _________ at 1440
Broadway,

New York, NY (the “Premises”)

Dear Sir or Madam:

 

Please be advised that effective
as of the date of this letter:

 

(1)1440 Broadway
Owner, LLC (“Seller”) has conveyed, all of its right, title and interest in and to the Premises, including its
interest as landlord under your lease, to ______________________________, a __________________, having an address at ___________________________________
(“Purchaser”);

 

(2)Purchaser has
assumed the landlord’s obligations under your lease arising from and after the date hereof; and

 

Accordingly, you are
hereby notified that all future rent and additional rent payments due under your lease affecting the above-referenced premises
should be delivered to:

 

and any notices, inquiries or requests regarding such lease
should be delivered to:

 

In addition, all unapplied
security deposits and letters of credit held by Seller, if any, together, in the case of security deposits, with any interest earned
thereon, have been transferred to Purchaser.

 

[Signature page follows immediately]

 

 

    	Exhibit 8(A)(viii)-1

    	 

    

 

	 	
        Very truly yours,

         

        1440 BROADWAY OWNER, LLC,

        a Delaware limited liability company

         

        By:______________________________

        Name:

        Title:

         

         

    	Exhibit 8(A)(viii)-2

    	 

    

EXHIBIT 8(A)(ix)

 

FORM OF CONTRACTOR NOTICE LETTER

 

1440 BROADWAY OWNER, LLC

c/o Monday Properties

230 Park Avenue

New York, New York 10169

_____________ ___, 20__

By Certified Mail -

Return Receipt Requested

(Name/Address of Contractor)

 

Re: Contract (the “Contract”)
by and between [___________________] and [_________________] concerning the property (the “Premises”) located
at 1440 Broadway, New York, New York.

 

Dear Sir or Madam:

 

Please be advised that
effective as of the date of this letter:

 

(1)1440 BROADWAY
OWNER, LLC ( “Seller”), has conveyed all of its right, title and interest in and to the Premises, including
all of its rights and obligations in connection with the Contract, to [_____________] (“Purchaser”) ; and

 

(2)Purchaser has
assumed Seller’s obligations under the Contract arising from and after the date hereof.

 

Accordingly, you are
hereby notified that any notices, inquiries or requests regarding the Contract, should be delivered to:

 

                                  

                                  

                                  

Attn.:                        

 

[Signature page follows
immediately]

 

    	Exhibit 8(A)(ix)-1

    	 

    

 

	 	
        Very truly yours,

         

        1440 BROADWAY OWNER, LLC,

        a Delaware limited liability company

         

        By:______________________________

        Name:

        Title:

         

         

 

    	Exhibit 8(A)(ix)-2

    	 

    

EXHIBIT 8(A)(xvi)

 

FORM OF ASSIGNMENT AND ASSUMPTION
OF CBAS

 

THIS ASSIGNMENT AND
ASSUMPTION OF CONTRACTS (this “Assignment”), made as of the ____ day of _________, 201__, between 1440 BROADWAY OWNER,
LLC, a Delaware limited liability company having an address c/o Monday Properties, 230 Park Avenue, New York, New York 10169 (“Assignor”)
and [__________________________], a [_____________________], with offices at [_____________________________________________] (“Assignee”):

 

RECITALS

 

WHEREAS, pursuant to
that certain Sale-Purchase Agreement dated ________, 201__, between Assignor, as seller, and Assignee, as purchaser (the “Agreement”),
Assignor is selling the Premises (as such term is more particularly described in the Agreement) to Assignee.

 

NOW THEREFORE, in consideration
of the foregoing promises, covenants and undertakings contained in this Assignment, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

ASSIGNMENT AND ASSUMPTION

 

1.Assignor hereby assigns, transfers,
sets-over, delivers and conveys unto Assignee all of the rights, title and interest of Assignor under the CBAs (as defined in the
Agreement), TO HAVE AND TO HOLD all and singular subject as aforesaid, unto Assignee. This conveyance is made without any recourse
and without representation or warranty of any kind, express or implied (except to the extent and only for so long as any representation,
warranty and/or covenant, if any, regarding the CBAs as is set forth in the Agreement shall survive the closing of title thereunder,
and subject to the limitations contained therein).

 

2.Assignee assumes all obligations
of Assignor under the CBAs and liabilities, in each case, arising on or after the date hereof to be performed by Assignor under
the CBAs, for the duration of the respective terms thereof.

 

3.Assignee does hereby for itself and
its legal representatives, successors and assigns agree to indemnify and save harmless Assignor and its legal representatives,
successors and assigns, from and against any and all liability, claims, counterclaims, costs, charges, expenses, losses, damages,
fees and expenses, including, but not limited to, reasonable attorneys’ fees and expenses and the costs of prosecuting the
within indemnification, arising from or as a result of Assignee’s acts or omissions, arising from and after the date hereof,
with respect to any such CBAs.

 

4.Assignor does hereby for itself and
its legal representatives, successors and assigns agree to indemnify and save harmless Assignee and its legal representatives,
successors and assigns, from and against any and all liability, claims, counterclaims, costs, charges, expenses, losses, damages,
fees and expenses, including, but not limited to, reasonable attorneys’ fees and

    	Exhibit 8(A)(xvi)-1

    	 

    

 

expenses and the costs of prosecuting the
within indemnification, arising from or as a result of Assignor’s acts or omissions, arising prior to the date hereof, with
respect to any such CBAs.

 

5.This Assignment shall be binding
upon, enforceable by and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

6.This Assignment may be signed in
multiple counterparts which, when taken together and signed by all parties and delivered to any other party hereto, shall constitute
a binding Assignment between the parties.

 

7.This Assignment shall be governed
by and construed in accordance with the laws of the State of New York without reference to conflicts of laws principles.

 

8.Assignor and Assignee shall each
execute and deliver such additional documents and take such further actions as the other party may reasonably request to effectuate
this Assignment.

 

    	Exhibit 8(A)(xvi)-2

    	 

    

 

IN WITNESS WHEREOF,
Assignor and Assignee have duly executed this instrument as of the date first set forth above.

 

ASSIGNOR:

 

1440 BROADWAY OWNER, LLC,

a Delaware limited liability company

By:______________________________

Name:

Title:

 

 

ASSIGNEE:

[_____________________________],

a _____________________

By: 

Name:

Title:

 

    	Exhibit 8(A)(xvi)-3

    	 

    

EXHIBIT 8(A)(xvii)

 

FORM OF TITLE AFFIDAVIT

 

1440 BROADWAY OWNER, LLC

c/o Monday Properties

230 Park Avenue

New York, New York 10169

TITLE NO.:

 

DATED: As of _________, 201__

 

STATE OF NEW YORK                    )

) ss:

COUNTY OF NEW YORK                )

 

1440 BROADWAY OWNER,
LLC, each a Delaware limited liability company, (collectively, “Seller”), certify to [______________________]
(the “Title Company”), in connection with the sale of the Premises (hereinafter defined) to [______________________________],
a [_____________________________], and as an inducement to Title Company to omit or modify certain exceptions raised in Title Company’s
owner’s title commitment to Seller, that:

 

1.For the purposes
of this Certificate, “Premises” shall mean 1440 Broadway, New York, New York.

 

2.No work has been
done upon the Premises by the City of New York nor has any demand been made by the City of New York for any such work that may
result in charges by the New York City Department of Rent and Housing Maintenance, Emergency Services or charges by the New York
City Department for Environmental Protection for water tap closings or any related work.

 

3.No inspection
fees, permit fees, elevator(s), sign, boiler or other charges have been levied, charged, created or incurred against the Premises
that may become a tax or other lien pursuant to Section 26-128 (formerly Section 643a-14.0) of the Administrative Code of the City
of New York, as amended by Local Laws 10 of 1981 and 25 of 1984, and Section 27-4029.1 of the Administrative Code of the City of
New York as amended by LL 43 (1988) or any other section of law.

 

4.No bankruptcy
or insolvency proceedings have been commenced by or against the Seller.

 

5.Each of the tenants
of the Premises claiming through Seller is in possession as a tenant only under a written lease agreement.

 

6.The required
RPIE statement was filed on or before September 3, 2013, and there are no outstanding penalties or late charges owed in connection
with the filing of the same.

 

    	Exhibit 8(A)(xvii)-1

    	 

    

 

 

 

	 	
        1440 BROADWAY OWNER, LLC,

        a Delaware limited liability company

         

        By:______________________________

        Name:

        Title:

         

         

 

Sworn to before me this

____ day of ________, 201__

 

______________________

Notary Public

 

    	Exhibit 8(A)(xvii)-2

    	 

    

EXHIBIT 8(A)(xxi)

 

FORM OF MASTER LEASE

 

LEASE AGREEMENT

 

This LEASE AGREEMENT (this “Agreement”)
dated as of the ___ day of October 2013 between ARC NY1440BWY1, LLC, a Delaware limited liability company (hereinafter referred
to as “Landlord”), and 1440 BROADWAY OWNER, LLC, a Delaware limited liability company (hereinafter referred
to as “Tenant”).

 

WITNESSETH:

 

WHEREAS, Landlord is the owner of the
building known as 1440 Broadway, New York, New York (the “Building”),

 

WHEREAS, Tenant has requested that Landlord
grant Tenant the right to use the storage space in the basement of the Building as more particularly shown on Exhibit “A”
attached hereto and made a part hereof (the “Premises”); and

 

WHEREAS, Landlord has agreed to Tenant’s
aforementioned request subject to the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of
the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.Premises.
Landlord does hereby grants Tenant the right to use, and Tenant does hereby accept from Landlord, the Premises.

 

2.Use.
Tenant shall use and occupy the Premises, and Tenant shall cause any other person or entity claiming by, through or under Tenant
to use the Premises, in either case only as storage space, or general, executive and administrative offices to the extent permitted
by law.

 

3.Term.
The term (the “Term”) of this Agreement shall commence on the date hereof (the “Commencement Date”)
and end on [the date immediately preceding the second anniversary of the Commencement Date] (the “Fixed Expiration Date”).

 

4.Fixed
Rent. Tenant shall pay to Landlord fixed rent for the Premises (the “Fixed Rent”) in an amount equal to
One Million Eight Hundred Thousand Dollars ($1,800,000.00) per annum ($150,000.00 per month), which amount shall be payable in
equal monthly installments on the first (1st) day of each calendar month commencing on the Commencement Date and ending on the
Fixed Expiration Date. If the Commencement Date is not on the first (1st) day of a calendar month or the Fixed Expiration Date
is not the last day of a calendar month, then, in either case, the Fixed Rent for the calendar month in which the

 

    	Exhibit 8(A)(xxi)-1

    	 

    

 

Commencement Date occurs or the Fixed Expiration Date occurs,
as the case may be, shall be prorated on a per diem basis based on the actual number of days in the applicable calendar month.

 

5.Delivery
Condition. Tenant acknowledges and agrees that the Premises is being delivered to Tenant and Tenant shall accept the Premise
in its "as is" condition as of the Commencement Date. Tenant acknowledges that Landlord has not made nor does Landlord
make any representations or promises with respect to the Building, or the Premises. Tenant hereby agrees that Landlord has no obligation
to perform any work or otherwise prepare the Premises for Tenant’s use.

 

6.Alterations.
Tenant shall have no right to make or cause to be made any alterations, installations, improvements, additions or other physical
changes in, about or to the Premises without Landlord’s prior written consent, which consent Landlord may withhold in its
sole and absolute discretion.

 

7.Services.
Landlord shall have no liability to Tenant in the event electricity, heat or air conditioning or any other service or facility
shall be stopped, interrupted or reduced for any reason.

 

8.Good
Order and Condition. Tenant, at its sole cost and expense, shall keep the Premises in good order and condition. Tenant shall
place all refuse and rubbish in designated containers and shall transport such containers to the trash room or dumpster designated
by Landlord for the disposal of such refuse and rubbish. Any damage caused to the Premises during the Term by Tenant, its employees,
agents or representatives, shall be repaired by Tenant, ordinary wear and tear excepted, unless caused by Landlord or Landlord’s
representatives.

 

9.No
Assignment. Tenant shall not be permitted to assign, alienate, transfer or convey its rights under this Agreement without the
prior consent of Landlord, which consent may be granted or withheld in the sole discretion of Landlord.

 

10.Waiver
of Trial by Jury. The respective parties hereto shall, and they hereby do, waive trial by jury in any action, proceeding or
counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected
with this Agreement and/or any claim of injury or damage. Tenant waives its right to bring counterclaims in any action or proceeding
to recover possession of the Premises.

 

11.Notices.
Any notice, statement, demand, consent, approval or other communication required or permitted to be given, rendered or made by
either party to this Agreement or pursuant to any applicable law or requirement of public authority (herein collectively called
“notices”) shall be in writing (whether or not so stated elsewhere in this Agreement) and shall be deemed to have been
properly given, rendered or made when delivered personally, one (1) day after being sent by a nationally recognized overnight courier
service (such as, for example, Federal Express), or three (3) days after being sent by certified mail, return receipt requested,
addressed to the other party as follows:

 

If to Landlord:

    	Exhibit 8(A)(xxi)-2

    	 

    

 

 

 

c/o American Realty Capital New
York Recovery REIT, Inc.

405 Park Avenue

New York, New York 10022

Attention: Jesse C. Galloway, Esq.

 

If to Tenant:

 

Rockpoint Group, LLC

500 Boylston Street, Suite 1880

Boston, Massachusetts 02116

Attention: Paisley Boney

 

with a copy to:

 

Gibson, Dunn & Crutcher LLP

200 Park Avenue

New York, New York 10166

Attention: Andrew Lance, Esq

 

Either party may, by notice as aforesaid, designate a different
address or addresses for notices intended for it.

 

12.Waiver.
The failure of either party to insist, in any one or more instances, upon the strict performance of any one of the covenants, agreements,
terms, provisions or conditions of this Agreement or to exercise any election herein contained shall not be construed as a waiver
or relinquishing for the future of such covenant, agreement, term, provision, condition or election, but the same shall continue
and remain in full force and effect.

 

13.Acknowledgment.
This Agreement is not to be construed as in any way granting to you any real property interest in the Premises. This Agreement
merely grants to you the right to enter upon and use the Premises during the Term in accordance with the terms and conditions hereof.

 

14.Surrender.

 

(a)On
the termination of this Agreement, or upon a re-entry by Landlord upon the Premises, Tenant shall surrender and deliver to Landlord
vacant and exclusive possession of the Premises (i) in good order and condition, ordinary wear and tear excepted, (ii) with all
of Tenant’s personal property removed therefrom, and (iii) free and clear of all letting, occupancies, liens and encumbrances
created by Tenant.

 

(b)If
possession of the Premises is not surrendered and delivered to Landlord in accordance with this Agreement on the termination of
this Agreement, or upon a re-entry by Landlord upon the Premises, then Tenant shall pay to Landlord on account of use and occupancy
of the Premises, for each month (or any portion thereof) during which Tenant (or any person or entity claiming by, through or under
Tenant) holds over in the Premises, an amount

 

    	Exhibit 8(A)(xxi)-3

    	 

    

 

equal to two hundred percent (200%) of the Fixed Rent payable
under this Agreement during the last month of the Term. Landlord's right to collect such amount from Tenant for use and occupancy
shall be in addition to any other rights or remedies that Landlord may have hereunder or at law or in equity (including, without
limitation, Landlord’s right to recover Landlord’s damages from Tenant that derive from vacant and exclusive possession
of the Premises not being surrendered to Landlord in accordance with the terms hereof). Nothing contained in this Section 14 shall
permit Landlord to retain possession of the Premises after the termination of this Agreement, or upon a re-entry by Landlord upon
the Premises, or limit in any manner Landlord's right to regain possession of the Premises, through summary proceedings or otherwise.
Landlord's acceptance of any payments from Tenant after the termination of this Agreement, or upon a re-entry by Landlord upon
the Premises, shall be deemed to be on account of the amount to be paid by Tenant in accordance with the provisions of this Section
14.

 

15.Broker.
Each party hereto covenants, warrants, and represents that it has had no dealings, conversations, or negotiations with any broker
concerning the execution and delivery of this Agreement. Each party hereto agrees to indemnify and hold harmless the other party
against and from any claims for any brokerage commissions and all costs, expenses, and liabilities in connection therewith, including,
without limitation, reasonable attorneys’ fees and disbursements, arising out of its respective representations and warranties
contained in this Section 15 being untrue. The provisions of this Section 15 shall survive the expiration or earlier termination
of the Term.

 

16.Insurance.
Landlord shall obtain and keep in full force and effect during the Term a policy of commercial general public liability and property
damage insurance, with a broad form contractual liability endorsement, naming Landlord as the insured thereunder, and Tenant as
an additional insured thereunder. Landlord shall obtain and keep in full force and effect insurance against loss or damage by fire
and other casualty to the Premises, under a standard form "all risk" insurance policy. Tenant and Landlord shall each
obtain an appropriate clause in, or endorsement on, their respective property policies obtained in accordance herewith, pursuant
to which the insurance companies waive subrogation or consent to a waiver of right of recovery.

 

17.Casualty
and Condemnation.If the Premises or any other portion of the Building is damaged by fire or other casualty or is taken
by eminent domain, this Agreement shall continue in full force and effect. Tenant shall not be entitled to a reduction or abatement
of Fixed Rent as a result of damage by fire or other casualty to the Building or any taking by eminent domain.

 

18.Termination.In
addition to any and all other rights or remedies provided in this Agreement or which Landlord may have at law, in equity, or otherwise,
if Tenant fails to comply with any obligations imposed upon Tenant hereunder, Landlord will have the right, after thirty (30) days’
notice to Tenant for any such non-compliance (which will be stated with particularity in such notice) and Tenant’s failure
to remedy same within such period (or if such non-compliance cannot be remedied within such thirty (30) day period, Tenant’s
failure to commence within such period and diligently pursue such cure to completion), to terminate this Agreement on the date
specified by us in such notice as if such date were the date herein fixed for the expiration of the Term and Tenant will immediately
quit and surrender the Premises in

 

    	Exhibit 8(A)(xxi)-4

    	 

    

 

accordance with the terms hereof.

 

19.Tenant’s
Indemnity Obligations. Tenant agrees to indemnify and hold Landlord, its partners, directors, officers, principals, employees,
agents, and representatives (collectively, “Landlord Parties”) harmless against (i) all claims of whatever nature
against Landlord Parties arising from any act, omission or negligence by Tenant, its directors, officers, employees, agents, and
representatives, and (ii) all claims against Landlord Parties arising from any accident, injury or damage to property or persons
occurring in or about the Premises during the Term, except in either case for claims arising from the gross negligence or willful
misconduct by Landlord or the Landlord Parties.

 

20.Access.
Landlord and its agents shall have the right, from time to time, throughout the Term, to enter any portion of the Premises at all
times as are reasonably acceptable to Tenant, upon reasonable prior notice, (i) to examine the Premises, and to make or plan such
repairs, alterations, improvements or additions as Landlord may deem in its sole discretion necessary or desirable to the Premises,
and (ii) to show the Premises to prospective tenants, investors or mortgagees of the Building. None of the foregoing shall give
rise to any decrease or abatement of the Fixed Rent. Any work performed or inspections or installations made pursuant to this Section
20 shall be made with reasonable diligence and in a manner designed to minimize interference with Tenant’s use of the Premises;
provided, however, that we will not be obligated to employ contractors or labor at overtime or other premium pay rates or incur
any other overtime costs or expenses whatsoever.

 

21.Rules
and Regulations. Tenant shall comply with the rules and regulations reasonably established by the Building’s management
and/or Landlord from time to time.

 

22.Compliance
with Law. Tenant, at Tenant’s expense, shall comply with all present and future laws, rules, orders, regulations,
statutes and codes, extraordinary as well as ordinary, of all governmental authorities now existing or hereafter created, and of
any and all of their departments and bureaus, and of any applicable fire rating bureau or other body exercising similar functions,
affecting the Building or the maintenance, use or occupation thereof, which are applicable to the Premises and/or the use thereof.

 

23.Security
Deposit.

 

(a)Subject
to the terms of this Section 23, Tenant, on the date hereof, shall deposit with Landlord, as security for the performance of Tenant's
obligations under this Agreement, an unconditional, irrevocable and transferable letter of credit (the "Letter of Credit”)
that (i) is in the amount of Nine Hundred Thousand Dollars ($900,000.00) (the "Security Amount") (ii) is in a
form that is reasonably satisfactory to Landlord, (iii) is issued for a term of not less than one (1) year, (iv) is issued for
the account of Landlord, (v) automatically renews for periods of not less than one (1) year unless the issuer thereof otherwise
advises Landlord on or prior to the thirtieth (30th) day before the applicable expiration date, and (vi) is issued by, and drawn
on, a bank that (a) has a Standard & Poor's rating of at least "AA" (or, if Standard & Poor's hereafter ceases
the publication of ratings for banks, a rating of a reputable rating agency as reasonably designated by Landlord that most closely
approximates a Standard & Poor's rating of "AA-" as of the date hereof), (b) has not been declared insolvent or placed
into receivership in

 

    	Exhibit 8(A)(xxi)-5

    	 

    

 

either case by Federal Deposit Insurance Corporation or another
governmental entity that has regulatory authority over such bank, and (c) that either (I) has an office in the city where the Building
is located at which Landlord can present the Letter of Credit for payment, or (II) has an office in the United States and allows
Landlord to draw upon the Letter of Credit without presenting a draft in person (such as, for example, by submitting a draft by
fax or overnight delivery service) (the aforesaid requirements for the bank that issues the Letter of Credit being collectively
referred to herein as the "Bank Requirements").

 

(b)If
(a) Tenant defaults in the performance of any of Tenant’s covenants or obligations under this Agreement and Tenant fails
to cure such default within fifteen (15) days after receipt of notice thereof from Landlord (or, if such default cannot be cured
within such fifteen (15) day period, Tenant’s failure to commence within such fifteen (15) day period and diligently pursue
such cure to completion), or (b) Tenant fails to vacate the Premises and surrender possession thereof in accordance with the terms
of this Agreement on the Expiration Date, then in either case Landlord may present the Letter of Credit for payment and apply the
whole or any part of the proceeds thereof (i) toward the payment of the Fixed Rent as to which Tenant is in default, (ii) toward
any sum which Licensor may expend or be required to expend by reason of Tenant's default, whether such damages or deficiency accrue
or accrues before or after summary proceedings or other re-entry by Landlord. If Landlord so applies the proceeds or any part thereof,
then Tenant upon demand, shall deposit with Landlord the cash amount so applied or provide Landlord with a replacement Letter of
Credit so that Landlord shall have the full Security Amount at all times during the Term. If at any time the issuer of the Letter
of Credit does not meet the Bank Requirements (it being understood that if Standard & Poor's hereafter ceases the publication
of ratings for banks, the parties, in determining whether the issuer of the Letter of Credit meets the Bank Requirements, shall
substitute for the rating of Standard & Poor's a rating of a reputable rating agency as reasonably designated by Landlord that
most closely approximates a Standard & Poor's rating of "AA-" as of the date hereof), then Tenant shall deliver to
Landlord a replacement Letter of Credit, issued by a bank that satisfies the Bank Requirements (and otherwise meets the requirements
set forth in Section 23(a) hereof) within fifteen (15) business days after the date that Landlord gives Tenant notice of such issuer's
failure to satisfy the Bank Requirements. If Tenant fails to deliver to Landlord such replacement Letter of Credit within such
period of fifteen (15) business days, then Landlord, in addition to Landlord's other rights at law, in equity or as otherwise set
forth herein, shall have the right to present the Letter of Credit for payment and retain the proceeds thereof as security in lieu
of the Letter of Credit (it being agreed that Landlord shall have the right to use, apply and transfer such proceeds in the manner
described in this Section 23). Tenant shall reimburse Landlord for any reasonable out-of-pocket costs that Landlord incurs in so
presenting the Letter of Credit for payment within thirty (30) days after Landlord submits to Tenant an invoice therefor. Nothing
contained in this Section 23(b) limits Landlord's rights or remedies in equity, at law, or as otherwise set forth herein.

 

(c)If
Tenant fully and faithfully complies with all of the terms, provisions, covenants and conditions of this Agreement, then the Letter
of Credit (or the unapplied proceeds thereof, as the case may be) shall be returned to Tenant promptly after the Expiration Date
and delivery of possession of the Premises to Landlord. Landlord's obligations under this Section 23 shall survive the expiration
or earlier termination of the Term.

 

    	Exhibit 8(A)(xxi)-6

    	 

    

 

 

 

(d)If
Tenant fails to provide Landlord with a replacement Letter of Credit that complies with the requirements of this Section 23 on
or prior to the thirtieth (30th) day before the expiration date of the Letter of Credit that is then expiring, then Landlord may
present the Letter of Credit for payment and retain the proceeds thereof as security in lieu of the Letter of Credit (it being
agreed that Landlord shall have the right to use, apply and transfer such proceeds in the manner described in this Section 23).
Tenant shall reimburse Landlord for any reasonable out-of-pocket costs that Landlord incurs in so presenting the Letter of Credit
for payment within thirty (30) days after Landlord submits to Tenant an invoice therefor. Landlord also shall have the right to
so present the Letter of Credit and so retain the proceeds thereof as security in lieu of the Letter of Credit at any time from
and after the thirtieth (30th) day before the Expiration Date if the Letter of Credit expires earlier than the sixtieth (60th)
day after the Expiration Date.

 

(e)If
a sale or leasing of the Building occurs, then Landlord shall have the right to transfer the Letter of Credit (or the unapplied
proceeds thereof, as the case may be) to the vendee or lessee and upon such vendee’s or lessee’s written confirmation
of receipt of the Letter of Credit (or the unapplied proceeds thereof, as the case may be) (i) Landlord shall thereupon be released
by Tenant from all liability for the return of the Letter of Credit (or such unapplied proceeds, as the case may be), (ii) Tenant
shall cause the bank which issued the Letter of Credit to issue an amendment to the Letter of Credit or issue a new Letter of Credit
naming the vendee or lessee as the beneficiary thereunder, and (iii) Tenant shall look solely to the new landlord for the return
of the Letter of Credit (or such unapplied proceeds, as the case may be). The provisions hereof shall apply to every transfer or
assignment of the Letter of Credit (or the unapplied proceeds thereof, as the case may be) made to a new landlord.

 

(f)Upon
not less than ten (10) days prior notice (the “Application Notice”) from Tenant to Landlord from time to time,
during the last six (6) months of the Term, Landlord shall present the Letter of Credit for partial payment in the amount of One
Hundred Fifty Thousand Dollars ($150,000) and apply the proceeds thereof toward the payment of Fixed Rent next coming due hereunder.
 If Tenant does not give Landlord the Application Notice, then, during the last six (6) months during the Term and upon not
less than ten (10) days prior notice from Tenant to Landlord, Tenant shall have the right to reduce the amount of the Letter of
Credit on deposit with Landlord by One Hundred Fifty Thousand Dollars ($150,000) per month, provided that (i) Tenant has paid the
Fixed Rent for the month in which Tenant is requesting such a reduction, (ii) Tenant, at the time of such request and at the time
of such reduction, is not in default beyond all applicable notice and grace periods of any of Tenant’s obligations hereunder. 
If Tenant requests and is entitled to any such reduction in accordance with the terms of this Section 23(f), then Landlord shall
permit Tenant, at Tenant's expense, to amend or replace the Letter of Credit to reflect such reduction, and Landlord, at Tenant’s
cost, shall cooperate reasonably with Tenant and the bank that issued the Letter of Credit to effectuate the reduction in the Letter
of Credit. Notwithstanding anything to the contrary in this Section 23(f), if Tenant is physically occupying the Premises at any
time during the last six (6) months of the Term, then for the remainder of the Term Landlord shall not be required to reduce the
amount of the Letter of Credit pursuant to the terms of this Section 23(f).

 

24.Limitations
of Liability. Tenant agrees that it shall look solely to the Premises and proceeds thereof, and not to any other assets of
Landlord Parties to enforce its

 

    	Exhibit 8(A)(xxi)-7

    	 

    

 

rights hereunder, and that none of the Landlord Parties shall
have any personal obligation or liability hereunder, and Tenant shall not seek to assert any claim or enforce any of its rights
hereunder against such party.

 

25.Miscellaneous.

 

(a)This
Agreement shall constitute the entire agreement with respect to the subject matter herein contained by and between the parties.
All other agreements oral or otherwise, express or implied are hereby merged herein.

 

(b)This
Agreement may only be changed by the written agreement of both parties.

 

(c)This
Agreement shall be construed under the laws of the State of New York and any action or proceeding to enforce this Agreement shall
be brought and maintained in courts located in New York City in the State of New York.

 

(d)Each
party expressly acknowledges and agrees that in executing this Agreement, it has not relied upon any warranties, representations,
promises or statements, except to the extent that the same are expressly set forth in this Agreement.

 

(e)This
Agreement may be executed in one or more counterparts, all of which shall have the same force and effect as original signatures,
and all of which when taken together shall constitute one document.

 

    	Exhibit 8(A)(xxi)-8

    	 

    

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

 

 

LANDLORD:

 

ARC NY1440BWY1, LLC

 

 

By:___________________________

Name:

Title:

 

 

TENANT:

 

1440 BROADWAY OWNER, LLC

 

 

By:___________________________

Name:

Title:

 

    	Exhibit 8(A)(xxi)-9

    	 

    

Exhibit “A”

 

Premises

 

(See Attached)

 

 

 

    	Exhibit 8(A)(xxi)-10

    	 

    

EXHIBIT 10-1

 

FORM OF ESTOPPEL CERTIFICATES

 

[See Attached]

    	Exhibit 10-1-1

    	 

    

 

Form of Tenant Estoppel Certificate

 

TENANT ESTOPPEL CERTIFICATE

________________________, 2012

ARC NY1440BWY1, LLC

c/o American Realty Capital New York Recovery REIT, Inc.

405 Park Avenue

New York, New York 10022

Attention: Michael A. Happel

 

And

 

ARC NY1440BWY1, LLC

c/o American Realty Capital New York Recovery REIT, Inc.

405 Park Avenue

New York, New York 10022

Attention: Jesse C. Galloway, Esq.

 

And

 

Any lender providing a mortgage loan

secured by the Property within

90 days following the date hereof

 

By lease dated ______________________ and
amended by ___________________ (the collectively, the “Lease”), the undersigned (“Tenant”) has leased from
1440 Broadway Owner, LLC (“Landlord”) or its predecessors in interest the leased premises located 1440 Broadway, New
York, New York, which are more particularly described in the Lease. 1440 Broadway Owner, LLC (“Seller”), as the owner
of the property (“Property”) of which the leased premises are a part, intends to sell the Property to the ARC NY1440BWY1,
LLC (“Buyer”), who, as a condition to the purchase of the Property, has required this Tenant Estoppel Certificate.

 

In consideration of Buyer’s agreement
to purchase the Property and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
and with the understanding that Buyer and Buyer’s mortgagee (if any) will rely upon the representations made herein in purchasing
and/or financing the Property, Tenant agrees and certifies to Seller, Landlord, Buyer and Buyer’s mortgagee (if any) as follows:

 

1.The leased premises and possession
thereof are accepted, and no tenant improvement work remains to be performed by Landlord other than _____________________. The
Lease is in full force and effect. The lease term begins on _____________________ and ends on _____________________. The Lease
has not been modified, except as indicated in this certificate.

    	Exhibit 10-1-2

    	 

    

 

 

2.Tenant claims no present charge, lien
or claim of offset against rent.

 

3.No amount is owing by Landlord to
Tenant on account of any tenant improvement allowances other than _____________________.

 

4.Rent is paid for the current month
but is not paid and will not be paid more than one month in advance. Basic or fixed rent is $_____________________ per month and
is due on the _________ of each month. There is no “free rent” or other rent concession, bonus or contribution under
the remaining tern of the Lease, except _____________________ Additional rent is payable as follows: _____________________.

 

5.A security deposit in the amount of
$_____________________ has been paid to Landlord and such security deposit is in the form of [cash/letter of credit] which amount
is not subject to any set-off or reduction or to any increase for interest or other credit due to Tenant.

 

6.There are no existing defaults by
reason of any act or omission of Landlord except as follows: _____________________.

 

Tenant is not in default under the Lease
and has not received written notice from Landlord showing that Tenant is in default under the Lease.

 

7.The Lease has not been modified, except
in accordance with the amendments dated as follows: _____________________.

 

8. Tenant has no option, right of first
refusal or other right to purchase the Property or any portion thereof, or any interest therein pursuant to the terms of the Lease
or contained in any other document or agreement (written or oral) whatsoever. The only interest of Tenant in the Property is that
of a tenant pursuant to the terms of the Lease. Tenant hereby waives any option, right of first refusal or other right to purchase
the Property or any portion thereof or interest therein that is contained in the Lease or any other document or agreement, if any.

 

9.Tenant has no option to expand the
Premises, except as set forth in the Lease.

 

10.Tenant has not sublet all or any
part of the leased premises, except as follows:

__________________________________________________________________________________________________

 

  __________________________________________________________________________________________________

 

11.Landlord has not rebated, reduced
or waived any amounts due from Tenant under the Lease, either orally or in writing, nor has Landlord provided financing for, made
loans or advance to, or invested in the business of Tenant.

 

12.That there are no actions, voluntary
or involuntary, pending by or against Tenant under the bankruptcy laws of the United States of any state thereof.

 

This certificate may be relied upon by Landlord,
Buyer, Current Lender and Buyer’s mortgagee from time to time, and their respective successors and assigns.

    	Exhibit 10-1-3

    	 

    

 

 

TENANT:

______________________________

 

By: ___________________________

 

Name: ______________________

 

Title: _______________________

 

    	Exhibit 10-1-4

    	 

    

 

Form of Seller Representation Letter

 

SELLER’S ESTOPPEL CERTIFICATE

TO:_____________________

 

_____________________

 

_____________________

RE:Lease dated: ___________________________________________________________________________________

 

Landlord: __________________________________________________________________________________

 

Tenant: ____________________________________________________________________________________

 

Demised Premises: ______________________,
_______________________________, _______________________ County, ___________________________

 

Current Base Rental:: ___________________________________________________________________________

 

Dated: As of ________________________, 20___

 

The undersigned (“Seller”) hereby
certifies as of the date hereof, the following:

 

1.Attached hereto is a true, correct
and complete copy of the above-described Lease along with all amendments and modifications thereto (the “Lease”).

 

2.The Lease is in full force and effect
and has not been amended, modified, supplemented or superseded except as follows:

__________________________________________________________________________________________________

__________________________________________________________________________________________________

 

3.The information describing the Lease
as shown above is correct except as follows:

__________________________________________________________________________________________________

__________________________________________________________________________________________________

 

4.There are no existing defaults by
Landlord or to Seller’s Knowledge (as defined in the Sale Agreement), Tenant, except as follows: ____________

 

_________________________________________________________________________________________________________________

 

5.No notice of default has been sent
by Landlord to Tenant and Landlord has not received a notice of default with respect to the Premises, except as follows: _____________________.

 

This letter is given by Seller to ARC
NY1440BWY1, LLC (“Buyer”) in connection with the sale of an indirect interest in that certain property described
in that certain Purchase and Sale Agreement (as the same may have been amended or modified, the “Sale Agreement”) dated
as of October 21, 2013 by and between 1440 Broadway Owner, LLC, as Buyer, and Seller, and is

 

    	Exhibit 10-1-5

    	 

    

 

intended solely for the benefit of Buyer,
and Buyer’s mortgagee and no other person or entity may rely on any matter set forth herein.

 

If Buyer receives
an estoppel certificate from the tenant identified hereinabove after the date hereof that complies with the terms of Article
10 of the Sale Agreement, this letter shall be without further force or effect as of the date of such tenant’s estoppel
certificate.

 

Anything in this
letter to the contrary notwithstanding, the liability of Seller and the Seller Parties (as defined in the Sale Agreement) for Seller’s
breaches of representations and warranties contained herein shall be limited as set forth in the Sale Agreement.

 

Dated as of the date and year first above written.

 

1440 BROADWAY OWNER, LLC,

a Delaware limited liability company

 

By: ___________________________

Name: _____________________

Title: ______________________

 

 

 

    	Exhibit 10-1-6

    	 

    

 

EXHIBIT 10-2

 

MACY’S, INC. ESTOPPEL FROM SELLER’S
ACQUISITION

 

[See Attached]

 

    	Exhibit 10-2-1

    	 

    

 

EXHIBIT 16(A)(iii)-1

 

RECOGNITION AGREEMENTS

 

[See Attached]

 

 

 

    	Exhibit 16(A)(iii)-2-1

    	 

    

 

EXHIBIT 16(A)(iii)-2

 

DEFAULTS/ARREARS

 

[See Attached]

 

    	Exhibit 16(A)(iii)-2-1

    	 

    

EXHIBIT 16(A)(iv)

 

TENANT DEPOSITS

 

[See Attached]

 

 

 

    	Exhibit 16(A)(iv)-1

    	 

    

EXHIBIT 16(A)(v)

 

EMPLOYEES

 

[See Attached]

 

 

 

COLLECTIVE BARGAINING AGREEMENTS

 

2012-2015 Commercial Building Agreement between local 32BJ Service
Employees International Union and The Realty Advisory Board on Labor Relations, Inc.

 

		-	2013 RAB Bulletin dated June 18, 2013 regarding bonus distribution.

		-	2011 Assent Letter dated September 7, 2011.

 

2011-2014 Engineers Agreement between Local 94, International
Union of Operating Engineers, AFL-CIO and The Realty Advisory Board on Labor Relations, Inc.

 

 

 

    	Exhibit 16(A)(v)-1

    	 

    

EXHIBIT 16(A)(xi)

 

PENDING LITIGATION

 

[See Attached]

 

    	Exhibit 16(A)(xi)-1

    	 

    

EXHIBIT 16(A)(xiv)

 

TAX CERTIORARI PROCEEDINGS

 

2013/14 Tax Appeal

 

    	Exhibit 16(A)(xiv)-1

    	 

    

EXHIBIT 16(A)(xvii)

 

UNFUNDED LEASING COSTS

 

[See Attached]

 

 

    	Exhibit 16(A)(xvii)-1

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