Document:

Exhibit 10.92

     

    Exhibit
      10.92

    MACK-CALI
      RIGHTS, OBLIGATIONS AND OPTION AGREEMENT

     

    BY
      AND BETWEEN

     

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP,

     

    MEADOWLANDS
      LIMITED PARTNERSHIP,

     

    MEADOWLANDS
      DEVELOPER HOLDING CORP.,

     

    MEADOWLANDS
      MACK-CALI GP, L.L.C.

     

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C.,

     

    MACK-CALI
      MEADOWLANDS ENTERTAINMENT L.L.C.,

     

    BASEBALL
      MEADOWLANDS MILLS/MACK-CALI LIMITED PARTNERSHIP,

     

    A-B
      OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP,

     

    C-D
      OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP,

     

    HOTEL
      MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP

     

    AND

     

    ERC
      MEADOWLANDS MILLS/MACK-CALI LIMITED PARTNERSHIP

     

     

    Execution
      Date: November 22, 2006

     

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

     

    
      
        
          

            
              	
                       

                    	
                       

                    	
                      Page 

                    
	
                       

                      1.

                    	
                       

                      Incorporation
                        of Recitals

                    	
                      6

                    
	
                       

                      2.

                    	
                       

                      Certain
                        Definitions

                    	
                      6

                    
	
                       

                      3.

                    	
                       

                      MC
                        Partners’ Rights

                    	
                      19

                    
	
                       

                      4.

                    	
                       

                      Purposes
                        and Powers of MDLP

                    	
                      20

                    
	
                       

                      5.

                    	
                       

                      Notice
                        of Lawsuits, Liens, Defaults under Loans, etc

                    	
                      21

                    
	
                       

                      6.

                    	
                       

                      Allocation
                        of Benefits and Obligations Under Authority Agreements and
                        Rights of First
                        Refusal

                    	
                      21

                    
	
                       

                      7.

                    	
                       

                      Management
                        of the MC Component Entities and the ROFR Component Entities:
                        REIT
                        Issues

                    	
                      32

                    
	
                       

                      8.

                    	
                       

                      Management

                    	
                      33

                    
	
                       

                      9.

                    	
                       

                      Reimbursements

                    	
                      35

                    
	
                       

                      10.

                    	
                       

                      Formation
                        of Component Entities; Development of Office/Hotel
                        Components

                    	
                      36

                    
	
                       

                      11.

                    	
                       

                      No
                        Contracts with Affiliates

                    	
                      57

                    
	
                       

                      12.

                    	
                       

                      Use
                        of the Marks

                    	
                      57

                    
	
                       

                      13.

                    	
                       

                      MC
                        Partners’ Consent Rights

                    	
                      58

                    
	
                       

                      14.

                    	
                       

                      Allocation
                        of Administrative Fee Payable to AMX Project Operator Under
                        the AMX Site
                        Declaration

                    	
                      63

                    
	
                       

                      15.

                    	
                       

                      Mediation
                        and Arbitration

                    	
                      63

                    
	
                       

                      16.

                    	
                       

                      Brownfields
                        Remediation Agreement

                    	
                      64

                    
	
                       

                      17.

                    	
                       

                      WMB
                        Annual Payment

                    	
                      65

                    
	
                       

                      18.

                    	
                       

                      Cooperation;
                        Savings Language

                    	
                      65

                    
	
                       

                      19.

                    	
                       

                      Intentionally
                        Omitted

                    	
                      65

                    
	
                       

                      20.

                    	
                       

                      Construction

                    	
                      65

                    
	
                       

                      21.

                    	
                       

                      No
                        Broker

                    	
                      66

                    
	
                       

                      22.

                    	
                       

                      Survival

                    	
                      66

                    
	
                       

                      23.

                    	
                       

                      No
                        Sale

                    	
                      66

                    
	
                       

                      24.

                    	
                       

                      Governing
                        Law

                    	
                      66

                    
	
                       

                      25.

                    	
                       

                      Notices

                    	
                      66

                    
	
                       

                      26.

                    	
                       

                      Successors
                        and Assigns

                    	
                      68

                    
	
                       

                      27.

                    	
                       

                      Amendment;
                        Waiver

                    	
                      68

                    
	
                       

                      28.

                    	
                       

                      Binding
                        Effect

                    	
                      68

                    
	
                       

                      29.

                    	
                       

                      No
                        Joint Venture

                    	
                      68

                    
	
                       

                      30.

                    	
                       

                      Inapplicable
                        Provisions

                    	
                      68

                    
	
                       

                      31.

                    	
                       

                      Representation
                        by Counsel; Interpretation

                    	
                      69

                    
	
                       

                      32.

                    	
                       

                      Headings

                    	
                      69

                    
	
                       

                      33.

                    	
                       

                      Memorandum
                        for Recordation

                    	
                      69

                    
	
                       

                      34.

                    	
                       

                      Counterparts;
                        Facsimile Signatures

                    	
                      69

                    

            

          

        

      

         

      

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    

     

    

     

     

     

    

      
        	
                 

                35.

              	
                 

                Delays
                  or Omissions

              	
                70

              
	
                 

                36.

              	
                 

                Expenses

              	
                70

              
	
                 

                37.

              	
                 

                Entire
                  Agreement

              	
                70

              
	
                 

                38.

              	
                 

                Limitation
                  on Liability

              	
                70

              
	
                 

                39.

              	
                 

                Specific
                  Performance

              	
                70

              

      

    

    
      

         

      

    

    

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    MACK-CALI
      RIGHTS, OBLIGATIONS AND OPTION AGREEMENT

     

    THIS
      MACK-CALI RIGHTS, OBLIGATIONS AND OPTION AGREEMENT (this “Agreement”)
      is
      executed this 22nd
      day of
      November, 2006 (the “Execution
      Date”),
      by
      and among (i) MEADOWLANDS DEVELOPER LIMITED PARTNERSHIP (f/k/a Meadowlands
      Mills/Mack-Cali Limited Partnership), a Delaware limited partnership
      (“MDLP”),
      (ii) MEADOWLANDS LIMITED PARTNERSHIP (f/k/a Meadowlands Mills Limited
      Partnership), a Delaware limited partnership (the “JV
      GP”),
      (iii) MEADOWLANDS DEVELOPER HOLDING CORP., a Delaware corporation
      (“JV
      Holding”),
      (iv) MEADOWLANDS MACK-CALI GP, L.L.C. (f/k/a Meadowlands Mills/Mack-Cali
      GP, L.L.C.), a Delaware limited liability company (“GP
      LLC”),
      (v) MACK-CALI MEADOWLANDS SPECIAL L.L.C., a New Jersey limited liability
      company (“Special
      General Partner”),
      (vi) MACK-CALI MEADOWLANDS ENTERTAINMENT L.L.C., a New Jersey limited
      liability company (“MC
      Entertainment”
and
      together with Special General Partner the “MC
      Partners”
and
      each a “MC
      Partner”),
      (vii) BASEBALL MEADOWLANDS MILLS/MACK-CALI LIMITED PARTNERSHIP, a Delaware
      limited partnership (“Baseball
      LP”),
      (viii) A-B OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP (f/k/a A-B Office
      Meadowlands Mack-Cali/Mills Limited Partnership), a Delaware limited partnership
      (“A-B
      Office LP”),
      (ix) C-D OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP (f/k/a C-D
      Office Meadowlands Mack-Cali/Mills Limited Partnership), a Delaware limited
      partnership (“C-D
      Office LP”),
      (x) HOTEL
      MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP (f/k/a
      Hotel Meadowlands Mack-Cali/Mills Limited Partnership), a Delaware limited
      partnership (“Hotel
      LP”),
      and
      (xi) ERC MEADOWLANDS MILLS/MACK-CALI LIMITED PARTNERSHIP, a Delaware
      limited partnership (“ERC
      LP”).

     

    RECITALS

     

    WHEREAS,
      pursuant to the Certificate of Limited Partnership filed with the Office of
      the
      Secretary of State of Delaware on October 10, 2003, MDLP was formed as a limited
      partnership pursuant to the provisions of the Delaware LP Act (as defined
      below);

     

    WHEREAS,
      the
      managing general partner of MDLP is the JV GP;

     

    WHEREAS,
      immediately prior to the Redemption (as defined below), the special general
      partner of MDLP was Special General Partner;

     

    WHEREAS,
      immediately prior to the Redemption, the JV GP and Special General Partner
      were
      the sole general partners of MDLP (the “Original
      General Partners”);

     

    WHEREAS,
      immediately prior to the Redemption (and the admission of JV Holding as a
      partner of MDLP), MC Entertainment and the JV GP (collectively, the
“Original
      Limited Partners”)
      were
      the sole limited partners of MDLP;

     

    WHEREAS,
      in
      connection with the formation of MDLP, the JV GP and the MC Partners
      entered into that certain Limited Partnership Agreement of Meadowlands
      Mills/Mack-Cali Limited Partnership, dated November 25, 2003 (the “Mills/Mack-Cali
      Agreement”)
      and
      effective on the Effective Date (as defined below), as amended by that certain
      First Amendment

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    to
      Limited Partnership Agreement of MDLP, dated June 30, 2005 (the “First
      Amendment”
and
      together with the Mills/Mack-Cali Agreement the “Original
      Agreement”),
      a copy of which is annexed hereto as Exhibit
      A;

     

    WHEREAS,
      prior
      to the date hereof, MDLP entered into: (i) that certain Redevelopment Agreement,
      dated as of December 3, 2003, with the New Jersey Sports and Exposition
      Authority (the “NJSEA”)
      pursuant to which, among other things, MDLP is entitled, on the terms and
      conditions set forth therein, to improve and redevelop the Meadowlands Complex
      (as defined below) with an entertainment, sports, recreation and retail complex,
      together with Office/Hotel Components (“Meadowlands
      Xanadu”);
      and
      (ii) the following amendments to the Redevelopment Agreement: (a) that
      certain First Amendment to Redevelopment Agreement, dated as of October 5,
      2004,
      (b) that certain Second Amendment to Redevelopment Agreement, dated as of March
      15, 2005, (c) that certain Third Amendment to Redevelopment Agreement, dated
      as
      of May 23, 2005 to be effective as of March 30, 2005, and (d) that certain
      Fourth Amendment to Redevelopment Agreement, dated as of June 30, 2005 (such
      Redevelopment Agreement, together with such amendments, being collectively
      referred to herein as the “Redevelopment
      Agreement”);

     

    WHEREAS,
      the
      real property that is subject to the Redevelopment Agreement and upon which
      MDLP
      has commenced construction of Meadowlands Xanadu is referred to in the
      Redevelopment Agreement and herein as the “Project
      Site”;

     

    WHEREAS,
      prior
      to the date hereof, MDLP caused to be formed, the following five Delaware
      limited partnerships to acquire tenant leasehold interests in the five
      components of the Project Site: (i) ERC LP, (ii) Baseball LP, (iii) A-B Office
      LP, (iv) C-D Office LP, and (v) Hotel LP (being individually referred to herein
      as a “Component
      Entity”
and
      collectively as the “Component
      Entities”);

     

    WHEREAS,
      prior
      to the date hereof, MDLP caused GP LLC to be formed and to be the general
      partner of each of the Component Entities;

     

    WHEREAS,
      the
      Redevelopment Agreement contemplates that certain agreements were to be
      executed, and certain funds were to be paid (including the Development Rights
      Fee, as defined in the Redevelopment Agreement), and certain actions were to
      be
      taken, upon the occurrence of the Development Rights Fee Funding Date (as
      defined in the Redevelopment Agreement); 

     

    WHEREAS,
      the
      Development Rights Fee Funding Date occurred on June 30, 2005 in connection
      with
      the closing of the transactions contemplated in the Redevelopment Agreement
      that
      were to occur on the Development Rights Fee Funding Date (such closing is
      commonly referred to by the NJSEA and MDLP, and referred to herein, as the
      “Financial
      Closing”);

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      certain other documents not herein described), each dated as of June 30, 2005,
      were executed and delivered by the Original General Partners jointly, either
      on
      behalf of MDLP or on behalf of GP LLC and/or one or more Component Entities,
      as
      applicable: (i) Ground Lease

     

    
      
        
        

      

      
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    (“ERC
      Ground Lease”)
      by and
      between the NJSEA and ERC LP pertaining to the portion of the Project Site
      commonly known as the Entertainment/Retail Site (the “ERC
      Site”);
      (ii)
      Ground Lease (“Baseball
      Ground Lease”)
      by and
      between the NJSEA and Baseball LP for the portion of the Project Site commonly
      known as the Baseball Site (the “Baseball
      Site”);
      (iii)
      Ground Lease (“Hotel
      Ground Lease”)
      by and
      between the NJSEA and Hotel LP for the portion of the Project Site commonly
      known as the Hotel Site (“Hotel
      Site”);
      (iv)
      Ground Lease (“A-B
      Ground Lease”)
      by and
      between the NJSEA and A-B Office LP for the portion of the Project Site commonly
      known as the A-B Office Site (“A-B
      Office Site”);
      (v)
      Ground Lease (“C-D
      Ground Lease”)
      by and
      between the NJSEA and C-D Office LP for the portion of the Project Site commonly
      know as the C-D Office Site (“C-D
      Office Site”);
      (vi)
      five Assignment and Assumption Agreements (referred to in the Redevelopment
      Agreement as “Component
      Agreements”)
      (the
“Component
      Agreements”)
      wherein MDLP assigned certain of its rights and obligations under the
      Redevelopment Agreement to the Component Entities, one such Assignment and
      Assumption Agreement for each of the ERC Site, the Hotel Site, the Baseball
      Site, the A-B Office Site and the C-D Office Site; and (vii) five memoranda
      of
      lease, one for each of the ERC Ground Lease, the Baseball Ground Lease, the
      Hotel Ground Lease, the A-B Ground Lease and the C-D Ground Lease;

     

    WHEREAS,
      the
      Development Rights Fee, an amount equal to $160,000,000, is deemed under the
      Redevelopment Agreement and the Ground Leases to constitute prepaid rent under
      all of the Ground Leases with respect to the first fifteen (15) years of each
      of
      the Ground Leases;

     

    WHEREAS,
      the
      Ground Leases allocate the amount of the Development Rights Fee to prepaid
      rent
      under the Ground Leases for the first fifteen (15) years of the Ground Leases,
      and treat the payment of such amounts as made by the corresponding Component
      Entities, as set forth on Exhibit
      B,
      which
      allocations described therein are referred to herein as the “Prepaid
      Rent Allocations”;

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid by MDLP to the NJSEA, it was the intent of the Original Limited
      Partners that the aggregate amount of the Development Rights Fee be allocated
      to
      prepaid rent between each of the Ground Leases in the amounts of the Prepaid
      Rent Allocations, and treated as the payment of such amounts by the
      corresponding Component Entities;

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid directly by MDLP to the NJSEA, it was the intent of the Original
      Limited Partners that the following be deemed to have occurred immediately
      prior
      to such payment of the Development Rights Fee to the
      NJSEA:  (i) on June 30, 2005, MDLP contributed, as capital
      contributions to the Component Entities and GP LLC, cash in an aggregate amount
      equal to the Development Rights Fee (the “Aggregate
      Capital Contributions”),
      with
      99.99% of such Aggregate Capital Contributions being made directly to the
      Component Entities (such capital contributions, the “Direct
      Capital Contributions”)
      and
      0.01% of such Aggregate Capital Contributions being made to GP LLC (such
      capital contributions, the “Indirect
      Capital Contributions”),
      (ii) GP LLC, on June 30, 2005 and immediately after MDLP’s
      contribution of the Indirect Capital Contributions to GP LLC, contributed,
      as
      capital contributions to the Component Entities, cash in an aggregate amount
      equal to the Indirect Capital Contributions

     

    
      
        
        

      

      
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    (such
      capital contributions, the “GP
      Capital Contributions”),
      (iii) the portions of the Direct Capital Contributions and the GP Capital
      Contributions were allocated to each Component Entity on June 30, 2005 based
      upon the allocation of the Development Rights Fee to each Ground Lease as set
      forth on Exhibit
      B,
      and
      (iv) each of the Component Entities paid a portion of the Development
      Rights Fee to the NJSEA in the allocated amount set forth on Exhibit
      B;

     

    WHEREAS,
      immediately prior to the Redemption, JV Holding was admitted to MDLP as a
      partner and, in connection therewith, JV Holding executed that certain
      Instrument of Accession, dated as of the date hereof, whereby JV Holding agreed
      to the terms and conditions of the Original Agreement;

     

    WHEREAS,
      simultaneously herewith, and immediately following the admission of JV Holding
      to MDLP, MDLP fully and completely redeemed all of the Partnership Interests
      of
      the MC Partners (the “Redemption”)
      pursuant to that certain Redemption Agreement by and among MDLP, Special General
      Partner and MC Entertainment, dated November 22, 2006 (the “Redemption
      Agreement”)
      as
      more specifically described below and in the Redemption Agreement, and
      consequently, the MC Partners ceased to be partners of MDLP for all
      purposes;

     

    WHEREAS,
      on the
      date of the Redemption, MDLP (i) distributed to the MC Partners in exchange
      for
      the complete and collective redemption of the Redeemed Interests, (A) an
      aggregate amount of $22,500,000 to the MC Partners, (B) special, non-economic
      general partnership interests in each of the MC Component Entities (as defined
      below) (which partnership interests are being distributed solely to Special
      General Partner) and (C) property rights with respect to the MC Component
      Entities and the ROFR Component Entities (as defined below) set forth in this
      Agreement, and (ii) delivered this Agreement;

     

    WHEREAS,
      on the
      date of the Redemption, the JV GP is delivering to MC Entertainment a promissory
      note (the “MC
      Note”)
      in the
      amount of $2,500,000 (the “Principal
      Amount”),
      which
      MC Note shall be due and payable fifteen (15) days after the MC Partners’ first
      Take Down (as defined below) of either an Office Component (as defined below)
      or
      the Hotel Component (as defined below) (the “Maturity
      Date”);

     

    WHEREAS,
      immediately following the Redemption, the JV GP and JV Holding entered into
      that
      certain Amended and Restated Agreement of Limited Partnership of Meadowlands
      Developer Limited Partnership, dated as of the date hereof;

     

    WHEREAS,
      simultaneously herewith, the original partners of the JV GP undertook a
      restructuring of the JV GP (the “Restructuring”)
      pursuant to and in accordance with that certain Transaction Agreement, dated
      as
      of the date hereof, by and among the JV GP, its partners, and other signatories
      thereto;

     

    WHEREAS,
      as soon
      as practicable following the Redemption and in connection with the
      Restructuring, GP LLC will withdraw as the general partner of Baseball LP and
      shall be the general partner only of the A-B Office LP, C-D Office LP and Hotel
      LP;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    WHEREAS,
      as soon
      as practicable following the Redemption, GP LLC shall form 16W ERC GP, LLC,
      a
      Delaware limited liability company (“ERC
      16W GP”)
      and,
      immediately thereafter, ERC LP and ERC 16W GP shall form ERC 16W Limited
      Partnership (“New
      ERC LP”);
      

     

    WHEREAS,
      as soon
      as practicable following the formation of New ERC LP, MDLP shall, and shall
      cause ERC LP to, transfer any and all assets and liabilities related to the
      Entertainment/Retail Component (as defined in the Redevelopment Agreement),
      including the ERC Ground Lease, to New ERC LP and, immediately thereafter,
      ERC
      LP shall dissolve (the “ERC
      Restructuring”);
      

     

    WHEREAS,
      following the ERC Restructuring, MDLP shall continue to indirectly control
      and
      own New ERC LP;

     

    WHEREAS,
      on or
      about the ERC Restructuring, New ERC LP and its successors or assigns shall
      execute an instrument of accession (the “Instrument
      of Accession”)
      to
      this Agreement in the form annexed hereto as Exhibit
      C,
      at
      which time New ERC LP and its successors or assigns shall become a party to
      this
      Agreement and shall assume, and agree to be bound by, all of the rights and
      obligations of ERC LP set forth in this Agreement and/or the Transaction
      Documents;

     

    WHEREAS,
      in
      connection with the foregoing transactions, the following actions were or will
      be effected: (i) the name of the Original Partnership has been changed to
“Meadowlands Developer Limited Partnership”; (ii) the name of JV GP has been
      changed to “Meadowlands Limited Partnership”; (iii) the name of GP LLC has been
      changed to “Meadowlands Mack-Cali GP, L.L.C.”; (iv) the name of Baseball LP will
      be changed to “Baseball Meadowlands Mills/Mack-Cali Limited Partnership”; (v)
      the name of A-B Office LP has been changed to “A-B Office Meadowlands Mack-Cali
      Limited Partnership”; (vi) the name of C-D Office LP has been changed to “C-D
      Office Meadowlands Mack-Cali Limited Partnership”; and (vii) the name of Hotel
      LP has been changed to “Hotel Meadowlands Mack-Cali Limited
      Partnership”;

     

    WHEREAS,
      in
      connection with the Restructuring, that certain Second Amendment to Declaration
      of Covenants and Restrictions (Arena/Meadowlands/Xanadu Site), dated November
      22, 2006 (the “Second
      Amendment to the Declaration”),
      was
      entered into by and among NJSEA, MDLP, ERC LP, A-B Office LP, C-D Office LP,
      Hotel LP and Baseball LP;

     

    WHEREAS,
      in
      connection with the Restructuring, that certain Assignment, Assumption and
      Cooperation Agreement, dated November 22, 2006 (the “Assignment,
      Assumption and Cooperation Agreement”),
      was
      entered into by and among NJSEA, MDLP, Baseball LP, A-B Office LP, C-D
      Office LP, Hotel LP and ERC LP which provides for the assignment of certain
      licenses and permits to ERC LP and the assumption of certain rights and
      obligations by ERC LP with respect to such licenses and permits and certain
      other matters relating thereto; and

     

    WHEREAS,
      in
      connection with the foregoing, MDLP, the JV GP, JV Holding, GP LLC, Special
      General Partner, MC Entertainment, Baseball LP, A-B Office LP, C-D Office LP,
      Hotel LP and ERC LP desire to enter into this Agreement to set forth their
      respective rights and

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    obligations
      with respect to (i) certain of the Component Entities, (ii) the Redevelopment
      Agreement, (iii) the development, ownership and operation of the Development
      Land and the Project that may be constructed thereon and (iv) the Transaction
      Documents (as defined below).

     

    NOW,
      THEREFORE,
      in
      consideration of the foregoing, and of the representations and warranties and
      of
      the covenants and agreements hereinafter set forth and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereto agree as follows:

     

    1.  Incorporation
      of Recitals

     

    .
      The
      foregoing Recitals to this Agreement are hereby incorporated in and made a
      part
      of this Agreement to the same extent as if set forth in full
      herein.

     

    2.  Certain
      Definitions

     

    .
      Capitalized terms used herein shall have the respective meanings set forth
      below
      for all purposes of this Agreement (such definitions to be equally applicable
      to
      both the singular and the plural forms of the terms defined). Capitalized terms
      not otherwise defined herein shall have the meanings ascribed to them in the
      Original Agreement with appropriate adjustments to the names of the applicable
      parties. 

     

    “A-B
      Ground Lease”
has
      the
      meaning specified in the Recitals.

     

    “A-B
      Office LP”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “A-B
      Office Site”
has
      the
      meaning specified in the Recitals.

     

    “Actual
      Office/Hotel Value”
has
      the
      meaning specified in Section 10.6.7.2.

     

    “Affiliate(s)”
shall
      mean, with respect to any Person, (a) a Person who, directly or indirectly,
      controls, is under common control with, or is controlled by, that Person, (b)
      a
      Person who directly or indirectly owns twenty-five percent (25%) or more of
      the
      issued and outstanding securities or other ownership interests (whether voting
      or non-voting) of that Person, (c) any officer, director, trustee, manager,
      managing member, general partner or beneficiary of such Person, (d) any spouse,
      parent, sibling or lineal descendant of any Person described in clause (b)
      and
      (c) above, and (e) any trust for the benefit of any Person described in clauses
      (b) through (d) above or for any spouse, issue or lineal descendant of any
      Person described in clauses (b) through (d) above. For purposes of this
      definition, “control” (including, with correlative meaning, the terms
“controlled by” and “under common control with”), as used with respect to any
      Person, shall mean the possession, directly or indirectly, of the power to
      direct or cause the direction of the management and policies of such Person,
      whether through the ownership of voting securities, by contract or
      otherwise.

     

    “Affordable
      Housing Contributions”
means
      those certain financial obligations of MDLP to provide a contribution to the
      Boroughs of Cartlstadt and East Rutherford for affordable housing units
      specified in the Hearing Officer’s Report at Section II.C.12.e. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Aggregate
      Capital Contributions”
has
      the
      meaning specified in the Recitals.

     

    “Agreement”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “Allocated
      Annual Payments”
has
      the
      meaning specified in Section 10.4.1.(a).

     

    “Alternate
      MC Representative”
has
      the
      meaning specified in Section 8.1.1.

     

    “Alternate
      MDLP Representative”
has
      the
      meaning specified in Section 8.1.1.

     

    “AMX
      Project Operator”
has
      the
      meaning specified in Section 14.

     

    “AMX
      Site Declaration”
means
      that certain Declaration of Covenants and Restrictions (Arena/Meadowlands/Xanadu
      Site), dated June 30, 2005, and recorded July 8, 2005 by the Bergen County
      Clerk
      Deed Book 8835, page 1, as supplemented by that certain Corrective Declaration
      of Covenants and Restrictions (Arena/Meadowlands/Xanadu Site) for the sole
      purpose of identifying certain of the subject parcels by metes and bounds legal
      descriptions in addition to the legal descriptions referencing lots and blocks
      in the Plat of Subdivision (the “Corrective
      Declaration”).
      On
      July 29, 2005, the Clerk recorded the Corrective Declaration.

     

    “Annual
      Payments”
has
      the
      meaning specified in Section 10.4.1(a).

     

    “Applicable
      Component”
has
      the
      meaning specified in Section 10.2.1.

     

    “Approved
      by the Parties”
or
      “Approval
      of the Parties”
shall
      mean approval in writing by the JV GP or MDLP, as relevant, and the MC Partners,
      acting through their duly authorized representatives or if not through such
      duly
      authorized representatives, as agreed upon in writing by the JV GP or MDLP,
      as
      relevant, and the MC Partners. Unless otherwise expressly provided herein to
      the
      contrary, the JV GP, MDLP and the MC Partners shall not unreasonably
      withhold, delay or condition such approval.

     

    “Approved
      Master Plan”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Arbitrators”
has
      the
      meaning specified in Section 15.2.

     

    “Arena”
has
      the
      meaning specified in the Redevelopment Agreement. 

     

    “Arena
      ROFR”
has
      the
      meaning specified in Section 6.1.2

     

    “Arena
      ROFR Agreement”
shall
      mean that certain Right of First Refusal Agreement (Arena Site), dated June
      30,
      2005, by and between NJSEA and MDLP, as amended or modified from time to
      time.

     

    “Assignment,
      Assumption and Cooperation Agreement”
has
      the
      meaning specified in the Recitals. 

     

    “Authority
      Agreement(s)”
has
      the
      meaning specified in Section 13.1.6.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    “Bankruptcy”
shall
      mean, as to any Person:

     

    (i) its
      filing a petition commencing a case as a debtor under the Federal Bankruptcy
      Code or a similar provision of state law (collectively, as now or in the future
      amended, the “Bankruptcy
      Code”);

     

    (ii) the
      commencement of an involuntary case against it under the Bankruptcy Code and
      the
      earlier of (A) the entry of an order for relief, or (B) the
      appointment of an interim trustee to take possession of its estate and/or to
      operate any of its business;

     

    (iii) its
      making a general assignment for the benefit of its creditors;

     

    (iv) its
      consenting to the appointment of a receiver for all or substantially all of
      its
      property;

     

    (v) the
      entry
      of a court order appointing a receiver or trustee for all or substantially
      all
      of its property; or

     

    (vi) the
      assumption of custody or sequestration by a court of competent jurisdiction
      of
      all or substantially all of its property.

     

    “Bankruptcy
      Code”
has
      the
      meaning specified in this Section 2 in the definition “Bankruptcy”.

     

    “Baseball
      Ground Lease”
has
      the
      meaning specified in the Recitals.

     

    “Baseball
      LP”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “Baseball
      Site”
has
      the
      meaning specified in the Recitals.

     

    “Blue
      StadCo. Payment”
means
      that certain lump sum payment equal to $15 million set forth in Section 5(a)
      of
      the Giants/Jets Settlement Agreement.

     

    “Brownfields
      Agreement”
has
      the
      meaning specified in Section 16.

     

    “Business
      Day”
or
      “business
      day”
means
      any day other than a Saturday, Sunday or a day on which banks located in New
      York, New York shall be authorized or required by Law to close. 

     

    “Capital
      Ratio”
has
      the
      meaning specified in Section 10.6.5.

     

    “Capital
      Ratio Determination Date”
has
      the
      meaning specified in Section 10.6.6.

     

    “C-D
      Ground Lease”
has
      the
      meaning specified in the Recitals.

     

    “C-D
      Office LP”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “C-D
      Office Site”
has
      the
      meaning specified in the Recitals.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

    “Completion”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Component”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Component
      Agreements”
has
      the
      meaning specified in the Recitals.

     

    “Component
      Entity”
and
      “Component
      Entities”
have
      the meaning specified in the Recitals.

     

    “Component
      Lease”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Component
      Site”
has
      the
      meaning specified in Section 18.

     

    “Conceptual
      Site Plan”
      refers
      to the conceptual site plan attached to the Redevelopment Agreement as Schedule
      6.1(b).

     

    “Conservancy
      Trust Agreement”
shall
      mean that certain Conservancy Trust Agreement, dated as of October 5, 2004,
      by
      and between MDLP and the Meadowlands Conservation Trust.

     

    “Consumer
      Price Index”
or
      “CPI”
shall
      mean the index presently known as the “United States Bureau of Labor Statistics,
      Consumer Price Index for Urban Wage Earners and Clerical Workers, all items
      for
      the New York, New Jersey area, SMSA (C.P.I.W.) (Base Period=1982-84=100) issued
      by the U.S. Department of Labor Bureau of Labor Statistics (or any comparable
      successor index issued by the U.S. Department of Labor Bureau of Labor
      Statistics). If such index shall be discontinued or revised without substitution
      of a comparable successor index, the substitute index or formula to be used
      in
      instances where “Consumer Price Index” is used shall be Approved by the
      Parties.

     

    “Corrective
      Declaration”
has
      the
      meaning specified in this Section 2 in the definition of “AMX Site
      Declaration”.

     

    “CPI
      Adjustment”
has
      the
      meaning specified in Section 10.5.1.

     

    “Delaware
      LP Act”
shall
      mean the State of Delaware Revised Uniform Limited Partnership Act, §§ 17-101 to
      17-1109 of the Delaware Code Annotated, Title 6, as the same may be amended
      from
      time to time. 

     

    “Developer”
has
      the
      meaning specified in Section 4.

     

    “Development
      Acceleration Notice”
has
      the
      meaning specified in Section 10.3.1.

     

    “Development
      Land”
has
      the
      meaning specified in the Original Agreement.

     

    “Development
      Rights Fee”
has
      the
      meaning specified in the Recitals.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    “Development
      Rights Fee Funding Date”
has
      the
      meaning specified in the Recitals.

     

    “Direct
      Capital Contributions”
has
      the
      meaning specified in the Recitals.

     

    “Disputes”
has
      the
      meaning specified in Section 15.1.

     

    “Effective
      Date”
shall
      mean December 3, 2003.

     

    “Entertainment/Retail
      Component”
has
      the
      meaning specified in the Recitals.

     

    “ERC
      Restructuring”
has
      the
      meaning specified in the Recitals.

     

    “ERC
      16W GP”
has
      the
      meaning specified in the Recitals.

     

    “ERC
      Ground Lease”
has
      the
      meaning specified in the Recitals.

     

    “ERC
      LP”
has
      the
      meaning specified in the first paragraph of this Agreement; provided,
      however,
      immediately following the consummation of the ERC Restructuring and the
      execution of the Instrument of Accession, such term shall mean New ERC LP,
      its
      successors or assigns.

     

    “ERC
      Site”
has
      the
      meaning specified in the Recitals.

     

    “Exclusive
      Office/Hotel Infrastructure Improvement Costs”
has
      the
      meaning specified in Section 10.4.1(f).

     

    “Exclusive
      Negotiation Period”
has
      the
      meaning specified in Section 6.1.2.2.

     

    “Execution
      Date”
has
      the
      meaning specified in the first paragraph of this Agreement. 

     

    “Existing
      Litigation”
shall
      mean the litigation identified on Exhibit
      D
      annexed
      hereto.

     

    “Financial
      Closing”
has
      the
      meaning specified in the Recitals.

     

    “First
      Amendment”
has
      the
      meaning specified in the Recitals.

     

    “First
      Component”
has
      the
      meaning specified in Section 10.2(i).

     

    “Fiscal
      Year”
shall
      mean the twelve month period beginning on January 1 and ending on December
      31 of
      each calendar year; provided, that the last Fiscal Year shall be the period
      beginning on January 1 of the calendar year in which the final liquidation
      and
      termination of applicable MC Component Entity is completed and ending on the
      date such final liquidation and termination is completed (to the extent any
      computation or other provision hereof provides for an action to be taken on
      a
      Fiscal Year basis, an appropriate proration or other adjustment shall be made
      in
      respect of the first Fiscal Year or final Fiscal Year if the applicable Fiscal
      Year is greater or less than a full calendar year period to reflect such
      fact).

     

    “Four
      Year Office/Hotel Development Option”
has
      the
      meaning specified in Section 10.2(i).

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    “Gaming
      Facility”
has
      the
      meaning specified in Section 6.1.2.3.

     

    “Giants”
shall
      mean the New York Football Giants, a New York corporation.

     

    “Giants/Jets
      Settlement Agreement”
means
      the Agreement, dated as of November 22, 2006, by and among Giants Stadium LLC,
      the New York Football Giants, Inc., Jets Stadium Development LLC, New
      Meadowlands Stadium Company, LLC New York Jets, LLC, NJSEA and other signatories
      thereto.

     

    “GP
      Capital Contributions”
has
      the
      meaning specified in the Recitals.

     

    “GP
      LLC”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “Governmental
      Authority”
has
      the
      meaning specified in Section 8.3.2.

     

    “Grand
      Opening Date”
shall
      mean: provided, that Completion of the Entertainment/Retail Component has
      occurred, the earlier of (i) the date on which the Entertainment/Retail
      Component opens for business as publicly announced in accordance with the ERC
      Ground Lease, on behalf of MDLP, or (ii) the date by which at least fifty
      percent (50%) of the gross leasable area of specialty store space (also known
      as
      small shop space) in the Entertainment/Retail Component is open for business
      to
      the public.

     

    “Ground
      Lease”
and
      “Ground
      Leases”
shall
      mean individually or collectively, at the case may be, the ERC Ground Lease,
      the
      Baseball Ground Lease, the Hotel Ground Lease, the A-B Ground Lease and the
      C-D
      Ground Lease.

     

    “Hearing
      Officer’s Report”
shall
      mean that certain Hearing Officer’s Report relating to the Project issued by the
      New Jersey Meadowlands Commission and the New Jersey Department of Environmental
      Protection on August 19, 2004. 

     

    “Hotel
      Component”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Hotel
      Ground Lease”
has
      the
      meaning specified in the Recitals.

     

    “Hotel
      Land”
has
      the
      meaning specified in Section 10.5.1.

     

    “Hotel
      LP”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “Hotel
      ROFR”
has
      the
      meaning specified in Section 6.1.2.

     

    “Hotel
      ROFR Agreement”
shall
      mean that certain Right of First Refusal Agreement (for a Hotel at Meadowlands
      Racetrack), dated June 30, 2005, by and between NJSEA and MDLP, as amended
      or
      modified from time to time. 

     

    “Hotel
      Site”
has
      the
      meaning specified in the Recitals.

     

    “Independent
      Negotiation”
has
      the
      meaning specified in Section 6.1.2.2.2.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    “Indirect
      Capital Contributions”
has
      the
      meaning specified in the Recitals.

     

    “Ineligible
      Party”
has
      the
      meaning specified in Section 6.1.2.3.

     

    “Infrastructure
      Improvements”
shall
      mean any improvement or utility necessitated or required by the implementation
      of the Project, which is located on or off the Project Site including, but
      not
      limited to, sidewalk and roadway construction, electric power transmission
      lines, sewer transmission conduits or pipes, water lines or pipes, storm sewers,
      telephone transmission lines, television cable lines and other similar
      utilities, including all improvements contemplated under that certain
      Construction and Contribution Agreement for Meadowlands Regional Transportation
      Improvements, dated November 22, 2006, by and among the New Jersey Department
      of
      Transportation, the NJSEA and the Meadowlands Mills/Mack-Cali Limited
      Partnership (in each case not including Traffic and Infrastructure
      Improvements).

     

    “Infrastructure
      Improvement Costs”
shall
      mean any and all costs, fees and expenses incurred in connection with
      Infrastructure Improvements. 

     

    “Infrastructure
      Improvement Costs and Program Costs”
shall
      mean, collectively, (i) Infrastructure Improvement Costs, (ii) Program Costs,
      (iii) Traffic and Infrastructure Costs and (iv) any and all sewer connection
      and
      related fees in connection with the Project. Notwithstanding the foregoing,
      the
      term “Infrastructure Improvement Costs and Program Costs” shall in no event
      exceed $160,000,000.

     

    “Infrastructure
      Loan”
shall
      mean a non-interest bearing loan from MDLP to a Office/Hotel Component Owner
      for
      a term of seven (7) years and, if not refinanced with Public Debt within the
      seven (7) year term, such Infrastructure Loan would convert into equity interest
      of the Office/Hotel Component Owner if there remains unpaid and outstanding
      any
      principal amount on such convertible loan pursuant to and in accordance with
      the
      terms and conditions of the Infrastructure Loan documentation.

     

    “Infrastructure
      Improvement Notice”
has
      the
      meaning specified in Section 10.9.1. 

     

    “Infrastructure
      Improvement Reply Notice”
has
      the
      meaning specified in Section 10.9.1. 

     

    “Initial
      ROFR Election Date”
has
      the
      meaning specified in Section 6.1.2.

     

    “Initial
      ROFR Election Period”
has
      the
      meaning specified in Section 6.1.2.

     

    “Instrument
      of Accession”
has
      the
      meaning specified in the Recitals.

     

    “Joint
      Venture”
has
      the
      meaning specified in Section 10.7.

     

    “JV
      GP”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “JV
      Holding”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    “Laws”
shall
      mean federal, state and local statutes, case law, rules, regulations,
      ordinances, codes and the like which are in full force and effect from time
      to
      time and which affect the Project or the ownership or operation
      thereof.

     

    “License
      Agreement”
shall
      mean that certain License Agreement, dated on or about the date hereof, by
      and
      among MDLP, Baseball LP, A-B Office LP, C-D Office LP, Hotel LP and New ERC
      LP.

     

    “Loan
      Commitment”
has
      the
      meaning specified in Section 10.3.1(b).

     

    “Loan
      Commitment Notice”
has
      the
      meaning specified in Section 10.3.1(b).

     

    “Mack-Cali
      Rights”
has
      the
      meaning specified in Section 3.1.

     

    “Main
      Street Program Payments”
means
      those certain financial obligations of MDLP to provide contributions to
      establish Main Street New Jersey Programs in the Meadowlands specified in the
      Hearing Officer’s Report at Section II.C.12.d. 

     

    “Major
      Decision”
has
      the
      meaning specified in Section 13.

     

    “Major
      Modification”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Market
      Development Notice”
has
      the
      meaning specified in Section 10.3.1(a).

     

    “Marks”
has
      the
      meaning specified in the License Agreement.

     

    “Master
      Plan”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Maturity
      Date”
has
      the
      meaning specified in the Recitals.

     

    “MC
      Component Entity”
and
      “MC
      Component Entities”
have
      the meanings specified in Section 3.1.

     

    “MC
      Entertainment”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “MC
      Note”
has
      the
      meaning specified in the Recitals.

     

    “MC
      Partner”
and
      “MC
      Partners”
have
      the meaning specified in the first paragraph of this Agreement.

     

    “MC
      Partners’ Account Credit”
has
      the
      meaning specified in Section 10.9.1. 

     

    “MCRC”
has
      the
      meaning specified in Section 7.2.

     

    “MC
      Representative”
has
      the
      meaning specified in Section 8.1.1.

     

    “MDLP”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    “MDLP
      Representative”
has
      the
      meaning specified in Section 8.1.1.

     

    “Meadowlands
      Complex”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Meadowlands
      Racetrack”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Meadowlands
      Xanadu”
has
      the
      meaning specified in the Recitals.

     

    “Memorandum”
has
      the
      meaning specified in Section 33(a).

     

    “Mills/Mack-Cali
      Agreement”
has
      the
      meaning specified in the Recitals.

     

    “Net
      Project Costs”
has
      the
      meaning specified in Section 10.6.6(f).

     

    “New
      ERC LP”
has
      the
      meaning specified in the Recitals.

     

    “New
      LP”
has
      the
      meaning specified in Section 10.7.3.2.

     

    “New
      Year”
has
      the
      meaning specified in Section 10.5.1.

     

    “NJMC
      Contributions”
means
      those certain financial obligations of MDLP relating to environmental and
      education transportation costs to the Meadowlands Environment Center specified
      in Hearing Officer’s Report at Section II.C16.a. 

     

    “NJSEA”
has
      the
      meaning specified in the Recitals.

     

    “NJSEA
      Profit Participation”
means
      the Authority Profit Participation (as defined in the Redevelopment Agreement)
      required to be paid to the NJSEA under the Redevelopment Agreement.

     

    “Non-Electing
      Party”
and
      “Non-Electing
      Parties”
have
      the meaning specified in Section 6.1.2.2.1.

     

    “Non-Participating
      Party”
has
      the
      meaning specified in Section 6.1.2.2.2(a).

     

    “Offer
      Notice”
has
      the
      meaning specified in the applicable ROFR Agreement.

     

    “Office
      Component”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Office/Hotel
      Component”
has
      the
      meaning specified in Section 10.1.

     

    “Office/Hotel
      Component LP Agreement”
has
      the
      meaning specified in Section 10.6.

     

    “Office/Hotel
      Component Owner”
and
      “Office/Hotel
      Component Owners”
have
      the meaning specified in Section 3.1 and shall also include a Sub-Component
      Owner, as applicable.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    “Office/Hotel
      Development Election Notice”
has
      the
      meaning specified in Section 10.2.1.

     

    “Office/Hotel
      Development Option”
has
      the
      meaning specified in Section 10.2.

     

    “Office/Hotel
      Election Notice Date”
has
      the
      meaning specified in Section 10.2.1.

     

    “Office/Hotel
      Funding Default”
has
      the
      meaning specified in Section 10.6.7.3.

     

    “Office/Hotel
      Funding Default Notice”
has
      the
      meaning specified in Section 10.6.7.3.

     

    “Office/Hotel
      Land”
has
      the
      meaning specified in Section 10.5.

     

    “Office/Hotel
      Value”
has
      the
      meaning specified in Section 10.5.

     

    “Office
      Land”
has
      the
      meaning specified in Section 10.5.1.

     

    “Opt
      Out Election”
has
      the
      meaning specified in Section 10.7.3.

     

    “Original
      Agreement”
has
      the
      meaning specified in the Recitals.

     

    “Original
      General Partners”
has
      the
      meaning specified in the Recitals.

     

    “Original
      Limited Partners”
has
      the
      meaning specified in the Recitals.

     

    “Partnership
      Election”
has
      the
      meaning specified in Section 10.7.3.

     

    “Partnership
      Interest”
shall
      mean the entire ownership interest (which may be expressed as a percentage)
      of a
      partner in a partnership at any particular time, including the right of such
      partner to any and all benefits to which a partner may be entitled pursuant
      to
      the partnership agreement of such partnership and under the Delaware LP Act,
      together with all obligations of such partner to comply with the terms and
      provisions of the partnership agreement of such partnership and the Delaware
      LP
      Act.

     

    “Party
      Hereto Affiliates”
has
      the
      meaning specified in Section 38.

     

    “Person”
shall
      mean an individual, partnership, firm, corporation, trust, estate,
      unincorporated association, limited liability company, joint stock company
      or
      other entity, association, firm or company.

     

    “Phase”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Phase
      III”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Phase
      IV”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “PILOT
      Payments”
shall
      mean the “Developer PILOT Payments” as specified in the Redevelopment
      Agreement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    “Plans
      and Specifications”
shall
      mean, with respect to a particular Hotel Component or Office Component, all
      blueprints, schematic renderings, architect’s drawings, specifications, written
      descriptions and similar items and all related drawings, plans, and data (and
      all supplements and amendments thereto) relating to the design, construction,
      equipping, and furnishing of such particular Component.

     

    “Prepaid
      Rent Allocations”
has
      the
      meaning specified in the Recitals.

     

    “Principal
      Amount”
has
      the
      meaning specified in the Recitals.

     

    “Program
      Costs”
shall
      mean (i) Affordable Housing Contributions, (ii) Blue StadCo. Payment, (iii)
      Main
      Street Program Payments and (iv) NJMC Contributions.

     

    “Project”
has
      the
      meaning specified in the Redevelopment Agreement.

     

    “Project
      Site”
has
      the
      meaning specified in the Recitals.

     

    “Public
      Debt”
has
      the
      meaning specified in Section 10.4.1.(e). 

     

    “Redemption”
has
      the
      meaning specified in the Recitals.

     

    “Redemption
      Agreement”
has
      the
      meaning specified in the Recitals.

     

    “Redevelopment
      Agreement”
has
      the
      meaning specified in the Recitals.

     

    “REIT”
shall
      mean a real estate investment trust within the meaning of Section 856 of the
      Code and subject to federal income taxation under Sections 856 through 859
      of
      the Code.

     

    “Reoffer
      Notice”
has
      the
      meaning specified in Section 10.7.2.

     

    “Reoffer
      Acceptance Notice”
has
      the
      meaning specified in Section 10.7.2.

     

    “Required
      Equity”
shall
      mean all amounts required to be paid to complete the construction of the project
      undertaken by the Office/Hotel Component Owner or ROFR Component Entity as
      set
      forth in the agreed upon development budget for such project.

     

    “Restructuring”
has
      the
      meaning specified in the Recitals.

     

    “Right
      of First Refusal”
and
      “ROFR”
have
      the meaning specified in Section 6.1.2.

     

    “ROFR
      Agreements”
shall
      mean the Arena ROFR Agreement and the Hotel ROFR Agreement. 

     

    “ROFR
      Component Entity”
and
      “ROFR
      Component Entities”
have
      the meaning specified in Section 6.1.2.1.

     

    “ROFR
      Component Entity Agreement”
has
      the
      meaning specified in Section 6.1.2.1.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “ROFR
      Contract Notice”
has
      the
      meaning specified in Section 6.1.2.2.1(a).

     

    “ROFR
      Electing Party”
has
      the
      meaning specified in Section 6.1.2.2.

     

    “ROFR
      Electing Party Notice”
has
      the
      meaning specified in Section 6.1.2.2.

     

    “ROFR
      Participation Notice”
has
      the
      meaning specified in Section 6.1.2.2.1(a).

     

    “Second
      Amendment to the Declaration”
has
      the
      meaning specified in the Recitals.

     

    “Second
      Component”
has
      the
      meaning specified in Section 10.2(ii).

     

    “Six
      Year Office/Hotel Development Option”
has
      the
      meaning specified in Section 10.2(ii).

     

    “Special
      General Partner”
has
      the
      meaning specified in the first paragraph of this Agreement.

     

    “SGP
      Super-Priority Capital”
has
      the
      meaning specified in Section 10.9.3.(b)(ii).

     

    “Staged
      Development”
has
      the
      meaning specified in Section 10.1.1.

     

    “Sub-Allocated
      Annual Payments”
has
      the
      meaning specified in Section 10.4.1.(c).

     

    “Sub-Allocated
      Infrastructure Improvement Payments”
has
      the
      meaning specified in Section 10.4.1.(e).

     

    “Sub-Allocated
      Prepaid Annual Payment”
has
      the
      meaning specified in Section 10.5.2.

     

    “Sub-Allocation
      Percentages”
has
      the
      meaning specified in Section 10.4.1.(b).

     

    “Sub-Component
      Owner”
has
      the
      meaning specified in Section 10.1.2.

     

    “Successful
      Bid Notice”
has
      the
      meaning specified in Section 6.1.2.2.2(a). 

     

    “Successful
      Bid Participation Notice”
has
      the
      meaning specified in Section 6.1.2.2.2(a). 

     

    “Successful
      Bid Party”
has
      the
      meaning specified in Section 6.1.2.2.2(a).

     

    “Successful
      Bid Reoffer Notice”
has
      the
      meaning specified in Section 6.1.2.2.2(c)(i).

     

    “Successful
      Bid Reoffer Participation Notice”
has
      the
      meaning specified in Section 6.1.2.2.2(c)(i).

     

    “Super-Priority
      Capital”
has
      the
      meaning specified in Section 10.6.6(b)(ii).

     

    “Take
      Down”
shall
      mean, with respect to the MC Partners, the acquisition of a partnership interest
      in one or more of the Office/Hotel Component Owners, as provided in

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    Section
      10 hereof; and, with respect to an Office/Hotel Component Owner, the acquisition
      and/or construction of one or more of the Office/Hotel Components, phase or
      sub-Component thereof as provided in Section 10 hereof.

     

    “Third
      Party Discussions”
has
      the
      meaning specified in Section 8.3.1.

     

    “Traffic
      and Infrastructure Costs”
shall
      mean all costs, fees and expenses related to the Traffic and Infrastructure
      Improvements.

     

    “Traffic
      and Infrastructure Improvements”
shall
      mean any and all improvements to roadways and sidewalks, installation of traffic
      signals and signage, relocation of utilities and other improvements, located
      on
      and off the Project Site and such other improvements implemented, for the
      purpose of improving vehicular and pedestrian access to the Project
      Site.

     

    “Transaction
      Documents”
shall
      mean the Redevelopment Agreement, the Project Operating Agreement (as defined
      in
      the Redevelopment Agreement), the Construction Management Agreement (as defined
      in the Redevelopment Agreement), the Declaration (as defined in the
      Redevelopment Agreement), the Project Labor Agreement (as defined in the
      Redevelopment Agreement), the Ground Lease, the Right of Entry Agreement (as
      defined in the Redevelopment Agreement), the Access and Indemnity Agreement
      (as
      defined in the Redevelopment Agreement), the Assignment, Assumption and
      Cooperation Agreement, the Giants/Jets Settlement Agreement, as each agreement
      may be amended from time to time (including, the Second Amendment to the
      Declaration) and any agreements entered into by MDLP and the NJSEA directly
      related to the foregoing enumerated instruments implementing the obligations
      of
      MDLP or any of the Component Entities under the foregoing enumerated
      instruments.

     

    “Treasury
      Regulations”
means
      the income tax regulations promulgated by the Commissioner of Internal Revenue
      from time to time, as the same may be amended, supplemented or
      recodified.

     

    “Unreturned
      Capital Contributions Accounts”
shall
      mean, collectively, the Unreturned MDLP Capital Contributions Account and the
      Unreturned MC Partners Capital Contributions Account.

     

    “Unreturned
      MDLP Capital Contributions Account”
shall
      mean an account maintained for internal bookkeeping purposes by a MC Component
      Entity (or Office/Hotel Component Owner) upon a Take Down of such MC Component
      Entity (or Office/Hotel Component Owner) for MDLP and/or its Affiliates, which
      account, as of any date shall equal the sum of all deemed capital contributed
      by
      MDLP pursuant to Section 10.6.7 and all capital contributed by MDLP and/or
      its
      Affiliates as of such date, reduced (but not below zero) by such MC Component
      Entity’s (or Office/Hotel Component Owner’s) distributions (other than
      distributions that represent a return on rather than a return of MDLP’s
      Unreturned MDLP Capital Contributions Account) to MDLP and/or its Affiliates
      pursuant to the applicable Office/Hotel Component LP Agreement.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    “Unreturned
      MC Partners Capital Contributions Account”
shall
      mean an account maintained for internal bookkeeping purposes by a MC Component
      Entity (or Office/Hotel Component Owner) upon a Take Down of such MC Component
      Entity (or Office/Hotel Component Owner) for the MC Partners and/or its
      Affiliates, which account, as of any date shall equal the sum of all deemed
      capital contributed by the MC Partners pursuant to Section 10.6.7 and all
      capital contributed by the MC Partners and/or its Affiliates as of such date,
      reduced (but not below zero) by such MC Component Entity (or Office/Hotel
      Component Owner’s) distributions (other than distributions that represent a
      return on rather than a return of the MC Partners’ Unreturned MC Partners
      Capital Contributions Account) to the MC Partners and/or its Affiliates pursuant
      to the applicable Office/Hotel Component LP Agreement.

     

    “WMB
      Annual Payment”
shall
      mean the annual payment in the amount of $100,000 that MDLP is obligated to
      pay
      under Paragraph 8 of the Conservancy Trust Agreement to the Meadowlands
      Conservation Trust for a maximum time period of seventy-five (75) years as
      more
      particularly provided in the Conservancy Trust Agreement.

     

    “Written
      Materials”
has
      the
      meaning specified in Section 8.3.2.

     

    3.  MC
      Partners’ Rights.

    

        3.1The
        parties hereto hereby agree and acknowledge that the MC Partners had certain
        rights, benefits and obligations with respect to the Project, the Component
        Entities and the ROFR Component Entities memorialized in the Original
        Partnership. In
        connection with the Redemption, the Original Partnership redeemed the MC
        Partners’ respective partnership interests in the Original Partnership in
        exchange for: (i) $22,500,000 in cash paid on the Execution Date;
        (ii)
        the distribution to Special General Partner of non-economic general partnership
        interests in each of the A-B Office LP, the C-D Office LP and the Hotel LP
        (each
        an “MC
        Component Entity”
or
        “Office/Hotel
        Component Owner”
and
        being collectively referred to herein as the “MC
        Component Entities”
or
        “Office/Hotel
        Component Owners”);
        and
        (iii) the distribution of certain rights, benefits and obligations of the
        MC
        Partners with respect to the Component Entities and the ROFR Component Entities.
        Contemporaneously with the Redemption, the JV GP delivered the MC Note to
        MC
        Entertainment. The parties hereto intend that, following the Redemption and
        the
        delivery of the MC Note, and prior to any Take Down, none of the MC Partners
        shall be treated as partners of any Component Entity or ROFR Component Entity
        for tax purposes. Except as otherwise provided herein, the parties hereto
        agree
        that MC Partners shall have only those certain rights, benefits and obligations
        (the “Mack-Cali
        Rights”)
        which
        are set forth in this Agreement, the Redemption Agreement, the MC Note and
        the
        Office/Hotel Component LP Agreements and, as applicable, which shall be set
        forth in the ROFR Component Entity Agreements. MDLP, the applicable MC Component
        Entity and the JV GP represent and warrant that each of MDLP and the applicable
        MC Component Entity is duly authorized and has the full authority to grant,
        or
        permit the exercise of, such Mack-Cali Rights to or by the MC Partners and
        that
        neither MDLP, the applicable MC Component Entity nor the JV GP (nor any of
        their
        Affiliates) has taken or omitted to take any action or will take or omit
        to take
        any action that would adversely affect the Mack-Cali Rights of either or
        both of
        the MC Partners. Such Mack-Cali Rights shall be exercisable by Special General
        Partner as a general partner and/or option holder in each MC Component Entity
        or, as applicable, each ROFR Component Entity or, if such rights may only
        be
        exercisable by MDLP, then, promptly upon the receipt of written notice from
        the
        MC Partners, the general partner of MDLP shall or shall cause MDLP to assert
        such rights on behalf of the MC Partners. The parties hereby recognize and
        agree
        that the Project shall be managed and operated pursuant to, and in accordance
        with, the Major Decisions set forth in Section 13, including, but not limited
        to, Section 13.1.3. In connection with the foregoing, and subject to the
        terms
        and conditions of the Transaction Documents, MDLP covenants to the parties
        hereto that, subject to any lender foreclosure rights lenders may have under
        their respective loan documentation, it (or its permitted successors and
        assigns) will continue to act directly or indirectly as the Developer of
        the
        Project pursuant to the Redevelopment Agreement and to perform or cause the
        Component Entities, and, if applicable, the ROFR Component Entities to perform
        their respective duties and obligations under all Transaction Documents,
        including, but not limited to, MDLP’s obligation to complete the construction of
        the Traffic and Infrastructure Improvements described in Sections 3.2(a)(i)
        through (iv) of the Redevelopment Agreement as required under the Redevelopment
        Agreement.

       

    

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

      

      3.2    MDLP
      hereby covenants to cause ERC LP and ERC LP hereby covenants to perform for
      the
      benefit of NJSEA and the Component Entities those certain obligations of MDLP
      assigned to and assumed by the ERC LP under the Assignment, Assumption and
      Cooperation Agreement, including, without limitation, the obligations of MDLP
      to
      perform: (i) under all permits and agreements as provided in Section 4 thereof;
      (ii) the obligations and conditions of MDLP under permits as provided in Section
      5 thereof; (iii) the duties of MDLP, if any, related to permits, agreements and
      other documents as provided in Section 6 thereof; and (iv) the obligations
      of
      MDLP under the Memorandum of Agreement among the Authority, MDLP and the NJDEP,
      dated March 4, 2004, as provided in Section 7 thereof. 

     

      3.3    MDLP
      further covenants to the parties hereto that, in connection with, and on or
      about the date that the ERC Restructuring is consummated, MDLP shall cause
      New
      ERC LP and its successors or assigns to execute the Instrument of Accession,
      at
      which time the parties hereto acknowledge and agree that New ERC LP, its
      successors or assigns, shall become a party to this Agreement and in such
      capacity shall assume and agree to be bound by all of the rights and obligations
      of ERC LP set forth in this Agreement and/or the Transaction Documents and
      shall
      have the rights and obligations set forth herein and therein.

     

    4.  Purposes
      and Powers of MDLP. 
      The purposes of MDLP are limited and include only the following: investing
      in,
      acquiring (whether by way of a leasehold or fee ownership interest or a
      combination thereof), holding, owning, developing, operating, maintaining,
      improving, leasing, financing, refinancing, mortgaging, selling, conveying,
      exchanging, transferring and otherwise using the Project Site

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    and
      the
      Project or any part thereof or any interest therein, including entering into
      the
      Redevelopment Agreement and acting as the “Developer”
      thereunder and taking such other actions as are contemplated by the development
      budget or any of the Authority Agreements and in furtherance of any of the
      foregoing and doing any and all other acts or things which may be incidental
      or
      necessary to carry on the business of MDLP as herein contemplated. Subject
      to
      the MC Component LP Agreements or, as applicable, the ROFR Component Entity
      Agreements, the JV GP may delegate all or any of its duties as managing general
      partner of MDLP to such other Persons as it deems necessary or desirable for
      the
      transaction of the business of MDLP, the Component Entities or, as applicable,
      the ROFR Component Entities, and, in furtherance of any such delegation, the
      JV
      GP shall have the right to appoint, employ, or contract with and compensate
      any
      such Persons. Subject to the MC Component LP Agreements or, as applicable,
      the
      ROFR Component Entity Agreements, such Persons may, under the supervision of
      the
      JV GP, administer, or assist in the administration of the routine day-to-day
      management of MDLP, the Component Entities or, as applicable, the ROFR Component
      Entities and their business and affairs; may serve as the JV GP’s advisors and
      consultants in connection with decisions made by the JV GP; may act as
      consultants, accountants, correspondents, attorneys, brokers, escrow agents,
      or
      in any other capacity; and may perform such other acts or services for MDLP
      as
      the JV GP may reasonably and prudently approve. Notwithstanding the foregoing,
      the delegation of any or all of the foregoing duties shall not relieve MDLP,
      JV
      GP, JV Holding or GP LLC of any of their respective obligations under this
      Agreement, the MC Component LP Agreements or, as applicable, the ROFR Component
      Entity Agreements.

     

    5.  Notice
      of Lawsuits, Liens, Defaults under Loans, etc

     

    .
      Each of
      the JV GP and the MC Partners covenant and agree to notify the other party
      as
      soon as reasonably possible upon receipt of any written notice of: (i) the
      filing or threatened filing of any action in law or in equity naming MDLP,
      the
      JV GP, the MC Partners or any Component Entity, or, if applicable, a ROFR
      Component Entity, as a party relating in any material way to any portion of
      the
      Project, including, but not limited to, any Authority Agreements, any Component
      Entity or any ROFR Component Entity; (ii) any actions to impose material
      liens of any kind whatsoever or of the imposition of any lien whatsoever against
      MDLP, any Component Entity, or a ROFR Component Entity or their respective
      assets including the Project or any portion thereof, that may have a material
      adverse effect on any such entity; or (iii) the default by MDLP, the JV GP,
      the MC Partners or any Component Entity, or, if applicable, a ROFR Component
      Entity of any of its material obligations to any lender or NJSEA or under any
      Transaction Documents.

     

    6.  Allocation
      of Benefits and Obligations Under Authority Agreements and Rights of First
      Refusal

     

    .
      Each of
      MDLP, the JV GP and JV Holding covenant and agree to timely take any and all
      actions necessary or desirable to enforce the rights of the parties hereto
      under
      the Authority Agreements and the Rights of First Refusal. The preceding covenant
      and agreement shall be applicable whether or not the MC Partners have delivered
      a written request to the above parties regarding the taking of any such action.
      In the event that any of MDLP, the JV GP or JV Holding shall fail to promptly
      take any such actions after delivery of written request by the MC

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    Partners,
      then MDLP, the JV GP and JV Holding hereby agree to execute any and all
      documents and to take any actions required to permit the MC Partners to enforce
      the rights of the MC Partners, the MC Component Entities or, if applicable,
      the
      ROFR Component Entities, including, but not limited to, negotiating and entering
      into an Agreement with NJSEA with respect to a ROFR. Each of MDLP, the JV GP
      and
      JV Holding hereby designates Special General Partner, its members and officers
      with full power of substitution, as each party’s true and lawful attorney to
      act, and in such party’s name, place and stead, to make, execute, sign and
      acknowledge all documents, instruments and agreements to accomplish the
      intention of this Section 6.

     

    6.1 Allocation
      of Benefits and Obligations under Authority Agreements; Rights of First
      Refusal.

     

    6.1.2 Rights
      of First Refusal.
      Section
      10.2 of the Redevelopment Agreement provides that the Developer has a right
      of
      first refusal (each such right of first refusal set forth in the Redevelopment
      Agreement, the Hotel ROFR Agreement or the Arena ROFR being referred to in
      this
      Agreement as the “Right
      of First Refusal”
or
      “ROFR”)
      respecting the acquisition, use, reuse and/or renovation of the Arena (as
      defined in the Redevelopment Agreement) (the “Arena
      ROFR”)
      and
      the development of one or more hotels adjacent to the Meadowlands Racetrack
      (the
“Hotel
      ROFR”).
      To
      more particularly set forth the terms and provisions of the Arena ROFR and
      the
      Hotel ROFR, MDLP and the NJSEA entered into the ROFR Agreements. The Hotel
      ROFR
      Agreement contemplates that the NJSEA may enter into agreements with third
      parties wherein such third parties may develop one or more hotels at the
      Meadowlands Racetrack (subject to satisfaction of certain conditions) and that
      MDLP shall have a separate right of first refusal for each hotel the NJSEA
      desires to develop at the Meadowlands Racetrack. As a result thereof, each
      such
      right of first refusal shall constitute a separate ROFR hereunder and shall
      be
      subject to the provisions of this Section 6.1.2. The determination of
      whether or not MDLP shall exercise a Right of First Refusal must be Approved
      by
      MDLP and the MC Partners (in the exercise of their sole and absolute discretion)
      no later than the twentieth (20th)
      day
      after the receipt of an Offer Notice (such twentieth (20th)
      day
      being referred to herein as the “Initial
      ROFR Election Date”
and
      the
      twenty (20) day period between MDLP’s receipt of an Offer Notice and the Initial
      ROFR Election Date being referred to herein as the “Initial
      ROFR Election Period”).
      If
      the election to exercise a Right of First Refusal shall not be Approved by
      MDLP
      and the MC Partners (in the exercise of their sole and absolute discretion)
      within the applicable Initial ROFR Election Period, such failure shall be deemed
      to mean that MDLP and the MC Partners do not approve of such election. The
      determination of whether or not to proceed with such election shall not be
      subject to the mediation and arbitration provisions of Section 15. If the
      election to proceed with a ROFR shall not be Approved by MDLP and the MC
      Partners (in the exercise of their sole and absolute discretion) prior to the
      expiration of the Initial ROFR Election Period and neither MDLP nor the MC
      Partners shall have delivered a ROFR Electing Party Notice (as hereinafter
      defined) prior to the expiration of the Initial ROFR Election Period, then
      neither MDLP nor the MC

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    Partners
      shall be permitted to proceed with the exercise of such ROFR. In accordance
      with the terms of the applicable ROFR Agreement, if MDLP shall determine to
      waive the applicable ROFR and neither MDLP nor the MC Partners shall have
      delivered a ROFR Participation Notice within the thirty (30) day period set
      forth in Section 6.1.2.2.1(a) below, then the JV GP, on behalf of MDLP,
      shall deliver a written notice to the NJSEA of MDLP’s determination to waive the
      applicable ROFR. 

     

    6.1.2.1 Election
      to Proceed with ROFR Approved by the Parties; Other Party Provides ROFR
      Participation Notice or Successful Bid Notice.
      If the
      election to proceed with a ROFR is Approved by MDLP and the MC Partners (in
      the
      exercise of their sole and absolute discretion) prior to the expiration of
      the
      Initial ROFR Election Period or if MDLP or the MC Partners shall provide a
      ROFR
      Participation Notice within the thirty (30) day period set forth in
      Section 6.1.2.2.1(a) below or if a Successful Bid Notice is sent in
      accordance with Section 6.1.2.2.2(a), then MDLP (or the JV GP or an
      Affiliate of MDLP or JV GP) and the MC Partners (or any of their Affiliates)
      shall form a limited partnership, which shall be “fractions rule” compliant
      within the meaning of Section 514(c)(9) of the Code and the Treasury
      Regulations, unless otherwise reasonably determined by MDLP in its sole
      discretion (each a “ROFR
      Component Entity”
and
      collectively the “ROFR
      Component Entities”),
      and,
      in connection therewith, execute an agreement of limited partnership in
      substantially the form of the Office/Hotel Component LP Agreement (each a
“ROFR
      Component Entity Agreement”)
      with
      the following revisions: (i) there shall be no establishment of initial
      capital accounts for such ROFR Component Entities as provided in
      Section 10.6.7, as there shall be no Take Down associated with the
      development of the particular project, (ii) the aggregate Partnership
      Interest of MDLP and/or its Affiliates shall be fifty percent (50%) and the
      aggregate Partnership Interests of the MC Partners and/or their Affiliates
      shall
      be fifty percent (50%), with each such party being obligated to contribute
      Required Equity, pari passu, based on their respective Partnership Interests,
      (iii) the list of Major Decisions shall be modified to address the fact
      that the ROFR Component Entity is a 50/50 joint venture to be jointly controlled
      by MDLP and/or its Affiliates on the one hand and the MC Partners and/or their
      Affiliates on the other hand, (iv) the managing general partner shall be
      MDLP if the use is entertainment and/or retail related, and the managing general
      partner shall be Special General Partner if the use is office or hotel related,
      and the managing general partner shall be as otherwise Approved by MDLP and
      the
      MC Partners (as reasonably agreed upon by MDLP and the MC Partners) if the
      use
      shall not be entertainment, retail, office or hotel related, (v) the
      managing general partner shall be obligated to commence development and
      construction upon the earlier of the date required under the applicable ROFR
      Agreement, if any, and the date that may be agreed

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    upon
      by
      MDLP and the MC Partners and set forth in such limited partnership agreement
      and
      (vi) the capital accounts of the partners in each such ROFR Component Entity
      shall be maintained in accordance with Code Section 704(b), and the Treasury
      Regulations promulgated thereunder, and (vii) all allocations of income, gain
      loss and deduction that are capable of having economic effect shall have
“substantial economic effect” within the meaning of Code Section 704(b) and the
      Treasury Regulations promulgated thereunder. Upon the formation of a ROFR
      Component Entity, the terms and provisions of such agreement of limited
      partnership shall govern the rights and obligations of MDLP, the JV GP and/or
      their Affiliates and the MC Partners and/or their Affiliates respecting the
      applicable ROFR and the associated property and rights to be acquired from
      the
      NJSEA. 

     

    6.1.2.2 Election
      to Proceed with ROFR Not Approved by MDLP and the MC Partners; One Party
      Expresses Desire to Exercise ROFR.
      If MDLP
      and the MC Partners do not approve of an election to exercise a ROFR and if,
      prior to the expiration of the Initial ROFR Election Period, either MDLP or
      the
      MC Partners shall deliver a written notice (a “ROFR
      Electing Party Notice”)
      to the
      other party stating its desire to exercise the applicable ROFR (any such party
      that provides a ROFR Electing Party Notice being referred to herein as the
      “ROFR
      Electing Party”),
      then,
      subject to the provisions of the applicable ROFR Agreement, the ROFR Electing
      Party, on behalf of MDLP, shall have the exclusive right during the period
      (the
“Exclusive
      Negotiation Period”)
      commencing on the date that is the earlier of (i) the date upon which MDLP
      and
      the MC Partners determine pursuant to a written instrument that MDLP shall
      not
      exercise the applicable ROFR, and (ii) the Initial ROFR Election Date, and
      terminating on the outside date for execution of a definitive agreement under
      the applicable ROFR Agreement, to cause MDLP, on behalf of a ROFR Electing
      Party, to negotiate the terms and provisions of a written agreement with the
      NJSEA to acquire the property and rights that are subject to the applicable
      ROFR
      and this Section 6.1.2.2 and, if such negotiations are successful, to cause
      MDLP, on behalf of a ROFR Electing Party, to enter into such a written agreement
      pursuant to and in accordance with Section 6.1.2.1. The failure of a party
      to
      deliver a ROFR Electing Party Notice shall be deemed an election by such party
      not to exercise the applicable ROFR.

     

    6.1.2.2.1 ROFR
      Electing Party Enters Into Agreement with NJSEA During Exclusive Negotiation
      Period.
      If the
      ROFR Electing Party shall succeed in entering into a written agreement with
      the
      NJSEA within such Exclusive Negotiation Period, then, subject to the provisions
      of Section 6.1.2.2.1(a), the ROFR Electing Party shall be permitted to
      enter into such written agreement without the involvement of MDLP (or the JV
      GP)
      or the

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    MC
      Partners, as the case may be (each a “Non-Electing
      Party”
and
      collectively the “Non-Electing
      Parties”),
      and
      the Non-Electing Parties covenant that they shall provide all reasonably
      necessary assistance and execute all reasonably necessary agreements, in each
      case, without recourse by the ROFR Electing Party or the NJSEA (except any
      recourse by the NJSEA as provided in, and subject to, the next two sentences),
      to assign or transfer the applicable ROFR to the ROFR Electing Party or its
      Affiliates. If the agreement(s) entered into with the NJSEA impose any
      obligations or liabilities on the Non-Electing Parties, or their Affiliate(s),
      as applicable, including any obligations or liabilities arising out of or in
      connection with any of the Non-Electing Parties being direct or indirect owners
      of any Person that is a party to the agreements with the NJSEA (for example,
      if
      the agreement(s) require that MDLP must be the party to such agreement(s)),
      then
      the obligation of the Non-Electing Parties to provide assistance and agreements
      as provided in the immediately preceding sentence shall be conditioned upon
      the
      ROFR Electing Party executing an indemnification agreement in favor of the
      Non-Electing Parties or their Affiliate(s), as applicable. Such indemnification
      agreement shall provide that the ROFR Electing Party agrees to indemnify, defend
      and hold harmless the Non-Electing Parties and their Affiliate(s), as
      applicable, from and against any and all liabilities, obligations, claims,
      losses, suits, damages, costs and expenses (including reasonable attorneys’ fees
      and expenses) arising out of or occurring as a result of the agreement(s)
      entered into with the NJSEA or the property that is subject to the agreements
      or
      the ownership of such Person(s). The ROFR Electing Party shall be permitted
      to
      execute such documents and take such actions on behalf of MDLP without the
      necessity of the approval or consent of the Non-Electing Parties as shall be
      reasonably necessary in order that the applicable ROFR shall be assigned or
      transferred to the ROFR Electing Party or its Affiliate; provided, however,
      that
      such documents shall not impose any obligations or liabilities on the
      Non-Electing Parties.

     

    (a) Agreement
      with NJSEA is More Favorable than Offer Notice; Other Party’s Right to
      Participate.
      If the
      ROFR Electing Party shall enter into a written agreement with the NJSEA prior
      to
      the expiration of the applicable Exclusive Negotiation Period and if the price
      or other consideration to be paid to the NJSEA is an amount equal to or less
      than ninety-five percent (95%) of the price or other consideration proposed to
      be paid to the NJSEA in the applicable Offer Notice or if any other term(s),
      taken as a whole, grant materially better rights or

     

    
      
        
        

      

      
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    benefits
      than as set forth in the applicable Offer Notice, then the ROFR Electing Party
      shall provide a written notice to the Non-Electing Parties of such fact (such
      written notice, a “ROFR Contract
      Notice”).
      The
      MC Partners (if the ROFR Electing Party is MDLP) or MDLP (if the ROFR Electing
      Party is either of the MC Partners) shall have thirty (30) days after the
      receipt of a ROFR Contract Notice to provide a written notice to the other,
      of
      their election (a “ROFR
      Participation Notice”)
      to
      participate in the exercise of the applicable ROFR on the terms set forth in
      the
      ROFR Contract Notice.

     

    (b) Other
      Party Provides a ROFR Participation Notice.
      If the
      Non-Electing Party shall provide a ROFR Participation Notice within the
      thirty (30) day period described in Section 6.1.2.2.1(a) hereof, then
      MDLP and the MC Partners shall enter into a limited partnership agreement as
      contemplated in Section 6.1.2.1 hereof.

     

    (c) Other
      Party Does Not Provide a ROFR Participation Notice.
      If the
      Non-Electing Party shall fail to provide a ROFR Participation Notice within
      the
      thirty (30) day period described in Section 6.1.2.2.1(a) hereof, the
      Non-Electing Party shall be deemed to have elected not to so participate and
      the
      ROFR Electing Party shall be permitted to enter into the written agreement
      with
      the NJSEA without the involvement of MDLP (if MDLP is the Non-Electing Party)
      or
      any of the Non-Electing Parties as provided in the first paragraph of this
      Section 6.1.2.2.1.

     

    6.1.2.2.2 ROFR
      Electing Party Fails to Enter Into Agreement with NJSEA; Parties May Negotiate
      Independently with NJSEA.
      If, as
      of the expiration of the Exclusive Negotiation Period, the ROFR Electing Party
      shall have failed to enter into a written agreement with the NJSEA as aforesaid,
      then, subject to any applicable provisions of the applicable ROFR Agreement
      and the right of the Non-Electing Parties to participate as the result of the
      timely delivery of a Successful Bid Participation Notice as provided in
      Sections 6.1.2.2.2(a) and (b) hereof, the MC Partners, MDLP and the JV GP
      and/or their respective Affiliate(s) shall be permitted to respond independently
      to any solicitations from the NJSEA to the public (such as requests for
      proposals) or otherwise negotiate with the NJSEA to so acquire the property
      and
      rights that are subject to the applicable ROFR (any such independent response
      or
      negotiation, an “Independent
      Negotiation”).

     

    
      
        
        

      

      
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    (a) Party
      is Successful in Independent Negotiation; Other Party’s Right to
      Participate.
      If MDLP
      and/or its Affiliates or the MC Partners and/or their Affiliates (such party,
      the “Successful
      Bid Party”)
      shall
      enter into a written agreement with the NJSEA as the result of an Independent
      Negotiation, then the Successful Bid Party shall provide a written notice to
      the
      other party of such fact (such written notice, a “Successful
      Bid Notice”).
      The
      MC Partners (if the Successful Bid Party is MDLP) or MDLP (if the Successful
      Bid
      Party is the MC Partners) (the “Non-Participating
      Party”)
      shall
      have thirty (30) days after the receipt of a Successful Bid Notice to provide
      a
      written notice to the other, of their election (a “Successful
      Bid Participation Notice”)
      to
      participate in the transaction that is the subject of the written agreement
      with
      the NJSEA on the terms set forth in the Successful Bid Notice.

     

    (b) Other
      Party Provides a Successful Bid Participation Notice.
      If the
      Non-Participating Party shall provide a Successful Bid Notice within the thirty
      (30) day period described in Section 6.1.2.2.2(a) hereof, then MDLP and the
      MC Partners shall enter into a limited partnership agreement as contemplated
      in
      Section 6.1.2.1 hereof.

     

    (c) Other
      Party Does Not Provide a Successful Bid Participation
      Notice.
      If the
      Non-Participating Party shall fail to provide a Successful Bid Participation
      Notice within the thirty (30) day period described in Section 6.1.2.2.2(a)
      hereof, the Non-Participating Party shall be deemed to have elected not to
      so
      participate and the Successful Bid Party shall be permitted to enter into a
      written agreement with the NJSEA that is the result of the Independent
      Negotiation without the involvement of MDLP (if MDLP is the Non-Participating
      Party) or the other party, subject, however, to Section 6.1.2.2.2(c)(i)
      hereof.

     

    (i) Agreement
      with NJSEA is More Favorable than Successful Bid Notice; Other Party’s Right to
      Participate.
      If the
      Successful Bid Party shall enter into a written agreement with the NJSEA
      subsequent to the thirty (30) day period described in Section 6.1.2.2.2(a)
      and if the price or other consideration to be paid to the NJSEA is an amount
      equal to or less than ninety-five percent (95%) of the price or other
      consideration proposed to be paid to the NJSEA in the applicable

     

    
      
        
        

      

      
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    Successful
      Bid Notice or if any other term(s), taken as a whole, grant materially better
      rights or benefits than as set forth in the applicable Successful Bid Notice,
      then the Successful Bid Party shall provide a written notice to the
      Non-Participating Party of such fact (such written notice, a “Successful
      Bid Reoffer Notice”).
      The
      Non-Participating Party shall have thirty (30) days after the receipt of a
      Successful Bid Reoffer Notice to provide a written notice to the Successful
      Bid
      Party, of their election (a “Successful
      Bid Reoffer Participation Notice”)
      to
      participate in the transaction that is the subject of the written agreement
      with
      the NJSEA on the terms set forth in the Successful Bid Reoffer
      Notice.

     

    (ii) Other
      Party Provides a Successful Bid Reoffer Participation
      Notice.
      If the
      Non-Participating Party shall provide a Successful Bid Reoffer Participation
      Notice within the thirty (30) day period described in
      Section 6.1.2.2.1(c)(i) hereof, then MDLP and the MC Partners shall enter
      into a limited partnership agreement as contemplated in Section 6.1.2.1
      hereof.

     

    (iii) Other
      Party Does Not Provide a Successful Bid Reoffer Notice.
      If the
      Non-Participating Party shall fail to provide a Successful Bid Reoffer Notice
      within the thirty (30) day period described in Section 6.1.2.2.1(c)(i)
      hereof, the Non-Participating Party shall be deemed to have elected not to
      so
      participate and the Successful Bid Party shall be permitted to enter into the
      written agreement with the NJSEA without the involvement of MDLP (if MDLP is
      the
      Non-Participating Party) or the Non-Participating Party.

     

    6.1.2.3 Right
      of the MC Partners To Demonstrate to NJSEA that Hotel having Substantially
      Same
      Utility Can Be Built on Project Site instead of on Meadowlands Racetrack
      Site.
      Concurrently with MDLP and the MC Partners determining whether they shall
      proceed with a particular Hotel ROFR and provided that, as of such date, the
      MC
      Partners either shall have Taken Down the Hotel Component or shall still have
      a
      right to Take Down the Hotel Components under Section 10 and shall not have
      “committed to develop a hotel on the Hotel Component” as provided in
      Section 5 of the Hotel ROFR Agreement, and provided further

     

    
      
        
        

      

      
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    that,
      as
      of such date, neither Special General Partner nor MC Entertainment shall be
      in
      material default under this Agreement (after the giving of any required notice
      thereof and the expiration of any applicable cure period), the MC Partners
      shall
      be permitted, pursuant to subclause (iii) of Section 10.2(f) of the
      Redevelopment Agreement (as incorporated in the Hotel ROFR Agreement), to
      exercise MDLP’s right to demonstrate to the NJSEA that a hotel having
      substantially the same utility to the NJSEA can be built on the portion of
      the
      Project Site (as defined in the Redevelopment Agreement) planned for the Hotel
      Component instead of the Meadowlands Racetrack. If the MC Partners shall be
      successful, then:  (i) if the MC Partners have not yet Taken Down
      the Hotel Component, the MC Partners shall Take Down the Hotel Component,
      (ii) if the hotel that shall be constructed on the Hotel Component shall
      not have video lottery terminals (or “slots”), or any other legalized form of
      gaming on or in its premises, then MDLP, the JV GP and/or their Affiliates
      and
      the MC Partners and/or their Affiliates shall form a ROFR Component Entity,
      which shall be “fractions rule” compliant within the meaning of Section
      514(c)(9) of the Code and the Treasury Regulations, unless otherwise reasonably
      determined by MDLP in its sole discretion, and, in connection therewith, execute
      an agreement of limited partnership substantially in the form of the
      Office/Hotel Component LP Agreement and proceed with the development of the
      hotel thereon, and (iii) if the hotel that shall be constructed on the
      Hotel Component shall have video lottery terminals (or “slots”), or any other
      legalized form of gaming on or in its premises, then the MC Partners and/or
      their Affiliates and MDLP and the JV GP and/or their Affiliates shall form
      a
      ROFR Component Entity, which shall be “fractions rule” compliant within the
      meaning of Section 514(c)(9) of the Code and the Treasury Regulations, unless
      otherwise reasonably determined by MDLP in its sole discretion, and, in
      connection therewith, execute an agreement of limited partnership in
      substantially the form of the Office/Hotel Component LP Agreement with the
      following revisions: (A) the aggregate Partnership Interest of MDLP and/or
      its Affiliates shall be fifty percent (50%) and the aggregate Partnership
      Interests of the MC Partners and/or their Affiliates shall be fifty percent
      (50%), with the MC Partners being obligated to contribute all Required Equity
      as
      set forth in the agreed-upon development budget for the Hotel Component until
      such time as the Capital Ratio is 50:50 and, thereafter, each of MDLP, the
      JV GP
      and/or their Affiliates and the MC Partners and/or their Affiliates shall be
      obligated to contribute Required Equity, pari passu, based on their respective
      Partnership Interests in such ROFR Component Entity, (B) if, as of the
      Capital Ratio Determination Date, the Capital Ratio is not 50:50, then the
      MC
      Partners shall be obligated to contribute capital to the ROFR Component Entity
      as contemplated in Section 10.6.6(a), except that the amount to be
      contributed by the MC Partners must result, after such contribution and
      the

     

    
      
        
        

      

      
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    distribution
      described in Section 10.6.6(a), in a Capital Ratio of 50:50,
      (C) MDLP’s right to elect to take the actions set forth in
      Section 10.6.6(b)(i) and Section 10.6.6(b)(ii) shall arise if the Capital
      Ratio is not 50:50, (D) the list of Major Decisions shall be modified to
      address the fact that the ROFR Component Entity is a 50/50 joint venture to
      be
      jointly controlled by MDLP and the MC Partners, (E) the MC Partners shall
      be the managing general partner of such ROFR Component Entity and (F) the
      capital accounts of the partners in such ROFR Component Entity shall be
      maintained in compliance with Code Section 704(b) and the Treasury Regulations
      promulgated thereunder; and (G) all allocations of income, gain, loss and
      deduction that are capable of having economic effect shall have “substantial
      economic effect” within the meaning of Code Section 704(b) and the Treasury
      Regulations promulgated thereunder. If, as of such date, the MC Partners shall
      not have Taken Down the Hotel Component and the MC Partners shall no longer
      have
      a right to Take Down the Hotel Component under Section 10, MDLP shall be
      permitted, pursuant to subclause (iii) of Section 10.2(f) of the Redevelopment
      Agreement (as incorporated in the Hotel ROFR Agreement), to exercise MDLP’s
      right to demonstrate to the NJSEA that a hotel having substantially the same
      utility to the NJSEA can be built on the portion of the Project Site (as defined
      in the Redevelopment Agreement) planned for the Hotel Component instead of
      the
      Meadowlands Racetrack. If MDLP shall be successful, then the provisions of
      Section 10.7 shall control in respect of MDLP’s actions with respect to the
      Hotel Component, except that, if the MC Partners shall make a Partnership
      Election, then the Partnership Interests and capital contribution obligations
      in
      subclause (1) of Section 10.7.3.2 shall be amended to be consistent with
      the subclause (ii) and (iii) of the second sentence of this
      Section 6.1.2.3. Also, should either the MC Partners or MDLP, as
      applicable, be successful in demonstrating to the NJSEA that a hotel having
      substantially the same utility to the NJSEA can be built on the portion of
      the
      Project Site planned for the Hotel Component instead of the Meadowlands
      Racetrack, then the managing general partner of the ROFR Component Entity formed
      as provided in this Section 6.1.2.3 shall be obligated to commence
      development and construction upon the earlier of the date required under any
      applicable agreement between MDLP and the NJSEA, and the date that may be agreed
      upon by MDLP and the MC Partners and set forth in such ROFR Component Entity
      partnership agreement. Notwithstanding anything to the contrary, MDLP’s or the
      MC Partners’ right to participate in the development and ownership of a hotel as
      contemplated herein with video lottery terminals (or “slots”), or any legalized
      form of gaming on or in its premises is subject to MDLP’s or the MC Partners’
ability to meet the federal, state or local licensure requirements for the
      operation of a gaming facility (that is, a facility with video lottery
      terminals), or any legalized form of gaming) (“Gaming
      Facility”).
      If,
      for any reason, either

     

    
      
        
        

      

      
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    MDLP
      or
      the MC Partners is unable to meet such licensure requirements for the operation
      of a Gaming Facility (such party, an “Ineligible
      Party”),
      then
      the Ineligible Party may assign or transfer its Partnership Interest in the
      ROFR
      Component Entity to another Person that is reasonably acceptable to the other
      party (it being understood that a transfer from an Ineligible Party that would
      not be permitted shall include (a) any transfer to a Person that, upon
      becoming a partner, shall constitute an Ineligible Party, and (b) any
      transfer to a Person that does not have sufficient net worth, at the time of
      the
      transfer, to fund the reasonably foreseeable equity requirements to fund
      budgeted equity requirements and equity requirements that would be required
      to
      be funded in subsequent years). In such event any consideration received by
      the
      Ineligible Party shall be the sole property of the Ineligible
      Party.

     

    6.1.3 Any
      Other Development of a Hotel at Meadowlands Race Track.
      If the
      NJSEA shall approach MDLP to negotiate a transaction for MDLP to develop a
      hotel
      at the Meadowlands Race Track without the implementation of the terms and
      provisions of the Hotel ROFR Agreement or the NJSEA and MDLP shall otherwise
      engage in negotiations to develop such a hotel, the decision to have MDLP to
      proceed with such development shall require the Approval of the Parties (as
      determined in the exercise of their sole and absolute discretion). If MDLP
      and
      the MC Partners shall so provide such approval, then MDLP, the JV GP and/or
      their respective Affiliates and the MC Partners and/or their respective
      Affiliates shall form an ROFR Component Entity in accordance with
      Section 6.1.2.1 and proceed with the development of the hotel in accordance
      with the ROFR Component Entity partnership agreement to be entered into the
      by
      MDLP, the JV GP and/or their respective Affiliates and the MC Partners and/or
      their respective Affiliates. If MDLP and the MC Partners shall not provide
      such
      approval, then MDLP and the MC Partners shall proceed in their individual
      negotiations with the NJSEA and their individual elections to proceed (and
      corresponding obligations to permit the other party to participate in a
      transaction with the NJSEA) in a manner similar to the manner in which MDLP
      and
      the MC Partners, if a ROFR shall not be Approved by MDLP and the MC Partners,
      are permitted to proceed with respect to a ROFR (and provide the other party
      an
      opportunity to participate in such ROFR) that shall not be Approved by the
      Parties. 

     

    6.1.4 Change
      in Use of Hotel Component.
      Section 10.2 of the Redevelopment Agreement contemplates that, regardless
      of whether the Hotel ROFR is exercised, the NJSEA shall give special
      consideration to the Approval of a Major Modification to the Approved Master
      Plan and Conceptual Site Plan to permit the use of the portion of the Project
      Site planned for the Hotel Component for an alternative use consistent with
      the
      Enabling Legislation (all capitalized terms used in this Section 6.1.4 not
      otherwise defined in the Original Agreement shall have the meanings ascribed
      to
      them in the Redevelopment Agreement).

     

    
      
        
        

      

      
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    6.1.4.1 Change
      in Use; the MC Partners Have Right to Approve.
      If, as
      of the date of the proposed change in use of the Hotel Component, the MC
      Partners either shall have Taken Down the Hotel Component or shall still have
      a
      right to Take Down the Hotel Component under Section 10, any change in use
      of
      the Hotel Component to an alternative use in use shall require the Approval
      of
      the Parties (as determined in the exercise of their sole and absolute
      discretion). If the NJSEA shall approve such change in use and MDLP and the
      MC
      Partners shall so approve such change in use as a Major Decision (such Major
      Decision to be determined by MDLP and the MC Partners in the exercise of their
      sole and absolute discretion), then, prior to the development of the Hotel
      Component, MDLP and/or their respective Affiliates and the MC Partners shall
      form a ROFR Component Entity in accordance with Section 6.1.2.1, except
      that the managing general partner shall be MDLP, the JV GP and/or their
      respective Affiliates if the use is entertainment and/or retail related, and
      the
      managing general partner shall be the MC Partners and/or their respective
      Affiliates if the use is office or hotel related, and the managing general
      partner shall be as otherwise Approved by the Parties (as reasonably agreed
      upon
      by the parties) if the use shall not be entertainment, retail, office or hotel
      related.

     

    6.1.4.2 Change
      in Use; No Right of the MC Partners to Approve.
      If, as
      of the date of the proposed change in use of the Hotel Component, the MC
      Partners shall not have Taken Down the Hotel Component and the MC Partners
      shall
      no longer have a right to Take Down the Hotel Component under Section 10, any
      change in use of the Hotel Component to an alternative use in use shall not
      require the Approval of the Parties but, rather, may be agreed to by MDLP.
      If
      the NJSEA shall approve such change in use and MDLP shall so agree upon such
      change in use, then the provisions of Section 10.7 shall control in respect
      of MDLP’s actions with respect to the Hotel Component.

     

    7.  Management
      of the MC Component Entities and the ROFR Component Entities: REIT
      Issues.

     

     

      7.1    Subject
      to Section 7.2, the parties hereto covenant and agree to negotiate in good
      faith
      to structure the ownership and management of the assets of the Office/Hotel
      Component Owners and, as applicable, the ROFR Component Entities in a manner
      that is tax-neutral for each of MDLP, the JV GP and/or their respective
      Affiliates and the MC Partners and/or their Affiliates; provided, however,
      to
      the extent that a tax-neutral structure cannot be agreed upon by the parties,
      the provisions of Section 7.2 shall govern the ownership and management of
      the
      assets of the Office/Hotel Component Owners and, as applicable, the ROFR
      Component Entities.

     

      7.2    The
      parties
      hereto hereby acknowledge the status of Mack-Cali Realty Corporation, a Maryland
      corporation (“MCRC”)
      (an
      Affiliate of the MC Partners) as a REIT. The JV GP, JV Holding and the MC
      Partners further covenant and agree that the MC
      Component Entities and, as applicable, the ROFR Component Entities and their
      respective properties shall be managed in a manner so that: (a) the gross income
      of each such entity meets the tests provided in Section 856(c)(2) and (3) of
      the
      Code as if each MC Component Entity and each ROFR Component Entity were a REIT;
      (b) the assets of each such entity meets the tests provided in Section 856(c)(4)
      of the Code as if each MC Component Entity and each ROFR Component Entity were
      a
      REIT; and (c) each such entity minimizes federal, state, local and excise taxes
      that may be incurred by MCRC, or any of its Affiliates, including taxes under
      Section 857(b), 860(c) or 4981 of the Code. MDLP, the JV GP, JV Holding and
      the
      MC Partners hereby acknowledge, agree and accept that each MC Component Entity
      and each ROFR Component Entity may be precluded from taking, or may be required
      to take, an action which it would not have otherwise taken, even though the
      taking or the not taking of such action might otherwise be advantageous to
      each
      such MC Component Entity and each ROFR Component Entity and/or to the JV GP,
      JV
      Holding or the MC Partners (or one or more their Affiliates). If the MC Partners
      (or an Affiliate of the MC Partners) determines that, in order to meet the
      requirements of this provision, one or more corporations should elect to be
      treated as a "taxable REIT subsidiary" (as defined in Section 856(l)(1) of
      the
      Code) in accordance with Section 856(l)(1)(B) of the Code (and in accordance
      with guidance issued by the Internal Revenue Service), MDLP, the JV GP, JV
      Holdings, the MC Partners and MCRC hereby agree to cause such corporations
      to
      file a joint "TRS" election with MCRC to be treated as a "taxable REIT
      subsidiary" pursuant to, and in accordance with, Section 856(l)(1)(B) of the
      Code. Each MC Component Entity and each ROFR Component Entity and MCRC shall
      join in such elections within seven (7) days after written notice to such
      MC Component Entity and each ROFR Component Entity and MCRC by the MC
      Partners.

     

     

     

     

     

    
      
        
        

      

      
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    8.  Management.

     

    Subject
      to the Take Down of any MC Component Entity, the parties hereto acknowledge
      that
      MDLP shall directly or indirectly control the Component Entities. 

     

      8.1Management
      of MC Component Entities and ROFR Component Entities.

     

      8.1.1 
Party
      Representatives.
      MDLP
      shall designate, in writing delivered to the MC Partners, its representative
      (the “MDLP
      Representative”)
      and
      alternate representative (the “Alternate
      MDLP Representative”),
      and
      the MC Partners shall designate, in writing delivered to MDLP, their
      representative (the “MC
      Representative”)
      and
      alternate representative (the “Alternate
      MC Representative”),
      for
      purposes of this Agreement. The MDLP Representative or, if not available, the
      Alternate MDLP Representative, shall be fully authorized to provide any
      approvals and otherwise act on behalf of MDLP for all purposes and any approval
      so provided and any act so taken by MDLP Representative or, if not available,
      the Alternative MDLP Representative for or on behalf of MDLP, shall be binding
      upon MDLP for all purposes of this Agreement. The MC Representative or, if
      not
      available, the Alternate MC Representative, shall be fully authorized to provide
      any approvals and otherwise act on behalf of the MC Partners for all purposes
      of
      this Agreement and any approval so provided and any act so taken by
      the MC
      Representative or, if not available, the Alternative MC Representative, for
      or
      on behalf of the MC Partners shall be binding upon each of the MC Partners,
      respectively, for all purposes of this Agreement. MDLP and the MC Partners
      may,
      at any time, designate a replacement representative and such designation shall
      be effective immediately upon the receipt of written notice of such designation
      by the other party. The initial MC Representative, Alternate MC Representative,
      MDLP Representative and Alternate MDLP Representative shall be those Persons
      set
      forth in Exhibit
      E
      to this
      Agreement.

     

     

     

     

    
      
        
        

      

      
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      8.1.2     Meetings
      of Party Representatives.

     

      (a)    The
      MDLP
      Representative or the Alternate MDLP Representative and the MC Representative
      or
      the Alternate MC Representative shall meet at such times as reasonably requested
      by MDLP or the MC Partners. Such meetings may occur telephonically.

     

      (b)    Notice
      of
      meetings of party representatives may be given personally or by mail, in writing
      or in any manner that is reasonable under the circumstances to give actual
      notice; provided, however, absent a written waiver by either the MDLP
      Representative (or the Alternate MDLP Representative) or the MC Representative
      (or the Alternate MC Representative), each representative shall receive not
      less
      than ten (10) days advance notice of any meeting of the party
      representatives.

     

      8.2   
      Partner
      Cooperation; Project Status Reports and Budgets. 
      If the JV GP shall request such cooperation, the MC Partners shall, in a
      commercially reasonable manner, provide such cooperation and expertise and
      participation as shall be necessary in order to gain the applicable governmental
      approvals and agreements with any Governmental Authority in order to complete
      the Project and shall be reimbursed for its out of pocket expenses and
      reasonable costs for same if and to the extent the JV GP requests that the
      MC
      Partners take the specific actions resulting in the requirements to expend
      such
      sums. The JV GP shall, in a commercially reasonable manner, provide its
      cooperation and expertise in a manner intended to enable the successful
      completion of the Project. The JV GP shall provide the MC Partners with monthly
      “job cost” reports of the Project, that provide information relating to the
      construction of the Infrastructure Improvements
      and
      Traffic and Infrastructure Improvements.
      Within
      ten (10) Business Days of receipt of a written request from the MC Partners,
      the
      JV GP will provide the MC Partners with (i) a copy of the portions of MDLP’s
      most recent development budget that relate to the MC Components, the ROFR
      Components, as applicable, and the Infrastructure Improvements and Traffic
      and
      Infrastructure Improvements and (ii) such other reports, documents or
      information relating to the Infrastructure Improvements and Traffic and
      Infrastructure Improvements as the MC Partners shall reasonably
      request.

     

      8.3   
      Participation
      in meetings, conferences, etc./Copies of notices, documents, etc./Avoidance
      of
      duplicative costs.
      

     

      8.3.1   
      Notwithstanding anything herein to the contrary, each of the JV GP and the
      MC
      Partners shall use reasonable efforts to give notice in any manner that is
      reasonable under the circumstances to the other party and such other party
      shall
      have the right to be present at, and participate in, any pre-scheduled
      discussions, meetings and other significant and material communications between
      the JV GP or the MC Partners (or any of their respective Affiliates) and the
      NJSEA or any other Governmental Authority or their representatives
      (“Third
      Party Discussions”).
      It is
      the intention of this Section 8.3.1 that each of the JV GP and the MC Partners
      shall be afforded the opportunity to fully and meaningfully participate in
      the
      Third Party Discussions to the extent practical under the relevant
      circumstances. In the event that either the JV GP or the MC Partners, as the
      case may be, does not or is unable to participate in any such Third Party
      Discussion for any reason, the participating party shall make reasonable efforts
      to keep the other party apprised of such Third Party Discussions.
      Notwithstanding the foregoing, to the extent that any such discussions are
      intended to affect the Office/Hotel Component or the Hotel ROFR or Arena ROFR,
      the MC Partners shall be provided advance notice of such pre-scheduled
      discussions and shall have the right to participate in such discussions and
      to
      the extent that any such discussions are intended to affect the
      Entertainment/Retail Component, the JV GP shall be provided advance notice
      of
      such pre-scheduled discussions and shall have a right to participate in all
      such
      discussions; and

     

     

     

    
      
        
        

      

      
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      8.3.2  Notwithstanding
      anything herein to the contrary, each of the JV GP and the MC Partners shall,
      and shall cause its Affiliates to (and in the case of the JV GP, shall cause
      MDLP to), promptly furnish to, or make available to, the other party copies
      of
      any and all material notices, submissions, settlements, resolutions, schedules,
      correspondence, court papers or filings, reports and other material documents
      or
      written materials (collectively, “Written
      Materials”)
      received from the NJSEA or any other federal, state or local governmental
      authority, agency or instrumentalities (including, the State of New Jersey,
      Bergen County or the Borough of East Rutherford) (“Governmental
      Authority”)
      with
      respect to or pertaining to the Project, if the substance of such Written
      Materials could materially affect any of the Project. Each of the JV GP and
      the
      MC Partners shall use reasonable efforts to provide copies of correspondence
      from such party to a Governmental Authority concurrently with the delivery
      thereof provided, however, that a party shall discharge its duties under this
      Section 8.3.2 by making such Written Materials available to the other party
      at
      the location where the materials are retained. Each of the JV GP and the MC
      Partners shall, and shall cause its Affiliates to, use good faith efforts to
      promptly disclose to the other party any information of which the party or
      any
      of its Affiliates has actual knowledge (whether by reason of an oral or written
      communication or otherwise) that could have a material adverse effect on any
      of
      the Project, the MC Component Entities, the Hotel ROFR, the Arena ROFR or the
      ROFR Component Entities.

     

      8.4  
      Compliance
      with Authority Agreements/Partnership Defaults.  
      The
      JV GP
      shall use commercially reasonable efforts to cause MDLP and the Component
      Entities, or, if applicable, the ROFR Component Entities to timely comply with
      all of MDLP’s or obligations under any of the Authority Agreements.

     

    9.  Reimbursements.  
      MDLP and the MC Partners hereto will be reimbursed by the applicable MC
      Component Entity or, as applicable, the applicable ROFR Component Entity for
      such costs and expenses incurred by it in providing predevelopment, development,
      pre- and post-development leasing, releasing, marketing, financing, legal (both
      in-house and third party) and pre- and post-development tenant coordination
      services to any MC Component Entity or, as applicable any ROFR Component Entity
      and other services ancillary to the development, ownership and operation of
      an
      Office/Hotel Component, if and to the extent that such services are to be
      provided by MDLP or the MC Partners (rather than by any other Person, pursuant
      to contracts or other agreements). Where appropriate, all such costs and
      expenses shall be evidenced by contracts or cost invoices.

     

    10.  Formation
      of Component Entities; Development of Office/Hotel
      Components.

     

     

    10.1 Development
      of Office Component and Hotel Component; Formation of Component
      Entities.
      The
      Redevelopment Agreement contemplates that construction of the Hotel Component
      and the Office Component (collectively, the “Office/Hotel
      Component”)
      may
      occur as Phase III and Phase IV of the Project, subject to favorable economic
      and market conditions as more particularly set forth therein. The MC Partners
      shall have the option to develop or cause to be developed the Office/Hotel
      Component on the terms and conditions set forth below.

     

    10.1.1 Separate
      Development of Entertainment/Retail, Office and Hotel Components; Separate
      Ground Leases.
      The
      Redevelopment Agreement contemplates that the Entertainment/Retail Component,
      the Office Component (and the four (4) sub-Components thereof - that is,
      Buildings A, B, C and D as defined in the Redevelopment Agreement) and the
      Hotel
      Component may be developed at different times either by MDLP or by one or more
      other entities or a combination thereof (a “Staged
      Development”).
      The
      parties hereto acknowledge and agree that prior to the date hereof, MDLP caused
      to be formed each of the Component Entities and, in connection with the
      Financial Closing, each of the Component Entities entered into their respective
      Ground Lease and Component Agreement whereby MDLP assigned certain of its rights
      and obligations to the Component Entities.

     

    10.1.2 Issuance
      of Partnership Interests to the MC Partners upon the Exercise of a Take Down;
      Conveyance to Office/Hotel Component Upon the Take Down of a
      Sub-Component..
      Upon the
      MC Partners exercise of a Take Down option with respect to an Office/Hotel
      Component, MDLP shall cause the applicable MC Component Entity to issue economic
      partnership interests in such MC Component Entity to the MC Partners (and/or
      an
      Affiliate) as more specifically described in Section 10.6. Upon the MC Partners’
exercise of a Take Down option with respect to a sub-Component of the Office
      Component (as opposed to the exercise of a Take Down option with respect to
      an
      entire Office

     

    
      
        
        

      

      
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    Component),
      MDLP shall (i) cause the applicable MC Component Entity to convey the applicable
      leasehold estate to a newly-formed partnership in which MDLP (the JV GP, or
      an
      Affiliate of MDLP or the JV GP) is a partner (a “Sub-Component
      Owner”)
      and
      (ii) cause the applicable Sub-Component Owner to issue economic partnership
      interests in such Sub-Component Owner to the MC Partners (and/or an Affiliate
      thereof) as more specifically described in Section 10.6

     

    10.1.3 Cooperation.
      Each of
      the JV GP, MDLP and the MC Partners shall, and shall cause their respective
      Affiliates to, provide such cooperation and promptly execute such consents,
      agreements and take such other actions as shall be necessary or desirable to
      carry out the purpose and intent of this Section 10.

     

    10.2 The
      MC Partners Option to Develop Office/Hotel Component.
      The MC
      Partners shall have the option (the “Office/Hotel
      Development Option”)
      to (or
      to designate one or more of its Affiliates to) be the managing general partner
      of the MC Component Entities or the Sub-Component Owner which may Take Down
      Phase III and Phase IV or portions thereof in accordance with the Redevelopment
      Agreement and to cause the applicable MC Component Entity or Sub-Component
      Owner
      to Take Down either the Hotel Component or one or more of the sub-Components
      of
      the Office Component (that is, a portion of the Office Component upon which
      an
      office building of not less than 440,000 square feet shall be constructed)
      pursuant to the exercise of a Take Down option as more specifically described
      in
      this Section 10; provided, however, that the MC Partners shall be obligated
      to
      exercise their Take Down option with respect to the Hotel Component upon its
      exercise of either the Four Year Office/Hotel Development Option or the Six
      Year
      Office/Hotel Development Option. MDLP shall substantially complete the
      construction of the Traffic and Infrastructure Improvements described in
      Sections 3.2(a)(i) through (iv) of the Redevelopment Agreement as required
      under the Redevelopment Agreement by the earlier of (A) the Grand Opening
      Date, or (B) the date upon which MDLP shall provide a Development
      Acceleration Notice. If the Traffic and Infrastructure Improvements described
      in
      Sections 3.2(a)(i) through (iv) of the Redevelopment Agreement have not been
      constructed as required under the Redevelopment Agreement by the date of the
      MC
      Partners' timely exercise of an Office/Hotel Development Option, then the MC
      Partners shall not be obligated to cause the applicable Hotel/Office Component
      Owner to Take Down a Component or sub-Component, as applicable, pursuant to
      such
      exercise of an Office/Hotel Development Option until five (5) business days
      after such Traffic and Infrastructure Improvements have been constructed as
      required under the Redevelopment Agreement. The MC Partners' Office/Hotel
      Development Options shall be exercisable by the MC Partners no later than the
      dates set forth in the following schedule:

     

    (i) The
      MC
      Partners' first Office/Hotel Development Option shall be exercisable by the
      MC
      Partners no later than the date that is four (4) years after the Grand Opening
      Date (hereinafter referred to as the “Four
      Year Office/Hotel Development Option”
or
      the
“First
      Component”).

     

    
      
        
        

      

      
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    (ii) The
      MC
      Partners' second Office/Hotel Development Option shall be exercisable by the
      MC
      Partners no later than the date that is six (6) years after the Grand Opening
      Date (hereinafter referred to as the “Six
      Year Office/Hotel Development Option”
or
      the
“Second
      Component”).

     

    (iii) The
      MC
      Partners' third Office/Hotel Development Option shall be exercisable by the
      MC
      Partners no later than the date that is eight (8) years after the Grand
      Opening Date.

     

    (iv) The
      MC
      Partners' fourth Office/Hotel Development Option shall be exercisable by the
      MC
      Partners no later than the date that is nine (9) years after the Grand
      Opening Date.

     

    (v) The
      MC
      Partners' fifth Office/Hotel Development Option shall be exercisable by the
      MC
      Partners no later than the date that is ten (10) years after the Grand
      Opening Date.

     

    In
      all
      events, the MC Partners shall at their option Take Down all of the Office/Hotel
      Components no later than the date that is ten (10) years after the Grand Opening
      Date. To the extent that the MC Partners shall have not exercised any one of
      its
      Office/Hotel Development Options as of the date specified in the above schedule,
      the MC Partners shall no longer have any right to Take Down all other subsequent
      Components for which it has not exercised an Office/Hotel Development
      Option.

     

    10.2.1 The
      MC Partners' Election.
      If the
      MC Partners desire to exercise an Office/Hotel Development Option, the MC
      Partners shall provide notice (an “Office/Hotel
      Development Election Notice”)
      to
      MDLP of such desire no later than the date on which such Office/Hotel
      Development Option may be exercised (as set forth in Section 10.2) and shall
      set
      forth in such notice which of the Components it desires to have Taken Down
      (e.g., the Hotel Component, an Office Component or one of the sub-Components
      of
      the Office Component) (the “Applicable
      Component”)
      and
      the proposed Take Down date (each an “Office/Hotel
      Election Notice Date”).
      Upon
      its exercise of an Office/Hotel Development Option, the MC Partners shall have
      no obligation to cause the applicable Office/Hotel Component Owner to commence
      construction of the Applicable Component until the MC Partners determine in
      their sole discretion that certain economic and market conditions as set forth
      in the Redevelopment Agreement exist, as applicable, subject to (x) MDLP's
      acceleration rights described in Section 10.3, (y) the obligation of
      the managing general partner of a ROFR Component Entity under
      Section 6.1.2.1 to commence development and construction upon the earlier
      of the date required under the applicable ROFR Agreement, if any, and the date
      that may be agreed upon by MDLP and the MC Partners and set forth in the
      applicable ROFR Component Entity Agreement, and (z) the obligation of the
      managing general partner set forth in Section 6.1.2.3 to commence
      development and construction upon the earlier of the date required under any
      applicable agreement between MDLP and the NJSEA, if any, and the

     

    
      
        
        

      

      
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    date
      that
      may be agreed upon by MDLP and the MC Partners and set forth in the applicable
      ROFR Component Entity Agreement. If the Applicable Component is the Hotel
      Component, then the development contemplated in the Office/Hotel Development
      Election Notice shall not be less than 520 rooms and, if the Applicable
      Component is the Office Component, the aggregate number of square feet of each
      sub-Component of the office buildings in the Office Component being not less
      than 440,000 square feet. If, the Applicable Component is an Office Component,
      the Office/Hotel Development Election Notice may provide that the Office
      Component will be developed in phases (then each of Buildings A through D (as
      defined in the Redevelopment Agreement) shall be developed in one or more
      phases), such that the aggregate square feet of the office buildings is
      approximately 1,760,000, or such lesser amount as required pursuant to zoning
      ordinances, approvals and the Redevelopment Agreement. For the avoidance of
      doubt, the Hotel Component may not be developed in one or more phases but the
      Office Components may be developed in phases as provided herein. Prior to
      commencement of construction of the Component or phases (if applicable) or
      sub-Component thereof, the MC Partners shall provide to the Office/Hotel
      Component Owner (as herein defined), the following which shall include such
      reasonable detail and contain such matters as shall be required under the
      Redevelopment Agreement:

     

    10.2.1.1 Development
      and Operating Budgets.
      A
      proposed development budget for the construction of the Applicable Component,
      such budget to be in substantially the same form as the development budget
      of
      the JV GP, and a pro forma operating budget for the remainder of the calendar
      year following Completion with respect to the Applicable Component and for
      the
      immediately succeeding calendar year, such budget to be in substantially the
      same form as the Operating Budget;

     

    10.2.1.2 Construction
      Schedule.
      A
      construction schedule, setting forth anticipated commencement of construction,
      substantial completion and occupancy of each individual building, parking
      facility or other material amenity, building or other sub-Component within
      the
      Office Component (or phases thereof) and the Hotel Component, with commencement
      of construction of the Applicable Component or sub-Component occurring no later
      than ninety (90) days after the Take Down date set forth in the Office/Hotel
      Development Election Notice or on such earlier date as determined in accordance
      with Section 10.3.1; and subject to Section 10.6.7.3; and

     

    10.2.1.3 Site
      Plans, etc.
      Site
      plans, architectural renderings and other visual depictions of the MC Partners'
      proposed development of the entire Office/Hotel Component or a phase or
      sub-Component thereof including such documents as shall be required to be
      delivered to the NJSEA for “Master Plan Approval” of the Office/Hotel Component
      in accordance with the Redevelopment Agreement.

     

    10.3 MDLP's
      Acceleration Right.

     

     

    10.3.1 MDLP's
      Right to Request Acceleration of Commencement Dates of Staged
      Development.
      MDLP
      may request, by written notice to the MC Partners (a “Development
      Acceleration Notice”),
      that
      the date(s) for commencement of development of all or a particular sub-Component
      of the Office/Hotel Component occur on a date prior to the applicable dates
      set
      forth in Section 10.2. Provided that MDLP complies with either or both of
      Sections 10.3.1(a) and (b) in connection with the delivery of the Development
      Acceleration Notice, MDLP may provide a Development Acceleration Notice to
      the
      MC Partners at any time after the earlier of: (i) the date upon which MCRC
      (or its successor) publicly announces (including in a press release or public
      filing that it has no intention in the future of being in the business of
      developing office buildings or that MCRC (or its successor) publicly announces
      (including in a press release or public filing) that it has no intention in
      the
      future of developing office buildings in the State of New Jersey; or (ii) (A)
      the date that is two (2) years after the Grand Opening Date or (B) the date
      immediately subsequent to the date that the MC Partners have delivered an
      Office/Hotel Election Notice with respect to the First Component;
      (iii) (A) the date that is four (4) years after the Grand Opening Date
      or (B) the date immediately subsequent to the date that the MC Partners
      have delivered an Office/Hotel Election Notice with respect to the Second
      Component; or (iv) no more frequently than every two (2) years after the dates
      set forth in (ii) and (iii) above; provided, that MDLP shall have the right
      to
      accelerate the remaining two (2) Office Components (or sub-Components), at
      any
      time after the date which is eight (8) years after the Grand Opening
      Date.

     

    
      	 	
              (a)

            	
              Favorable
                Economic and Market Conditions.
                If MDLP determines that economic and market conditions are favorable
                for
                the commencement of development of a particular Office/Hotel Component,
                phase or sub-Component thereof, as applicable, then MDLP shall provide
                a
                written notice (a “Market
                Development Notice”)
                to the MC Partners of such determination. The Market Development
                Notice
                shall be accompanied by a description of the Applicable Component
                or phase
                thereof, if applicable, that MDLP has determined should be Taken
                Down and
                reasonable evidence of favorable economic and market conditions.
                The MC
                Partners shall have thirty (30) days after receipt of a Market Development
                Notice to elect, by written notice to MDLP, to proceed with the Take
                Down
                on the date specified in the Market Development Notice. If the MC
                Partners
                provide a written notice of such election to proceed, then the Take
                Down
                of the particular Office/Hotel Component or phase thereof, if applicable,
                shall occur on the date specified in the Market Development Notice.
                If the
                MC Partners fail to provide a written notice to proceed within such
                thirty
                (30) day period, then the decision whether to proceed with the Take
                Down
                on the date specified in the Market Development Notice shall be a
                Major
                Decision and either party shall have the right to avail itself of
                the
                provisions of Section 15.

            

    

     

    
      
        
        

      

      
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              (b)

            	
              Third
                Party Commitment to Finance.
                If in connection with a Development Acceleration Notice, MDLP obtains
                a
                term sheet or written evidence of a provisional commitment (a
                “Loan
                Commitment”)
                from a third party lender proposing to provide financing at market
                rates
                and upon commercially reasonable terms and conditions (including
                but not
                limited to loan to value ratios and debt service ratios) to finance
                the
                development of a particular Office/Hotel Component, phase or sub-Component
                thereof, as applicable, prior to the earlier of the applicable date
                set
                forth in Section 10.2 or the actual date of the Take Down of such
                Office/Hotel Component or sub-Component thereof, then MDLP shall
                provide a
                written notice (a “Loan
                Commitment Notice”)
                to the MC Partners of such fact. The Loan Commitment shall be non-recourse
                and shall not require that an entity guaranty the obligations of
                the
                borrower thereunder or, if recourse or a guaranty or guaranties shall
                be
                required, such recourse and/or guaranty or guaranties shall be the
                obligation of MDLP or its Affiliates, but not of the MC Partners
                or their
                Affiliate(s). The Loan Commitment Notice shall be accompanied by
                a
                description of the applicable Office/Hotel Component, phase or
                sub-Component thereof, as applicable, that is the subject of the
                Loan
                Commitment, a copy of the Loan Commitment and a proposed date of
                the Take
                Down of the applicable Office/Hotel Component, phase or sub-Component
                thereof, as applicable. The MC Partners shall have thirty (30) days
                after
                receipt of a Loan Commitment or Loan Commitment Notice to elect,
                by
                written notice to MDLP, to proceed with the Take Down, on the date
                specified in the Loan Commitment Notice and have the Office/Hotel
                Component Owner negotiate and execute the loan documents pursuant
                to the
                Loan Commitment. If the MC Partners provide a written notice of such
                election to proceed, then the Take Down shall occur on the date specified
                in the Loan Commitment Notice (but in no event shall such issuance,
                conveyance or assignment of Partnership Interests occur prior to
                the date
                of loan closing) and the MC Partners shall negotiate and execute
                the loan
                documents pursuant to the Loan Commitment; provided, however, that
                if the
                loan fails to close through no fault of the MC Partners, the MC Partners
                shall have no obligation to Take Down such Office/Hotel Component
                or
                sub-Component thereof nor commence development of the applicable
                Office/Hotel Component, phase or sub-Component thereof, as a result
                of the
                delivery of such Development Acceleration Notice by MDLP. If the
                MC
                Partners fail to provide a written notice to proceed within such
                thirty
                (30) day period, then the provisions of Section 10.8 shall apply.
                Notwithstanding anything herein to the contrary, if the MC Partners
                disagree with MDLP as to whether the Loan Commitment meets the terms
                and
                conditions of this Section 10.3.1(b), the MC Partners shall provide
                written notice to MDLP of such disagreement within the thirty (30)
                day period above and MDLP or the MC Partners shall have the right
                to avail
                themselves of the provisions of Section 15. If the resolution of
                the
                procedures under Section 15 results in a determination that the Loan 
                Commitment meets the terms and conditions of this Section 10.3.1(b)
                and
                the Loan Commitment expires or the contemplated loan (or a loan on
                comparable terms and conditions is substituted by the MC Partners
                at no
                additional cost to MDLP if the costs and expenses were paid in connection
                with the Loan Commitment) is no longer able to be obtained within
                a
                reasonable time after the resolution as aforesaid, then the MC Partners
                will construct the applicable office building or hotel as provided
                herein
                or, if the MC Partners fail to so construct as provided herein, then
                the
                provisions of Section 10.8 shall
                apply.

            

    

     

    
      
        
        

      

      
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    10.4 Office/Hotel
      Component Owner Obligated to Pay a Portion of Annual
      Payments.

     

    10.4.1
       Determination
      of Allocated Annual Payments.
      The
      Office/Hotel Component Owner shall only be obligated to pay the Allocated Annual
      Payments with respect to the Component, phase or sub-Component on which it
      has
      exercised an Office/Hotel Development Option.

     

    (a) Allocated
      Annual Payments.
      As used
      herein, the “Allocated
      Annual Payments”
with
      respect to the Office/Hotel Component shall be equal to thirty-two percent
      (32%)
      in the aggregate of (1) any rent (other than any percentage rent payable solely
      in connection with the Entertainment/Retail Component) or development rights
      fee(s) paid to date other than the Development Rights Fee in connection with
      the
      Ground Lease and/or a Component Lease, as applicable, (2) all PILOT Payments,
      (3) all fees, costs and expenses incurred by MDLP in connection with
      litigation (other than the Existing Litigation) relating to the Redevelopment
      Agreement or any related agreement (including assertions that the NJSEA did
      not
      possess the requisite authority to enter into the Redevelopment Agreement or
      such related documents), the PILOT Payments or any other litigation pertaining
      to all or any portion of the Project, (4) one-half of all fees, costs and
      expenses incurred by MDLP in connection with the Existing Litigation and (5)
      the
      WMB Annual Payment. “Annual
      Payments”
shall
      mean the aggregate of the amounts set forth in subclauses (1) through (5) of
      the
      preceding sentence. Notwithstanding that the Development Rights Fee may be
      characterized as prepayment of rent or ground rent under a Component Lease,
      such
      payment of the Development Rights Fee shall not constitute “rent” to be included
      in the definition of “Allocated Annual Payments”.

     

    (b) Sub-Allocation
      Percentages.
      Exhibit
      F
      annexed
      hereto sets forth, in the column entitled “Percentage of Allocated Payments”,
      the portions of the Allocated Annual Payments

     

    
      
        
        

      

      
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    (expressed
      as a percentage of the total Annual Payments) to be paid with respect to the
      ownership of each Component (such portions, the “Sub-Allocation
      Percentages”).

     

    (c) Sub-Allocated
      Annual Payments.
      Each
      Component, phase or sub-Component thereof shall be responsible for the amount
      determined by multiplying the applicable Sub-Allocation Percentage by the Annual
      Payments (the “Sub-Allocated
      Annual Payments”).
      Such
      responsibility shall commence on the earlier of the Grand Opening Date or
      six (6) years from the Development Rights Fee Funding Date. 

     

    (d) Obligation
      to Pay Allocated Annual Payments.
      Once
      the MC Partners have provided the Office/Hotel Development Notice and the
      Component, phase or sub-Component has been conveyed and/or the partnership
      interests in the Component Entity issued, the Office/Hotel Component Owner
      shall
      be obligated to pay all Allocated Annual Payments that are thereafter due.
      If a
      Staged Development occurs, each Sub-Allocated Annual Payment shall be payable
      from and after the corresponding date of issuance or assignment of partnership
      interests in the Component Entity.

     

    (e) Obligations
      to Pay Infrastructure Improvement Costs and Program Costs (Sub-Allocated
      Infrastructure Improvement Payments).
      Notwithstanding anything herein to the contrary, each Component, phase or
      sub-Component thereof shall be responsible (in proportion to their respective
      Sub-Allocation Percentages) for any and all Infrastructure Improvement Costs
      and
      Program Costs (other than Exclusive Office/Hotel Infrastructure Improvement
      Costs), up to but not in excess of $160,000,000, that has been incurred and
      paid
      by the JV GP, MDLP or any of the Component Entities (“Sub-Allocated
      Infrastructure Improvement Payments”).
      MDLP
      may finance Infrastructure Improvement Costs and Program Costs through (i)
      bond
      debt or other public financing vehicle(s) on the terms and conditions set forth
      in Section 13.1.16 (“Public
      Debt”),
      (ii)
      if public financing is not available or obtained by JV GP or MDLP, the issuance
      of an Infrastructure Loan, or (iii) to the extent that any portion of the
      Infrastructure Improvement Costs and Program Costs cannot be financed by Public
      Debt, a combination of (i) and (ii) above. If JV GP, MDLP or any of the
      Component Entities (other than the MC Component Entities) obtained public
      financing to pay for the Infrastructure Improvement Costs, the Sub-Allocated
      Infrastructure Improvement Payments shall include any and all principal payments
      and interest payments made under such financing. If JV

     

    
      
        
        

      

      
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    GP,
      MDLP
      or any of the Component Entities (other than the MC Component Entities) do
      not
      obtain public financing or non-affiliated third party financing to pay for
      the
      Infrastructure Improvement Costs and Program Costs, the Sub-Allocated
      Infrastructure Improvement Payments shall not be added to Sub-Allocated Prepaid
      Annual Payments upon a Take Down as provided in Section 10.5.2. 

     

    (f) Obligations
      to Pay Exclusive Office/Hotel Infrastructure Improvement
      Costs.
      Notwithstanding anything herein to the contrary, each Component, phase or
      sub-Component thereof shall be solely responsible for any and all site specific
      costs relating to such Component, phase or sub-Component including all
      Infrastructure Improvement Costs and Program Costs associated solely with their
      respective Component, site plan approval costs and similar costs, fees and
      expenses (the “Exclusive
      Office/Hotel Infrastructure Improvement Costs”).

     

    10.5 Determination
      of Office/Hotel Value.
      The
      value (the “Office/Hotel
      Value”)
      of the
      portion of the Development Land upon which Phase III and Phase IV shall be
      developed (the “Office/Hotel
      Land”)
      shall
      be the aggregate of the value of the Hotel Land and the value of the Office
      Land, determined utilizing the formula hereinafter set forth, plus the
      Sub-Allocated Prepaid Annual Payment.

     

    10.5.1 Determination
      of Values of Office Land and Hotel Land.
      The
      value of the portion of the Office/Hotel Land upon which the Hotel Component
      shall be constructed (the “Hotel
      Land”)
      shall
      be determined by multiplying $17,500 per hotel room by the number of hotel
      rooms
      as set forth in the office or hotel Plans and Specifications, and (ii) the
      value
      of the portion of the Office/Hotel Land upon which the Office Component shall
      be
      constructed (the “Office
      Land”)
      shall
      be determined by multiplying $30 per buildable square foot by the actual
      buildable square footage of the office buildings located on the Office Land.
      Beginning in 2012 and annually thereafter, such $17,500 and $30 amounts set
      forth in the preceding sentence shall be increased by the percentage increase,
      if any, for the CPI (the “CPI
      Adjustment”)
      for
      November of the year (the “New
      Year”)
      prior
      to the current year as compared to the CPI for November of the year prior to
      the
      New Year. Such amounts shall not be decreased below the applicable amounts
      in
      effect immediately prior to a calculation of the change in CPI. If a Staged
      Development, the Office/Hotel Value as to each stage shall be separately
      determined.

     

    10.5.2 Sub-Allocated
      Prepaid Annual Payment.
      Upon a
      Take Down, the Office/Hotel Value shall include a lump sum amount equal to
      the
      aggregate Sub-Allocated Annual Payments and the Sub-Allocated Infrastructure
      Improvement Payments (subject to Section 10.4.1(e)) accrued through the closing
      date of such Take Down (such aggregate amount, the “Sub-Allocated
      Prepaid

     

    
      
        
        

      

      
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    Annual
      Payment”).
      From
      and after such date, all future Sub-Allocated Annual Payments shall be payable
      as provided in Section 10.4.1(d).

     

    10.6 Issuance
      of Partnership Interests Upon the Exercise of a Take
      Down.
      In
      connection with the MC Partners’ exercise of a Take Down option, MDLP shall
      cause the applicable MC Component Entity or applicable Sub-Component Owner
      to
      issue (i) the Special General Partner or its Affiliates a general partnership
      interest in such MC Component Entity or Sub-Component Owner in exchange for
      the
      Special General Partner’s commitment to contribute to the capital of such
      Component Entity or Sub-Component Owner the amount described in Sections 10.6.5
      and 10.6.6 hereof, and (ii) the MC Partners or their Affiliates a limited
      partnership interest in such MC Component Entity or Sub-Component Owner in
      exchange for the MC Partners’ commitment to contribute to the capital of such MC
      Component Entity or Sub-Component Owner the amount described in Sections 10.6.5
      and 10.6.6 hereof, at which time, the MC Partners shall be admitted to such
      MC
      Component Entity or Sub-Component Owner as partners for tax purposes; and MDLP
      and the MC Partners (or one or more of their Affiliates) shall execute a limited
      partnership agreement for such MC Component Entity or Sub-Component Owner (each,
      a “Office/Hotel
      Component LP Agreement”)
      substantially in the form of the Original Agreement, modified as
      follows:

     

    10.6.1 The
      Office/Hotel Component LP Agreement(s) shall reflect that the property leased
      is
      the Office/Hotel Land or, if a Staged Development, it is the intention of the
      partners signatory thereto that the partnership or another partnership formed
      as
      contemplated herein shall eventually lease the Office/Hotel Land;

     

    10.6.2 The
      applicable Office/Hotel Component Owners shall enter into a management agreement
      for the management of the Office Component pursuant to a management agreement
      substantially in the form of the Management Agreement attached as Exhibit J
      to the Original Agreement, appropriately modified to reflect that the asset
      that
      is subject thereto is an office building and providing for fees payable to
      the
      manager thereunder (which shall be an Affiliate of the MC Partners) as set
      forth
      in Exhibit G attached
      hereto and, as to the Hotel Component, the Office/Hotel Component LP Agreement
      shall provide for an asset management fee and development management fee payable
      to the MC Partners as set forth in Exhibit G attached
      hereto;

     

    10.6.3 The
      initial capital accounts (and Unreturned Partners' Contribution Accounts) of
      each of MDLP and the MC Partners in each of the applicable Office/Hotel
      Component Owners shall be the amounts determined as provided in Section 10.6.7
      below, and the MC Partners’ aggregate Partnership Interest and MDLP's
      Partnership Interest in each of the applicable Office/Hotel Component Owners
      shall be seventy-five percent (75%) and twenty-five (25%), respectively as
      adjusted pursuant to Sections 10.6.6(a) and (b);

     

    
      
        
        

      

      
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    10.6.4 Each
      of
      MDLP and the MC Partners shall receive a return on their Unreturned Capital
      Contribution Accounts equal to nine percent (9%) per annum, compounded quarterly
      but not payable from capital contributions, with such return being paid on
      a
      pari passu basis in accordance with the amount of their respective Unreturned
      Capital Contributions Accounts thereunder and with the return of such capital
      to
      be paid in accordance with their Partnership Interests described in Section
      10.6.3;

     

    10.6.5 The
      MC
      Partners shall be obligated to contribute all Required Equity as set forth
      in
      the agreed-upon development budget of the applicable Office/Hotel Component
      Owner until such time as the ratio (the “Capital
      Ratio”)
      of the
      MC Partners’ capital accounts to the MDLP capital account is 75:25 and,
      thereafter, the MC Partners and MDLP shall be obligated to contribute
      seventy-five percent (75%) and twenty-five percent (25%) respectively, of all
      Required Equity, pari passu, under the applicable Office/Hotel Component LP
      Agreement(s) to the Office/Hotel Component Owner(s) as provided in Section
      10.6.6(e);

     

    10.6.6 If,
      as of
      the date of issuance of the certificate of occupancy for the core and shell
      of
      an Office Component or the date of opening for business of a Hotel Component,
      as
      applicable (such date, the “Capital
      Ratio Determination Date”),
      after
      capital accounts are established pursuant to Section 10.6.7 below and after
      taking into account all additional capital contributed by MDLP and the MC
      Partner as Required Equity in the applicable Office/Hotel Component Owner(s),
      the Capital Ratio is not 75:25, then the following shall occur:

     

    (a) The
      MC
      Partners shall contribute capital to the applicable Office/Hotel Component
      Owner
      within thirty (30) days of the Capital Ratio Determination Date in an amount
      such that, after such contribution and the distribution described in this
      Section 10.6.6(a), the Capital Ratio shall be at least 65:35 but not more than
      75:25 and, in such event, the applicable Office/Hotel Component Owner shall
      make
      a distribution to MDLP as a return of MDLP capital in an amount equivalent
      to
      the MC Partners’ capital contributions;

     

    (b) If,
      after
      the contribution of capital as described in Section 10.6.6(a) hereof, the
      Capital Ratio is less than 75:25 (but at least 65:35), then MDLP may elect
      that
      either the action described in Section 10.6.6(b)(i) below occur or the action
      described in Section 10.6.6(b)(ii) below occur:

     

    (i) MDLP’s
      Partnership Interest in the applicable Office/Hotel Component Owner shall be
      increased, and the MC Partners’ Partnership Interest in the applicable
      Office/Hotel Component Owner shall be decreased, so that their Partnership
      Interests are in proportion to the Capital Ratio, or

     

    
      
        
        

      

      
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    (ii) MDLP’s
      Partnership Interest in the applicable Office/Hotel Component Owner and the
      MC
      Partners’ Partnership Interest shall not be adjusted and all Super-Priority
      Capital shall receive a preferred return equal to nine percent (9%) per annum,
      compounded quarterly, on, and a return of, such capital, prior to the return
      on
      or of any other capital under the Office/Hotel Component LP Agreement. In the
      alternative to receiving such a return on the Super-Priority Capital, MDLP
      may
      elect that a portion of MDLP’s capital equal to the Super-Priority Capital be
      converted into a loan in the amount of the Super-Priority Capital, with interest
      thereon at nine percent (9%) per annum, compounded quarterly, which loan shall
      be repaid prior to any Partner Loans (as such term shall be defined in the
      Office/Hotel Component LP Agreement) and any return of or on capital. As used
      herein the “Super-Priority
      Capital”
shall
      mean the portion of MDLP’s capital that is in excess of the amount of capital
      necessary to result in the Capital Ratio being 75:25.

     

    (c) Thereafter,
      the MC Partners and MDLP shall be obligated to contribute any additional
      Required Equity in the ratio of their respective Partnership Interests in the
      applicable Office/Hotel Component Owner, as such Partnership Interests were
      adjusted as provided in Section 10.6.6(b)(i); and

     

    (d) Thereafter,
      each future Office/Hotel Component LP Agreement:

     

    (i) shall
      provide for the Partnership Interests of the MC Partners and MDLP to be 75:25
      as
      provided in Section 10.6.3; and

     

    (ii) shall
      provide that if, after the occurrence of the Capital Ratio Determination Date
      applicable to the Office/Hotel Component Owner, the ratio of the MC Partners’
capital accounts to MDLP’s capital account is less than the ratio of the
      partner’s Partnership Interests, then the MC Partners shall be obligated to
      contribute capital to the Office/Hotel Component Owner, and the adjustment
      of
      Partnership Interests or allocation of a portion of the JV GP’s capital to
      Super-Priority Capital shall occur in a substantially similar manner as
      described in Section 10.6.6(b);

     

    
      
        
        

      

      
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    (e) After
      the
      Capital Ratio becomes 75:25 as aforesaid, then each of the MC Partners and
      MDLP
      shall be obligated to contribute Required Equity, pari passu, based on the
      ratio
      of their respective Partnership Interests;

     

    (f) The
      MC
      Partners’ “Required Equity” in any Office Component or Hotel Component shall not
      exceed forty percent (40%) of the “Net
      Project Costs”
      contemplated in the applicable development budget of such Office Component
      or
      Hotel Component.

     

    (g) MDLP
      shall be a special general partner and receive rights to participate in Major
      Decisions as described in Section 13; and

     

    (h) If
      the MC
      Partners exercises the drag along rights that will be incorporated into the
      Office/Hotel Component LP Agreement, which terms shall be substantially similar
      to Section 11.3 of the Original Agreement, MDLP shall continue to the have
      rights and obligations respecting the development and ownership of the remaining
      Office/Hotel Components as set forth in this Section 10.

     

    10.6.7 Establishment
      of Capital Accounts in Office/Hotel Component Owner.
      Upon a
      Take Down, the capital accounts of MDLP and the MC Partners in the applicable
      Office Hotel Component Owner shall be determined in the following
      manner:

     

    10.6.7.1 Effective
      upon a Take Down and the issuance of the partnership interests in the applicable
      Office/Hotel Component Owner to the MC Partners (or their Affiliates) in
      exchange for the commitments to contribute capital as described in Section
      10.6.5 and 10.6.6 hereof, MDLP shall be deemed to have contributed the
      applicable Office/Hotel Land to the capital of the applicable Office/Hotel
      Component Owner based on the applicable Office/Hotel Value. Ninety-nine percent
      (99%) of such value determined will initially be credited to MDLP’s capital
      account and Unreturned MDLP Capital Contributions Account and one percent (1%)
      of such value will be credited to the MC Partners’ (or their Affiliates’)
      capital account and Unreturned MC Partner Capital Contributions Account;
      provided, however, that any amounts attributable to any Sub-Allocated Prepaid
      Annual Payment shall be credited to the party that, (i) if such Sub-Allocated
      Prepaid Annual Payment was subject to financing, paid any debt service
      (principal and interest) with respect to such financed amounts from its own
      funds or (ii) paid any such Sub-Allocated Prepaid Annual Payment from its own
      funds.

     

    
      
        
        

      

      
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    10.6.7.2 If
      the
      applicable Office/Hotel Value is less than the actual fair market value of
      the
      applicable Office/Hotel Land (and related assets) as determined by MDLP (the
      “Actual
      Office/Hotel Value”),
      then
      the difference between the applicable Actual Office/Hotel Value and the
      applicable Office/Hotel Value will be credited to the partners’ capital accounts
      and Unreturned Partners Contributions Accounts as follows: seventy-five percent
      (75%) of such difference will be credited to the MC Partners’ (or their
      Affiliates’) capital account and Unreturned MC Partner Capital Contributions
      Account, and twenty-five percent (25%) of such difference will be credited
      to
      MDLP’s capital account and Unreturned MDLP Capital Contributions
      Account.

     

    10.6.7.3 If
      the
      applicable Office/Hotel Component Owner fails to commence construction within
      ninety (90) days of the date of the closing of the MC Partners’ applicable Take
      Down, the MC Partners shall be obligated to contribute capital to the
      Office/Hotel Component Owner within such ninety (90) day period in an amount
      that, after such contribution and the distribution described in this Section
      10.6.7.3, the Capital Ratio shall be 75:25 and, in such event, the Office/Hotel
      Component Owner shall make a distribution to MDLP as a return of MDLP’s capital
      in an amount equivalent to the MC Partners’ contribution. If the MC Partners
      fail to contribute the capital (a “Office/Hotel
      Funding Default”)
      in
      accordance with the preceding sentence, then MDLP may provide written notice
      to
      the MC Partners of such Office/Hotel Funding Default (an “Office/Hotel
      Funding Default Notice”).
      If
      the MC Partners shall fail to fund such Required Equity within ten (10) business
      days after the date of delivery of the Office/Hotel Funding Default Notice,
      then
      MDLP shall designate a replacement managing general partner of the Office/Hotel
      Component Owner (which may include itself). Upon the occurrence of an
      Office/Hotel Funding Default and the MC Partners’ failure to cure such default,
      the respective Partnership Interests of the MC Partners and MDLP in the
      Office/Hotel Component Owner shall be determined in accordance with their
      capital accounts in such Office/Hotel Component Owner as such capital accounts
      are determined as provided in Section 10.6.7.2 hereof. MDLP, as replacement
      managing general partner of the Office/Hotel Component Owner, may determine
      in
      its sole discretion whether to develop such Office/Hotel Component or sell
      such
      Office/Hotel Component, except that in the event of a sale the provisions of
      Section 10.7.2 shall not apply.

     

    10.6.7.4 Any
      amounts allocable to an Office/Hotel Component Owner for Prepaid Rent
      Allocations shall not be credited to the Unreturned Capital Contributions
      Accounts.

     

    
      
        
        

      

      
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    10.6.7.5 Notwithstanding
      anything herein to the contrary, MDLP and the MC Partners agree, that if the
      JV
      GP shall fail to timely pay the Principal Amount of the MC Note to the MC
      Partners on the Maturity Date, then the MC Partners’ Partnership Interest in
      each Office/Hotel Component Owner shall be eighty percent (80%) rather than
      seventy-five percent (75%) and MDLP’s Partnership Interest in each Office/Hotel
      Component Owner shall be twenty percent (20%) rather than twenty-five percent
      (25%) and the Capital Ratio shall be 80:20 rather than 75:25 (and the credits
      to
      the accounts described in Section 10.6.7.2 hereof shall be in an 80:20 ratio
      rather than the 75:25 ratio). The foregoing adjustment to the Partnership
      Interests and the Capital Ratio shall not relieve the JV GP from its obligation
      to pay the Principal Amount of the MC Note.

     

    10.6.7.6 Upon
      a
      Take Down, (i) the capital accounts of the partners in the applicable
      Office/Hotel Component Owner shall be maintained in accordance with the Code
      Section 704(b) and the regulations thereunder, and (ii) all allocations of
      income, gain, loss and treasury deduction that are capable of having economic
      effect for federal income tax purposes shall have substantial economic effect
      within the meaning of Code Section 704(b), and the Treasury Regulations
      promulgated thereunder and shall be “fractions rule” compliant within the
      meaning of Section 514(c)(9) of the Code and the Treasury Regulations, unless
      otherwise reasonably determined by MDLP in its sole discretion.

     

    10.6.8 After
      the
      occurrence of the matters and execution of the documents set forth in Sections
      10.5 through 10.6.7.6, then the closing of the Take Down shall occur on a date
      not later than thirty (30) days after the date of such Take Down, as
      follows:

     

    10.6.8.1 MDLP
      shall cause the Office/Hotel Component Owner to issue to (i) the Special General
      Partner and/or its designated Affiliate a general partnership interest in the
      Office/Hotel Component Owner and (ii) the MC Partners and/or their designated
      Affiliate a limited partnership interest in the Office/Hotel Component Owner.
      MDLP shall cause the Office/Hotel Component Owner to convert GP LLC’s managing
      general partnership interest in the Office/Hotel Component Owner to a special
      general partnership interest;

     

    10.6.8.2 MDLP
      shall, and it shall cause GP LLC and the Office/Hotel Component Owner to,
      execute such documents as shall be reasonably necessary to issue the partners’
Partnership Interests in the Office/Hotel Component Owner;

     

    10.6.8.3 The
      applicable Office/Hotel Component Owner shall represent and warrant that the
      Partnership Interests have not been sold,

     

    
      
        
        

      

      
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    assigned,
      transferred, encumbered, pledged or hypothecated, and (iii) the interests
      are free and clear of any lien, claim or encumbrance;

     

    10.6.8.4 GP
      LLC
      and the MC Partners or their Affiliates will file and amendment to the
      certificate of limited partnership of the Office/Hotel Component Owner
      reflecting the admission of the MC Partners or their Affiliates, as the case
      may
      be, as a new general partner of the Office/Hotel Component Owner;

     

    10.6.8.5 Intentionally
      omitted;

     

    10.6.8.6 The
      NJSEA, MDLP and the Office/Hotel Component Owner shall enter into such
      agreements as shall be necessary to:

     

    (a) Intentionally
      omitted;

     

    (b) Intentionally
      omitted;

     

    (c) Result
      in
      MDLP and such Component being released from all responsibilities, duties and
      obligations related to the Office/Hotel Component under the Redevelopment
      Agreement, the Ground Lease and all related agreements including all
      Infrastructure Improvements and Traffic and Infrastructure Improvements
      associated with the Office/Hotel Component and the Office/Hotel Component,
      or
      phase thereof, is released from all responsibilities, duties and obligations
      related to the Entertainment/Retail Component Ground Lease and all related
      agreements including all Infrastructure Improvements and Traffic and
      Infrastructure Improvements associated with the Entertainment/Retail
      Component;

     

    (d) Result
      in
      agreements between MDLP and the Office/Hotel Component Owner allocating and
      assigning the entire obligation respecting the Office/Hotel Component due under
      the NJSEA Profit Participation to the owner(s) of the Office/Hotel Component,
      as
      the case may be;

     

    (e) Obtain
      such consents and approvals from the NJSEA and other third parties as shall
      be
      required to effectuate such issuance and other matters required under this
      Section 10.6.8 (including estoppel certificates);

     

    (f) Create
      such mutual reciprocal easements and covenants to permit the Office Component
      and Hotel Component to operate within the Project as contemplated in the
      Conceptual Site Plan if not already created; and

     

    
      
        
        

      

      
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    (g) Execute
      an agreement providing for indemnification from the Office/Hotel Component
      Owner
      and the Entertainment/Retail Component, as the case may be, respecting any
      matters for which a release or a consent or a separate, several allocation
      of
      obligations was not obtained as provided above and respecting a failure of
      the
      Office/Hotel Component (or phase or sub-Component thereof) or the
      Entertainment/Retail Component to comply with its payment obligations as
      provided above; and

     

    (h) Execute
      the Office/Hotel Component LP Agreement, requiring, among other things, the
      capital contributions by the MC Partners, as more particularly described
      herein.

     

    10.7 Failure
      of the MC Partners to Make Election.
      If the
      MC Partners fail to provide an Office/Hotel Development Election Notice on
      or
      before the Office/Hotel Election Notice Date, then (i) the MC Partners shall
      be
      deemed to have irrevocably waived all rights under Section 10.2.1 including
      all
      rights to be the managing general partner of the MC Component Entity or MC
      Component Entities that develop Phase III and Phase IV, and (ii) thereafter,
      MDLP shall have the sole discretion (consistent with the Redevelopment
      Agreement) to determine whether any MC Component Entity should retain and
      develop all or any sub-Component of the Office Component or the Hotel Component
      or sell the Office Component or Hotel Component to a third party (which may
      be a
      Joint Venture (hereinafter defined)) and/or seek other development partners.
      If
      MDLP elects to retain and develop all or any sub-Component as aforesaid, the
      applicable property may be developed by an entity owned by MDLP, JV GP and/or
      one of their Affiliates (or MDLP and the MC Partners if the MC Partners make
      a
      Partnership Election as defined and described in Section 10.7.3 below) or by
      a
      partnership, or other joint venture entity between a third party and MDLP,
      JV GP
      and/or one of their Affiliates (or MDLP and the MC Partners if the MC Partners
      and/or one of their Affiliates elect to be a partner as provided in Section
      10.7.3 below) (a “Joint
      Venture”)
      to
      develop all or a portion of the Hotel Component, the Office Component or any
      sub-Component thereof, or any combination of the foregoing. If the MC Partners
      do not make a Partnership Election pursuant to Section 10.7.3, then Special
      General Partner’s non-economic partnership interest in the applicable MC
      Component Entity shall automatically terminate, and Special General Partner
      shall no longer be a general partner of such MC Component Entity.

     

    10.7.1 Sale
      of Hotel Component or Office Component.
      If MDLP
      shall elect to sell all or any sub-Component, as applicable, of the Office
      Component or the Hotel Component, then MDLP shall have the right to determine
      the terms and conditions upon which such purchase and sale transaction shall
      be
      consummated subject to Section 10.7.2.

     

    
      
        
        

      

      
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    10.7.2 Purchase
      Price Floor.
      The
      purchase price (in the case of a sale) or the deemed value of the particular
      portion of the Office/Hotel Land (in the case of the Joint Venture) conveyed
      by
      any MC Component in accordance with this Section 10.7 must be equal to or exceed
      ninety-five percent (95%) of the Office/Hotel Value of the particular Component,
      phase or sub-Component thereof, as applicable. If the purchase price is less
      than ninety-five percent (95%) of the applicable Office/Hotel Value, then MDLP
      shall provide written notice (a “Reoffer
      Notice”)
      to the
      MC Partners. The MC Partners shall have the right, to be exercised by written
      notice (a “Reoffer
      Acceptance Notice”)
      to
      MDLP not later than thirty (30) days after the MC Partners’ receipt of the
      Reoffer Notice, to Take Down the Office/Hotel Component utilizing an
      Office/Hotel Value equal to the purchase price set forth in the Reoffer Notice.
      If the MC Partners provide a Reoffer Acceptance Notice, then (i) the Applicable
      Component, phase or sub-Component thereof shall be Taken Down within ten (10)
      days of MDLP’s receipt of the Reoffer Acceptance Notice, and (ii) the
      Office/Hotel Value to be used in connection with such issuance for purposes
      of
      determining the initial capital of MDLP and the MC Partners in accordance with
      Section 10.6.7 shall be the purchase price set forth in the Reoffer Notice
      and
      all other provisions of this Section 10 applicable to a Take Down by the MC
      Partners shall apply. If a Reoffer Acceptance is not provided within such thirty
      (30) day period, MDLP may proceed with the transaction as set forth within
      the
      Reoffer Notice.

     

    10.7.3 Formation
      of Joint Venture to Develop Office/Hotel Component.
      If MDLP
      shall elect to develop all or any portion of the Office/Hotel Land as provided
      in this Section 10.7, then the MC Partners shall have thirty (30) days after
      receipt of written notice from MDLP of such election to either participate
      in
      such development with MDLP (a “Partnership
      Election”)
      or not
      to participate in such development (an “Opt
      Out Election”).
      A
      failure of the MC Partners to provide a Partnership Election prior to the
      expiration of such thirty (30) day period shall be deemed to be an Opt Out
      Election.

     

    10.7.3.1 If
      the MC
      Partners make or are deemed to have made an Opt Out Election, then MDLP shall
      be
      permitted to proceed with the development of the applicable portion of the
      Office/Hotel Land as hereinabove contemplated, subject to the provisions of
      the
      Redevelopment Agreement, Component Lease or Component Agreements, as the case
      may be.

     

     

     

    
      
        
        

      

      
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    10.7.3.2 If
      the MC
      Partners shall make a Partnership Election, then MDLP and the MC Partners shall
      execute a limited partnership agreement substantially in the form of the
      Original Agreement to govern the applicable Office/Hotel Component Owner, except
      that (1) the MC Partners shall be obligated to fund twenty-five percent (25%)
      of
      all Required Equity of such limited partnership (the “New
      LP”)
      and
      shall have a twenty-five percent (25%) Partnership Interest, and MDLP shall
      be
      obligated to fund seventy-five (75%) percent of all Required Equity of New
      LP
      and shall have a seventy-five percent (75%) Partnership Interest, and (2) if
      MDLP has elected that a Joint Venture be formed, then the Office/Hotel Component
      Owner shall be such Joint Venture and the Required Equity set forth in subclause
      (1) hereof shall refer to the applicable percentages of the total Required
      Equity to be paid to such Joint Venture.

     

    10.8 Failure
      of the MC Partners to Commence Construction. If,
      after
      the MC Partners have provided an Office/Hotel Development Election Notice
      prior to the Office/Hotel Election Notice Date, the Office/Hotel Component
      Owner
      fails to commence construction of the Applicable Component on or before the
      date
      set forth in Section 10.2, or if the MC Partners fail to provide a written
      notice to proceed respecting a Loan Commitment Notice within the period for
      provision of same pursuant to Section 10.3.1(b), then:

     

    10.8.1 MDLP
      may
      elect, by written notice to the MC Partners, to become the managing general
      partner of the Office/Hotel Component Owner for any Office/Hotel Component
      not
      yet Taken Down by the MC Partners;

     

    10.8.2 MDLP
      may
      elect, by written notice to the MC Partners, to become the managing general
      partner of the Office/Hotel Component Owner for the particular Office/Hotel
      Component; or

     

    10.8.3 As
      to
      those portions of the Office/Hotel Land not yet Taken Down for which
      construction has not yet commenced, MDLP may elect either to continue to develop
      the Office/Hotel Land as set forth in the office or hotel Plans and
      Specifications (with the MC Partners continuing to have the obligations for
      contribution of capital as provided above), or to exercise the rights set forth
      in Section 10.7 and all subsections thereof respecting such undeveloped
      portions as if the MC Partners shall have failed to provide an Office/Hotel
      Development Election Notice respecting all Office/Hotel Components and
      sub-Components for which construction has not yet commenced except that the
      provisions of Section 10.7.2 shall not apply in such case.

     

    10.9 Failure
      of MDLP to Substantially Complete Infrastructure
      Improvements.

     

     

     

    
      
        
        

      

      
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    10.9.1 If
      the
      Traffic and Infrastructure Improvements described in Sections 3.2(a)(i) through
      (iv) of the Redevelopment Agreement have not been constructed by the earlier
      of
      (i) the date that is six (6) years after the Execution Date or (ii) the date
      that the MC Partners are required to exercise an Office/Hotel Development
      Option, then the MC Partners may provide written notice (an “Infrastructure
      Improvement Notice”)
      to
      MDLP of its failure to timely complete such Traffic and Infrastructure
      Improvements and the intent of the MC Partners to complete any such Traffic
      and
      Infrastructure Improvements. MDLP shall have twenty (20) days from the date
      of
      receipt of the Infrastructure Improvement Notice to establish in writing (an
      “Infrastructure
      Improvement Reply Notice”)
      to the
      satisfaction of the MC Partners, in their sole discretion, that the Traffic
      and
      Infrastructure Improvements described in Sections 3.2(a)(i) through (iv) of
      the
      Redevelopment Agreement will be completed within six (6) months of the date
      of
      the Infrastructure Improvement Notice. If MDLP (i) fails to deliver an
      Infrastructure Improvement Reply Notice within such twenty (20) day period
      or
      (ii) fails to establish to the satisfaction of the MC Partners as provided
      in
      this Section 10.9.1 that such Traffic and Infrastructure Improvements will
      be
      completed within six (6) months of the date of the Infrastructure Improvement
      Notice, then the MC Partners shall have the exclusive right to complete Traffic
      and Infrastructure Improvements described in Sections 3.2(a)(i), which are
      necessary for the applicable Office/Hotel Component or the Project by advancing
      their own funds through an Office/Hotel Component Owner. The MC Partners shall
      commence construction of such Traffic and Infrastructure Improvements as soon
      as
      reasonably practicable thereafter, but, in no event shall commencement of such
      Traffic and Infrastructure Improvements begin more than twelve (12) months
      after
      the date of the Infrastructure Improvement Notice. MDLP and its Affiliates
      shall
      cooperate with the MC Partners in connection with the commencement and
      completion of the Traffic and Infrastructure Improvements by the MC Partners,
      including, without limitation, delivering plans and specifications, if any,
      in
      its possession relating to such Traffic and Infrastructure Improvements, and
      the
      MC Partners and/or Special General Partner shall have the right to act on behalf
      of MDLP or its Affiliates pursuant to and in accordance with Section 6. Any
      funds advanced by the MC Partners pursuant to this Section 10.9 shall first
      be
      applied to reduce the Unreturned MDLP Capital Contributions Account in the
      applicable Office/Hotel Component Owner until such account is reduced to zero
      and, thereafter, the MC Partners' shall receive capital account credit for
      any
      additional funds advanced hereunder (an “MC
      Partners’ Account Credit”).
      For
      the avoidance of doubt, the MC Partners shall not receive MC Partners’ Account
      Credit until the Unreturned MDLP Capital Contributions Account is reduced to
      zero.

     

    10.9.2 In
      the
      event that the MC Partners advance funds to an Office/Hotel Component Owner
      pursuant to Section 10.9.1, MDLP shall thereafter be obligated to contribute
      all
      Required Equity (provided, that the Capital Ratio of the Unreturned MC General
      Partner Capital Contributions Account to the Unreturned MDLP Capital
      Contributions Account is greater than 75:25 (e.g., a Capital Ratio of 95:5)),
      until such time as the Capital Ratio of the Unreturned MC General Partner
      Capital Contributions Account to the Unreturned MDLP Capital Contributions
      Account is 75:25, respectively.

     

     

     

    
      
        
        

      

      
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    10.9.3 In
      the
      event that the MC Partners advance funds to an Office/Hotel Component Owner
      pursuant to Section 10.9.1, and if, as of the Capital Ratio Determination
      Date, after capital accounts are established pursuant to Section 10.6.7 and
      after taking into account all additional capital contributed by the MC Partners
      and MDLP as Required Equity pursuant to Section 10.6 the
      Capital Ratio of the Unreturned MC General Partner Capital Contributions Account
      to the Unreturned MDLP Capital Contributions Account is greater than 75:25
      (e.g., a Capital Ratio of 95:5),
      then
      the following shall occur:

     

    (a) MDLP
      shall contribute capital to the Office/Hotel Component Owner within thirty
      (30)
      days of the Capital Ratio Determination Date in an amount such that, after
      such
      contribution and the distribution described in this Section 10.9.3(a), the
      Capital Ratio shall be at least 85:15 but not more than 75:25 and, in such
      event, the Office/Hotel Component Owner shall make a distribution to the
      MC Partners as a return of the MC Partners’ capital in an amount
      equivalent to MDLP’s capital contributions;

     

    (b) If,
      after
      the contribution of capital as described in Section 10.9.3(a), the Capital
      Ratio is greater than 75:25 (but at least 85:15), then the MC Partners may
      elect
      that either the action described in Section 10.9.3(b)(i) occur or the action
      described in Section 10.9.3(b)(ii) occur;

     

    (i) the
      MC Partners’ Partnership Interest shall be increased, and MDLP’s
      Partnership Interest shall be decreased, so that their Partnership Interests
      are
      in proportion to the Capital Ratio, or

     

    (ii) the
      MC Partners’ Partnership Interest and MDLP’s Partnership Interest shall not
      be adjusted and all SGP Super-Priority Capital shall receive a preferred return
      equal to nine percent (9%) per annum, compounded quarterly, on, and a return
      of,
      such capital, prior to the return on or of any other capital under the
      Office/Hotel Component LP Agreement. In the alternative to receiving such a
      return on the SGP Super-Priority Capital, the MC Partners may elect that a
      portion of the MC Partners’ capital equal to the SGP Super-Priority Capital
      be converted into a loan in the amount of the SGP Super-Priority Capital, with
      interest thereon at nine percent (9%) per annum, compounded quarterly, which
      loan shall be repaid prior to any Partner Loans and any return of or on capital.
      As used herein the “SGP
      Super-Priority Capital”
shall
      mean the portion of the MC Partners’ capital that is in excess of the
      amount of capital necessary to result in the Capital Ratio being
      75:25;

     

    
      
        
        

      

      
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    (c) Thereafter,
      the MC Partners and MDLP shall be obligated to contribute any additional
      Required Equity in the ratio of their respective Partnership Interests, as
      such
      Partnership Interests were adjusted as provided in Section
      10.9.3(b)(i);

     

    (d) Thereafter,
      each future Office/Hotel Component LP Agreement:

     

    (i) shall
      provide for the Partnership Interests of the MC Partners and MDLP to be
      75:25 as provided in Section 10.6.3; and

     

    (ii) shall
      provide that if, after the occurrence of the Capital Ratio Determination Date
      applicable to the Component or phases thereof, the ratio of MC Unreturned
      Capital Contributions Account to MDLP Unreturned Capital Contributions Account
      is greater than the ratio of the partner’s Partnership Interests, then MDLP
      shall be obligated to contribute capital to the Component Owner, and the
      adjustment of Partnership Interests or allocation of a portion of the
      MC Partners’ capital to Super-Priority Capital shall occur in a
      substantially similar manner as described in Section 10.9.3(b); and

     

    (e) After
      the
      Capital Ratio becomes 75:25 as aforesaid, then each of the MC Partners and
      MDLP shall be obligated to contribute Required Equity, pari passu, based on
      the
      ratio of their respective Partnership Interests.

     

    11.  No
      Contracts with Affiliates. 
      Upon a Take Down of an Office/Hotel Component or the exercise of a ROFR, the
      limited partnership agreement of the applicable Office/Hotel Component Owner
      or
      of the ROFR Component Entity shall provide that such Office/Hotel Component
      Owner and its partners or such ROFR Component Entity and its partners shall
      not
      enter into any agreement or other arrangement for the furnishing to or by such
      Office/Hotel Component Owner or such ROFR Component Entity of goods or services
      or leases, subleases, licenses, concessions or other agreements with any Person
      who is an Affiliate of the Partners of such Office/Hotel Component Owner or
      such
      ROFR Component Entity unless goods or services are provided to such Office/Hotel
      Component Owner or such Component Entity or such lease or other payments are
      at
      market rates of compensation and the terms and conditions thereof are approved
      by then managing general partner of such Office/Hotel Component Owner or such
      ROFR Component Entity.

     

    
      
        
        

      

      
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    12.    Use
      of the
      Marks. 
In
      connection with the Restructuring, MDLP, certain of the Component Entities
      and
      other signatories thereto entered into the License Agreement to provide for
      the
      use of the Marks, without a fee, by each of the signatories to the License
      Agreement. As soon as practicable after the formation of each ROFR Component
      Entity, MDLP shall enter into a license agreement on substantially the same
      terms as the License Agreement.

     

    12.1 No
      Use of Related Mark.
      Neither
      the MC Partners, their Affiliates nor any owner or user of the Project
      shall be permitted to use the word “Xanadu” in any manner except as provided in
      the License Agreement.

     

    12.2 Use
      of MC Partners’ Name.
      The
      MC Partners and their Affiliates shall in their sole discretion determine
      whether to permit the use of their names in connection with the Project or
      MDLP.
      The JV GP and its Affiliates acknowledge and agree that the name of the MC
      Partners and any of their Affiliates may not be used by the JV GP, any of its
      Affiliates or MDLP in connection with the Project or MDLP without the prior
      written consent of the MC Partners; provided, that GP LLC and each of the
      Component Entities shall be permitted to use the word “Mack-Cali” in their name.
      Notwithstanding the foregoing, certain Affiliates of Kan Am US, Inc. and Colony
      Investors VII, L.P. may use the names of the MC Partners or their Affiliates
      in
      connection with offering materials related to project reports to Kan Am US,
      Inc.
      investors and to Colony investors and certain other communications. The MC
      Partners agrees to such use, subject to the MC Partners being offered a
      reasonable opportunity to approve the proposed uses.

     

     

    
      
        
        

      

      
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    13.  MC
      Partners’ Consent Rights. 
      MDLP, the JV GP and GP LLC shall not take the following decisions (each a
“Major
      Decision”)
      without the prior written approvals as specified below. In the event of a
      failure to agree on a matter set forth in this Section 13, the matter shall
      be
      submitted to mediation and/or arbitration in accordance with Section 15 of
      this
      Agreement. Immediately following the exercise by MDLP of a ROFR, pursuant to,
      and in accordance with, Section 6 hereof, each of the following Major Decisions
      shall apply to the applicable ROFR Component Entity, with equal force and
      effect, as if such ROFR Component Entity were, itself, an MC Component Entity.
      

     

    13.1 The
      following decisions or acts with respect to, or on the part of, MDLP, the JV
      GP
      or GP LLC shall require the prior written Approval of the Parties, which
      Approval may not be unreasonably withheld, delayed or conditioned by a party.
      If
      MDLP, the JV GP or GP LLC (directly or through its authorized representative
      in
      accordance with Section 8.1.1) shall request that the MC Partners provide such
      written approval, the MC Partners (directly or through its authorized
      representatives in accordance with Section 8.1.1) shall have ten (10) Business
      Days after receipt of a written request from the JV GP or MDLP to grant or
      deny
      such approval provided that the MC Partners shall have received information
      as
      reasonably required to render such decision. A failure of the MC Partners to
      provide such written approval or denial within such ten (10) business day period
      shall be deemed to mean that the MC Partners shall have granted such written
      approval):

     

    
      
        
        

      

      
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    13.1.1 Any
      amendment to the Office/Hotel Component LP Agreement or, as applicable, any
      ROFR
      Component Entity Agreement or other organizational documents of any MC Component
      or, as applicable, ROFR Component;

     

    13.1.2 Except
      for the transfers or issuances of partnership interests in connection with
      the
      Hotel Component, Office Component or, as applicable, a ROFR Component
      contemplated by and in accordance with this Agreement and/or the Redevelopment
      Agreement, any sale, transfer or disposition of any MC Component Entity or,
      as
      applicable, ROFR Component when formed;

     

    13.1.3 Entering
      into, or undertaking of, any agreement, transaction or action relating to the
      Project that (a) is not within the scope of this Agreement or the Original
      Agreement (including the purposes set forth in Section 3.1 of the Original
      Agreement), or (b) is not contemplated by or within the scope of the Transaction
      Documents, or (c) is not related to the ownership, operation or management
      of
      any portion of the Project as contemplated by this Agreement and the Transaction
      Documents, in each case, if such action or undertaking would have an adverse
      effect on the Office/Hotel Component;

     

    13.1.4 Adjusting,
      settling or compromising any claim, obligation, debt, demand, suit or judgment
      against or on behalf of MDLP, any Component Entity or, as applicable, any ROFR
      Component Entity, but only if and to the extent such adjustment, settlement
      or
      compromise would have an adverse effect on the Office/Hotel Component or, as
      applicable, a ROFR Component;

     

    13.1.5 Establishing
      or adjusting the gross asset value for any contributed or distributed asset
      (other than cash) to or from the MC Component Entities or, as applicable, the
      ROFR Component Entities other than the Office/Hotel Land when formed, except
      as
      provided herein;

     

    13.1.6 Entering
      into any amendment to, or modification of, the Redevelopment Agreement, the
      Project Operating Agreement, the Construction Management Agreement, the
      Declaration, the Project Labor Agreement, the Ground Leases, the Right of Entry
      Agreement, the Access and Indemnity Agreement, the Master Plan, and any other
      agreement to be entered into with the NJSEA (any of which, an “Authority
      Agreement”
and,
      together, the “Authority
      Agreements”)
      which
      is inconsistent with any of the foregoing enumerated instruments but only if
      and
      to the extent adversely affecting the Office/Hotel Component;

     

    13.1.7 Entering
      into any agreement with the Giants or The New York Football Jets that adversely
      affects the Office/Hotel Component;

     

    
      
        
        

      

      
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    13.1.8 Any
      transfer, assignment or pledge of the Right of First Refusal pursuant to the
      Redevelopment Agreement;

     

    13.1.9 Any
      voluntary action or decision which, if undertaken or made, would violate Section
      7 hereof;

     

    13.1.10 Preparation
      or identification of (and any amendment, modification or revision to), for
      submission to the NJSEA, the Final Project Sequencing Plan, Final Traffic and
      Infrastructure Sequencing Plan, the Preliminary Traffic and Infrastructure
      Improvements (including preparation of the estimated budget to permit, design
      and construct the Final Traffic and Infrastructure Improvements), marketing
      and
      publicity program referred to in Section 3.4(b) of the Redevelopment Agreement
      (regarding encouraging the use of the rail system by Project visitors), the
      written plan for the Job Skills Training referred to in Section 3.6(a) of the
      Redevelopment Agreement, the Small Business Marketing Plan referred to in
      Section 3.6(b) of the Redevelopment Agreement, or any other report, document
      or
      schedule pursuant to any Authority Agreement or the Cooperation Agreement but
      only if and to the extent that any of the foregoing actions or documents are
      inconsistent with the Authority Agreements or the Cooperation Agreement or
      adversely affect the Office/Hotel Component;

     

    13.1.12 Designation
      or selection of the Stakeholders Liaison;

     

    13.1.13 Enforcement
      or written waiver of any claim or determination related to the assertion of
      an
      Authority Interference which Authority Interference has an adverse impact on
      the
      Office/Hotel Component and which assertion occurs prior to four (4) years after
      the Grand Opening Date;

     

    13.1.14 Making
      any distribution or payment by any MC Component or, as applicable, any ROFR
      Component to any Person (including any party hereto or any Affiliate of any
      party hereto) that is not expressly contemplated by the Office/Hotel Component
      LP Agreement or, as applicable, any ROFR Component Entity
      Agreement;

     

    13.1.15 Causing
      or permitting MDLP, any MC Component or, as applicable any ROFR Component to
      be
      in Bankruptcy;

     

    13.1.16 Causing
      MDLP or any Component Entity to incur or obtain bond debt or other public
      financing vehicle(s) other than bond debt or other public financing vehicle(s)
      that is not secured by a mortgage, deed of trust or other security instrument
      encumbering the Office/Hotel Land intended to fund land infrastructure costs
      and
      expenses including, without limitation, onsite and offsite Traffic and
      Infrastructure Improvements, parking facilities, as well as a debt service
      reserve fund for such loan, capitalized interest and other issuance costs
      related to the loan, as described in the Authority Agreements, and having
      commercially reasonable terms and conditions at least as favorable as
      follows:

     

    
      
        
        

      

      
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                a.

              	
                Loan
                  Term:

              	
                not
                  less than 10 years;

              
	 	
                b.

              	
                Amortization
                  Period:

              	
                not
                  less than 20 years;

              
	 	
                c.

              	
                Interest
                  Rate:

              	
                fixed
                  rate of not greater than 8.5% per annum or variable rate of LIBOR
                  plus 300
                  basis points;

              
	 	
                d.

              	
                Maximum
                  Net Proceeds:

              	
                $160,000,000;

              
	 	e.	Office/Hotel
                Component shall only be responsible on a nonrecourse basis for its
                proportionate share of the proceeds and such obligations are several;
                and	 
	 	f.	
                No
                  guaranty by the MC Partners or their Affiliates and no substitute
                  or
                  additional collateral (for example, a letter of credit) to be provided
                  by
                  the MC Partners or their Affiliates.

              	 

      

    

     

     

     

    13.1.17 The
      granting of any mortgage, deed of trust or other security instrument encumbering
      the Office/Hotel Land other than to secure a loan from a third party that
      provides for the release of the Office/Hotel Land from the lien of the mortgage,
      deed of trust or other security instrument in connection with the Take Down
      of
      the Office/Hotel Component as contemplated in Section 10 of this Agreement
      provided that such release does not require any additional payment of principal
      and interest or any payments, including fees or points, other than reimbursement
      of reasonable legal fees to effectuate the same.

     

     

     

    
      
        
        

      

      
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    13.1.18 Obtaining
      the Approval of the Parties as required by the following provisions of this
      Agreement:

     

                    

      
        	 	
                (i)

                 

              	
                Definition
                  of “Consumer Price Index”;

                 

              
	 	
                (ii)

                 

              	
                Section
                  6.1.2;

                 

              
	 	
                (iii)

                 

              	
                Section
                  6.1.2.1;

                 

              
	 	
                (iv)

                 

              	
                Section
                  6.1.3;

                 

              
	 	
                (v)

                 

              	
                Section
                  6.1.4

                 

              
	 	
                (vi)

                 

              	
                Section
                  6.1.4.1;

                 

              
	 	
                (vii)

                 

              	
                Section
                  13.1; and

                 

              
	 	
                (viii)

                 

              	
                Section
                  13.2.

                 

              

      

    

     

     

     

     

    13.2 The
      following decisions and acts with respect to, or on the part of, MDLP, any
      MC
      Component or, as applicable, any ROFR Component shall require the prior written
      Approval of the Parties, which approval may be granted or withheld in the JV
      GP
      or the MC Partners’ sole and absolute discretion. If the JV GP (directly or
      through its authorized representative in accordance with Section 8.1.1) shall
      request that the MC Partners provide such written approval, the MC Partners
      (directly or through its authorized
      representatives in accordance with Section 8.1.1) shall have ten (10) Business
      Days after receipt of a written request from the JV GP to grant or deny such
      approval provided that the MC Partners shall have received information as
      reasonably required to render such decision. A failure of the MC Partners to
      provide such written approval or denial within such ten (10) Business Day period
      shall be deemed to mean that the MC Partners shall have granted such written
      approval):

     

    13.2.1 The
      undertaking of any of the following acts if and to the extent inconsistent
      with
      this Agreement, MDLP’s, any MC Component Entity’s or, as applicable, any ROFR
      Component Entity’s organizational documents or any of the Authority Agreements
      that would: (a) cause any MC Component Entity’s or, as applicable, any ROFR
      Component Entity’s dissolution or termination other than contemporaneous with or
      subsequent to the sale or other disposition of all or substantially all of
      any
      MC Component Entity’s or, as applicable, any ROFR Component Entity’s assets, or
      (b) cause any MC Component Entity or, as applicable, any ROFR Component Entity
      to become an entity other than a “limited partnership” organized under the
      Delaware LP Act (including, without limitation, under any conversion
      statute);

     

     

     

    
      
        
        

      

      
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    13.2.2 Possessing
      any MDLP, MC Component Entity or, as applicable, any ROFR Component Entity
      property, or assigning any rights in specific property for other than an entity
      purpose;

     

    13.2.3 Except
      as
      otherwise permitted by any MC Component LP Agreement or, as applicable, ROFR
      Component Entity Agreement, admitting or permitting or causing any MC Component
      or, as applicable, any ROFR Component Entity to admit new or substitute
      partners, causing any MC Component or, as applicable, any ROFR Component Entity
      to redeem or repurchase all or any of a partner’s interest, agreeing to issue,
      directly or indirectly, any interests in any MC Component or, as applicable,
      any
      ROFR Component Entity, or granting, issuing or agreeing to grant or issue,
      directly or indirectly, any right, option or warrant to subscribe for, purchase,
      or otherwise acquire Partnership Interests in any MC Component or, as
      applicable, any ROFR Component Entity;

     

    13.2.4 Changing
      the name of any MC Component Entity or, as applicable, any ROFR Component Entity
      or the name under which any such entity does business from the name(s) set
      forth
      in such entity’s organizational documents;

     

    13.2.5 Authorizing
      or effectuating a merger or consolidation of any of the MC Component Entities
      with or into one or more other entities;

     

    13.2.6 Authorizing
      or effectuating a dissolution, liquidation, termination or winding up of any
      MC
      Component Entity or, as applicable, any ROFR Component Entity other than
      contemporaneous with or subsequent to a sale or other disposition of all or
      substantially all of any such entity’s assets;

     

    
      
        
        

      

      
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    13.2.7 Making
      the election (or otherwise doing anything else) which would result in any MC
      Component Entity or, as applicable, any ROFR Component Entity being treated
      as
      anything other than a “partnership” for federal, state, local and, as
      applicable, foreign tax purposes; 

     

    13.2.8 Taking
      any affirmative action not contemplated in this Agreement with the intent that
      the MC Partners shall have personal liability for any of the expenses, debts,
      obligations, liabilities, contracts, judgments or other obligations of MDLP,
      any
      Component Entity or, as applicable, any ROFR Component Entity; and

     

    13.2.9 Development
      or construction of any office or hotel within Meadowlands Xanadu. 

     

    13.3 The
      form
      of Office/Hotel Component LP Agreement or, as applicable, any ROFR Component
      Entity Agreement to be executed as contemplated in Section 10 of this Agreement
      will have separate Major Decisions, which shall include the following and will
      conform the MC Partners’ consent rights set forth in Sections 13.1 and 13.2 so
      as to apply to the Office/Hotel Component or, as applicable, any ROFR
      Component:

     

    13.3.1 Approval
      of the operator of the Hotel Component;

     

    13.3.2 Approval
      of the management agreement or operating lease with the operator respecting
      the
      operation of the Hotel Component; and

     

    13.3.3 Adjusting,
      settling or compromising any claim, obligation, debt, demand, suit or judgment
      against or on behalf of the Office/Hotel Component Owner or, as applicable,
      any
      ROFR Component Entity in any one Fiscal Year in excess of the greater of (a)
      $1,000,000 in the aggregate, or (b) five percent (5%) of stabilized net
      operating income of the Office/Hotel Component or, as applicable, ROFR Component
      (with such stabilized net operating income being defined to mean the net
      operating income for the third full Fiscal Year after Completion shall have
      occurred with respect to the entire Office/Hotel Component or, as applicable,
      ROFR Component). 

     

    14.  Allocation
      of Administrative Fee Payable to AMX Project Operator Under the AMX Site
      Declaration.  
      Pursuant to Section 2.4.8(x) of the AMX Site Declaration an administrative
      fee in the amount of ten percent (10%) of the total of certain items within
      an
      applicable AMX CAM Budget (as defined in the AMX Site Declaration) shall be
      payable to the “AMX Project
      Operator”
(as
      defined in the AMX Site Declaration). The JV GP and the MC Partners acknowledge
      and agree that ERC LP shall act as the AMX Project Operator under the AMX Site
      Declaration and that the JV GP shall be permitted, on behalf of the ERC LP,
      to
      delegate or assign all or a portion of the obligations (and rights) of the
      AMX
      Project Operator to the Meadowlands Management, LLC or another
      Affiliate.

     

    15.      
      Mediation and Arbitration.

      15.1 
      Unless
      otherwise expressly provided herein (including as provided in Section 6.1.2),
      it
      is understood and agreed by MDLP and the MC Partners that, in the event any
      dispute, disagreement, claim or controversy arises between MDLP and the MC
      Partners or any of the other parties hereto, arising under or related to this
      Agreement or relating to any approvals or agreements required to be given or
      made by the parties hereto under this Agreement, including a dispute,
      disagreement, claim or controversy in connection with a Major Decision (the
      “Disputes”),
      then,
      at the request of either MDLP or the MC Partners, the disputing parties shall
      resolve the Dispute promptly through confidential mediation with a mediator
      jointly selected by MDLP and the MC Partners. If MDLP and the MC Partners are
      unable to agree on the mediator within two (2) days after written notice from
      one disputing party to the other demanding mediation, MDLP and the MC Partners
      shall each select one (1) mediator and those two (2) mediators shall jointly
      select a third mediator as soon as practicable and such third mediator shall
      act
      as mediator hereunder. All mediators selected shall be licensed attorneys
      experienced in complex real estate and partnership transactions and the tax
      consequences thereof. Each party shall bear its own fees and expenses
      attributable to the mediation, provided,
      however,
      that
      the costs, fees and expenses attributable to the independent mediator shall
      be
      borne equally (50/50) between MDLP and the MC Partners. 

     

     

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

     

     

      15.2 
      In
      the
      event that MDLP and the MC Partners are unable to settle their Dispute through
      mediation within ten (10) Business Days after the mediator has been selected
      as
      provided above, any unresolved Dispute shall be submitted to binding arbitration
      in the State of New York, within five (5) Business Days from the date MDLP
      and
      the MC Partners were unable to settle their dispute through mediation, with
      each
      party to bear its own fees and expenses attributable thereto, before a panel
      of
      three (3) neutral arbitrators from the Large Complex Case Panel of the American
      Arbitration Association (the “Arbitrators”),
      said
      Arbitrators to be attorneys with at least ten (10) years experience in complex
      real estate and partnership transactions and the tax consequences thereof.
      The
      arbitration shall be conducted in accordance with the then-current commercial
      Arbitration Rules of the American Arbitration Association. The Arbitrators
      shall
      render their decision within ten (10) Business Days after the Dispute is
      submitted to the arbitration panel. In furtherance of the foregoing, it is
      understood and agreed that the decision rendered by the Arbitrators hereunder
      shall be binding and absolutely conclusive upon the parties hereto and may
      be
      enforced by entry of a judgment in any court having jurisdiction. The fees
      and
      expenses of Arbitrators shall be borne equally among the disputing parties.
      To
      the extent, if any, that the party or parties prevailing in any such arbitration
      proceedings are required to seek judicial confirmation or enforcement of the
      Arbitrators’ award, the non-prevailing party or parties shall be obligated to
      pay for such prevailing party’s or parties’ reasonable and actual fees, costs,
      expenses and disbursements. incurred in connection with such judicial
      confirmation and/or enforcement. Notwithstanding the foregoing, a party may
      seek
      a preliminary injunction or other preliminary judicial relief if in its judgment
      such action is necessary to avoid irreparable damage. Despite such action,
      the
      parties hereto will continue to participate in good faith in the procedures
      specified in this Section 15. All applicable statutes of limitation shall
      be tolled while the procedures specified in this Section 15 are pending.
      The parties hereto will take such action, if any, required to effectuate such
      tolling.

     

    16.  
      Brownfields
      Remediation Agreement. 
      The JV GP and the MC Partners anticipate that on or about the First Amendment
      Effective Date, MDLP shall enter into that certain Agreement to Reimburse for
      Remediation Costs (as amended from time to time, the “Brownfields
      Agreement”)
      by and
      among MDLP, the NJSEA, the Chief Executive Office/Secretary of the New Jersey
      Commerce and Economic Growth Commission and the Treasurer of the State of New
      Jersey. MDLP and each Component Entity shall be entitled to reimbursement under
      the Brownfields Agreement for eligible remediation costs paid in connection
      with
      the development of the Applicable Component (such reimbursement to be paid
      to
      the applicable tenant or MDLP as to costs paid by the applicable tenant or
      MDLP). MDLP shall provide its reasonable cooperation to obtain such
      reimbursement pursuant to the Brownfields Agreement, provided that the
      applicable tenant submits necessary documentation as required by the Brownfields
      Agreement and reimburses MDLP for any reasonable costs and expenses that MDLP
      may incur in connection with providing such cooperation. In furtherance of
      the
      aforesaid, MDLP shall promptly execute such documents as shall be necessary
      in
      order that the eligible remediation costs shall be transferred and/or assigned
      to the Applicable Component tenant under the Brownfields Agreement.

     

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

     

    17.  WMB
      Annual Payment.  
      MDLP shall pay the WMB Annual Payment to the Conservation Trust for a maximum
      time period of seventy-five (75) years, as more particularly provided in the
      Conservancy Trust Agreement. Therefore, until no longer payable pursuant to
      the
      Conservancy Trust Agreement, the WMB Annual Payments shall be included
      automatically in the development budget and all subsequent budgets of the JV
      GP.

     

    18.  Cooperation;
      Savings Language.  
      After the Execution Date, each party hereto shall, from time to time, execute,
      acknowledge and deliver such further instruments, in recordable form, if
      necessary, and perform such additional acts, as any other party hereto may
      reasonably request in writing in order to effectuate the intent of this
      Agreement, within thirty (30) days of the request. It is the intent of the
      parties hereto that all the rights and benefits appurtenant to, associated
      with
      and/or otherwise in respect of the A-B Office Site, the C-D Office Site, the
      Hotel Site, the ERC Site and the Baseball Site (each for purposes hereof a
      “Component
      Site”),
      respectively, whether inchoate, existing or arising in the future, hereby are
      distributed and assigned to the Applicable Component Entity and its successors
      and assigns as Ground Tenant pursuant to the applicable Ground Lease. Nothing
      herein, however, shall be deemed or construed as requiring any party hereto
      to
      assist, consult with, coordinate with or otherwise cooperate with any other
      party hereto to the extent that such assistance, consultation, coordination
      or
      other cooperation would reasonably be expected to have a Material Adverse Effect
      (as defined in the AMX Site Declaration) on such party hereto or, in the case
      of
      a Component Entity hereunder, its Component Site.

     

    19.  Intentionally
      Omitted.

     

    20.      
      Construction. 
In
      this Agreement and all other attached Schedules or Exhibits to this Agreement,
      unless otherwise expressly indicated or required by the context:

     

      (a)
      this
      “Agreement” or any other agreement or document shall be construed as a reference
      to this Agreement or, as the case may be, such other agreement or document
      as
      the same may have been, or may from time to time be, amended, varied, notated
      or
      supplemented;

     

      (b)
      references
      in this Agreement to any Law shall be construed as a reference to such Law
      as
      re-enacted, redesigned, amended or extended from time to time prior to the
      date
      hereof and, unless otherwise specified, references herein or in this Agreement
      to any document or agreement shall be deemed to include references to such
      document or agreement as amended, varied, supplemented or replaced from time
      to
      time in accordance with such document’s or agreement’s terms;

     

      (c)
      defined
      terms in the singular shall include the plural and vice versa, and the
      masculine, feminine or neuter gender shall include all genders;

     

      (d)
      the
      words
“including” or “includes” shall be deemed to mean “including without limitation”
and “including but not limited to” (or “includes without limitation” and
“includes but is not limited to”) regardless of whether the words “without
      limitation” or “but not limited to” actually follow the term;

     

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

     

     

      (e)
      the
      words
“hereof,” “herein” and “hereunder” and words of similar import when used in this
      Agreement or its Schedules and Exhibits shall refer to this Agreement and its
      Schedules and Exhibits as a whole and not to any particular provision hereof
      or
      thereof, as the case may be; 

     

      (f)
      any
      reference herein to a time of day means the time of day in New York, New York;
      and

     

      (g)
      reference
      to “day” or “days” are to calendar days.

     

    21.  No
      Broker.  
      Each party hereto represents that it has not dealt with any agent, broker,
      investment banker, finder or other Person acting in a similar capacity in
      connection with the transactions contemplated hereby.

     

    22.  Survival.  
      This Agreement shall remain in full force and effect with respect to a
      particular MC Component Entity or ROFR Component Entity until such time as
      the
      Office/Hotel Development Option or ROFR with respect to such entity shall have
      expired; provided,
      however,
      that
      this Agreement shall not terminate with respect to any MC Component Entity
      for
      which a Take Down has been exercised or a ROFR Component Entity for which a
      ROFR
      has been exercised. 

     

    23.      
      No Sale.  
      Nothing contained in this paragraph or elsewhere in this Agreement or any
      related document is intended to cause any in-kind or other distributions to
      be
      treated as sales for value.

     

    24.  Governing
      Law.  
      Any controversy or claim arising out of or relating to this Agreement shall
      be
      governed by and construed in accordance with the Laws of the State of New York,
      and the parties hereto consent to (i) the jurisdiction of the courts of the
      State of New York and the U.S. District Court for the Southern District of
      New
      York and (ii) service of process and/or summons by certified mail, postage
      prepaid, return receipt requested, to such party at the address set forth for
      such party in Section 24 below.

     

    25.  Notices.  
      Any notice, consent, approval, or other communication which is provided for
      or
      required by this Agreement must be in writing and may be delivered in person
      to
      any party or may be sent by a facsimile transmission, telegram, expedited
      courier or registered or certified U.S. mail, with postage prepaid, return
      receipt requested. Any such notice or other written communications shall be
      deemed received by the party to whom it is sent (i) in the case of personal
      delivery, on the date of delivery to the party to whom such notice is addressed
      as evidenced by a written receipt signed on behalf of such party, (ii) in the
      case of facsimile transmission or telegram, the next Business Day after receipt
      of confirmation of such transmission, (iii) in the case of courier delivery,
      the
      date receipt is acknowledged or rejected by the party to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such party,
      and
      (iv) in the case of registered or certified mail, the date receipt is
      acknowledged or rejected on the return receipt for such notice. For purposes
      of
      notices, the addresses of the parties hereto shall be as follows, which
      addresses may be changed at any time by written notice given in accordance
      with
      this provision:

     

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

     

    

      
        	
                If
                  to MDLP, the JV GP, JV Holding, GP LLC or a Component
                  Entity:

              	 
	 	
                c/o
                  Colony Xanadu, LLC

                660
                  Madison Avenue, Suite 1600

                New
                  York, NY 10021

                Attn:
                  Richard Saltzman

                Telephone:
                  212-832-0500

                Facsimile
                  No.: 212-593-5433

              
	
                And:

              	
                c/o
                  Colony Xanadu, LLC

                1999
                  Avenue of the Stars, Suite 1200

                Los
                  Angeles, CA 90067

                Attn:
                  Joy Mallory

                Telephone:
                  310-282-8820

                Facsimile
                  No.: 310-282-8808

              
	
                With
                  a copy to:

                (which
                  shall not constitute notice)

              	 
	 	
                White
                  & Case LLP

                1155
                  Avenue of the Americas

                New
                  York, NY 10036-2787

                Attn:
                  John Reiss, Esq.

                Attn:
                  Steve Teichman, Esq.

                Facsimile
                  No.: 212- 354-8113

              
	
                If
                  to the MC Partners, A-B Office LP, C-D Office LP or Hotel
                  LP:

              	 
	 	
                c/o
                  Mack-Cali Realty Corporation

                Mack-Cali
                  Realty Corporation

                P.O.
                  Box 7817

                Edison,
                  New Jersey 08818-7817

                Attn: Mitchell
                  E. Hersh, President and 

                Chief
                  Executive Officer

                Facsimile
                  No.: 732-205-9040

              
	
                And:

              	 
	 	
                c/o
                  Mack-Cali Realty Corporation

                P.O.
                  Box 7817

                Edison,
                  NJ 08818-7817

                Attn: Roger
                  W. Thomas, Executive Vice President and General Counsel

                Facsimile
                  No.: 732-205-9015

              
	
                For
                  courier delivery to the 

                above
                  notice parties:

              	
                c/o
                  Mack-Cali Realty Corporation

                343
                  Thornall Street

                Edison,
                  NJ 08837-2206

              
	
                With
                  a copy to:

                (which
                  shall not constitute notice)

              	 
	 	
                Seyfarth
                  Shaw LLP

                1270
                  Avenue of the Americas

                25th
                  Floor

                New
                  York, New York 10020

                Attn:
                  John P. Napoli, Esq.

                Attn:
                  Stephen G. Epstein, Esq.

                Facsimile
                  No.: 212-218-5527

              

      

    

     

     

     

     

    
    

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    
    

    Failure
      of, or delay in delivery of any copy of a notice or other written communication
      shall not impair the effectiveness of such notice or written communication
      given
      to any party to this Agreement as specified herein.

     

    26.  Successors
      and Assigns. 
      Subject to the restrictions on transfer in the MC Component LP Agreements,
      this
      Agreement shall inure to the benefit of and be binding upon (i) the successors
      and assigns of the parties hereto and (ii) the successors and assigns of the
      parties to any Ground Lease.

     

    27.  Amendment;
      Waiver. 
      This Agreement may not be amended, altered, modified or terminated (whether,
      in
      each case, orally or in writing), unless by an agreement in writing signed
      by
      all of the parties hereto and no provision of this Agreement may be waived
      unless by an agreement in writing signed by the party against whom the waiver
      is
      sought.

     

    28.  Binding
      Effect. 
      This Agreement shall apply to, bind and benefit the personal representatives,
      heirs, successors and assigns of the respective parties. This Agreement shall
      not benefit or be enforceable by any Person who or which is not a party
      hereto.

     

    29.  No
      Joint Venture. 
      This Agreement is not intended to and shall not be deemed to create a
      partnership, joint venture or any other entity or other relationship whatsoever
      between or among any of the parties hereto other than contractual.

     

    30.  Inapplicable
      Provisions. 
In
      case any provision of this Agreement shall be invalid, illegal or unenforceable,
      then such provision shall be severed from this Agreement and shall be
      inoperative, and the parties hereto promptly shall negotiate in good faith
      a
      lawful, valid and enforceable provision that is as similar to the invalid
      provision as may be possible and that preserves the original intentions and
      economic positions of the parties hereto as set forth herein to the maximum
      extent feasible, while the remaining provisions of this Agreement shall remain
      binding on the parties hereto. Without limiting the generality of the foregoing
      sentence, in the event a change in any applicable Law makes it unlawful for
      a
      party hereto to comply with any of its obligations hereunder, the parties hereto
      shall negotiate in good faith a modification to such obligation to the extent
      necessary to comply with such Law that is as similar in terms to the original
      obligation as may be possible while preserving the original intentions and
      economic positions of the parties hereto as set forth herein to the maximum
      extent feasible.

     

     

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

     

     

    31.  Representation
      by Counsel; Interpretation.  
      Each party hereto acknowledges and agrees that: (i) by entering into this
      Agreement and agreeing to be bound by the terms and conditions set forth herein,
      such party represents and warrants that such party has obtained independent
      legal counsel to review this Agreement and all legal documents executed by
      such
      party in connection herewith, or has knowingly waived such representation;
      (ii)
      such party and its counsel, as applicable, reviewed and negotiated the terms
      and
      provisions hereof and have contributed to its revision; (iii) the rule of
      construction to the effect that any ambiguities are resolved against the
      drafting party shall not be employed in the interpretation hereof; and (iv)
      the
      terms and provisions hereof shall be construed fairly as to all parties hereto
      and not in favor of or against any party, regardless of which party was
      generally responsible for the preparation hereof.

     

    32.  Headings. 
      The headings and captions of the various sections and/or paragraphs of this
      Agreement are for convenience of reference only and are not to be construed
      as
      defining or limiting, in any way, the scope or intent of the provisions
      hereof.

     

    33.  Memorandum
      for Recordation. 

     

    (a)
      A
      memorandum of this Agreement (“Memorandum”)
      in the
      form annexed hereto as Exhibit
      H
      shall be
      recorded in the public records of the County of Bergen, State of New Jersey;
      provided,
      however,
      in no
      event shall the Memorandum be recorded against the ERC Site. In the event that
      this Agreement is terminated pursuant to the terms hereof, the MC Partners
      covenant and agree to promptly take any and all actions reasonably necessary
      to
      cause the Memorandum to be removed from the public records of the County of
      Bergen, State of New Jersey, at their sole cost and expense. The preceding
      covenant shall be applicable whether or not the MC Partners have received a
      written request regarding the taking of any such action. Each of the MC Partners
      hereby designates MDLP and its managing general with full power of substitution,
      as each party’s true and lawful attorney to act, and in such party’s name, place
      and stead, to make, execute, sign and acknowledge all documents, instruments
      to
      accomplish the intention of this Section 33(a) at the sole cost and expense
      of
      the MC Partners as provided in the second sentence hereof.

     

    (b)
      Neither the MC Partners nor their Affiliates shall record, or cause to be
      recorded, this Agreement, the Memorandum and/or any similar instruments against
      all or any portion of the Project Site or with any Governmental Authority,
      except to the extent expressly provided in Section 33(a). 

     

    34.  Counterparts;
      Facsimile Signatures. 
      This Agreement may be executed in two or more counterparts, each of which shall
      be deemed to be an original and all of which taken together shall constitute
      one
      and the same instrument. Furthermore, this Agreement transmitted by facsimile
      or
      .pdf shall be treated in all manners and respects as an original document and
      any signature thereon shall be considered an original signature and shall have
      the same binding legal effect as the original document.

     

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

     

     

    35.  Delays
      or Omissions.  
      No delay or omission to exercise any right, power or remedy accruing to any
      party hereto, upon any breach, default or noncompliance by another party hereto
      under the this Agreement shall impair any such right, power or remedy, nor
      shall
      it be construed to be a waiver of any such breach, default or noncompliance,
      or
      any acquiescence therein, or of or in any similar breach, default or
      noncompliance thereafter occurring. Any waiver, permit, consent or approval
      of
      any kind or character on any party hereto’s part of any breach, default or
      noncompliance under this Agreement or any waiver on such party hereto’s part of
      any provisions or conditions of this Agreement must be in writing and shall
      be
      effective only to the extent specifically set forth in such
      writing.

     

    36.  Expenses. 
      Except as may otherwise be provided herein, all fees and expenses (including
      legal fees, fees and commissions owed to financial advisors and lending sources,
      and consulting and accounting fees) incurred by the parties hereto in connection
      with this Agreement and the transactions contemplated hereby shall be paid
      by
      the party hereto incurring such costs and expenses (including legal fees, fees
      and commissions owed to financial advisors and lending sources, and consulting
      and accounting fees).

     

    37.  Entire
      Agreement. 
      This Agreement, the Schedules and Exhibits hereto, and the Redemption Agreement
      and the MC Note and any other documents delivered pursuant hereto constitute
      the
      full and entire understanding and agreement between the parties hereto with
      regard to the subject matter hereof and thereof and supersede any and all prior
      and contemporaneous agreements or understandings concerning such matters,
      whether expressed or implied, written or oral, between the parties hereto with
      respect hereto and thereto. No party hereto shall be liable or bound to any
      other in any manner by any representations, warranties, covenants and agreements
      except as specifically set forth herein or in the Redemption Agreement, the
      MC
      Note, the MC Component Entity Agreements and the ROFR Component Entity
      Agreements. 

     

    38.  Limitation
      on Liability.  
      No (a) direct or indirect holder of any equity interests or securities of any
      party hereto (whether such holder is a limited partner, member, stockholder
      or
      otherwise) other than any general partner, (b) Affiliate of any party hereto,
      or
      (c) director, officer, employee, representative or agent of any party hereto,
      any of such party hereto’s respective Affiliates or any such direct or indirect
      holder of any equity interests or securities of any such party hereto
      (collectively, the “party
      hereto Affiliates”)
      shall
      have any liability or obligation of any nature whatsoever in connection with
      or
      under this Agreement or the transactions contemplated hereby, in each case,
      other than as a result of fraud or as may otherwise be contemplated herein,
      and
      each party hereby waives and releases all claims against such party hereto
      Affiliates related to such for any such liability or obligation.

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

     

    39.  Specific
      Performance.  
      The parties hereto agree that the remedy at law for any breach of this Agreement
      may be inadequate, and that, as among the parties hereto, any party hereto
      by
      whom this Agreement is enforceable shall be entitled to specific performance
      in
      addition to any other appropriate relief or remedy. Such party hereto may,
      in
      its sole discretion, apply to a court of competent jurisdiction for specific
      performance or injunctive or such other relief as such court may deem just
      and
      proper in order to enforce this Agreement as among the parties hereto, or
      prevent any violation hereof, and, to the extent permitted by applicable Law,
      as
      among the parties hereto, each party hereto waives any objection to the
      imposition of such relief.

    

     

    [Remainder
      of page intentionally blank; signature page follows.]

     

    

     

    

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be executed as of the date set
      forth above.

     

     

    

      
        	 	
                MDLP:

              
	 	 
	 	
                MEADOWLANDS
                  DEVELOPER LIMITED 

                PARTNERSHIP,
                  a Delaware limited partnership

              
	 	 
	 	
                By: 
                  Meadowlands Limited Partnership, its general

                       
                  partner

              
	 	 
	 	
                        By:  
                  Colony Xanadu, LLC, its managing

                                
                  general partner

              
	 	 
	 	
                                
                  By:        /s/ John C.
                  Brady                        
                  

              
	 	
                                
                  Name:   John C. Brady
                                               
                  

              
	 	
                                
                  Title:                                                            
                  

              

      

    

    

       

    

    
       

    

     

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      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

     

    
      	
            	
              THE
                JV GP:

            
	 	 
	 	
              MEADOWLANDS
                LIMITED PARTNERSHIP, a 

              Delaware
                limited partnership

            
	 	 
	 	
              By:  
                Colony
                Xanadu, LLC, its managing general 

                      
                partner

            
	 	 
	 	
              By:        /s/
                John C.
                Brady                        
                

            
	 	
              Name:   John
                C. Brady          
                                   
                

            
	 	
              Title:                                                            
                

            

    

     

     

     

     

     

     

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      page continued on next page]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

     

    
      	
            	
              JV
                HOLDING:

            
	 	 
	 	
              MEADOWLANDS
                DEVELOPER HOLDING 

              CORP.,
                a Delaware corporation

            
	 	 
	 	
              By:        /s/
                John C.
                Brady                         
                

            
	 	
              Name:  John
                C. Brady        
                                      
                

            
	 	
              Title:                                                            
                

            

    

     

     

     

     

     

     

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      page continued on next page]

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

     

    
      	
            	
              GP
                LLC:

            
	 	 
	 	
              MEADOWLANDS
                MACK-CALI GP, L.L.C., a 

              Delaware
                limited liability company

            
	 	 
	
            	
              By:  
                Meadowlands
                Developer Limited 

                      
                Partnership, its sole member

            
	 	 
	 	
                      
                By:   Meadowlands
                Limited 

                               
                Partnership, its
                general partner

            
	 	 
	 	
                           By:  Colony
                Xanadu, LLC, its 

                                      
                managing general partner

            
	 	 
	 	
                                        
                By:        /s/ John C.
                Brady                         
                

            
	 	
                                        
                Name:   John C.
                Brady           
                                  
                

            
	 	
                                        
                Title:                                                            
                

            

    

     

     

     

    
       

    

     

     

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      page continued on next page]

     

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

     

    
      	
            	
              MACK-CALI
                SPECIAL:

            
	 	 
	 	
              MACK-CALI
                MEADOWLANDS SPECIAL L.L.C., 

              a
                New Jersey limited liability company

            
	 	 
	 	
              By: 
                Mack-Cali
                Realty, L.P., its sole member

            
	 	 
	 	
                      By:  
                Mack-Cali
                Realty Corporation, 

                              
                its general partner

            
	 	 
	 	
                              
                By:        /s/ Mitchell E.
                Hersh                  
                

            
	 	
                              
                Name:   Mitchell E.
                Hersh                        
                

            
	 	
                              
                Title:     President and Chief Executive
                Officer  

            

    

     

     

     

    
       

    

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    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

    
      	
            	
              MC
                ENTERTAINMENT:

            
	 	 
	 	
              MACK-CALI
                MEADOWLANDS ENTERTAINMENT L.L.C., a New Jersey limited
                

              liability
                company

            
	 	 
	 	
                      
                By:  Mack-Cali
                Realty, L.P., its sole member

            
	 	 
	 	
                              
                By:   Mack-Cali
                Realty Corporation, 

                                       
                its general partner

            
	 	 
	 	
                                   
                    
                By:        /s/ Mitchell E.
                Hersh                  
                

            
	 	
                                   
                     Name:  Mitchell E.
                Hersh        
                                
                

            
	 	
                                     
                   Title:    President and Chief
                Executive Officer 

            

    

     

     

     

     

    
       

    

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        2

        
          

        

      

      
        
        

      

    

     

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

    
      	
            	
              BASEBALL
                LP:

            
	 	 
	 	
              BASEBALL
                MEADOWLANDS MILLS/MACK-

              CALI LIMITED
                PARTNERSHIP, a Delaware 

              limited
                partnership

            
	 	 
	
            	
              By:  
                Meadowlands
                Mack-Cali GP, L.L.C., its general 

              partner

            
	 	 
	 	
                       
                By:  Meadowlands
                Developer Limited 

                               
                Partnership, its sole member

            
	 	 
	 	
                            By: 
                Meadowlands
                Limited 

                   
                              
                Partnership,
                its general partner

            
	 	 
	 	
                                         
                By:  Colony
                Xanadu, LLC, its 

                                                 
                managing general partner

            
	 	 
	 	
                                         
                By:        /s/ John C.
                Brady                        
                

            
	 	
                                         
                Name:   John C.
                Brady                              
                

            
	 	
                                         
                Title:                                                            
                

            

    

     

     

     

     

    
       

    

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        3

        
          

        

      

      
        
        

      

    

     

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

    
      	
            	
              A-B
                OFFICE LP:

            
	 	 
	 	
              A-B
                OFFICE MEADOWLANDS MACK-CALI 

              LIMITED
                PARTNERSHIP, a Delaware limited 

              partnership

            
	 	 
	
            	
              By:  
                Meadowlands
                Mack-Cali GP, L.L.C., its general 

              partner

            
	 	 
	 	
                       
                By:  Meadowlands
                Developer Limited 

                               
                Partnership, its sole member

            
	 	 
	 	
                            By: 
                Meadowlands
                Limited 

                   
                              
                Partnership,
                its general partner

            
	 	 
	 	
                                         
                By:  Colony
                Xanadu, LLC, its 

                                                 
                managing general partner

            
	 	 
	 	
                                         
                By:        /s/ John C.
                Brady                        
                

            
	 	
                                         
                Name:  John C.
                Brady        
                                      
                

            
	 	
                                         
                Title:                                                            
                

            

    

     

     

     

     

     

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        4

        
          

        

      

      
        
        

      

    

     

    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

    
      	
            	
              C-D
                OFFICE LP:

            
	 	 
	 	
              C-D
                OFFICE MEADOWLANDS MACK-CALI 

              LIMITED
                PARTNERSHIP, a Delaware limited 

              partnership

            
	 	 
	
            	
              By:  
                Meadowlands
                Mack-Cali GP, L.L.C., its general 

              partner

            
	 	 
	 	
                       
                By:  Meadowlands
                Developer Limited 

                               
                Partnership, its sole member

            
	 	 
	 	
                            By: 
                Meadowlands
                Limited 

                   
                              
                Partnership,
                its general partner

            
	 	 
	 	
                                         
                By:  Colony
                Xanadu, LLC, its 

                                                 
                managing general partner

            
	 	 
	 	
                                         
                By:        /s/ John C.
                Brady                         
                

            
	 	
                                         
                Name:  John C.
                Brady                               
                

            
	 	
                                         
                Title:                                                            
                

            

    

     

     

     

     

    
    

     

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    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

     

    
      	
            	
              HOTEL
                LP:

            
	 	 
	 	
              HOTEL
                MEADOWLANDS MACK-CALI 

              LIMITED
                PARTNERSHIP, a Delaware limited 

              partnership

            
	 	 
	
            	
              By:  
                Meadowlands
                Mack-Cali GP, L.L.C., its general 

              partner

            
	 	 
	 	
                       
                By:  Meadowlands
                Developer Limited 

                               
                Partnership, its sole member

            
	 	 
	 	
                            By: 
                Meadowlands
                Limited 

                   
                              
                Partnership,
                its general partner

            
	 	 
	 	
                                         
                By:  Colony
                Xanadu, LLC, its 

                                                 
                managing general partner

            
	 	 
	 	
                                         
                By:        /s/ John C.
                Brady                        
                

            
	 	
                                         
                Name:  John C.
                Brady        
                                      
                

            
	 	
                                         
                Title:                                                            
                

            

    

     

     

     

     

    
       

    

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    [signature
      page attached to Mack-Cali Rights, Obligations and Option
      Agreement]

     

    
      	
            	
              ERC
                LP:

            
	 	 
	 	
              ERC
                MEADOWLANDS MILLS/MACK-CALI 

              LIMITED
                PARTNERSHIP, a Delaware limited 

              partnership

            
	 	 
	
            	
              By:  
                Meadowlands
                Mack-Cali GP, L.L.C., its general 

              partner

            
	 	 
	 	
                       
                By:  Meadowlands
                Developer Limited 

                               
                Partnership, its sole member

            
	 	 
	 	
                            By: 
                Meadowlands
                Limited 

                   
                              
                Partnership,
                its general partner

            
	 	 
	 	
                                         
                By:  Colony
                Xanadu, LLC, its 

                                                 
                managing general partner

            
	 	 
	 	
                                         
                By:        /s/ John C.
                Brady                        
                

            
	 	
                                         
                Name:  John C.
                Brady                        
                

            
	 	
                                         
                Title:                                                            
                

            

    

     

     

     

     

    
    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    PREPAID
      RENT ALLOCATION

     

    
      	
               

               

               

              Ground
                Lease

            	
               

               

              Allocation
                of Development Rights Fee

              to
                Prepaid Rent under Ground
                Lease

            
	
              ERC
                Ground Lease

               

            	
              $101,200,000

               

            
	
              Baseball
                Ground Lease

               

            	
              $7,600,000

               

            
	
              Hotel
                Ground Lease

               

            	
              $8,480,000

               

            
	
              A-B
                Ground Lease

               

            	
              $21,360,000

               

            
	
              C-D
                Ground Lease

               

            	
              $21,360,000

               

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

    

    EXISTING
      LITIGATION

    

    The
      following are cases that are consolidated for resolution in the Appellate
      Division of the Superior Court of New Jersey:

     

    
      	1.  	
              Hartz
                Mountain Industries v. N.J. Sports and Exposition Authority, The
                Mills
                Corporation, and Mack-Cali Realty Corporation,
                Docket No. A-5255-02T3.

            

    

     

    
      	2.  	
              In
                the Matter of the Protest of Hartz Mountain Industries, Inc. and
                Expo
                Park, to the Proposal and Award of Development Rights for the Continental
                Airlines Arena Site at the Meadowlands Complex,
                Docket No. A-1169-03T3.

            

    

     

    
      	3.  	
              In
                Re Protest of Westfield America, Inc. to the New Jersey Sports &
                Exposition Authority’s Resolution - 2003 26 Adopting the Hearing Officer’s
                Report and Recommendation,
                Docket No. A-1243-03T5.

            

    

     

    
      	4.  	
              Elliot
                Braha v. N.J. Sports & Exposition Authority, The Mills Corporation,
                and Mack-Cali Realty Corporation,
                Docket No. A-0708-03T3.

            

    

     

    
      	5.  	
              Elliot
                Braha, Richard Delauro, George Perry and Carol Coronato v. N.J. Sports
                & Exposition Authority, The Mills Corporation, and Mack-Cali
                Corporation,
                Docket No. A-1218-03T3.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    PARTY
      REPRESENTATIVES

    

    

    

    MC
      PARTNERS

    

    MC
      Representative:    Mitchell
      E. Hersh

    

    Alternate
      MC
      Representatives:               
Barry
      Lefkowitz;

                                                                                 Roger
      W.
      Thomas; or

                                                                                
      Michael
      A. Grossman

    

    

    

    

    MDLP

    

    MDLP
      Representative:   

    

    Alternate
      MDLP Representatives:

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

    

    Office/Hotel
      Venture

     

    Timetable
      for Assumption of Allocated

     

    Ground
      Rent, Pilot and Bond Debt Service Payments

     

    
      	
               

              Date

            	
               

              Component

            	
               

              Percentage
                of Allocated
                Payments

            
	
              The
                earlier of the Grand Opening Date or six (6) years from the Development
                Rights Fee Funding Date

            	
              1
                Office

               

            	
              6.675%

               

            
	
              1
                Office & Hotel

               

            	
              11.975%

               

            
	
              1
                Office

               

            	
              6.675%

               

            
	
              1
                Office

               

            	
              6.675%

               

            
	 	
              32.000%

               

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

    

    OFFICE
      AND HOTEL MANAGEMENT FEES

     

    Fees
      relating to the Office Component consistent with fees payable in the New York
      City metropolitan area.

     

    Market-based
      asset management fees relating to the Hotel Component.

     

    Development
      management fees for the Hotel Component consistent with fees payable in the
      New
      York City metropolitan area.

     

    

    

    
      
        
        

      

      
        12Exhibit 10.93

    Exhibit
      10.93

     

    
 

    REDEMPTION
      AGREEMENT

     

    BY
      AND AMONG

     

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP,

     

    MEADOWLANDS
      DEVELOPER HOLDING CORP.,

     

    MACK-CALI
      MEADOWLANDS ENTERTAINMENT L.L.C.,

     

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C.,

     

    AND

     

    MEADOWLANDS
      LIMITED PARTNERSHIP

     

     

    Execution
      Date: November 22, 2006

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

     

    

      
        	 	 	
                 Page

              
	
                Section
                  1.

              	
                Definitions

              	
                2

              
	
                Section
                  2.

              	
                Redemption

              	
                7

              
	
                Section
                  3.

              	
                Closing

              	
                8

              
	
                Section
                  4.

              	
                Payment
                  of Consideration

              	
                8

              
	
                Section
                  5.

              	
                Delivery
                  of Documents at Closing

              	
                8

              
	
                Section
                  6.

              	
                Representations,
                  Warranties and Covenants

              	
                10

              
	
                Section
                  7.

              	
                Remedies

              	
                14

              
	
                Section
                  8.

              	
                Notices

              	
                14

              
	
                Section
                  9.

              	
                No
                  Continuing Liability, Release and Indemnity

              	
                16

              
	
                Section
                  10.

              	
                Access
                  to Information

              	
                19

              
	
                Section
                  11.

              	
                Transfer/Conveyance
                  Taxes

              	
                19

              
	
                Section
                  12.

              	
                Tax
                  Matters

              	
                20

              
	
                Section
                  13.

              	
                Estoppel

              	
                22

              
	
                Section
                  14.

              	
                Public
                  Announcements; Confidentiality

              	
                22

              
	
                Section
                  15.

              	
                Miscellaneous

              	
                23

              

      

    

     

    

       

    

     

    

     

    EXHIBITS

    

    

      
        	
                EXHIBIT
                  A

              	
                Mack-Cali
                  Rights Agreement

              
	
                EXHIBIT
                  B

              	
                MC
                  Note

              
	
                EXHIBIT
                  C

              	
                A-B
                  Office Partnership Agreement

              
	
                EXHIBIT
                  D

              	
                Amended
                  and Restated Partnership Agreement

              
	
                EXHIBIT
                  E

              	
                C-D
                  Office Partnership Agreement

              
	
                EXHIBIT
                  F

              	
                Hotel
                  Partnership Agreement

              
	
                EXHIBIT
                  G

              	
                License
                  Agreement

              
	
                EXHIBIT
                  H

              	
                MC
                  Partner Assignment

              
	
                EXHIBIT
                  I

              	
                Memorandum

              
	
                EXHIBIT
                  J

              	
                SGP
                  Partner Assignment

              
	
                EXHIBIT
                  K

              	
                Special
                  Interests Assignment
                  Agreement

              

      

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    REDEMPTION
      AGREEMENT

     

    THIS
      REDEMPTION AGREEMENT
      (this
“Agreement”)
      is
      made as of this 22nd
      day of
      November, 2006 by and among MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP (f/k/a
      Meadowlands Mills/Mack-Cali Limited Partnership),
      a
      Delaware limited partnership (the “Partnership”
and
      sometimes, the “Original
      Partnership”),
      MACK-CALI
      MEADOWLANDS ENTERTAINMENT L.L.C., a
      New
      Jersey limited liability company and a limited partner in the Partnership (the
      “MC
      Partner”),
      MACK-CALI MEADOWLANDS SPECIAL L.L.C., a
      New
      Jersey limited liability company and a general partner in the Partnership (the
      “Special
      General Partner”
who,
      together with the MC Partner, are collectively referred to herein as
      the “Redeemed
      Partners”),
      MEADOWLANDS
      DEVELOPER HOLDING CORP.,
      a
      Delaware corporation (“Holdings
      Corp”),
      and
      the MEADOWLANDS
      LIMITED PARTNERSHIP
      (f/k/a
      Meadowlands/Mills Limited Partnership), a
      Delaware limited partnership and a general partner and a limited partner in
      the
      Partnership (the “Meadowlands
      Partnership”,
      and
      together with Holdings Corp, the “Remaining
      Partners”).

     

    W
      I T N E S S E T H

     

    WHEREAS,
      the MC
      Partner holds a nineteen percent (19%) partnership interest in the Partnership
      (the “MC
      Partner Redeemed Interest”)
      and
      the Special General Partner holds a one percent (1%) partnership interest in
      the
      Partnership (the “SGP
      Redeemed Interest”,
      together with the MC Redeemed Interest, the “Redeemed
      Interests”);
      

     

    WHEREAS,
      immediately prior to the effectiveness of this Agreement, Holdings Corp was
      admitted to the Partnership as a limited partner;

     

    WHEREAS,
      the
      Partnership now desires to fully and completely redeem the Redeemed Interests
      of
      the Redeemed Partners and the Redeemed Partners now desire to withdraw from
      the
      Partnership and transfer to the Partnership the Redeemed Interests;

     

    WHEREAS,
      at
      Closing (as hereinafter defined) and in the manner set forth herein, the
      Partnership shall redeem (the “Redemption”)
      the
      Redeemed Interests and, in exchange therefor, the Partnership shall at Closing
      (i) distribute to the Redeemed Partners in complete and collective redemption
      of
      the Redeemed Interests: (A) $22,500,000 to and among the Redeemed Partners
      in
      the amounts and proportions set forth in Section 4.1 (the “Cash
      Consideration”);
      (B)
      those special, non-economic general partnership interests (the “Special
      Interests”)
      in
      each of the following entities: (x) A-B Office Meadowlands Mack-Cali/Mills
      Limited Partnership (“A-B
      Office LP”),
      (y)
      C-D Office Meadowlands Mack-Cali/Mills Limited Partnership (“C-B
      Office LP”),
      and
      (z) Hotel Meadowlands Mack-Cali/Mills Limited Partnership (“Hotel
      LP”
each
      a
“Component
      Entity”,
      and
      collectively, the “Component
      Entities”)
      (which
      partnership interests shall be distributed solely to Special General Partner);
      and (C) rights (the “Rights”)
      set
      forth in that certain Mack-Cali Rights, Obligations and Option Agreement, dated
      the date hereof and attached hereto as Exhibit
      A,
      by and
      among the Partnership, the Meadowlands Partnership, Holdings Corp, Special
      General Partner, Baseball Meadowlands Mills/Mack-Cali Limited Partnership,
      ERC
      Meadowlands Mills/Mack-Cali Limited Partnership and the Component Entities
      (the
“Mack-Cali
      Rights Agreement”),
      and
      (ii) deliver the Mack-Cali Rights Agreement, as more particularly set forth
      herein (the foregoing, collectively, the “Redemption
      Consideration”),
      and at
      Closing, the Meadowlands Partnership shall deliver to MC Partner that certain
      promissory note in the principal amount of $2,500,000 issued and duly executed
      by the Meadowlands Partnership and attached hereto as Exhibit
      B
      (the
“MC
      Note”);
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    WHEREAS,
      in
      connection with the foregoing transactions, the following actions will be
      effected: (i) the name of A-B Office LP will be changed to “A-B Office
      Meadowlands Mack-Cali Limited Partnership”; (ii) the name of C-D Office LP will
      be changed to “C-D Office Meadowlands Mack-Cali Limited Partnership”; and (iii)
      the name of Hotel LP will be changed to “Hotel Meadowlands Mack-Cali Limited
      Partnership”; and

     

    WHEREAS,
      effective at the time of, and as a result of, the Redemption, (i) the Redeemed
      Partners’ interests in the Partnership and all of their rights under the
      Partnership Agreement (as defined below), including their rights to the profits,
      losses and capital of the Partnership are fully extinguished and liquidated,
      (ii) in connection therewith the Section 704(b) capital account of each Redeemed
      Partner is being reduced to zero, and (iii) the Redeemed Partners shall no
      longer be partners of the Partnership for any purpose.

     

    NOW,
      THEREFORE,
      in
      consideration of the mutual covenants and agreements hereinafter set forth,
      and
      other good and valuable consideration, the mutual receipt and legal sufficiency
      of which are hereby acknowledged, the parties hereto, intending to be legally
      bound, hereby agree as follows:

     

    Section
      1.  Definitions. 
      As used in this Agreement, the following capitalized terms shall have the
      meaning ascribed to them below:

     

    “A-B
      Office LP”
has
      the
      meaning set forth in the Recitals.

     

    “A-B
      Office Partnership Agreement”
shall
      mean the Amended and Restated Limited Partnership Agreement of A-B Office LP,
      attached hereto as Exhibit
      C.

     

    “Affiliate(s)”
shall
      mean, with respect to any Person (the “Subject
      Person”)
      (a) a
      Person who, directly or indirectly, controls, is under common control with,
      or
      is controlled by, the Subject Person, (b) a Person who directly or indirectly
      owns twenty-five percent (25%) or more of the issued and outstanding securities
      or other ownership interests (whether voting or non-voting) of the Subject
      Person, (c) any officer, director, trustee, manager, managing member, general
      partner or beneficiary of the Subject Person or any Person referred to in (a)
      or
      (b) above, (d) any spouse, parent, sibling or descendant of any Person described
      in clause (a), (b) or (c) above, and (e) any trust for the benefit of any Person
      described in clauses (a), (b), (c) or (d) above or for any spouse, issue or
      lineal descendant of any Person described in clauses (a), (b), (c) or (d) above.
      For purposes of this definition, “control” (including, with correlative meaning,
      the terms “controlled by” and “under common control with”), as used with respect
      to any Person, shall mean the possession, directly or indirectly, of the power
      to direct or cause the direction of the management and policies of such Person,
      whether through the ownership of voting securities, by contract or
      otherwise.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Agreement”
shall
      have the meaning set forth in the Preamble.

     

    “Amended
      and Restated Partnership Agreement”
shall
      mean the Amended and Restated Partnership Agreement of Meadowlands Developer
      Limited Partnership attached hereto as Exhibit
      D.

     

    “Business
      Day”
shall
      mean any day other than Saturday, Sunday or any day observed as a public holiday
      by the federal government or the State of New York.

     

    “Cash
      Consideration”
shall
      have the meaning set forth in the Recitals.

     

    “C-B
      Office LP”
has
      the
      meaning set forth in the Recitals.

     

    “C-D
      Office Partnership Agreement”
shall
      mean the Amended and Restated Limited Partnership Agreement of C-D Office LP,
      attached hereto as Exhibit
      E.

     

    “Closing”
shall
      have the meaning set forth in Section 3.

     

    “Closing
      Date”
shall
      have the meaning set forth in Section 3.

     

    “Code”
shall
      mean the Internal Revenue code of 1986, as amended from time to
      time.

     

    “Collateral
      Source”
has
      the
      meaning set forth in Section 9.5.

     

    “Component
      Entity”
or
      “Component
      Entities”
shall
      have the meaning set forth in the Recitals.

     

    “Component
      LP Agreements”
shall
      mean the A-B Office Partnership Agreement, the C-D Office Partnership Agreement
      and the Hotel Partnership Agreement.

     

    “Conveyance
      Taxes”
shall
      mean any sales, use, excise, bulk sales, registration, documentary, value added,
      recordation, realty transfer, transfer, stamp, stock transfer, real property
      transfer, lease or gains and similar fees and taxes.

     

    “Distributed
      Rights”
has
      the
      meaning set forth in Section 12.3.

     

    “ERC
      LP”
shall
      mean the ERC Meadowlands Mills/Mack-Cali Limited Partnership, a Delaware limited
      partnership.

     

    “Final
      Income Tax Return” or “Final Income Tax Returns”
      shall
      have the meaning set forth in Section 12.1.

     

    “Governmental
      or Regulatory Authority”
shall
      mean any instrumentality, subdivision, court, administrative agency, commission,
      official, court or other authority of the United States or any other country
      or
      any state, province, prefect, municipality, locality or other government or
      political subdivision thereof, or any quasi-governmental or private body
      exercising any regulatory, Tax (including, without limitation, the Internal
      Revenue Service), judicial, importing or other governmental or
      quasi-governmental authority or applicable stock exchange or trading
      market.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Holdings
      Corp”
shall
      have the meaning set forth in the Preamble.

     

    “Hotel
      LP”
has
      the
      meaning set forth in the Recitals.

     

    “Hotel
      Partnership Agreement”
shall
      mean the Amended and Restated Limited Partnership Agreement of Hotel LP,
      attached hereto as Exhibit
      F.

     

    “Indemnified
      Conveyance Taxes” shall
      have the meaning in Section 11. 

     

    “Indemnified
      MC Partnership Obligations”
shall
      mean: (a) any and all past, present or future Obligations of the Partnership
      and
      any of its Affiliates or Subsidiaries (and any of their respective executors,
      administrators, successors and assigns) in which any of them previously had
      (or
      which may have arisen), or now or may hereafter have (or arise) in respect
      of,
      under, or relating to the Project (or any portion or aspect thereof or any
      transaction or activity undertaken in respect thereof) and, otherwise, under
      any
      of the Transaction Documents, Related Documents and any other contract,
      agreement or arrangement (whether oral or written) pertaining to or in respect
      of the Project, other than those costs and expenses expressly imposed upon
      a
      Redeemed Partner hereunder or in any Related Documents; and (b) any and all
      Indemnified Conveyance Taxes but, in any event, excluding any and all acts
      or
      omissions by the Redeemed Partners or any of their respective Affiliates with
      respect to the Project from the date hereof. 

     

    “Indemnity
      Notice” shall
      have the meaning set forth in Section 9.4.

     

    “Initial
      Response Period”
shall
      have the meaning set forth in Section 9.4.

     

    “Laws”
shall
      have the meaning set forth in Section 6.1(c).

     

    “License
      Agreement”
shall
      mean the Trademark License Agreement by and among the Partnership, the Component
      Entities and other signatories thereto, attached hereto as Exhibit
      G.

     

    “Losses”
has
      the
      meaning set forth in Section 9.5.

     

    “Mack-Cali
      Rights Agreement”
shall
      have the meaning set forth in the Recitals.

     

    “MC
      Indemnified Party”
and
      “MC
      Indemnified Parties”
shall
      have the meaning set forth in Section 9.3.

     

    “MC
      Note”
shall
      have the meaning set forth in the Recitals. 

     

    “MC
      Obligation Claim”
has
      the
      meaning set forth in Section 9.4. 

     

    “MC
      Partner”
shall
      have the meaning set forth in the Preamble.

     

    “MC
      Partner Assignment”
shall
      mean the Assignment and Assumption of Partnership Interest by and between the
      Partnership and the MC Partner, attached hereto as Exhibit
      H,
      pursuant to which MC Partner assigns all of its right, title and interest in
      the
      MC Partner Redeemed Interests. 

     

    “MC
      Partner Redeemed Interest”
shall
      have the meaning set forth in the Recitals.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “MC
      Released Party”
and
      “MC
      Released Parties”
shall
      have the meaning set forth in Section 9.2.

     

    “Meadowlands
      Partnership”
shall
      have the meaning set forth in the Preamble.

     

    “Memorandum”
shall
      mean the Memorandum of the Mack-Cali Rights Agreement for recordation in the
      New
      Jersey Land Records, attached hereto as Exhibit
      I.

     

    “Non-MC
      Releasing Party”
and
      “Non-MC
      Releasing Parties”
      has the
      meaning set forth in Section 9.2. 

     

    “Obligations”
shall
      mean any and all financial and non-financial duties, liabilities and obligations
      (including, without limitation, Taxes), whether imposed by or under applicable
      law (and/or any Laws), contract (whether written or oral) (including, without
      limitation, under the Original Partnership Agreement and any of the Transaction
      Documents), covenant or otherwise. 

     

    “OFAC” shall
      have the meaning set forth in Section 6.1(d). 

     

    “Order”
shall
      mean any judgment, order, injunction, decree, writ, permit or license (whether
      temporary or permanent) of any Governmental or Regulatory Authority or any
      arbitrator.

     

    “Original
      Partnership”
shall
      have the meaning set forth in the Preamble.

     

    “Original
      Partnership Agreement”
shall
      mean that Limited Partnership Agreement of the Original Partnership, dated
      November 25, 2003, as amended by that certain First Amendment to Limited
      Partnership Agreement of the Original Partnership, dated June 30,
      2005.

     

    “Partnership”
shall
      have the meaning set forth in the Preamble.

     

    “Person”
shall
      mean an individual, partnership, firm, corporation, trust, estate,
      unincorporated association, limited liability company, joint stock company
      or
      other entity, association, firm or company.

     

    “Pre-Closing
      Income Tax Return” or
      “Pre-Closing
      Income Tax Returns”
shall
      have the meaning set forth in Section 12.1. 

     

    “Proceeding”
shall
      have the meaning set forth in Section 12.1.

     

    “Project”
      shall
      have the meaning specified in the Mack-Cali Rights Agreement.

     

    “Redeemed
      Interests”
shall
      have the meaning set forth in the Recitals.

     

    “Redeemed
      Partner Proceeding”
shall
      have the meaning set forth in Section 12.1.

     

    “Redeemed
      Partners’ Knowledge”
means
      the actual knowledge of Mitchell E. Hersh, Roger W. Thomas, Esq. and Barry
      Lefkowitz only, without an obligation to investigate or inquire and without
      being imputed with the knowledge of any other Person.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    “Redeemed
      Partners”
shall
      have the meaning set forth in the Preamble.

     

    “Redeemed
      Partners’ Representatives”
shall
      have the meaning set forth in Section Error!
      Reference source not found..

     

    “Redemption”
shall
      have the meaning set forth in the Recitals.

     

    “Redemption
      Consideration”
shall
      have the meaning set forth in the Recitals. 

     

    “Related
      Documents”
shall
      mean the Memorandum, the MC Partner Assignment, the SGP Assignment, the Special
      Interests Assignment Agreement, the Mack-Cali Rights Agreement, the A-B Office
      Partnership Agreement, the C-D Office Partnership Agreement, the Hotel
      Partnership Agreement and the MC Note.

     

    “Released
      MC Obligations”
shall
      mean any and all of the Obligations of the Redeemed Partners (and each of them)
      and their Affiliates and Subsidiaries (and any of their respective executors,
      administrators, successors and assigns) to the Partnership, the Remaining
      Partners (and to each of them) and their respective Affiliates and Subsidiaries
      (and any of their respective executors, administrators, successors and assigns)
      with respect to and/or under: (i) the Project (or any component, portion or
      aspect thereof or any transaction or activity undertaken in respect thereof);
      and (ii) the Original Partnership Agreement, any of the Transaction Documents
      and any other contract, agreement or arrangement (whether written or oral)
      related or pertaining to the Project (or any component, portion or aspect
      thereof or any transaction or activity undertaken in respect thereof), in each
      case which arose (or may have arisen) or existed (or may have existed) on and
      as
      of, or prior to, the date hereof, but not as to any such Obligations arising
      following the date hereof (including, without limitation, under this Agreement
      or any of the Related Documents). 

     

    “Remaining
      Partners”
shall
      have the meaning set forth in the Preamble.

     

    “Remaining
      Partner’s Knowledge”
means
      the actual knowledge of Dan Haggarty only, without an obligation to investigate
      or inquire and without being imputed with the knowledge of any other
      Person.

     

    “Rights”
shall
      have the meaning set forth in the Recitals.

     

    “SGP
      Partner Assignment”
shall
      mean the Assignment and Assumption of Partnership Interest by and between the
      Partnership and the Special General Partner, attached hereto as Exhibit
      J,
      pursuant to which the Special General Partner assigns all of its right, title
      and interest in the SGP Redeemed Interests.

     

    “SGP
      Redeemed Interest”
shall
      have the meaning set forth in the Recitals.

     

    “Special
      General Partner”
shall
      have the meaning set forth in the Preamble.

     

    “Special
      Interests”
shall
      have the meaning set forth in the Recitals.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Special
      Interests Assignment Agreement”
shall
      mean that the Assignment and Assumption Agreement by and between the Partnership
      and the Special General Partner, attached hereto as Exhibit
      K,
      pursuant to which the Partnership assigns the Special Interests to the Special
      General Partner in connection with the Redemption. 

     

    “Subject
      Person”
has
      the
      meaning set forth in Section 1 in the defined term “Affiliate”. 

    

    “Subsidiary”
shall
      mean, with respect to any Person, (i) any corporation more than 50% of whose
      stock of any class or classes having by the terms thereof ordinary voting power
      to elect a majority of the directors of such corporation (irrespective of
      whether or not at the time stock of any class or classes of such corporation
      shall have or might have voting power by reason of the happening of any
      contingency) is owned by such Person directly or indirectly through one or
      more
      subsidiaries of such Person and (ii) any partnership, limited liability company,
      association, joint venture or other entity in which such Person directly or
      indirectly through one or more subsidiaries of such Person has more than a
      50%
      equity interest.

    “Tax”
or
      “Taxes”
shall
      mean any or all federal, state, county, local, foreign and other taxes, duties
      or fees of any kind whatsoever (including, without limitation, income, profits,
      premium, estimated, excise, sales, use, occupancy, gross receipts, franchise,
      ad
      valorem, severance, capital levy, production, transfer, license, stamp,
      environmental, withholding, employment, unemployment compensation, payroll
      related and property taxes, import duties and other governmental charges or
      assessments, payments in lieu of taxes, as well as Conveyance Taxes), whether
      or
      not measured in whole or in part by net income, and including deficiencies,
      interest, additions to tax or interest, and penalties with respect
      thereto.

     

    “Tax
      Return”
      or “Tax
      Returns”
shall
      mean any and all returns, statements, reports, forms (including, without
      limitation, any elections, declarations, claims for refund, information
      returns), and any and all attachments and schedules thereto, required to be
      filed in respect of any Taxes or otherwise to any Governmental or Regulatory
      Authority responsible for, or which administers, Taxes. 

     

    “Transaction
      Documents” shall
      have the meaning specified in the Mack-Cali Rights Agreement.

     

    Section
      2.  Redemption.

                          
      2.1  At
      the
      Closing, (a) MC Partner hereby retires, assigns and transfers to the Partnership
      its entire MC Partner Redeemed Interest, which interest is free and clear of
      any
      and all liens and other encumbrances, and hereby withdraws from the Partnership
      as of the Closing; and (b) the Special General Partner hereby retires, assigns
      and transfers to the Partnership its entire SGP Redeemed Interest, which
      interest is free and clear of any and all liens and other encumbrances, and
      hereby withdraws from the Partnership as of the Closing. 

     

    2.2  In
      consideration for the retirement and redemption of the Redeemed Interest, the
      Partnership agrees to deliver and distribute to the Redeemed Partners the
      Redemption Consideration free and clear of any and all liens and encumbrances,
      as more particularly set forth in Section 4.1 herein. 

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

         
Section
      3.  Closing. 
      The
      closing of the Redemption and the consummation of the transactions contemplated
      under this Agreement (the “Closing”)
      shall
      take place at the offices of White & Case LLP, 1155 Avenue of the Americas,
      New York, New York, upon the execution of this Agreement and the Related
      Agreements. The date of the Closing is referred to herein as the “Closing
      Date”.

     

    Section
      4.  Payment
      of Consideration.

     

    4.1 At
      Closing, the Partnership shall distribute (and/or deliver to, as the case may
      be) to the Redeemed Partners the Redemption Consideration, free and clear of
      any
      and all liens and encumbrances, as follows: (i) $22,400,000 of the total Cash
      Consideration to the MC Partner in immediately available funds which shall
      be
      wired to the account designated by the MC Partner and in accordance with the
      wire instructions furnished by MC Partner to the Partnership; (ii) $100,000
      of
      the total Cash Consideration to the Special General Partner in immediately
      available funds which shall be wired to the account designated by the Special
      General Partner and in accordance with the wire instructions furnished by the
      Special General Partner to the Partnership; (iii) the Special Interests shall
      be
      assigned to Special General Partner pursuant to the Special Interests Assignment
      Agreement duly executed by the Partnership and the Special General Partner;
      and
      (iv) the Mack-Cali Rights Agreement, duly executed by all of the parties thereto
      other than the Redeemed Partners, and delivered to the Redeemed Partners. None
      of the Redemption Consideration distributable or deliverable to a Redeemed
      Partner shall be subject to withholding so long as the Redeemed Partner shall
      have furnished to the Partnership the certificate referred to in Section 5.2(f).
      

     

    4.2 At
      Closing, the Meadowlands Partnership shall separately deliver the MC Note to
      the
      MC Partner. 

     

    Section
      5.  Delivery
      of Documents at Closing. 
      The parties hereto shall separately make the following deliveries to the other
      parties hereto at the Closing:

     

    5.1  The
      Partnership is delivering (or causing to be delivered) to the Redeemed Partners
      the following agreements and documents:

     

    (a)  A
      duly
      executed counterpart of the MC Partner Assignment, SGP Partner Assignment and
      Special Interests Assignment Agreement;

     

    (b)  A
      certificate of good standing and/or subsistence for the Partnership, dated
      not
      more than thirty (30) days prior to the Closing Date, issued by the Secretary
      of
      State of the State of Delaware;

     

    (c)  Certified
      copy of a consent duly adopted by the Partnership and the Remaining Partners
      (and/or such other consents and resolutions in accordance with the Partnership
      Agreement and applicable law) expressly authorizing the execution, delivery
      and
      performance of this Agreement and of each of the Related Documents to which
      it
      is a party;

     

      

     

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d)  A
      Certificate from the Partnership certifying that (x) the Partnership has
      obtained all required consents that are required to be obtained or made by
      or
      with respect to the Partnership in connection with the Redemption, the
      execution, delivery and performance on the Closing Date of this Agreement and
      the Related Documents by the Partnership and the consummation of the
      transactions contemplated hereby and thereby by the Partnership, which such
      required consents are listed on Schedule 5.1(d) and (y) all required consents
      are in full force and effect;

     

    (e)  A
      Certificate from the Partnership certifying that to the Partnership’s knowledge
      (x) there is no action, suit, investigation or proceeding pending or threatened
      with any Governmental or Regulatory Authority which seeks to enjoin, restrain
      or
      prohibit or materially delay any of the transactions contemplated by the
      Agreement or any of the Related Documents and (y) no Governmental or Regulatory
      Authority of competent jurisdiction has, on or prior to the Closing Date,
      enacted, issued, promulgated, enforced or entered any Order which is in effect
      and prohibits or materially restricts or materially adversely affects the
      consummation of the transactions contemplated by this Agreement and the Related
      Documents; 

     

    (f)  Duly
      executed counterparts of the Component LP Agreements other than by the Special
      General Partner; 

     

    (g)  A
      fully
      executed License Agreement;

     

    (h)  Counterpart(s)
      of the Mack-Cali Rights Agreement, duly executed by all parties thereto other
      than the Redeemed Partners;

     

    (i)  Duly
      executed counterparts of the Memorandum other than by the Redeemed Partners;
      and

     

    (j)  Such
      other consents, resolutions, releases, documents and instruments as may be
      reasonably required, or requested by any Redeemed Partner, to effectuate the
      terms of this Agreement and to comply with the terms hereof.

     

    5.2  Each
      of
      the Redeemed Partners is delivering (or causing to be delivered) to the
      Partnership the following agreements:

     

    (a)  A
      duly
      executed counterpart of the MC Partner Assignment, SGP Assignment and Special
      Interests Assignment Agreement;

     

    (b)  A
      certificate of good standing and/or subsistence for each of the Redeemed
      Partners, dated not more than thirty (30) days prior to the Closing Date, issued
      by the Secretary of State of the State of New Jersey;

     

    (c)  A
      certified copy of a consent for each Redeemed Partner duly adopted by such
      Redeemed Partner expressly authorizing the execution, delivery and performance
      of this Agreement and the Related Documents to which it is a party;

     

    (d)  A
      Certificate from each Redeemed Partner certifying that (x) such Redeemed Partner
      has obtained all required consents that are required to be obtained or made
      by
      or with respect to such Redeemed Partner in connection with the Redemption,
      the
      execution, delivery and performance on the Closing Date of this Agreement and
      the Related Documents by such Redeemed Partner and the consummation of the
      transactions contemplated hereby and thereby by such Redeemed Partner, which
      such required consents are listed on Schedule 5.2(d) and (y) all required
      consents are in full force and effect;

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    (e)  A
      Certificate from each of the member(s) of each of the Redeemed Partners
      certifying that to such Redeemed Partner’s Knowledge (x) there is no action,
      suit, investigation or proceeding pending or threatened with any Governmental
      or
      Regulatory Authority which seeks to enjoin, restrain or prohibit or materially
      delay any of the transactions contemplated by any of this Agreement and the
      Related Documents and (y) no Governmental or Regulatory Authority of competent
      jurisdiction has, on or prior to the Closing Date, enacted, issued, promulgated,
      enforced or entered any Order which is in effect and prohibits or materially
      restricts or materially adversely affects the consummation of the transactions
      contemplated by this Agreement and the Related Documents;

     

    (f)  A
      certificate from each Redeemed Partner, duly executed by such Redeemed Partner,
      in the form prescribed by Treasury Regulations Section 1.1445-2(b)(2) to the
      effect that it is not a “foreign person” as that term is defined in Section
      1445(f)(3) of the Code, in order to avoid the imposition of the withholding
      tax
      payment pursuant to Section 1445 of the Code;

     

    (g)  Such
      other consents, resolutions, releases, documents and instruments as may be
      reasonably required or requested by the Partnership to effectuate the terms
      of
      this Agreement and to comply with the terms hereof;

     

    (h)  Duly
      executed counterparts of the Mack-Cali Rights Agreement;

     

    (i)  Duly
      executed counterparts of the Component LP Agreements; and 

     

    (j)  Duly
      executed counterparts of the Memorandum other than by the Partnership and the
      Remaining Partner.

     

    5.3  Meadowlands
      Partnership is delivering to the Redeemed Partners a fully executed copy of
      the
      Amended and Restated Partnership Agreement.

     

                     
      Section 6.  Representations,
      Warranties and Covenants.

                                    6.1  Each
      of
      the Partnership and each Remaining Partner hereby represents, warrants and
      covenants to the Redeemed Partners (and each Redeemed Partner) as
      follows:

     

    (a)  The
      Partnership is a duly formed and validly existing limited partnership organized
      and in good standing under the laws of the State of Delaware.

     

    (b)  Each
      of
      the Partnership and the Remaining Partners has the full legal right, power
      and
      authority to execute and deliver this Agreement and the Related Documents to
      which it is a party, to consummate the transactions contemplated hereby and
      thereby and to perform its obligations hereunder and under the Related Documents
      to which it is a party.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    (c)  The
      Partnership has record and beneficial ownership of and good and valid title
      to
      the Redemption Consideration and such ownership and title are free and clear
      of
      any and all liens, pledges, encumbrances, claims, charges, equities, agreements,
      rights, options or restrictions of any kind, nature or description whatsoever.
      

     

    (d)  Neither
      the Partnership nor any Remaining Partner is, or shall become, a Person with
      whom either Redeemed Partner is restricted from doing business with under
      regulations of the Office of Foreign Asset Control (“OFAC”)
      of the
      Department of the Treasury (including, but not limited to, those named on OFAC’s
      Specially Designated and Blocked Persons list) or under any statute, executive
      order (including, but not limited to, Executive Order 13224 Blocking Property
      and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
      Support Terrorism), or other governmental action and is not and shall not engage
      in any dealings or transactions or be otherwise associated with such
      Persons.

     

    (e)  This
      Agreement and the Related Documents to which they are a party do not and will
      not (I) contravene any judgment, order, decree, writ or injunction issued
      against the Partnership, the Remaining Partners or any of their respective
      Subsidiaries or Affiliates; or (II) violate a material provision of any law
      or
      governmental ordinance, rule, regulation, order or requirement (collectively,
      “Laws”)
      to
      which the Partnership, the Remaining Partners or any of their Subsidiaries
      or
      Affiliates is or will be subject, except such violations as would not have
      or
      would not reasonably be expected to have a material adverse effect on the
      ability of the Partnership and the Remaining Partner to consummate the
      transactions contemplated hereby and under the Related Documents. The
      consummation of the transactions contemplated hereby and under the Related
      Documents will not result in a breach or constitute a default or event of
      default by the Partnership, the Remaining Partners or any of their respective
      Subsidiaries or Affiliates under any agreement to which any of them or any
      of
      their assets are or will be subject or bound (including, without limitation,
      the
      Original Partnership Agreement or Amended and Restated Partnership Agreement)
      and will not result in a violation of any Laws to which the Partnership, the
      Remaining Partners or any of their Subsidiaries or Affiliates is or will be
      subject, except such violations as would not have or would not reasonably
      be expected
      to have a material adverse effect on the ability of the Partnership and the
      Remaining Partner to consummate the transaction contemplated hereby and under
      the Related Documents.

     

    (f)  No
      representation or warranty by the Partnership or the Remaining Partners in
      this
      Agreement and no statement contained herein or in any document, certificate,
      or
      other writing furnished or to be furnished by the Partnership or the Remaining
      Partners to the Redeemed Partners pursuant to the provisions hereof or in
      connection with the transactions contemplated hereby and under the Related
      Documents contains any untrue statement of material fact or omits to state
      any
      material fact necessary in order to make the statements herein or therein not
      misleading. 

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (g)  There
      are
      no claims of any kind or any actions, suits, proceedings, arbitrations or
      investigations pending or, to the Remaining Partners’ Knowledge, threatened in
      any Governmental or Regulatory Authority or otherwise against the Partnership
      or
      the Remaining Partner, or which would prevent the performance of this Agreement
      or any of the transactions contemplated hereby, or which declare the same
      unlawful or cause the rescission thereof.

     

    (h)  The
      Partnership has no employees.

     

    (i)  A
      duly
      enacted and effective resolution of the New Jersey Sports and Exposition
      Authority approving the transfer of control of the Partnership and related
      “Meadowlands Xanadu” components has been delivered to the Redeemed
      Partners.

     

    (j)  The
      Partnership is duly authorized and has the full authority to grant, or permit
      the exercise of, the rights, benefits, obligations and options set forth in
      the
      Mack-Cali Rights Agreement.

     

    (k)  Neither
      the Partnership nor any Remaining Partner (nor any of their Affiliates or
      Subsidiaries) has taken or omitted to take any action that would adversely
      affect the rights, benefits, obligations and options of either or both of the
      Redeemed Partners (or any of their Affiliates or Subsidiaries) set forth in
      the
      Mack-Cali Rights Agreement.

     

    6.2  Each
      of
      the Redeemed Partners hereby represents and warrants to the Partnership as
      follows:

     

    (a)  Each
      Redeemed Partner has the full legal right, power and authority to execute and
      deliver this Agreement and the Related Documents to which it is a party, to
      consummate the transactions contemplated hereby and thereby, and to perform
      its
      obligations hereunder and under the Related Documents to which it is a
      party.

     

    (b)  This
      Agreement and the Related Documents do not and will not (I) contravene any
      judgment, order, decree, writ or injunction issued against either Redeemed
      Partner or any of its Subsidiaries or Affiliates, or (II) violate a material
      provision of any Law to which such Redeemed Partner is or will be subject,
      except such violations as would not have or would not reasonably be expected
      to
      have a material adverse
      effect on the ability of such Redeemed Partner to consummate the transactions
      contemplated hereby and under the Related Documents. The transactions
      contemplated hereby and under the Related Documents will not result in a breach
      or constitute a default or event of default by such Redeemed Partner or any
      of
      its Subsidiaries or Affiliates under any agreement to which such Redeemed
      Partner or any of its assets is subject or bound and will not result in a
      violation of any Laws applicable to such Redeemed Partner or any of their
      Subsidiaries or Affiliates is or will be subject, except such violations as
      would not or would not reasonably be expected to have a material adverse effect
      on the ability of such Redeemed Partner to consummate the transactions
      contemplated hereby and the Related Documents if finally determined adversely
      to
      such Redeemed Partner.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    (c)  Such
      Redeemed Partner has record and beneficial ownership of and good and valid
      title
      to its respective Redeemed Interests and such ownership and title are free
      and
      clear of any and all liens, pledges, encumbrances, claims, charges, equities,
      agreements, rights, options or restrictions of any kind, nature or description
      whatsoever.

     

    (d)  Such
      Redeemed Partner is not, or shall not become, a Person with whom either Redeemed
      Partner is restricted from doing business under regulations of OFAC (including,
      but not limited to, those named on OFAC’s Specially Designated and Blocked
      Persons list) or under any statute, executive order (including, but not limited
      to, Executive Order 13224 Blocking Property and Prohibiting Transactions With
      Persons Who Commit, Threaten to Commit, or Support Terrorism), or other
      governmental action and is not and shall not engage in any dealings or
      transactions or be otherwise associated with such Persons.

     

    (e)  No
      representation or warranty by any Redeemed Partner in this Agreement and no
      statement contained herein or in any document, certificate, or other writing
      furnished or to be furnished by the Redeemed Partners to the Partnership
      pursuant to the provisions hereof or in connection with the transactions
      contemplated hereby and the Related Documents contains any untrue statement
      of
      material fact or omits to state any material fact necessary in order to make
      the
      statements herein or therein not misleading. 

     

    (f)  There
      are
      no claims of any kind or any actions, suits, proceedings, arbitrations or
      investigations pending or, to such Redeemed Partner’s Knowledge, threatened by
      any Governmental or Regulatory Authority or otherwise against such Redeemed
      Partner, or which would prevent the performance of this Agreement or any of
      the
      transactions contemplated hereby, or which declare the same unlawful or cause
      the rescission thereof.

     

    (g)  None
      of
      the assets and properties of such Redeemed Partner and of its Subsidiaries
      and
      Affiliates are currently being used by the Partnership or any of its
      Subsidiaries, including by ERC LP; 

     

    provided,
      however,
      that
      none of the Redeemed Partners (nor any of their Affiliates or Subsidiaries)
      shall have any liability to the Partnership or any Remaining Partner (or any
      of
      their Affiliates or Subsidiaries) with respect to any of the foregoing
      representations or warranties in this Section 6.2 if, prior to the Closing,
      the
      foregoing representations and warranties in this Section 6.2 are, to the
      Remaining Partner’s Knowledge, inaccurate in any material respect.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    6.3  After
      the
      Closing, at the request of any party hereto, and without further conditions
      or
      consideration, each party hereto shall execute and deliver from time to time
      such other instruments, documents, agreements and/or take such other actions
      as
      another party hereto may reasonably request, including, but not limited to,
      providing access to such party and its respective officers, directors,
      employees, agents, representative, accountants and counsel to books and records
      at reasonable times upon reasonable prior written notice, providing copies
      of
      any relevant Tax Returns and financial statements and other financial
      information (together with any supporting schedules and documentation) and
      making employees available on a mutually convenient basis to provide additional
      information and explanation of any material provided hereunder with respect
      to
      this Agreement and any of the transactions undertaken pursuant hereto (and
      the
      financial reporting of) and/or otherwise in connection with any Proceeding
      (including, without limitation, any Redeemed Partner Proceeding); provided,
      however,
      that
      any such access or furnishing of information shall be conducted at the
      requesting party’s sole expense, during normal business hours, under the
      supervision of the personnel of the other parties hereto, as the case may be,
      and in such a manner as not to interfere with the normal operations of such
      other party or its Affiliates. 

     

    6.4  The
      representations, warranties and covenants made herein shall survive the Closing
      for a period of twelve (12) months following the Closing Date; provided,
      however,
      that
      the representations and warranties contained in Sections 6.1(a), (b), (c) and
      (j) and in Sections 6.2(a), (b) and (c) (and the proviso to Section 6.2) hereof
      shall survive indefinitely.

     

    Section
      7.  Remedies. 
      If any party hereto shall be in default of or breach any of its respective
      obligations hereunder, then the other parties hereto shall have such rights
      or
      remedies available at law and/or in equity, including, without limitation,
      the
      right of specific performance.

     

    Section
      8.  Notices. 
      Any notice, consent, approval, or other communication which is provided for
      or
      required by this Agreement must be in writing and may be delivered in person
      to
      any party hereto or may be sent by a facsimile transmission, telegram, expedited
      courier or registered or certified U.S. mail, with postage prepaid, return
      receipt requested. Any such notice or other written communications shall be
      deemed received by the party hereto to whom it is sent (i) in the case of
      personal delivery, on the date of delivery to the party hereto to whom such
      notice is addressed as evidenced by a written receipt signed on behalf of such
      party, (ii) in the case of facsimile transmission or telegram, the next Business
      Day after the date of transmission, (iii) in the case of courier delivery,
      the
      date receipt is acknowledged or rejected by the party hereto to whom such notice
      is addressed as evidenced by a written receipt signed on behalf of such party,
      and (iv) in the case of registered or certified mail, the date receipt is
      acknowledged or rejected on the return receipt for such notice. For purposes
      of
      notices, the addresses of the parties hereto shall be as follows,
      which addresses may be changed at any time by written notice given in accordance
      with this provision:

     

    If
      to the
      Partnership or the Remaining Partner, to:

     

        c/o
      Colony Xanadu, LLC

                660
      Madison Avenue,
      Suite 1600

                New
      York, NY
      10021

                Attn:
      Richard
      Saltzman

                Telephone:
      (212)
      832-0500

                Fax:
      (212)
      593-5433

     

    and

     

       
      c/o Colony Xanadu, LLC

                                       
      1999 Avenue of the Stars, Suite 1200

                       
      Los Angeles, CA 90067

                       
      Attn: Joy Mallory 

                       
      Telephone: (310) 282-8820 

                       
      Fax: (310)
      282-8808

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

     

    With
      copy
      to (which shall not constitute a notice):

     

                White
&
Case
      LLP

                1155
      Avenue of the
      Americas

                New
      York, New York
      10036

                Attn:
      John Reiss,
      Esq.

                Attn:
      Steven
      Teichman, Esq.

                Telephone:
      (212)
      819-8200

                Fax:
      (212)
      354-8113

     

    If
      to any
      of the Redeemed Partners, as follows:

     

                c/o
      Mack-Cali Realty
      Corporation

                P.O.
      Box
      7817

                Edison,
      New Jersey
      08818-7817

                Attention:
      Mitchell
      E. Hersh, President and Chief Executive Officer

                Facsimile:
      (732)
      205-9040

     

    and

     

                c/o
      Mack-Cali Realty
      Corporation

                P.O.
      Box
      7817

                Edison,
      New Jersey
      08818-7817

                Attention:
      Roger W.
      Thomas, Executive Vice President

                                  
      and General Counsel

                Facsimile:
      (732)
      205-9015

     

    For
      courier or overnight delivery to the Redeemed Partners:

     

                c/o
      Mack-Cali Realty
      Corporation

                343
      Thornall
      Street

                Edison,
      NJ
      08837-2206

    

    With
      copy
      to (which shall not constitute a notice):

     

                Seyfarth
      Shaw
      LLP

                1270
      Avenue of the
      Americas

                Suite
      2500

                New
      York, New York
      10020-1801

                Attention:
      John P.
      Napoli, Esq.

                Facsimile:
      (212)
      218-5527

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    Failure
      of, or delay in delivery of any copy of a notice or other written communication
      shall not impair the effectiveness of such notice or written communication
      given
      to any party hereto to this Agreement as specified herein.

     

    Section
      9.  No
      Continuing Liability, Release and Indemnity.

     

    9.1  Subject
      to and except as otherwise provided in the other provisions of this Section
      9
      and elsewhere hereunder, upon the occurrence of the Closing and the Redeemed
      Partners’ receipt of the Redemption Consideration and the MC Note, (a) the
      Redeemed Partners shall have no further right, title, or interest in the
      Partnership or in the assets of the Partnership and shall have no further right
      to distributions from the Partnership; and (b) no party shall have any further
      obligations or liability to the other parties hereto for the payment of any
      compensation, fees or other consideration arising out of the Redeemed
      Interests.

     

    9.2  In
      consideration of the covenants and agreements contained in this Agreement and
      the Related Documents and other good and valuable consideration, the sufficiency
      of which is hereby agreed upon by and among the parties, the Remaining Partners
      (and each of them) and the Partnership irrevocably and unconditionally waives,
      releases and forever discharges and agrees not to sue (or assist or encourage
      any other Person to sue) for themselves and their respective Affiliates and
      Subsidiaries, and any of their direct and indirect shareholders, partners,
      members, directors, officers, agents and employees, and any of their respective
      heirs, executors, administrators, successors and assigns (each, a “Non-MC
      Releasing Party”
and,
      collectively, the “Non-MC
      Releasing Parties”),
      the
      Redeemed Partners (and any of them) and their respective Affiliates and
      Subsidiaries, and any of their direct and indirect shareholders, partners,
      members, directors, officers, agents and employees, and any of their respective
      heirs, executors, administrators, successors and assigns (each, a “MC
      Released Party”
      and,
      collectively, the “MC
      Released Parties”),
      from
      and with respect to any and all of the Released MC Obligations. The foregoing
      release is intended by the Remaining Partners (and each of them) and the
      Partnership to be as broad as the Laws allow and is intended specifically
      to

     

    9.3  be
      a
      compromise and release generally of all Released MC Obligations. Each of the
      Remaining Partners and the Partnership hereby represents, warrants and covenants
      to the Redeemed Partners that none of them nor any of the other Non-MC Releasing
      Parties have assigned or transferred any interest in any of the Released MC
      Obligations. No Non-MC Releasing Party shall make any claim or demand or
      commence any action asserting any claim or demand against any MC Released Party,
      with respect to any Released MC Obligations.  The
      Partnership shall indemnify, defend and hold harmless the Redeemed Partners
      and
      their Affiliates and Subsidiaries and any of their direct and indirect
      shareholders, partners, members, directors, officers, agents and employees,
      and
      any of their respective heirs, executors, administrators, successors and assigns
      (each, a “MC
      Indemnified Party”
and
      collective, the “MC
      Indemnified Parties”)
      from
      and against any and all Losses of the MC Indemnified Parties (or any one or
      more
      of them) to the extent arising out of or resulting from any Indemnified MC
      Partnership Obligation; provided,
      however,
      that
      the Partnership shall not be obligated to indemnify any MC Indemnified Party
      to
      the extent the MC Obligation Claim (i) arises out of any criminal proceeding,
      action, indictment, allegation, conduct or investigation of such MC Indemnified
      Party (but only if same results in a conviction of, or plea of nolo contendre
      to, a misdemeanor or felony), or (ii) arises from an act which constitutes
      fraud, bad faith, willful misconduct or gross negligence by the MC Indemnified
      Party. 

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    9.4  If
      a
      claim is made against any MC Indemnified Party, and the Person bringing such
      claim intends to seek recourse with respect to an Indemnified MC Partnership
      Obligation, such MC Indemnified Party shall, upon learning or being apprised
      of
      same, promptly notify (the “Indemnity
      Notice”)
      the
      Partnership in writing of such claim (the “MC
      Obligation Claim”)
      describing in reasonable detail, to the extent then known, the facts and
      circumstances with respect to the subject matter of such claim. No delay in
      giving, or failure to give such notice by the MC Indemnified Party to the
      Partnership will adversely affect the rights or remedies of the MC Indemnified
      Party under this Agreement or will alter or relieve the Partnership of its
      obligation to indemnify the MC Indemnified Party except that, if the MC
      Indemnified Party shall have failed to so promptly furnish the Indemnity Notice,
      to the extent that the resulting delay or failure has prejudiced the rights
      of
      the Partnership hereunder (and only to such extent). The Partnership shall
      have
      thirty (30) days after receipt of such Indemnity Notice (but, provided that
      the
      MC Indemnified Party shall have so promptly furnished the Indemnity Notice
      to
      the Partnership, in no event less than ten (10) days prior to the date that
      a
      response or action needs to be taken or made in respect of such claim
      (“Initial
      Response Period”)
      to
      assume the conduct and control, through counsel reasonably acceptable to the
      MC
      Indemnified Party, at the expense of the Partnership in accordance with Section
      9.8, of the settlement or defense thereof and the MC Indemnified Party shall
      cooperate (at the expense of the Partnership) with the Partnership in connection
      therewith; provided,
      that
      the Partnership shall permit the MC Indemnified Party to participate in such
      settlement or defense through counsel chosen by such MC Indemnified Party (and
      at its expense); provided,
      further,
      however,
      that
      the Partnership shall not be entitled to assume control of such defense and
      shall pay the fees and expenses of counsel retained by the MC Indemnified Party
      if (i) the MC Indemnified Party has been advised in writing by counsel that
      a
      reasonable likelihood exists of a conflict of interest between the MC
      Indemnified Party and the Partnership (or any of its Affiliates or
      Subsidiaries); (ii) the MC Obligation Claim seeks an injunction or equitable
      relief against the MC Indemnified Party; (iii) upon petition by the MC
      Indemnified Party, the appropriate court rules that the Partnership
      failed or is failing to defend such claim in good faith; or (iv) the Partnership
      shall have failed, within the Initial Response Period after having been promptly
      notified by the MC Indemnified Party, upon the MC Indemnified Party learning
      or
      being apprised of same, of the existence of such claim to assume the defense
      of
      such claim. Any MC Indemnified Party shall have the right to employ separate
      counsel in any MC Obligation Claim and to participate in the defense thereof
      (and the Partnership shall cooperate with such separate counsel and keep such
      separate counsel fully and reasonably practicable contemporaneously informed
      of,
      and provide to such separate counsel copies of, all relevant correspondence
      and
      documentation related thereto), but the fees and expenses of such counsel shall
      not be at the expense of the Partnership except as provided in the preceding
      sentence. So long as the Partnership is diligently contesting any MC Obligation
      Claim whose defense it has assumed in good faith, the MC Indemnified Party
      shall
      not pay or settle any such claim without the consent of the Partnership.
      Notwithstanding the foregoing, the MC Indemnified Party shall have the right
      to
      pay or settle any such MC Obligation Claim so long as (i) the relief obtained
      by
      the MC Indemnified Party does not negatively affect the Partnership (and, for
      this purpose, the relief will not be considered to negatively affect the
      Partnership if such relief requires the payment of an amount that is less than
      the amount of the claim being paid or settled), (ii) the settlement does not
      require or involve an admission of any guilt, liability or wrongdoing of any
      kind by the Partnership or any of its Affiliates and (iii) such relief includes
      as an unconditional term thereof the giving by the Person or Persons asserting
      such claim to all MC Indemnified Parties in respect of such MC Obligation Claim
      of an unconditional release from all Losses with respect to such claim or
      consent to entry of any judgment (a “Permitted
      Settlement”);
      provided,
      however,
      that in
      such event, the MC Indemnified Party shall waive any right to indemnity therefor
      by the Partnership for such claim unless the Partnership shall have consented
      to
      such payment or settlement (other than in the case of a Permitted Settlement
      where the Partnership shall be deemed to have consented to such settlement).
      If
      the Partnership does not notify the MC Indemnified Party within the Initial
      Notice Period after the receipt of the MC Indemnified Party’s notice of a MC
      Obligation Claim that it elects to undertake the defense thereof, or having
      undertaken to defend such MC Obligation Claim, does not diligently defend such
      MC Obligation Claim in good faith, the MC Indemnified Party shall have the
      right
      to defend or contest (or fail to defend or contest), settle or compromise the
      claim, but shall not thereby waive or in any way diminish or lessen any right
      to
      indemnity therefor pursuant to this Agreement. The Partnership shall not consent
      to entry of any judgment or enter into any settlement of any MC Obligation
      Claim
      whose defense it has assumed without the consent of the MC Indemnified Party
      unless (i) the relief consists primarily of the payment of money, (ii) if the
      judgment or settlement is entirely indemnifiable by the Partnership pursuant
      to
      this Section 9, (iii) the judgment or settlement includes as an unconditional
      term thereof the giving by the Person or Persons asserting such claim to all
      MC
      Indemnified Parties of an unconditional release from all Losses with respect
      to
      such claim or consent to entry of any judgment, and (iv) the judgment or
      settlement does not require or involve the admission of any guilt, liability
      or
      wrongdoing of any kind by any MC Indemnified Party. 

     

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

     

    9.5  The
      amount of any and all notices, actions, suits, proceedings, claims of any kind,
      demands, assessments, judgments, losses, liabilities, Obligations, damages,
      costs, Taxes (including, without limitation, any Indemnified Conveyance Taxes
      but excluding, for avoidance of doubt, any Taxes imposed on their allocable
      shares of all Partnership income and gain through the Closing Date), penalties,
      interests and expenses, including reasonable attorneys’ and
      other
      professionals’ fees and expenses (collectively, “Losses”)
      for
      which indemnification is provided under this Section 9 shall be net of (i)
      any
      amounts actually received by the MC Indemnified Party or any of its Affiliates
      (net of all expenses incurred in connection therewith) pursuant to any
      indemnification by or indemnification agreement with any third party in relation
      to such Losses, and (ii) any insurance proceeds or other cash receipts or
      sources of reimbursement actually received by the MC Indemnified Party or any
      of
      its Affiliates as an offset against such Losses (each Person named in clauses
      (i) and (ii), a “Collateral
      Source”);
      provided,
      however,
      no MC
      Indemnified Party shall be under any obligation to procure or obtain any such
      indemnification or insurance (or any amount of indemnification or insurance)
      and
      a MC Indemnified Party’s failure to procure or obtain any such indemnification
      or insurance (or any particular amount of indemnification or insurance) shall
      not adversely affect the rights or remedies of the MC Indemnified Party under
      this Agreement or alter or relieve the Partnership of its indemnification
      obligations hereunder. The Partnership may require the MC Indemnified Party
      to
      assign (at the Partnership’s expense) the rights to seek recovery from
      Collateral Sources but only if and to the extent same is assignable;
provided,
      however,
      that
      the Partnership will then be responsible for pursuing such claim at its own
      expense. If the amount to be netted hereunder in connection with a Collateral
      Source from any payment required under this Section 9 is determined after
      payment by the Partnership, pursuant to Section 9.8, of any amount otherwise
      required to be paid to a MC Indemnified Party under this Section 9, the MC
      Indemnified Party shall repay to the Partnership, promptly after such
      determination, any amount that the Partnership would not have had to pay
      pursuant to this Section 9 had such determination been made at the time of
      such
      payment, and any excess recovery from a Collateral Source shall be deposited
      into escrow to be applied to reduce any future payments to be made by the
      Partnership pursuant to this Section 9. 

     

    9.6  The
      Losses hereunder shall not include any incidental damages, consequential
      damages, special damages, damages arising out of business interruption or lost
      profits, damages arising through the application of any statutory multiplier
      to
      any Losses or punitive damages of any kind (other than incidental damages,
      consequential damages, special damages, damages arising out of business
      interruption or lost profits, damages arising through the application of any
      statutory multiplier to any Losses or punitive damages paid by a MC Indemnified
      Party to an independent third Person).

     

    9.7  The
      indemnification provided for in this Section 9 shall be the exclusive remedy
      of
      the MC Indemnified Party with respect to the parties hereto in respect of a
      MC
      Obligation Claim; provided,
      however,
      that
      nothing herein shall restrict the ability of any MC Indemnified Party to pursue
      the remedy of specific performance or any other equitable remedy; provided,
      further,
      that
      nothing herein shall be deemed to limit or restrict in any manner any rights
      or
      remedies that any party hereto has under this Agreement or any of the Related
      Documents subject to the terms and conditions herein and therein.

     

    9.8  In
      the
      event that the Partnership is required to make any payment under this Section
      9,
      the Partnership shall promptly pay the MC Indemnified Party the amount of such
      indemnity obligation (including, without limitation, in the case where an MC
      Indemnified Party obtains its own counsel and the fees and expenses of said
      counsel are required to be paid by the Partnership, as and when the bills of
      such counsel are received by the MC Indemnified Party and submitted to the
      Partnership for payment). If there should be a dispute as to such amount,
      the Partnership
      shall nevertheless pay when due such portion, if any, of the obligation not
      subject to dispute.

     

    Section
      10.  Access
      to Information. 
      In order to facilitate the resolution of any claims made against or incurred
      by
      the Redeemed Partners relating to the Partnership, for a period of seven (7)
      years after the Closing or, if shorter, the applicable period specified in
      the
      Partnership’s document retention policy, the Partnership shall (i) retain
      the books and records relating to the Partnership, the Remaining Partners and
      its Affiliates relating to periods prior to the Closing and (ii) upon
      reasonable notice, afford the officers, employees, agents and representatives
      of
      the Redeemed Partners reasonable access (including the right to make, at the
      Partnership’s expense, photocopies), during normal business hours, to such books
      and records; provided,
      however,
      that
      the Partnership shall notify the Redeemed Partners at least thirty (30) days
      in
      advance of destroying any such books and records prior to the seventh
      anniversary of the Closing in order to provide the Redeemed Partners the
      opportunity to access such books and records in accordance with this Section
      10.

     

    Section
      11.  Transfer/Conveyance
      Taxes. 
      Any Conveyance Taxes attributable solely to the Redemption shall be paid by
      the
      Redeemed Partners and the Redeemed Partners shall indemnify and hold the
      Remaining Partners (and their Affiliates and subsidiaries) and the Partnership
      harmless from and against such Conveyance Taxes. Notwithstanding the foregoing,
      to the extent that the Restructuring (as defined in the Mack-Cali Rights
      Agreement) (or the transactions contemplated thereby) directly or indirectly
      causes the Redemption to be subject to Conveyance Taxes, the Partnership shall
      be liable for and shall (and the Remaining Partners shall cause the Partnership
      to) timely pay, and shall indemnify and hold the Redeemed Partners (and their
      Affiliates and Subsidiaries) harmless from and against such Conveyance Taxes
      (“Indemnified
      Conveyance Taxes”).
      The
      parties hereto shall cooperate in the execution and delivery (and to cause
      the
      execution and delivery) of any and all instruments, returns and certificates
      necessary to enable the Partnership, the Remaining Partners and the Redeemed
      Partners to comply with any and all filing requirements.

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    Section
      12.  Tax
      Matters.

    12.1  The
      Partnership shall (and the Remaining Partners shall cause the Partnership)
      to
      timely file any income, franchise or similar Tax Returns (any such return,
      a
“Final
      Income Tax Return”
and,
      collectively, the “Final
      Income Tax Returns”)
      for or
      in respect of the Partnership’s and any of its Subsidiaries taxable year which
      ends on or prior to, or which includes the Closing Date, and timely pay (or
      cause to be timely paid) any and all Taxes due, owing and payable by the
      Partnership and each of its Subsidiaries (including, without limitation, as
      applicable any and all Taxes due owing and payable by the Partnership and any
      of
      its Subsidiaries arising or resulting on or prior to the Closing, as well as
      any
      other Taxes due, owing and payable by the Partnership and any of its
      Subsidiaries arising or resulting from or in respect of the distribution of
      the
      Redemption Consideration and the transfer of the MC Note on the Closing Date
      (other than Conveyance Taxes which are addressed in Section 11) and will, at
      least fifteen (15) Business Days prior to filing such Final Income Tax Returns,
      provide the Redeemed
      Partners with a copy of such Final Income Tax Returns for their review and
      comment. The Partnership shall not (and the Remaining Partners shall not cause
      or permit the Partnership to) (i) amend any Final Income Tax Return or Tax
      Return relating to any period ending on or prior to, or which includes, the
      Closing Date (a “Pre-Closing
      Income Tax Return”)
      or
      (ii) agree to any settlement or compromise with respect to, or termination
      of,
      any Proceeding (as defined below) involving any Final Income Tax Return or
      Pre-Closing Income Tax Return (a “Pre-Closing
      Proceeding”),
      without first providing the Redeemed Partners with advance notice of such
      amendment, or notice of such Pre-Closing Proceeding and reasonable time to
      review and comment on such amendment or Pre-Closing Proceeding; and in no event
      shall the Remaining Partners file (or cause or permit the Partnership or any
      of
      its Subsidiaries to file) any Final Income Tax Return or Pre-Closing Income
      Tax
      Return (or any amended Final Income Tax Return or Pre-Closing Income Tax
      Return), or agree to any settlement or compromise with respect to, or
      termination of, any Pre-Closing Proceeding without the consent of the Redeemed
      Partners, which consent shall not be unreasonably withheld, conditioned or
      delayed.
      The
      Partnership shall (and the Remaining Partners shall cause the Partnership to)
      promptly notify the Redeemed Partners of any proposed claim, demand, assessment
      (including a notice of proposed assessment), deficiency, adjustment,
      re-allocation or other change made to, and/or with respect to, any Final Income
      Tax Return or Pre-Closing Income Tax Return, as well as any notice from any
      Governmental or Regulatory Authority with respect to any current or future
      audit, examination, investigation or other proceeding with respect to Taxes
      for
      any period that includes a Pre-Closing Period (any of the foregoing, a
“Proceeding”)
      involving: (i) any Final Income Tax Return or Pre-Closing Income Tax Return;
      or
      (ii) any other matter covered which could result in liability for, or otherwise
      materially affect (adversely or otherwise) any Redeemed Partner (or any of
      its
      Affiliates or Subsidiaries) (including, without limitation, under or through
      the
      application of this Agreement) (either (i) or (ii), a “Redeemed
      Partner Proceeding”),
      and
      that in the case of any Redeemed Partner Proceeding, the Partnership shall
      (and
      the Remaining Partners shall cause the Partnership to): (a) keep the Redeemed
      Partners fully and contemporaneously apprised (and in reasonable detail) of
      the
      progress thereof (including, without limitation, promptly providing the Redeemed
      Partners with copies of any and all material correspondence, documents and
      other
      writings received from, and submitted to, the applicable Governmental or
      Regulatory Authority); and (b) shall have afforded the Redeemed Partners with
      the right and reasonable opportunity to review and comment on any and all
      material submissions and shall have considered any such comments in good faith,
      in each case prior to the submitting of such submissions to the applicable
      Governmental or Regulatory Authority.

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    12.2  The
      Partnership shall (and the Remaining Partners shall cause the Partnership to)
      prepare the Final Income Tax Returns and any amended Final Income Tax Returns
      in
      accordance with a “closing of the books” method or, as applicable, “interim
      closing of the books” method under Section 706(d) of the Code and the Treasury
      Regulations thereunder. For the avoidance of doubt, the Redeemed Partners (or
      their Members) remain (i) obligated to properly and completely report their
      allocable shares of Partnership income and/or gain on their respective Tax
      Returns; (ii) exclusively liable to pay tax on their allocable shares of all
      Partnership income and gain (if any) up to and including the Closing Date;
      (iii)
      obligated to properly and completely report any income and/or gain (if any)
      associated with the Redemption and/or any of the transactions contemplated
      to be
      undertaken hereunder or in connection with the Redemption that is realized
      by
      the Redeemed Partners; and (iv) exclusively liable to pay tax (if any)
      on
      any income and/or gain associated with the Redemption and/or any of the
      transactions contemplated to be undertaken hereunder or in connection with
      the
      Redemption realized by the Redeemed Partners.

     

    12.3  The
      Redeemed Partners represent and believe that the delivery of the Mack-Cali
      Rights Agreement and the distribution of the Rights (the “Distributed
      Rights”)
      constitute a distribution by the Partnership to the Redeemed Partners of
      property owned by the Partnership with a fair market value (as of the Closing
      of
      the Redemption) of at least $7.5 million.

     

    12.4  The
      parties hereto hereby acknowledge and agree (a) that the distribution by the
      Partnership, and receipt by the Redeemed Partners, of the Redemption
      Consideration in accordance with and subject to the terms and conditions of
      this
      Agreement shall be treated by the parties hereto and reported for Federal income
      Tax purposes as distributions in liquidation of the Redeemed Partners’ entire
      interests in the Partnership subject to the treatment prescribed by Section
      731
      of the Code and the Treasury Regulations thereunder, and also as payments
      described in Section 736(b)(1) (and not as a distributive share or guaranteed
      payment described in Section 736(a) of the Code), (b) based solely on the
      representation contained in Section 12.4, to
      report
      on the Final Income Tax Return that the Distributed Rights have a fair market
      value of $7.5 million and (c) that following the distribution of the Redemption
      Consideration,
      (i)
      the
      Section 704(b) capital account of each of the Redeemed Partners shall have
      been
      fully liquidated and is zero,(ii) the Redeemed Partners shall have no further
      right, title or interest in any profits, losses, property, distributions, or
      capital of the Partnership, and (iii) the Redeemed Partners shall no longer
      be
      partners in the Partnership for any purpose (including, without limitation,
      for
      any Tax purposes). The parties hereto hereby acknowledge and agree that the
      distribution by the Partnership, and the receipt by the Special General Partner,
      of the Special Interests shall not result in any Redeemed Partner or Affiliate
      or Subsidiary thereof being treated as a “partner” in any Component Entity for
      (and only for) income Tax purposes. The Redeemed Partners acknowledge and agree
      that the Remaining Partners have not independently verified the fair market
      value of the Distributed Rights.

     

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

     

    Section
      13.  Estoppel. 
      Except as provided in Schedule 13 attached hereto, to the Redeemed Partners’
Knowledge, as of the date hereof, there are no defaults, and there are no
      conditions that exist that would, with the passage of time or the giving of
      notice (or both), constitute a default by any of the Redeemed Partners, under
      the Original Partnership Agreement or with respect to the Released MC
      Obligations. Notwithstanding the foregoing, the parties hereby acknowledge
      and
      agree that a failure by a Redeemed Partner to insist upon the strict performance
      of the obligations of any of the Partnership, the Remaining Partners or any
      of
      their Affiliates or Subsidiaries under the Transaction Documents and Related
      Documents prior to the date hereof shall not be construed as a waiver of any
      future compliance with the terms of the Transaction Documents and Related
      Documents, and the Redeemed Partners do not waive any future compliance with
      the
      obligations and liabilities imposed upon any of the Partnership, the Remaining
      Partners or any of their Affiliates or Subsidiaries under the Transaction
      Documents and Related Documents. Notwithstanding the foregoing, the parties
      further acknowledge and agree that nothing in this Agreement (a) shall be deemed
      or construed as a waiver by the Redeemed Partners of any breach or
      default on the part of the Partnership, the Remaining Partners or any of their
      Affiliates or Subsidiaries under the Transaction Documents or Related Documents,
      or (b) shall in any way affect or be deemed to modify in any respect or impair
      the rights and remedies of the Redeemed Partners or any MC Indemnified Party
      with respect to (i) the indemnification and/or defense obligations of the
      Partnership set forth in this Agreement, any Transaction Documents or any
      Related Documents, including indemnification and/or defense obligations arising
      out of acts, omissions or other matters which have arisen or occurred prior
      to
      the date hereof, or (ii) any default or breach by the Partnership, any of the
      Remaining Partners or any of their Affiliates or Subsidiaries not currently
      known, or obligations of the Partnership, the Remaining Partners or any of
      their
      Affiliates or Subsidiaries to comply with the terms, provisions and requirements
      of the Transaction Documents and Related Documents which are of an ongoing
      or
      continuing nature.

     

    Section
      14.  Public
      Announcements; Confidentiality. 
      Upon the execution of this Agreement, the Redeemed Partners, the Partnership,
      the Remaining Partners and each of their respective Affiliates shall have the
      right to make such public announcements or filings as may be required by (i)
      the
      Securities Act of 1933, as amended, (ii) the Securities Exchange Act of 1934,
      as
      amended, (iii) the rules and listing standards of the New York Stock Exchange,
      Inc., (iv) any other Law of a jurisdiction to which the parties hereto are
      subject, or (v) any oral questions, interrogatories, requests for information,
      subpoena, civil investigative demand, or similar process required by applicable
      Law by any Governmental or Regulatory Authority to which the Redeemed Partners,
      the Partnership or the Remaining Partners are subject. The Redeemed Partners,
      the Partnership and the Remaining Partners also shall have the right to make
      such public announcements or filings as they may deem reasonably prudent, and
      shall be entitled to make such filings or announcements upon advice of counsel
      as may be otherwise be deemed necessary. In this connection, it should be noted
      that the Redeemed Partners have determined that the entry into this Agreement
      will need to be disclosed within four (4) Business Days of its execution on
      a
      Current Report on Form 8-K under Item 1.01 thereof and that the Agreement will
      be filed as an exhibit thereto or be filed as an exhibit to each of the Redeemed
      Partners next following periodic report filed pursuant to the Securities
      Exchange Act of 1934, as amended. Each of the parties hereby agree to provide
      the non-disclosing parties as much advance notice as reasonably possible with
      respect to the nature of such disclosure, cooperate fully as to the timing
      and
      contents of such disclosure and review in good faith the suggestions of the
      other party with respect to the contents of such disclosure.

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    Section
      15.  Miscellaneous. 
      This Agreement shall not be altered, amended, changed, waived, terminated or
      otherwise modified in any respect or particular, and no consent or approval
      required pursuant to this Agreement shall be effective, unless the same shall
      be
      in writing and signed by or on behalf of the party to be affected
      thereby.

     

    15.2  This
      Agreement may not be assigned by any party hereto without the prior consent
      of
      the other parties hereto.

     

    15.3  This
      Agreement shall be binding upon, and shall inure to the benefit of, the parties
      hereto and to their respective heirs, executors, administrators, successors
      and
      permitted assigns.

     

    15.4  All
      prior
      statements, understandings, representations and agreements between and among
      the
      parties hereto, oral or written, are superseded by and merged into this
      Agreement, which alone fully and completely expresses the agreement between
      them
      in connection with this transaction and which is entered into after full
      investigation, no party relying upon any statement, understanding,
      representation or agreement made by any other party not embodied in this
      Agreement. This Agreement shall be given a fair and reasonable construction
      in
      accordance with the intentions of the parties hereto, and without regard to
      or
      aid of canons requiring construction against the party drafting this
      Agreement.

     

    15.5  No
      failure or delay of either party in the exercise of any right or remedy given
      to
      such party hereunder or the waiver by any party of any condition hereunder
      for
      its benefit (unless the time specified herein for exercise of such right or
      remedy has expired) shall constitute a waiver of any other or further right
      or
      remedy nor shall any single or partial exercise of any right or remedy preclude
      other or further exercise thereof or any other right or remedy. No waiver by
      any
      party hereto of any breach hereunder or failure or refusal by any other party
      hereto to comply with its obligations shall be deemed a waiver of any other
      or
      subsequent breach, failure or refusal to so comply. 

     

    15.6  The
      provisions of Section 6.3, Section 6.4 and Section 7 through Section 14 shall
      survive the Closing indefinitely.

     

    15.7  Neither
      this Agreement nor any memorandum thereof shall be recorded by either party
      hereto and any attempted recordation hereof shall be void and shall constitute
      a
      default under this Agreement.

     

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    15.8  This
      Agreement may be executed in one or more counterparts, each of which so executed
      and delivered shall be deemed an original, but all of which taken together
      shall
      constitute but one and the same instrument.

     

    15.9  The
      caption headings in this Agreement are for convenience only and shall not be
      construed to modify, explain or alter any of the terms, covenants or conditions
      herein contained. Any and all schedules and exhibits referenced herein are
      by
      this reference hereby made a part hereof and incorporated herein.

     

    15.10  Any
      controversy or claim arising out of or relating to this Agreement shall be
      governed by and construed in accordance with the Laws of the State of New York,
      and the parties hereto consent to (i) the jurisdiction of courts of the State
      of
      New York and the U.S. District Court for the Southern District of New York
      and
      (ii) service of process and/or summons by certified mail, postage prepaid,
      return receipt requested, to such party at the address set forth for such party
      herein.

     

    15.11  If
      the
      last day of the period prescribed herein for the giving of any notice, election,
      consent, approval, demand, objection or request or the submission of any
      documents by any party hereunder shall fall on a Saturday, Sunday or any day
      observed as a public holiday by the
      federal government or the State of New York, then such period shall be deemed
      to
      be extended to the immediately following day which is not a Saturday, Sunday
      or
      such public holiday. 

     

    15.12  Unless
      otherwise specified herein, for purposes of this Agreement (a) references to
      persons or parties include their permitted successors and assigns; (b)
      references to modifications or amendments shall in all events mean modifications
      and amendments; (c) references to statutes are to be construed as including
      all
      rules and regulations adopted pursuant to the statute referred to and all
      statutory provisions consolidating, amending or replacing the statute referred
      to; (d) references to agreements and other contractual instruments shall be
      deemed to include all subsequent amendments and other modifications thereto
      entered into from time to time after the date hereof; (e) the words “include” or
“including”, and words of similar import, shall be deemed to be followed by the
      words “but not limited to” or “without limitation”; (f) the words “hereto”,
“herein”, “hereof’ and “hereunder”, and words of similar import, refer to this
      Agreement in its entirety; and (g) unless otherwise specified herein, all
      references to Sections are to Sections of this Agreement. Terms defined herein
      may be used in the singular or the plural; when used in the singular and
      preceded by “a”, “an” or “any”, such term shall be taken to indicated one or
      more members of the relevant class; and when used in the plural, such term
      shall
      be taken to indicate all members of the relevant class.

     

    15.13  Subject
      to Sections 9, 11 and Section 12, all costs and expenses incurred in connection
      with this Agreement and the Related Agreements and the transactions contemplated
      hereby and thereby shall be paid by the party hereto incurring such
      expenses.

     

    15.14  If
      any
      provision of this Agreement shall be unenforceable or invalid, the same shall
      not affect the remaining provisions of this Agreement and to this end the
      provisions of this Agreement are intended to be and shall be
      severable.

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

    15.15  THE
      PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
      COUNTERCLAIM BROUGHT BY EITHER AGAINST THE OTHER ON ANY MATTER ARISING OUT
      OF OR
      IN ANY WAY CONNECTED WITH THIS AGREEMENT.

     

    15.16  All
      exhibits attached hereto are hereby incorporated herein by reference and made
      a
      part hereof.

     

    15.17  In
      the
      event that any party hereto brings an action or proceeding for a declaration
      of
      the rights of the parties under this Agreement, for injunctive relief, or for
      an
      alleged breach or default of this Agreement, or any other action arising out
      of
      this Agreement or the transactions contemplated hereby, the prevailing party
      in
      any such action shall be entitled to an award of reasonable attorneys’ fees,
      disbursements and any court costs incurred in connection with such action or
      proceeding, in addition to any other damages or relief awarded, regardless
      of
      whether such action proceeds to final judgment.

     

    15.18  No
      agent,
      broker, person, entity, firm, finder or investment banker acting on behalf
      of
      the Partnership or the Redeemed Partners is entitled to any brokerage, finder’s
      or other fee or commission in connection with the transactions contemplated
      by
      this Agreement and the
      Related Documents based upon arrangements made by or on behalf of the
      Partnership or the Redeemed Partners.

     

    REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK:

     

    SIGNATURE
      PAGE FOLLOWING

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be duly executed and delivered
      all
      on the day and year first above written.

     

     

     

    
      	 	
              PARTNERSHIP:

            
	 	 
	 	
              MEADOWLANDS
                DEVELOPER LIMITED PARTNERSHIP, 

              a
                Delaware limited partnership

            
	 	 
	 	
              By: Meadowlands
                Limited Partnership, a Delaware 

                      limited
                partnership, its Managing General Partner

            
	 	 
	 	
                     
                By:  Colony
                Xanadu, L.L.C., a Delaware limited 

                             
                liability
                company, its Managing General Partner

            
	 	 
	 	
                              
                By:        /s/ John C.
                Brady                        
                

            
	 	
                                           
                Name:  John C. Brady

            
	 	
                                           
                Title:    Authorized
                Representative

            

    

     

    
      	
            	
              By: 
                Mack-Cali
                Meadowlands Special L.L.C., a New Jersey 

                     
                limited liability company, a General Partner

            
	 	 
	 	
                     
                By:  Mack-Cali
                Realty, L.P., a Delaware limited partnership, 

                             
                its Sole Member

            
	 	 
	 	
                             
                By: Mack-Cali
                Realty Corporation, a Maryland 

                                    
                corporation,
                its General Partner

            
	 	 
	 	
                                     
                By:        /s/ Mitchell E.
                Hersh       
                         

            
	 	
                                             
                     Name:  Mitchell E. Hersh

            
	 	
                                               
                   Title:    President and Chief Executive
                Officer

            

    

     

     

     

    
      
      

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              REDEEMED
                PARTNERS:

            
	 	 
	 	
              MACK-CALI
                MEADOWLANDS 

              ENTERTAINMENT
                L.L.C., a New Jersey limited 

              liability
                company

            
	 	 
	 	
              By: Mack-Cali
                Realty, L.P., its sole member

            
	 	 
	 	
                     
                By: Mack-Cali
                Realty Corporation, its 

                            
                general
                partner

            
	 	 
	 	
                              
                By:        /s/ Mitchell E.
                Hersh                
                

            
	 	
                                           
                Name:  Mitchell E. Hersh

            
	 	
                                           
                Title:    President and Chief Executive
                Officer

            

    

     

    
      	
            	
              MACK-CALI
                MEADOWLANDS SPECIAL 

              L.L.C.,
                a New Jersey limited liability company

            
	 	 
	 	
              By: Mack-Cali
                Realty, L.P., its sole member

            
	 	 
	 	
                     
                By: Mack-Cali
                Realty Corporation, its 

                            
                general
                partner

            
	 	 
	 	
                              
                By:        /s/ Mitchell E.
                Hersh                

            
	 	
                                           
                Name:  Mitchell E. Hersh

            
	 	
                                           
                Title:    President and Chief Executive
                Officer

            

    

     

     

     

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

     

     

     

     

    
      	
            	
              REMAINING
                PARTNER:

            
	 	 
	 	
              MEADOWLANDS
                LIMITED 

              PARTNERSHIP,
                a Delaware limited partnership

            
	 	 
	 	
              By: Colony
                Xanadu, LLC, a Delaware 

                     
                limited liability company, its Managing 

                      General
                Partner

            
	 	 
	 	
                       By:      
                 /s/ John C.
                Brady                                  
                

            
	 	
                                   
                Name:  John C. Brady

            
	 	
                                   
                Title:    Authorized
                Representative

            

    

     

     

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    PROMISSORY
      NOTE

     

    

      
        	
                 

                $2,500,000.00

              	
                 

                New
                  York, New York

              
	 	
                November
                  22, 2006

              

      

    

    
 

    FOR
      VALUE RECEIVED,
      Meadowlands Limited Partnership, a Delaware limited partnership, as maker,
      with
      an address at c/o Colony Xanadu, LLC, 660 Madison Avenue, Suite 1600, New York,
      New York 10021 (the “Maker”),
      hereby unconditionally promises to pay to the order of Mack-Cali Meadowlands
      Entertainment L.L.C., a New Jersey limited liability company, having a mailing
      address of P.O. Box 7817, Edison, New Jersey 08818-7817 and a street address
      at
      c/o Mack-Cali Corporation, 343 Thornall Street, Edison, New Jersey 08837-2206
      (“MC
      Entertainment”)
      and
      its successors and assigns (collectively referred to herein as, the
“Payee”),
      or at
      such other place or places and/or in such other proportions as the holder or
      holders hereof may from time to time designate in writing, the principal sum
      of
      TWO MILLION FIVE HUNDRED THOUSAND and 00/100 DOLLARS ($2,500,000.00), in lawful
      money of the United States of America (the “Principal
      Amount”)
      to be
      paid in accordance with the terms of this Note.

    Section
      16.  :
      PAYMENT
      TERMS

     

     

    Maker
      agrees to pay the Principal Amount in accordance with the terms of this Note
      on
      the Maturity Date (as hereinafter defined).

    The
      Principal Amount shall be due and payable upon the date which is fifteen (15)
      calendar days after the consummation of the first Take Down of either an Office
      Component or the Hotel Component by the MC Partners, or its Affiliate, pursuant
      to Section 10 of the Rights Agreement (as hereinafter defined) (the
“Maturity
      Date”).
      Such
      capitalized terms “Take Down,” “Office Component,” Hotel Component,” “MC
      Partners” and “Affiliate” are defined in that certain Mack-Cali Rights,
      Obligations and Option Agreement, dated of even date herewith, by and among
      Maker and the other entities signatory thereto (the “Rights
      Agreement”).

     

    (a)  All
      amounts due under this Note shall be payable without setoff, counterclaim or
      any
      other deduction whatsoever.

     

    (b)  Payment
      by Maker under this Note shall be made in readily available funds and shall
      be
      paid by Maker to Payee no later than 5:00 p.m. New York City time, on the
      Maturity Date.

     

    Section
      17.  :
      DEFAULT
      AND ACCELERATION

     

     

    The
      obligations due under this Note shall, without notice, become immediately due
      and payable if: (i) there is entered any order, judgment or decree by a court
      of
      competent jurisdiction for relief in respect of Maker under any applicable
      federal or state bankruptcy,

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

    reorganization,
      arrangement, insolvency, readjustment of debt, dissolution or liquidation or
      similar law, whether now or hereafter in effect, or appointing a receiver,
      assignee or trustee of all or a substantial part of Maker’s property, assets or
      revenues and that order, judgment or decree shall have continued unstayed,
      unbonded and in effect for a period of thirty (30) days; (ii) Maker files a
      petition seeking relief under the United States Bankruptcy Code, as now or
      hereafter constituted, or any other applicable federal or state bankruptcy,
      reorganization, arrangement, readjustment of debt, dissolution or liquidation
      or
      similar law, or consent to the institution thereof or to the filing of any
      such
      petition or to the appointment or taking of possession by a receiver,
      liquidator, assignee, trustee or custodian of any substantial part of the
      properties, assets or revenues of Maker or the making by Maker of a general
      assignment for the benefit of its creditors; or (iii) the obligations due under
      this Note are not paid in full on the Maturity Date (each an “Event
      of Default”).
      

     

    If
      an
      Event of Default has occurred, the aggregate principal amount of this Note
      shall
      become immediately due and payable to Payee without further action on the part
      of Payee, and Maker shall immediately pay to Payee all amounts due and payable
      with respect to this Note. Payee shall also have any other rights which Payee
      may have under any contract or agreement and any other rights or remedies which
      Payee may have pursuant to applicable law.

    Section
      18.  :
      NO ORAL
      CHANGE

     

     

    This
      Note
      may not be modified, amended, waived, extended, changed, discharged or
      terminated orally or by any act or failure to act on the part of Maker or Payee,
      but only by an agreement in writing signed by the party against whom enforcement
      of any modification, amendment, waiver, extension, change, discharge or
      termination is sought.

    Section
      19.  :
      WAIVERS

     

     

    Maker
      and
      all others who may become liable for the payment of all or any part of the
      obligations due hereunder do hereby severally waive presentment and demand
      for
      payment, notice of dishonor, notice of intention to accelerate, notice of
      acceleration, protest and notice of protest and non-payment and all other
      notices of any kind. No release or extension of time for payment of this Note
      and no alteration, amendment or waiver of any provision of this Note made by
      agreement between Payee or any other person shall release, modify, amend, waive,
      extend, change, discharge, terminate or affect the liability of Maker, and
      any
      other person who may become liable for the payment of all or any part of the
      obligations under this Note. No notice to or demand on Maker shall be deemed
      to
      be a waiver of the obligation of Maker or of the right of Payee to take further
      action without further notice or demand as provided for in this Note. The
      remedies provided to Payee under this Note shall be cumulative and concurrent,
      and shall be in addition to every other right or remedy now or hereafter
      provided by law or equity. The failure or delay in exercising any such right
      or
      remedy shall not be construed as a release or waiver thereof.

    Section
      20.  :
      COLLECTION; LIABILITY

     

                   
      Maker and any other person who may be liable hereunder in any capacity shall
      pay
      all reasonable costs of collection, including reasonable attorneys fees in
      the
      event that the Principal Amount due under this Note or any other payment due
      under this Note is not paid when due or in case it becomes necessary to protect
      the security for this Note or enforce any provision of this Note.

     

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

     

    Section
      21.  :
      GOVERNING LAW

     

    THIS
      NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY MAKER AND
      ACCEPTED BY PAYEE IN THE STATE OF NEW YORK AND THE PARTIES AGREE THE STATE
      OF
      NEW YORK HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
      TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING
      THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND
      PERFORMANCE, THIS NOTE 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 IN SUCH STATE (WITHOUT REGARD TO
      PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES
      OF
      AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, MAKER HEREBY UNCONDITIONALLY
      AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER
      JURISDICTION GOVERNS THIS NOTE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED
      IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     

     

    ANY
      LEGAL SUIT, ACTION OR PROCEEDING AGAINST PAYEE OR MAKER ARISING OUT OF OR
      RELATING TO THIS NOTE MAY AT PAYEE’S OPTION BE INSTITUTED IN ANY FEDERAL OR
      STATE COURT IN THE STATE, CITY AND COUNTY OF NEW YORK AND MAKER WAIVES, TO
      THE
      FULLEST EXTENT PERMITTED BY LAW, (I) THE RIGHT TO TRIAL BY JURY IN ANY ACTION
      OR
      PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING
      DIRECTLY OR INDIRECTLY TO THIS NOTE OR ANY ACTS OR OMISSIONS OF PAYEE; (II)
      ANY
      OBJECTIONS WHICH MAKER MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM
      NON
      CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND MAKER HEREBY IRREVOCABLY
      SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING;
      AND (III) ANY CLAIM FOR CONSEQUENTIAL, SPECIAL OR PUNITIVE
      DAMAGES.

    Section
      22.  :
      NOTICES

     

     

    Any
      notice, payment, demand, or communication required or permitted to be given
      by
      any provision of this Note shall be in writing and shall be delivered
      personally, receipt requested, to the party to whom the same is directed, or
      sent by USPS certified mail, return receipt requested, or by a nationally
      recognized overnight courier, addressed as set forth in the introductory
      language hereto (“Notice”),
      or to
      such other address as such party may from time to time specify by Notice to
      the
      other party. Any Notice shall be deemed to be delivered or given, and received
      for all purposes as of the date so delivered, if delivered personally, or the
      first business day after delivery to the USPS or overnight courier service,
      if
      sent by USPS or overnight courier. Notices required or permitted to be given
      hereunder may be given by a party’s attorneys.

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

     

    Section
      23.  :
      TRANSFER/ASSIGNMENT

     

     

    This
      Note
      may not be assigned by the Payee without the prior written consent of the Maker;
      provided,
      however,
      that
      any transfer that is permitted pursuant to the Rights Agreement or any MC
      Component LP Agreement (as defined in the Rights Agreement) shall not require
      the prior written consent of the Maker. The provisions of this Note shall be
      binding upon Maker, and its successors and assigns, and shall inure to the
      benefit of Payee, including, without limitation, its successors and permitted
      assigns.

     

    

     

    [Signature
      on following page]

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    

     

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

     

    

     

     

     

     

    
      	
            	
              Meadowlands
                Limited Partnership, a 

              Delaware
                limited partnership

            
	 	 
	 	
              By: Colony
                Xanadu, LLC, its managing 

                    
                general partner

            
	 	 
	 	
                      By:      
                                                                        
                

            
	 	
                                  
                Name:

            
	 	
                                  
                Title:

            

    

     

     

     

     

    STATE
      OF
      NEW YORK  
      )

       
  
      )ss.:

    COUNTY
      OF
      NEW YORK 
      )

    

    On
      the
      ___ day of November in the year 2006 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
      whose name is subscribed to the within instrument and acknowledged to me that
      he/she executed the same in his/her capacity as an officer of Colony Xanadu,
      LLC, the managing general partner of Meadowlands Limited Partnership, and that
      be his/her signature on the instrument, the individual, or the person upon
      behalf of which the individual acted, executed the instrument.

     

    
      	
            	
               

            
	 	
              NOTARY
                PUBLIC

            

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    AMENDED
      AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

    OF
      

    A-B
      OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP

    

     

    THIS
      AMENDED
      AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF A-B OFFICE MEADOWLANDS MACK-CALI
      LIMITED PARTNERSHIP (the “Agreement”)
      is
      made as of November 22, 2006 by and among MEADOWLANDS MACK-CALI GP, L.L.C.,
      a
      Delaware limited liability company (f/k/a Meadowlands Mills/Mack-Cali GP,
      L.L.C.) (“General
      Partner”),
      MEADOWLANDS DEVELOPER LIMITED PARTNERSHIP, a Delaware limited partnership (f/k/a
      Meadowlands Mills/Mack-Cali Limited Partnership) (“Limited
      Partner”
or
      “MDLP”
and
      together with General Partner, each shall sometimes be referred to herein as
      a
“Developer
      Partner”
and
      collectively as, the “Developer
      Partners”),
      and
      MACK-CALI MEADOWLANDS SPECIAL L.L.C., a New Jersey limited liability company
      (“Special
      General Partner”
      and together with Limited Partner and General Partner, the “Partners”).

     

     

    RECITALS:

     

    WHEREAS,
      the
      Developer Partners prepared, executed and filed a Certificate of Limited
      Partnership for A-B Office Meadowlands Mack-Cali Limited Partnership (f/k/a
      A-B
      Office Meadowlands Mack-Cali/Mills Limited Partnership) (the “Partnership”)
      with
      the Secretary of State of Delaware on June 16, 2005, (as amended from time
      to
      time, the “Certificate”).
      Upon
      filing the Certificate, the Partnership was assigned file number
      3986621;

     

    WHEREAS,
      MDLP
      was formed to develop portions of the site surrounding the Continental Airlines
      Arena (as defined in the Redevelopment Agreement (as hereinafter defined))
      site
      with an entertainment, sports, recreation and retail complex, together with
      office and hotel components, at the Meadowlands Sports Complex and sometimes
      commonly referred to as “Meadowlands
      Xanadu”;

     

    WHEREAS,
      the
      Partnership was one of five Delaware limited partnerships set forth on
Schedule
      1
      attached
      hereto (the “Tenant
      Partnerships”)
      formed
      by the Developer Partners to acquire a leasehold interest in a portion of
      Meadowlands Xanadu;

     

    WHEREAS,
      the
      Developer Partners entered into that certain Limited Partnership Agreement
      of
      the Partnership dated as of June 16, 2005 (the “Original
      Agreement”);

     

    WHEREAS,
      prior
      to the date hereof, MDLP entered into: (i) that certain Redevelopment Agreement,
      dated as of December 3, 2003, with the New Jersey Sports and Exposition
      Authority (the “NJSEA”)
      pursuant to which, among other things, MDLP is entitled, on the terms and
      conditions set forth therein, to redevelop Meadowlands Xanadu; and (ii) the
      following amendments to the Redevelopment Agreement: (a) that certain First
      Amendment to Redevelopment Agreement dated as of October 5, 2004, (b) that
      certain Second Amendment to

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

    Redevelopment
      Agreement dated as of March 15, 2005, (c) that certain Third Amendment to
      Redevelopment Agreement dated as of May 23, 2005 to be effective as of March
      30,
      2005, and (d) that certain Fourth Amendment to Redevelopment Agreement dated
      as
      of June 30, 2005 (such Redevelopment Agreement, together with such amendments,
      being collectively referred to herein as the “Redevelopment
      Agreement”);

     

    WHEREAS,
      the
      real property that is subject to the Redevelopment Agreement and upon which
      MDLP
      has commenced construction of Meadowlands Xanadu is referred to in the
      Redevelopment Agreement and herein as the “Project
      Site”;

     

    WHEREAS,
      the
      Redevelopment Agreement contemplates that certain agreements were to be
      executed, and certain funds were to be paid (including the Development Rights
      Fee (as defined in the Redevelopment Agreement)), and certain actions were
      to be
      taken, upon the occurrence of the Development Rights Fee Funding Date (as
      defined in the Redevelopment Agreement), and that the Development Rights Fee
      Funding Date was to occur on June 30, 2005;

     

    WHEREAS,
      the
      Development Rights Fee Funding Date occurred on June 30, 2005 in connection
      with
      the closing of the transactions contemplated in the Redevelopment Agreement
      that
      were to occur on the Development Rights Fee Funding Date (such closing is
      commonly referred to by the NJSEA and MDLP, and referred to herein, as the
      “Financial
      Closing”);

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      certain other documents not herein described), each dated as of June 30, 2005,
      were executed and delivered on behalf of the Partnership: (i) Ground Lease
      (“A-B
      Ground Lease”)
      by and
      among the NJSEA and the Partnership for the portion of the Project Site commonly
      known as the A-B Office Site (“A-B
      Office Site”);
      (ii)
      Assignment and Assumption Agreement (referred to in the Redevelopment Agreement
      as a “Component Agreement”) wherein MDLP assigned certain of its rights and
      obligations under the Redevelopment Agreement relating to the A-B Office Site
      to
      the Partnership; and (iii) a memoranda of lease relating to the A-B Ground
      Lease;

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      those documents listed in the previous recital and in addition to certain other
      documents not herein described), each dated as of June 30, 2005, were executed
      and delivered on behalf of other Tenant Partnerships: (i) ground leases (each
      a
“Ground
      Lease”
and
      together with the A-B Ground Lease the “Ground
      Leases”)
      relating to each Component (as defined in the Redevelopment Agreement) portion
      of the Project Site; (ii) four Component Agreements (as defined in the
      Redevelopment Agreement) wherein the Partnership assigned certain of its rights
      and obligations under the Redevelopment Agreement to the Component Entities;
      and
      (iii) four memoranda of lease for each of the other Ground Leases;

     

    WHEREAS,
      the
      Development Rights Fee (as defined in the Redevelopment Agreement), an amount
      equal to $160,000,000, is deemed under the Redevelopment Agreement and the
      Ground Leases to constitute prepaid rent under all of the Ground Leases with
      respect to the first fifteen (15) years of each of the Ground
      Leases;

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    WHEREAS,
      the
      Ground Leases allocate the amount of the Development Rights Fee to prepaid
      rent
      under the Ground Leases for the first fifteen (15) years of each of the Ground
      Leases, and treat the payment of such amounts as made by the corresponding
      Tenant Partnerships (“Prepaid
      Rent Allocations”),
      with
      $21,360,000 of such amount allocated to the A-B Ground Lease;

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid by MDLP to NJSEA, it was the intent of the partners of MDLP that the
      aggregate amount of the Development Rights Fee be allocated to prepaid rent
      among each of the Ground Leases in an amount equal to the Prepaid Rent
      Allocations, and treated as the payment of such amounts by the corresponding
      Tenant Partnerships;

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid directly by MDLP to NJSEA, it was the intent of the partners of MDLP
      that the following be deemed to have occurred immediately prior to such payment
      of the Development Rights Fee to the NJSEA:  (i) on June 30,
      2005, MDLP contributed, as capital contributions to the Tenant Partnerships
      and
      General Partner, cash in an aggregate amount equal to the Development Rights
      Fee
      (the “Aggregate
      Capital Contributions”),
      with
      99.99% of such Aggregate Capital Contributions being made directly to the Tenant
      Partnerships (such capital contributions, the “Direct
      Capital Contributions”)
      and
      0.01% of such Aggregate Capital Contributions being made to General Partner
      (such capital contributions, the “Indirect
      Capital Contributions”),
      (ii) General Partner, on June 30, 2005 and immediately after the
      Partnership’s contribution of the Indirect Capital Contributions to General
      Partner, contributed, as capital contributions to the Tenant Partnerships,
      cash
      in an aggregate amount equal to the Indirect Capital Contributions (such capital
      contributions, the “GP
      Capital Contributions”),
      (iii) the portions of the Direct Capital Contributions and the GP Capital
      Contributions were on such date allocated to each Component Entity based upon
      the allocation of the Development Rights Fee to each Ground Lease as set forth
      in Exhibit B of the Mack-Cali Rights Agreement (as defined below), and
      (iv) each of the Tenant Partnerships paid their respective portion of the
      Development Rights Fee to NJSEA;

     

    WHEREAS,
      simultaneously herewith, MDLP caused all of the MDLP partnership interests
      held
      by Special General Partner, a general partner in MDLP, and its Affiliate,
      Mack-Cali Meadowlands Entertainment L.L.C., a Delaware limited liability company
      (“MC
      Entertainment”
and
      together with Special General Partner the “MC
      Partners”),
      a
      limited partner in MDLP, to be redeemed pursuant to that certain Redemption
      Agreement dated as of the date hereof by and among MDLP, Special General
      Partner, MC Entertainment and other signatories thereto, whereby the MC
      Partners’ partnership interests in MDLP were fully and completely redeemed (the
“Redemption”);

     

    WHEREAS,
      simultaneously herewith the Partners and the Partnership, along with certain
      other entities have entered into that certain Mack-Cali Rights, Obligations
      and
      Option Agreement dated as of the date hereof (the “Mack-Cali
      Rights Agreement”)
      which
      sets forth certain rights and obligations with respect to the Partnership,
      a
      copy of which Mack-Cali Rights Agreement is annexed hereto as Exhibit
      A;

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    WHEREAS,
      in
      connection with the Redemption, MDLP distributed to Special General Partner,
      among other consideration, a special, non-economic general partnership interest
      in the Partnership;

     

    WHEREAS,
      simultaneously herewith the name of Limited Partner has been changed to
“Meadowlands Developer Limited Partnership” and the name of the General Partner
      has been changed to “Meadowlands Mack-Cali GP, L.L.C.”;

     

    WHEREAS,
      pursuant to the Mack-Cali Rights Agreement, the Special General Partner has
      certain rights to Take Down (as defined below) the Partnership, which rights
      (including economic rights) are more particularly set forth in the Mack-Cali
      Rights Agreement and which rights become effective with respect to the Special
      General Partner’s interest in the Partnership only upon the Special General
      Partner’s exercise of its Take Down option with respect to the Partnership;

     

    WHEREAS,
      in
      connection with the Redemption, the Partnership (among others) and MDLP entered
      into that certain License Agreement to provide for the use of the Marks (as
      defined below), without a fee, by the Partnership; and

     

    WHEREAS,
      in
      connection with the Redemption, this Agreement is being amended to admit the
      Special General Partner as a general partner in the Partnership with a
      non-economic interest in the Partnership. For the avoidance of doubt, the
      parties hereto intend that the Special General Partner shall not be treated
      as a
      partner for tax purposes and the Partnership shall not be treated as a
“partnership” for tax purposes, in each case, prior to the exercise of the Take
      Down.

     

    NOW,
      THEREFORE,
      the
      Partners, by execution of this Agreement, desire to amend the Original Agreement
      and adopt this Agreement in its entirety, set forth their rights and obligations
      with respect to the Partnership as a limited partnership pursuant to and in
      accordance with the Delaware Revised Uniform Limited Partnership Act
      (6
      Del.
      C.§
17-101
      et seq.)
      (as
      amended from time to time, the “Act”),
      and,
      in consideration of the mutual promises and covenants made herein, the Partners
      hereby agree as follows:

     

    AGREEMENTS:

     

    

     

    

     

    DEFINED
      TERMS

     

    The
      following terms and variations thereof shall have the following meanings for
      purposes of this Agreement, unless the context otherwise clearly
      requires:

     

    “A-B
      Ground Lease”
has
      the
      meaning set forth in the Recitals.

     

    “A-B
      Office Site”
has
      the
      meaning set forth in the Recitals.

     

    “Act”
has
      the
      meaning set forth in the Recitals.

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    “Affiliate(s)”
shall
      mean, with respect to any Person, (a) a Person who, directly or indirectly,
      controls, is under common control with, or is controlled by, that Person, (b)
      a
      Person who directly or indirectly owns twenty-five percent (25%) or more of
      the
      issued and outstanding securities or other ownership interests (whether voting
      or non-voting) of that Person, (c) any officer, director, trustee, manager,
      managing member, general partner or beneficiary of such Person, (d) any spouse,
      parent, sibling or descendant of any Person described in clause (b) and (c)
      above, and (e) any trust for the benefit of any Person described in clauses
      (b)
      through (d) above or for any spouse, issue or lineal descendant of any Person
      described in clauses (b) through (d) above. For purposes of this definition,
      “control” (including, with correlative meaning, the terms “controlled by” and
“under common control with”), as used with respect to any Person, shall mean the
      possession, directly or indirectly, of the power to direct or cause the
      direction of the management and policies of such Person, whether through the
      ownership of voting securities, by contract or otherwise.

     

    “Aggregate
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Agreement”
has
      the
      meaning set forth in the Preamble and includes the Original Agreement and all
      amendments hereto.

     

    “Amended
      Certificate”
has
      the
      meaning set forth in Section 2.1 hereof.

     

    “Approval
      of the Partners”
      shall
      mean the approval in writing by the Partners and, unless otherwise expressly
      provided herein to the contrary, the Partners shall not unreasonably withhold,
      delay or condition such approval.

     

    “Arbitrators”
has
      the
      meaning set forth in Section 10.4(b) hereof.

     

    “Authority
      Agreement”
and
      “Authority
      Agreements”
have
      the meaning set forth in Section 5.2(a)(v) hereof.

     

    “Bankruptcy”
means
      with respect to any Person, if such Person (a) makes an assignment for the
      benefit of creditors, (b) files a voluntary petition in bankruptcy, (c) is
      adjudged a bankrupt or insolvent, or has entered against it an order for relief,
      in any bankruptcy or insolvency proceedings, (d) files a petition or answer
      seeking for itself any reorganization, arrangement, composition, readjustment,
      liquidation or similar relief under any statute, law or regulation, (e) files
      an
      answer or other pleading admitting or failing to contest the material
      allegations of a petition filed against it in any proceeding of this nature,
      (f)
      seeks, consents to or acquiesces in the appointment of a trustee, receiver
      or
      liquidator of the Person or of all or any substantial part of its properties,
      or
      (g) if 120 days after the commencement of any proceeding against the Person
      seeking reorganization, arrangement, composition, readjustment, liquidation
      or
      similar relief under any statute, law or regulation, if the proceeding has
      not
      been dismissed, or if within ninety (90) days after the appointment without
      such
      Person’s consent or acquiescence of a trustee, receiver or liquidator of such
      Person or of all or any substantial part of its properties, the appointment
      is
      not vacated or stayed, or within ninety (90) days after the expiration of any
      such stay, the appointment is not vacated. The foregoing definition of
“Bankruptcy,” in conjunction with Section 8.2(c) of this Agreement, is intended
      to and shall supersede the events of withdrawal set forth in Sections
      17-402(a)(4) and (5) of the Act.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    “Certificate”
has
      the
      meaning set forth in the Recitals. 

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended or recodified. 

     

    “Covered
      Person”
or
      “Covered
      Persons”
has
      the
      meaning set forth in Section 10.1(a) hereof.

     

    “Developer
      Partner”
or
      “Developer
      Partners”
has
      the
      meaning set forth in the Preamble.

     

    “Direct
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Disputes”
has
      the
      meaning set forth in Section 10.4(a) hereof.

     

    “Embargoed
      Person”
has
      the
      meaning set forth in Section 10.12(i) hereof.

     

    “ERISA”
means
      Employee Retirement Income Security Act of 1974, as amended.

     

    “ERISA
      Plan”
means
      an employee benefit plan, as defined in ERISA Section 3(3), that is subject
      to
      ERISA, or a plan that is subject to Section 4975 of the Code.

     

    “Financial
      Closing”
has
      the
      meaning set forth in the Recitals.

     

    “Fiscal
      Year”
means
      the twelve month period ending December 31 of each year; provided that the
      first
      Fiscal Year shall be the period beginning on the date the Partnership is formed
      and ending on December 31, 2005, and the last Fiscal Year shall be the period
      beginning on January 1 of the calendar year in which the final liquidation
      and
      termination of the Partnership is completed and ending on the date such final
      liquidation and termination is completed (to the extent any computation or
      other
      provision hereof provides for an action to be taken on a Fiscal Year basis,
      an
      appropriate proration or other adjustment shall be made in respect of the first
      or final Fiscal Year to reflect that such period is less than a full calendar
      year period).

     

    “General
      Partner”
means
      Meadowlands Mack-Cali GP, L.L.C. and any Person who becomes a successor or
      additional general partner pursuant to the terms of this Agreement, each in
      its
      capacity as a general partner of the Partnership.

     

    “GP
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Ground
      Lease”
or
      “Ground
      Leases”
has
      the
      meaning set forth in the Recitals.

     

    “Indirect
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Interest”
means
      the entire ownership interest (which may be expressed as a percentage) of a
      Partner in the Partnership at any particular time, including the right of such
      Partner to any and all benefits to which a Partner may be entitled pursuant
      to
      this Agreement, the Mack-Cali Rights Agreement and under the Act, together
      with
      all obligations of such Partner to comply with the terms and provisions of
      this
      Agreement, the Mack-Cali Rights Agreement and the Act. 

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    The
      Interest of each Partner is set forth on Exhibit
      B
      hereto,
      as the same is amended from time to time.

     

    “License
      Agreement”
shall
      mean that certain License Agreement, dated on or about the date hereof, by
      and
      among MDLP, the Partnership, ERC Meadowlands Mills/Mack-Cali Limited
      Partnership, C-D Office Meadowlands Mack-Cali Limited Partnership, Hotel
      Meadowlands Mack-Cali Limited Partnership and Baseball Meadowlands
      Mills/Mack-Cali Limited Partnership.

     

    “Limited
      Partner”
has
      the
      meaning set forth in the Preamble and includes any Person who becomes a
      successor or additional limited partner pursuant to the terms of this Agreement,
      each in its capacity as a limited partner of the Partnership.

     

    “Mack-Cali
      Rights Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “Marks”
has
      the
      meaning set forth in the License Agreement.

     

    “Major
      Decisions”
has
      the
      meaning set forth in Section 5.2.

     

    “MC
      Entertainment”
has
      the
      meaning set forth in the Recitals.

     

    “MC
      Partners”
      has the
      meaning set forth in the Recitals.

     

    “MDLP”
means
      Meadowlands Developer Limited Partnership (f/k/a Meadowlands Mills/Mack-Cali
      Limited Partnership) and any Person who becomes a successor or additional
      general partner pursuant to the terms of this Agreement, each in its capacity
      as
      a general partner of the Partnership.

     

    “Meadowlands
      Xanadu”
      has the
      meaning set forth in the Recitals.

     

    “NJSEA”
has
      the
      meaning set forth in the Recitals.

     

    “Original
      Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “Partner”
or
      “Partners”
      has the
      meaning set forth in the Preamble.

     

    “Partnership”
has
      the
      meaning set forth in the Recitals.

     

    “Person”
means
      any individual, corporation, partnership, limited liability company, joint
      venture, estate, trust, unincorporated association, any federal, state, county
      or municipal government or any bureau, department or agency thereof and any
      fiduciary acting in such capacity on behalf of any of the
      foregoing.

     

    “Premises”
has
      the
      meaning assigned to that term in the A-B Ground Lease.

     

    “Prepaid
      Rent Allocations”
has
      the
      meaning set forth in the Recitals.

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    “Project”
shall
      have the meaning specified in the Redevelopment Agreement as it relates solely
      to the A-B Office Site.

     

    “Project
      Site”
has
      the
      meaning set forth in the Recitals.

     

    “Redemption”
has
      the
      meaning set forth in the Recitals.

     

    “Redevelopment
      Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “ROFR
      Component Entity”
or
      “ROFR
      Component Entities”
      has the
      meaning set forth in the Mack-Cali Rights Agreement.

     

    “Securities
      Act”
has
      the
      meaning set forth in Section 10.12(e) hereof.

     

    “Securities
      Laws”
has
      the
      meaning set forth in Section 10.12(e) hereof.

     

    “Special
      General Partner”
has
      the
      meaning set forth in the Preamble and includes any Person who becomes a
      successor or additional special general partner pursuant to the terms of this
      Agreement, each in its capacity as a special general partner of the
      Partnership.

     

    “Take
      Down”
has
      the
      meaning ascribed to such term in the Mack-Cali Rights Agreement.

     

    “Tenant
      Partnerships”
has
      the
      meaning set forth in the Recitals.

     

    “Transfer”
has
      the
      meaning set forth in Section 7.1 hereof.

     

    “Transferor”
has
      the
      meaning set forth in Section 7.2(c)(i) hereof.

     

    “Transferee”
has
      the
      meaning set forth in Section 7.2(c)(i) hereof.

     

    

     

    

     

    THE
      PARTNERSHIP; partners

     

    Formation,
      Name and Existence.
      The
      Developer Partners, prepared, executed and filed a Certificate with the
      Secretary of State of Delaware on June 16, 2005 and the Partners prepared,
      executed and filed or caused to be filed an Amended and Restated Certificate
      of
      Limited Partnership of the Partnership on the date hereof (the “Amended
      Certificate”).
      The
      Partners hereby confirm and ratify the formation and existence of the
      Partnership under the name “A-B Office Meadowlands Limited Partnership”, as a
      Delaware limited liability partnership, pursuant to the provisions of the Act
      and this Agreement. The existence of the Partnership as a separate legal entity
      shall continue until cancellation of the Amended Certificate as provided in
      the
      Act.

     

    Partners.
      The
      names and Interests of the Partners are set forth in Exhibit
      B
      attached
      hereto.

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    Special
      General Partner.
      Special
      General Partner is admitted to the Partnership solely as a general partner
      without economic rights with respect to any capital, profit, loss, deductions,
      credits and allowances of the Partnership or any cash or other property
      distributable by the Partnership.

     

    Purpose.
      The
      purposes and businesses of the Partnership shall be limited to the following:
      (a) acquiring and holding a leasehold interest in the Premises pursuant to
      the
      A-B Ground Lease; (b) designing, constructing, developing, leasing, operating,
      managing and disposing of the Premises or interests therein; (c) financing
      the
      Premises; and (d) transacting any and all lawful business for which a limited
      partnership may be organized under the laws of the State of Delaware that is
      incident, necessary and appropriate to accomplish the foregoing.

     

    Tax
      Status.
      The
      Partners intend that the Partnership constitute an entity disregarded from
      its
      owner for federal income tax purposes and no Partner, or any transferee or
      successor thereto, shall take any action or report anything inconsistent with
      such intended tax status.

     

    Principal
      Office and Place of Business.
      The
      principal office and place of business of the Partnership shall be the principal
      office of the General Partner or such other address as the General Partner
      directs. The Partnership may have such additional offices as the General Partner
      deems advisable.

     

    Registered
      Agent.
      The
      registered agent of the Partnership shall be Corporation Services Company,
      2711
      Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
      The
      General Partner shall have the right to change the registered agent of the
      Partnership at any time in compliance with the Act and the laws of all other
      jurisdictions in which the Partnership may elect to conduct
      business.

     

    

     

    CONTRIBUTION
      BY THE PARTNERS

     

    Initial
      Capital of the Partnership.
      As a
      result of the transactions described in the Recitals, the Developer Partners
      respectively each contributed a portion of the Aggregate Capital Contributions
      to the capital of the Partnership. No Partner shall be treated as having
      contributed to the Partnership any portion of the Prepaid Rent Allocations
      and
      no Partner shall receive any credit in its capital account for any portion
      of
      the Prepaid Rent Allocations.

     

    Limitation
      on Withdrawal of Capital.
      Except
      as expressly provided in this Agreement, no Partner (a) shall have the right
      to
      withdraw or receive any return on its contributions or claim to any Partnership
      capital prior to termination of the Partnership pursuant to Article VIII hereof,
      (b) shall have any right to demand and receive property other than cash in
      return for its contributions, or (c) shall be liable to any other Partner for
      the return of such Partner’s contributions to the Partnership, or any portion
      thereof, it being expressly understood that such return shall be made solely
      from Partnership assets.

     

    
      
        
        

      

      
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    PROFIT
      AND LOSSES; DISTRIBUTIONS

     

    Profits
      and Losses.
      All
      income, profits, losses, deductions and credits of the Partnership shall be
      allocated to the Developer Partners.

     

    Distributions.
      Any
      distributions made by the Partnership shall be made to the Developer
      Partners.

     

    

     

    

     

    MANAGEMENT;
      LEGAL TITLE TO PROPERTY

     

    Management
      Authority. 

     

    Except
      as
      otherwise expressly provided in this Agreement, the Mack-Cali Rights Agreement
      or in the Act, management decisions of the Partnership shall be made solely
      by
      the General Partner, which shall be solely responsible for the conduct of the
      Partnership’s business subject to the provisions of this Agreement, the
      Mack-Cali Rights Agreement and applicable law. The General Partner shall have
      all of the rights, powers, duties and obligations of a general partner as
      provided in the Act and as otherwise provided by law, and any action taken
      by
      the General Partner that is not in violation of this Agreement, the Act or
      other
      applicable law shall constitute the act of and serve to bind the Partnership.
      Except as otherwise expressly provided herein, the Limited Partner shall not
      have or exercise any right in connection with the management of the
      Partnership’s business. 

     

    The
      General Partner shall devote itself to the business and purpose of the
      Partnership, as set forth in Section 2.4 above, to the extent reasonably
      necessary for the efficient carrying on thereof (it being acknowledged, however,
      that the General Partner shall not be required to devote its time exclusively
      to
      the operation of the Partnership), without compensation. Whenever requested
      by
      any of the other Partners, the General Partner shall render a just and faithful
      account of all dealings and transactions relating to the business of the
      Partnership. The acts of the General Partner shall bind the Partnership when
      within the scope of the General Partner’s authority expressly granted
      hereunder.

     

    Major
      Decisions.
      Unless
      otherwise indicated, capitalized terms in this Section 5.2 that are not defined
      in this Agreement shall be defined as set forth in the Mack-Cali Rights
      Agreement. The Partners shall not take the following decisions (each a
“Major
      Decision”)
      without the prior written approvals as specified below. In the event of a
      failure to agree on a matter set forth in this Section 5.2, the matter shall
      be
      submitted to mediation and/or arbitration in accordance with Section 10.4 of
      this Agreement. 

     

    The
      following decisions or acts with respect to, or on the part of, the Partners
      shall require the prior written Approval of the other Partners, which Approval
      may not be unreasonably withheld, delayed or conditioned by a Partner. If a
      Partner

     

    
      
        
        

      

      
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    (directly
      or through its authorized representative) shall request that another Partner
      provides such written approval, the requested Partner (directly or through
      its
      authorized representatives) shall have ten (10) Business Days after receipt
      of a
      written request from the requesting Partner to grant or deny such approval
      provided that the requested Partner shall have received information as
      reasonably required to render such decision. A failure of the requested Partner
      to provide such written approval or denial within such ten (10) Business Day
      period shall be deemed to mean that the requested Partner shall have granted
      such written approval):

     

    Any
      amendment to this Agreement or other organizational documents of the
      Partnership;

     

    Entering
      into, or undertaking of, any agreement, transaction or action relating to the
      Project that (a) is not within the scope of this Agreement, or (b) is not
      contemplated by or within the scope of the Transaction Documents, or (c) is
      not
      related to the ownership, operation or management of any portion of the Project
      as contemplated by this Agreement and the Transaction Documents, in each case,
      if such action or undertaking would have an adverse effect on the Partnership
      or
      the Premises;

     

    Adjusting,
      settling or compromising any claim, obligation, debt, demand, suit or judgment
      against or on behalf of the Partnership, but only if and to the extent such
      adjustment, settlement or compromise would have an adverse effect on the
      Partnership;

     

    To
      the
      extent applicable, establishing or adjusting the gross asset value for any
      contributed or distributed asset (other than cash) to or from the Partnership,
      except as provided herein;

     

    Entering
      into any amendment to, or modification of, the Redevelopment Agreement, the
      Project Operating Agreement, the Construction Management Agreement, the
      Declaration, the Project Labor Agreement, the Ground Leases, the Right of Entry
      Agreement, the Access and Indemnity Agreement, the Master Plan, and any other
      agreement to be entered into with the NJSEA (any of which, an “Authority
      Agreement”
and,
      together, the “Authority
      Agreements”)
      which
      is inconsistent with any of the foregoing enumerated instruments but only if
      and
      to the extent adversely affecting the Partnership;

     

    Entering
      into any agreement with The New York Football Giants or The New York Football
      Jets that adversely affects the Partnership;

     

    Any
      transfer, assignment or pledge of the “Right of First Refusal” pursuant to the
      Redevelopment Agreement;

     

    
      
        
        

      

      
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    Any
      voluntary action or decision which, if undertaken or made, would violate Section
      7 of the Mack-Cali Rights Agreement;

     

    To
      the
      extent applicable, preparation or identification of (and any amendment,
      modification or revision to), for submission to the NJSEA, the Final Project
      Sequencing Plan, Final Traffic and Infrastructure Sequencing Plan, the
      Preliminary Traffic and Infrastructure Improvements (including preparation
      of
      the estimated budget to permit, design and construct the Final Traffic and
      Infrastructure Improvements), marketing and publicity program referred to in
      Section 3.4(b) of the Redevelopment Agreement (regarding encouraging the use
      of
      the rail system by Project visitors), the written plan for the Job Skills
      Training referred to in Section 3.6(a) of the Redevelopment Agreement, the
      Small
      Business Marketing Plan referred to in Section 3.6(b) of the Redevelopment
      Agreement, or any other report, document or schedule pursuant to any Authority
      Agreement or the Cooperation Agreement but only if and to the extent that any
      of
      the foregoing actions or documents are inconsistent with the Authority
      Agreements or the Cooperation Agreement or adversely affect the Partnership
      or
      the Premises;

     

    [Intentionally
      Omitted];

     

    To
      the
      extent applicable, designation or selection of the Stakeholders Liaison (as
      such
      term is defined in the Redevelopment Agreement);

     

    To
      the
      extent applicable, enforcement or written waiver of any claim or determination
      related to the assertion of an Authority Interference which Authority
      Interference has an adverse impact on the Partnership or the Premises and which
      assertion occurs prior to four (4) years after the Grand Opening
      Date;

     

    Making
      any distribution or payment by the Partnership to any Person (including any
      party hereto or any Affiliate of any party hereto) that is not expressly
      contemplated by this Agreement;

     

    Causing
      or permitting the Partnership to be in Bankruptcy;

     

    Causing
      the Partnership to incur or obtain bond debt or other public financing
      vehicle(s) other than bond debt or other public financing vehicle(s) that is
      not
      secured by a mortgage, deed of trust or other security instrument encumbering
      the Premises intended to fund Infrastructure Improvement Costs and Program
      Costs, as well as a debt service reserve fund for such loan, capitalized
      interest and other issuance costs related to the loan, as described in the
      Authority Agreements, and having commercially reasonable terms and conditions
      at
      least as favorable as follows:

     

    
      
        
        

      

      
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                  a.

                	
                  Loan
                    Term: not less than 10 years;

                
	
                  b.

                	
                  Amortization
                    Period: not less than 20 years;

                
	
                  c.

                	
                  Interest
                    Rate: fixed rate of not greater than 8.5% per annum or variable
                    rate of
                    LIBOR plus 300 basis points;

                
	
                  d.

                	
                  Maximum
                    Net Proceeds: $160,000,000;

                
	
                  e.

                	
                  The
                    Partnership shall only be responsible on a nonrecourse basis
                    for its
                    proportionate share of the proceeds and such obligations are
                    several;
                    and

                
	
                  f.

                	
                  No
                    guaranty by the Special General Partner or its Affiliates and
                    no
                    substitute or additional collateral (for example, a letter of
                    credit) to
                        be provided by the Special General Partner or its
                    Affiliates.

                

        

      

    

     

    The
      granting of any mortgage, deed of trust or other security instrument encumbering
      the Premises other than to secure a loan from a third party that provides for
      the release of the Premises from the lien of the mortgage, deed of trust or
      other security instrument in connection with the Take Down of the Partnership
      as
      contemplated in Section 10 of the Mack-Cali Rights Agreement provided that
      such
      release does not require any additional payment of principal and interest or
      any
      payments, including fees or points, other than reimbursement of reasonable
      legal
      fees to effectuate the same; 

     

    [Intentionally
      Omitted]; and

     

    To
      the
      extent applicable, adjusting, settling or compromising any claim, obligation,
      debt, demand, suit or judgment against or on behalf of the Partnership in excess
      of the greater of (a) $1,000,000 in the aggregate, or (b) five percent (5%)
      of
      stabilized net operating income of the Partnership (with such stabilized net
      operating income being defined to mean the net operating income for the third
      full Fiscal Year after Completion (as defined in the Redevelopment Agreement)
      shall have occurred with respect to the Premises).

     

    The
      following decisions and acts with respect to, or on the part of, a Partner
      shall
      require the prior written Approval of the Partners, which approval may be
      granted or withheld in the other Partners’ sole and absolute discretion. If a
      Partner (directly or through its authorized representative) shall request that
      another Partner provides such written approval, the requested Partner (directly
      or through its authorized representatives) shall have ten (10) Business Days
      after receipt of a written request from the requesting Partner to grant or
      deny
      such approval provided that the requested Partner shall have received
      information as reasonably required to render such decision. A failure of the
      requested Partner to provide such written approval or denial within such ten
      (10) Business Day period shall be deemed to mean that the requested Partner
      shall have granted such written approval):

     

    
      
        
        

      

      
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    The
      undertaking of any of the following acts if and to the extent inconsistent
      with
      this Agreement or the Partnership’s organizational documents or any of the
      Authority Agreements that would: (a) cause the Partnership’s dissolution or
      termination other than contemporaneous with or subsequent to the sale or other
      disposition of all or substantially all of the Partnership’s assets, or (b)
      cause the Partnership to become an entity other than a “limited partnership”
organized under the Act (including, without limitation, under any conversion
      statute);

     

    Possessing
      any Partnership or Partner property, or assigning any rights in specific
      property for other than an entity purpose;

     

    Except
      as
      otherwise permitted by this Agreement, admitting or permitting or causing the
      Partnership to admit new or substitute partners, causing the Partnership to
      redeem or repurchase all or any of a Partner’s Interest, agreeing to issue,
      directly or indirectly, any Interests in the Partnership, or granting, issuing
      or agreeing to grant or issue, directly or indirectly, any right, option or
      warrant to subscribe for, purchase, or otherwise acquire Interests in the
      Partnership;

     

    Changing
      the name of the Partnership or the name under which any such entity does
      business from the name(s) set forth in such entity’s organizational
      documents;

     

    Authorizing
      or effectuating a merger or consolidation of the Partnership with or into one
      or
      more other entities;

     

    Authorizing
      or effectuating a dissolution, liquidation, termination or winding up of the
      Partnership other than contemporaneous with or subsequent to a sale or other
      disposition of all or substantially all of the Partnership’s
      assets;

     

    Making
      the election (or otherwise doing anything else) which would result in the
      Partnership being treated as anything other than a “partnership” for federal,
      state, local and, as applicable, foreign tax purposes; 

     

    Taking
      any affirmative action not contemplated in this Agreement with the intent that
      the Special General Partner shall have personal liability for any of the
      expenses, debts, obligations, liabilities, contracts, judgments or other
      obligations of the Partnership; and 

     

    Development
      or construction of any office or hotel within Meadowlands Xanadu.

     

    Title
      to Land.
      Legal
      title to the Premises and other property of the Partnership shall be taken
      and
      at all times held in the name of the Partnership.

     

    
      
        
        

      

      
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    Section
      5.4 No
      Contracts with Affiliates.
      Except
      as
      otherwise provided herein, no Partner shall enter into any agreement or other
      arrangement for the furnishing to or by the Partnership of goods or services
      or
      leases, subleases, licenses, concessions or other agreements with any Person
      who
      is an Affiliate of such Partner (including leases of space to Affiliate
      businesses) unless goods or services are provided to the Partnership of such
      lease or other payments are at market rates of compensation and the terms and
      conditions thereof are approved by Special General Partner.

     

     

    

     

     

    Section
      5.5 Notice
      of Lawsuits, Liens, Defaults under Loans, etc.
      Each of the Partners shall notify the other Partners as soon as reasonably
      possible upon receipt of any written notice of: (i) the filing or threatened
      filing of any action in law or in equity naming the Partnership, as a party
      relating in any material way to any portion of the A-B Office Site; or (ii)
      any
      actions to impose material liens of any kind whatsoever or of the imposition
      of
      any lien whatsoever against its assets including the A-B Ground Lease or any
      portion thereof, that may have a material adverse effect on the Partnership.
      

     

    
      
        
        

      

      
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    FISCAL
      YEAR, BOOKS AND RECORDS, BANK ACCOUNTS

     

    Fiscal
      Year.
      The
      Fiscal Year of the Partnership shall be the calendar year.

     

    Books
      and Records.

     

    There
      shall be kept and maintained at the Partnership’s principal place of business
      full and accurate books and records showing all receipts and expenditures,
      assets and liabilities, profits, losses and distributions, and all other records
      necessary for recording the Partnership’s business and affairs.

     

    The
      books
      of the Partnership shall be kept on the accounting method determined by the
      General Partner and shall show at all times each and every item of income and
      expense.

     

    Each
      Partner shall have the right at all reasonable times and upon reasonable advance
      notice, during usual business hours, to audit, examine, and make copies of
      extracts from the books of account of the Partnership. Such right may be
      exercised through any agent, employee, or independent public accountant
      designated by such Partner. Each Partner shall bear all expenses incurred in
      any
      examination made for such Partner’s account.

     

    Bank
      Accounts.
      The
      funds of the Partnership shall be deposited in such bank account or accounts
      of
      the Partnership as the General Partner determines are required, and the General
      Partner shall arrange for the appropriate conduct of such accounts.

     

    Tax
      Returns and Financial Statements.
      Tax
      returns and the annual financial statements of the Partnership shall be prepared
      by, or at the direction of, the General Partner as soon as practicable after
      the
      expiration of a tax year and copies of the same shall be delivered to the
      Partners within a reasonable time thereafter.

     

    
      
        
        

      

      
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    SALE,
      TRANSFER OR MORTGAGE OF INTERESTS

     

    General.
      Except
      as expressly permitted in Sections 7.2 and 7.3 of this Agreement or as otherwise
      expressly permitted in this Agreement, no Partner shall directly or indirectly
      sell, assign, transfer, pledge, mortgage, convey, charge or otherwise encumber
      or contract to do or permit any of the foregoing, whether voluntarily or by
      operation of law (herein sometimes collectively called a “Transfer”),
      or
      suffer any Affiliate or other third party to Transfer, any part or all of its
      Interest or its share of capital, profits, losses, allocations or distributions
      hereunder without the express prior written consent of Special General Partner,
      which consent may be withheld for any or no reason whatsoever. Any attempt
      to
      Transfer in violation of this Article VII shall be null and void. The giving
      of
      consent in any one or more instances of Transfer shall not limit or waive the
      need for such consent in any other or subsequent instances. Transfers of
      ownership interests in Special General Partner or any of its Affiliates
      (including Mack-Cali Realty Corporation or Mack-Cali Realty, L.P.) or Developer
      Partners or any of their respective Affiliates (including Meadowlands Limited
      Partnership, Colony Investors VII, LP, Dune Capital Management LP, Kan Am
      Limited Partnership, The Mills Corporation or The Mills Limited Partnership)
      shall not constitute a “Transfer” hereunder. 

     

    Permitted
      Transfers.
      

     

    Transfers
      By Special General Partner.
      Without
      the consent of any other Partner, Special General Partner may from time to
      time
      (i) Transfer its Interest, in whole or in part (A) to an Affiliate of such
      Transferor or (B) from an Affiliate to another Affiliate of such Transferor,
      (ii) Transfer the aggregate Interests held by such Transferor and its Affiliates
      to a Person other than an Affiliate so long as (A) such Transferor has the
      right
      to control the day to day operations of such Person and (B) such Transferor
      or
      its Affiliate owns at least fifty percent (50%) of the beneficial interest
      in
      such Person, or (iii) mortgage, pledge or hypothecate all or any portion of
      such
      Interest so long as the Person to which such Interest is mortgaged, pledged
      or
      hypothecated cannot foreclose or otherwise realize upon such collateral and
      elect to become a substitute Partner. 

     

    Transfer
      By the Developer Partner.
      Without
      the consent of any other Partner, each Developer Partner may from time to time
      (i) Transfer its Interest, in whole or in part (A) to an Affiliate of such
      Transferor or (B) from an Affiliate to another Affiliate of such Transferor,
      (ii) Transfer the aggregate Interests held by such Transferor and its Affiliates
      to a Person other than an Affiliate so long as (A) such Transferor has the
      right
      to control the day to day operations of such Person and (B) such Transferor
      or
      its Affiliate owns at least fifty percent (50%) of the beneficial interest
      in
      such Person, or (iii) mortgage, pledge or hypothecate all or any portion of
      such
      Interest so long as the Person to which such Interest is mortgaged, pledged
      or
      hypothecated cannot foreclose or otherwise realize upon such collateral and
      elect to become a substitute Partner. 

     

    Agreements
      with Transferees.
      

     

    
      
        
        

      

      
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    If
      pursuant to the provisions of Sections 7.2(a) or (b), any Partner (“Transferor”)
      shall
      purport to make a Transfer of any part of its Interest to any Person
      (“Transferee”),
      no
      such Transfer shall entitle Transferee to any benefits or rights hereunder
      until:

     

    Transferee
      agrees in writing to assume and be bound by all the obligations of Transferor
      and be subject to all the restrictions to which Transferor is subject under
      the
      terms of this Agreement and any agreements with respect to the Project to which
      Transferor is then subject or is then required to be a party; and 

     

    Transferor
      and Transferee enter into a written agreement with the Partnership which
      provides (x) in the case of a partial transfer of Interests, that Transferor
      is
      irrevocably designated the proxy of Transferee to exercise all voting and other
      approval rights appurtenant to the Interest acquired by Transferee, (y) that
      Transferor shall remain liable for all obligations arising under this Agreement
      prior to or after such Transfer in respect of the Interest so transferred;
      provided, however, that as to any Transfer to a non-Affiliate of the Transferor,
      Transferor shall only be liable for all obligations arising under this Agreement
      and any agreements with respect to the Project to which Transferor is then
      subject or is then required to be a party from and after such Transfer in
      respect of the Interest so transferred; and (z) that Transferee shall indemnify
      the Partners from and against all claims, losses, liabilities, damages, costs
      and expenses (including reasonable attorneys’ fees and court costs) which may
      arise as a result of any breach by Transferee of its obligations hereunder.
      

     

    No
      Transferee of any Interest shall make any further disposition except in
      accordance with the terms and conditions hereof.

     

    All
      costs
      and expenses incurred by the Partnership, or the non-transferring Partners,
      in
      connection with any Transfer of a Interest, including any filing or recording
      costs and the fees and disbursements of counsel, shall be paid by
      Transferor.

     

    Take
      Down by Special General Partner.
      Notwithstanding anything herein to the contrary, if the Special General Partner
      exercises a Take Down, the provisions of Section 11 of that certain Limited
      Partnership Agreement of Meadowlands Mills/Mack-Cali Limited Partnership, dated
      November 25, 2003, shall be incorporated herein or any amendment or restatement
      hereof pursuant to and in accordance with Section 10.6 of the Mack-Cali Rights
      Agreement.

     

    Sale
      Rights of Special General Partner and Developer Partners; Right of First
      Offer.
      Except
      as provided in Section 7.2, no Partner may sell all or any portion of its or
      its

     

    
      
        
        

      

      
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    Affiliates’
      Interest at any time prior to the date that is three (3) years after the date
      of
      issuance of the certificate of occupancy for the core and shell of the Project.
      

     

    Restraining
      Order.
      If any
      Partner shall at any time Transfer or attempt to Transfer its Interest or part
      thereof in violation of the provisions of this Agreement and any rights hereby
      granted, then the other Partners shall, in addition to all rights and remedies
      at law and in equity, be entitled to a decree or order restraining and enjoining
      such Transfer and the offending Partner shall not plead in defense thereto
      that
      there would be an adequate remedy at law; it being hereby expressly acknowledged
      and agreed that damages at law will be an inadequate remedy for a breach or
      threatened breach of the violation of the provisions concerning Transfer set
      forth in this Agreement. 

     

    ERISA.
      No
      Partner shall Transfer all or any part of its Interests to any party, including
      another Partner, whether or not the Transfer would otherwise be permitted
      hereunder, if the Transfer would result in the assets of the Partnership being
      deemed to include assets of an ERISA Plan. At the request of such other Partners
      and as a condition of the consummation of any Transfer of all or part of a
      Interest to any party, including another Partner, the Partner proposing to
      Transfer all or any part of its Interest shall, at its cost, provide an
      unqualified opinion of counsel, which must be reasonably satisfactory to each
      such other Partners, that the Transfer would not result in the assets of the
      Partnership being deemed to include assets of an ERISA Plan, and in addition
      to
      such other Partner’s rights under Section 7.4, the Partner proposing to Transfer
      shall indemnify and hold harmless such other Partners (except any Partner that
      is the proposed purchaser), from and against any and all loss, cost, tax,
      liability or expense (including but not limited to reasonable attorneys’ fees
      and court costs) which such other Partners may suffer if the Transfer would
      cause the assets of the Partnership being deemed to include assets of any ERISA
      Plan. 

     

    Admission
      of Additional Partners. 

     

    No
      Person
      may be admitted as an additional Partner of the Partnership (in contrast with
      admission as a substitute Partner in connection with a Permitted Transfer)
      without the consent of the General Partner and the Special General Partner.
      

     

    Any
      additional or substitute Partner admitted to the Partnership shall execute
      and
      deliver documentation in form satisfactory to the General Partner accepting
      and
      agreeing to be bound by this Agreement, and such other documentation as the
      General Partner shall reasonably require in order to effect such Person’s
      admission as an additional Partner. The admission of any Person as an additional
      Partner shall become effective on the date upon which the name of such Person
      is
      recorded on the books and records of the Partnership following the consent
      of
      the General Partner to such admission.

     

    Override
      on Permitted Transfers.
      

     

    It
      is
      expressly understood and agreed that any Transfer permitted pursuant to this
      Article VII shall in all instances be prohibited (and, if consummated, shall
      be
      void ab
      initio)
      if such
      Transfer does not comply with all applicable laws, rules and regulations and
      other requirements of governmental authorities, including, without limitation,
      Executive
      Order 13224 (September 23, 2001), the rules and regulations of the Office of
      Foreign Assets Control, Department of Treasury, and any enabling legislation
      or
      other Executive Orders in respect thereof. 

     

    Each
      admitted Partner shall be required to make the representations and warranties
      set forth in Section 10.12 of this Agreement to the other Partner(s) and the
      Partnership as of the date of such Partner’s admission into the Partnership.
      Each Partner shall be deemed to make the representations and warranties set
      forth in Section 10.12(h)-(k) of this Agreement to the Partners and the
      Partnership on behalf of any Person that acquires a beneficial ownership
      interest in such Partner as of the date of such acquisition.

     

    

     

    
      
        
        

      

      
        51

        
          

        

      

      
        
        

      

    

    

     

    TERM,
      DISSOLUTION AND TERMINATION

     

    Term.
      The
      Partnership shall have perpetual existence, unless sooner dissolved and
      liquidated in accordance with the provisions hereof.

     

    Dissolution
      in Certain Events. 

     

    The
      Partnership shall be dissolved, and its affairs shall be wound up, upon the
      first to occur of the following: (i) (A) all of the Partners of the Partnership
      approve in writing, or (B) the Partnership sells or otherwise disposes of its
      interest in all or substantially all of its assets or (ii) (A) the occurrence
      of
      an event of withdrawal (as defined in the Act) with respect to a General
      Partner, other than an event of withdrawal set forth in Section 17-402(a)(4)
      or
      (5) of the Act; provided, the Partnership shall not be dissolved and required
      to
      be wound up in connection with any of the events described in this clause
      (ii)(A) if (1) at the time of the occurrence of any such event there is at
      least
      one remaining General Partner of the Partnership who is hereby authorized to
      and
      shall carry on the business of the Partnership, or (2) if at such time there
      is
      no remaining General Partner, if within ninety (90) days after such event of
      withdrawal, the Limited Partner agrees in writing or votes to continue the
      business of the Partnership and to appoint, effective as of the day of
      withdrawal, one or more additional General Partners, or (3) the Partnership
      is
      continued without dissolution in a manner permitted by the Act or this
      Agreement, (B) there are no limited partners of the Partnership unless the
      business of the Partnership is continued in accordance with the Act and this
      Agreement or (C) the entry of a decree of judicial dissolution under Section
      17-802 of the Act.

     

    Upon
      the
      occurrence of any event that results in the General Partner ceasing to be a
      General Partner of the Partnership under the Act, if at the time of the
      occurrence of such event there is at least one remaining General Partner of
      the
      Partnership, such remaining General Partner of the Partnership is hereby
      authorized to and, to the fullest extent permitted by law, shall, carry on
      the
      business of the Partnership. Upon the occurrence of any event that causes the
      last remaining General Partner of the Partnership to cease to be a General
      Partner of the Partnership, to the fullest extent permitted by law, all the
      Partners agree that the “personal representative” of such general partner is
      hereby authorized to, and shall, within ninety (90) days after the occurrence
      of
      the event that terminated the continued membership of such General Partner
      in
      the Partnership, agree in writing (i) to continue the Partnership and (ii)
      to
      the admission of the personal representative or its nominee or designee, as
      the
      case may be, as a substitute General Partner of the Partnership, effective
      as of
      the occurrence of the event that terminated the continued membership of the
      last
      remaining General Partner of the Partnership in the Partnership.

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

     

     

    Upon
      the
      occurrence of any event that causes the last remaining Limited Partner of the
      Partnership to cease to be a Limited Partner of the Partnership, to the fullest
      extent permitted by law, all the Partners agree that the personal representative
      of such Limited Partner is hereby authorized to, and shall, within ninety (90)
      days after the occurrence of the event that terminated the continued membership
      of such Limited Partner in the Partnership, agree in writing (i) to continue
      the
      Partnership and (ii) to the admission of the personal representative or its
      nominee or designee, as the case may be, as a substitute limited partner of
      the
      Partnership, effective as of the occurrence of the event that terminated the
      continued membership of the last remaining Limited Partner of the Partnership
      in
      the Partnership.

     

    Notwithstanding
      any other provision of this Agreement to the contrary, the Bankruptcy of, or
      the
      occurrence of any event set in Sections 17-402(a)(4) and (5) of the Act with
      respect to, the General Partner shall not cause the General Partner to cease
      to
      be a General Partner of the Partnership, and upon the occurrence of such an
      event, the Partnership shall continue without dissolution.

     

    The
      death, incompetency, Bankruptcy, dissolution or other cessation to exist as
      a
      legal entity of a Limited Partner shall not, in and of itself, dissolve the
      Partnership. In any such event, the personal representative (as defined in
      the
      Act) of such Limited Partner may exercise all of the rights of such. Limited
      Partner for the purpose of settling such Limited Partner’s estate or
      administering its property, subject to the terms and conditions of this
      Agreement.

     

    Procedures
      upon Dissolution.
      Upon
      dissolution of the Partnership, the Partnership shall be terminated and the
      General Partner shall liquidate the assets of the Partnership. The proceeds
      of
      liquidation shall be applied and distributed in the following order or
      priority:

     

    first,
      to
      the satisfaction (whether by payment or the making of reasonable provision
      for
      payment thereof) of the debts and liabilities of the Partnership and the
      expenses of liquidation; and

     

    thereafter,
      to the Developer Partners in proportion to their respective Interests in the
      Partnership.

     

    A
      reasonable time shall be allowed for the orderly liquidation of the assets
      of
      the Partnership and the discharge of liabilities. During the period beginning
      with the dissolution of the Partnership and ending with its liquidation and
      termination of the Agreement pursuant to this Section 8.3, the business affairs
      of the Partnership shall be conducted by the General Partner. During such
      period, the business and affairs of the Partnership shall be conducted so as
      to
      preserve the assets of the Partnership and maintain the status thereof which
      existed immediately prior to such termination.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

     

     

    

     

     

    

     

     

    USE
      OF
      MARK AND MACK-CALI PARTNERS’ NAMES

     

     

    Section
      9.1 Use
      of
      Mark by Partnership.
      MDLP, the Partnership and the other signatories thereto will enter into, on
      or
      about the date hereof, into the License Agreement which shall provide for the
      use of the Marks, without a fee, by the signatories thereto.

     

     

    

    
      
        
        

      

      
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    Section
      9.2 Use
      of
      Special General Partner’s Name.
      Special General Partner and its Affiliates shall in their sole discretion
      determine whether to permit the use of their names in connection with the
      Partnership. The Developer Partners and their respective Affiliates acknowledge
      and agree that the name of Special General Partner and any of its Affiliates
      may
      not be used by the Developer Partners, any of their respective Affiliates or
      the
      Partnership in connection with the Partnership without the prior written consent
      of Special General Partner. 

     

     

    

     

     

    Section
      9.3 No
      Use
      of Related Mark.
      Neither Special General Partner nor its Affiliates shall be permitted to use
      the
      word “Xanadu” in any manner except as provided in the License
      Agreement.

     

     

    

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

     

    

     

     

    

     

     

    MISCELLANEOUS

     

    Liability
      Among Partners; Exculpation and Indemnification. 

     

    No
      Partner shall be liable to any other Partners or to the Partnership by reason
      of
      its actions or omission in connection with the Partnership except in the case
      of
      actual fraud, gross negligence or willful misconduct. Neither the Partners,
      nor
      any officer, director, manager, member employee, representative, agent or
      affiliate of the Partners, nor any of their respective officers, directors,
      managers or members (each a “Covered
      Person,”
and
      collectively, the “Covered
      Persons”)
      shall
      be liable to the Partnership or any other Person who has an interest in or
      claim
      against the Partnership for any loss, damage or claim incurred by reason of
      any
      act or omission performed or omitted by such Covered Person in good faith on
      behalf of the Partnership and in a manner reasonably believed to be within
      the
      scope of the authority conferred on such Covered Person by this Agreement,
      except that a Covered Person shall be liable for any such loss, damage or claim
      incurred by reason of such Covered Person’s fraud, gross negligence or willful
      misconduct.

     

    To
      the
      fullest extent permitted by applicable law, each Covered Person shall be
      entitled to indemnification from the Partnership for any loss, damage or claim
      incurred by such Covered Person by reason of any act or omission performed
      or
      omitted by such Covered Person in good faith on behalf of the Partnership and
      in
      a manner reasonably believed to be within the scope of the authority conferred
      on such Covered Person by this Agreement, except that no Covered Person shall
      be
      entitled to be indemnified in respect of any loss, damage or claim incurred
      by
      such Covered Person by reason of such Covered Person’s fraud, gross negligence
      or willful misconduct with respect to such acts or omissions; provided,
      however,
      that
      any indemnity under this Section 9.1 by the Partnership shall be provided out
      of
      and to the extent of Partnership assets only, and the Partners shall not have
      personal liability on account thereof

     

    To
      the
      fullest extent permitted by applicable law, expenses (including legal fees)
      incurred by a Covered Person defending any claim, demand, action, suit or
      proceeding shall, from time to time, be advanced by the Partnership prior to
      the
      final disposition of such claim, demand, action, suit or proceeding upon receipt
      by the Partnership of an undertaking by or on behalf of the Covered Person
      to
      repay such

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    amount
      if
      it shall be determined that the Covered Person is not entitled to be indemnified
      as authorized in this Section 10.1.

     

    A
      Covered
      Person shall be fully protected in relying in good faith upon the records of
      the
      Partnership and upon such information, opinions, reports or statements presented
      to the Partnership by any Person as to matters the Covered Person reasonably
      believes are within such other Person’s professional or expert competence and
      who has been selected with reasonable care by or on behalf of the Partnership,
      including information, opinions, reports or statements as to the value and
      amount of the assets, liabilities, or any other facts pertinent to the existence
      and amount of assets from which distributions to the Partners might properly
      be
      paid.

     

    To
      the
      extent that, at law or in equity, a Covered Person has duties (including
      fiduciary duties) and liabilities relating thereto to the Partnership or to
      any
      other Covered Person, a Covered Person acting under this Agreement shall not
      be
      liable to the Partnership or to any other Covered Person for its good faith
      reliance on the provisions of this Agreement or any approval or authorization
      granted by the Partnership or any other Covered Person. The provisions of this
      Agreement, to the extent that they restrict the duties and liabilities of a
      Covered Person otherwise existing at law or in equity, are agreed by the
      Partners to replace such other duties and liabilities of such Covered
      Person.

     

    Except
      as
      otherwise expressly provided in this Agreement, each Partner shall look solely
      to the assets of the Partnership for all distributions contemplated by this
      Agreement or otherwise with respect to the Partnership and, if applicable,
      such
      Partner’s capital contributions in the Partnership (including return thereof),
      and such Partner’s share of profits or losses thereof, and shall have no
      recourse therefor (upon dissolution or otherwise) against any other Partner.
      Notwithstanding anything to the contrary contained in this Agreement, the
      Partnership, and the General Partner on behalf of the Partnership, shall not
      be
      required to make a distribution to any Partner contemplated by this Agreement
      if
      such distribution would violate the Act or other applicable law.

     

    The
      indemnification rights contained in this Section 10.1 shall be cumulative of,
      and in addition to, any and all rights, remedies and recourses to which the
      Covered Persons shall be entitled, whether pursuant to the provisions of this
      Agreement, at law or in equity.

     

    The
      foregoing provisions of this Section 10.1 shall survive any termination of
      this
      Agreement.

     

    [Intentionally
      Omitted] 

     

    Take
      Down.
      Pursuant to the Mack-Cali Rights Agreement, the Partners acknowledge and agree
      that the Special General Partner has certain Take Down rights with respect
      to
      the Partnership as more particularly set forth in the Mack-Cali Rights Agreement
      and incorporated by reference herein. Upon the exercise of the Special General
      Partner’s option to Take Down, the General Partner shall cause the Partnership
      to issue limited partnership interests to the

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

    Special
      General Partner, and/or its Affiliate(s), in consideration for its obligations
      following a Take-Down and this Agreement shall be amended and restated in
      accordance with this Section 10.3 and with the terms and conditions the
      Mack-Cali Rights Agreement. If the Special General Partner does not exercise
      its
      Take Down option, as more fully described in the Mack-Cali Rights Agreement
      within the time periods and on the conditions described therein then the
      interest of the Special General Partner in the Partnership shall immediately
      terminate and the Special General Partner shall cease to be a partner in the
      Partnership for all purposes, all as more fully described in the Mack-Cali
      Rights Agreement.

     

    Mediation
      and Arbitration.
      Unless
      otherwise indicated, capitalized terms in this Section 10.4 that are not defined
      in this Agreement shall be defined as set forth in the Mack-Cali Rights
      Agreement. 

     

    Unless
      otherwise expressly provided herein, it is understood and agreed by the Partners
      that, in the event any dispute, disagreement, claim or controversy arises
      between any of the Partners, arising under or related to this Agreement or
      relating to any approvals or agreements required to be given or made by the
      parties hereto under this Agreement, including a dispute, disagreement, claim
      or
      controversy in connection with a Major Decision (the “Disputes”),
      then,
      at the request of any of the Partners, the disputing parties shall resolve
      the
      Dispute promptly through confidential mediation with a mediator jointly selected
      by the disputing parties. If the disputing parties are unable to agree on the
      mediator within two (2) days after written notice from one disputing party
      to
      the other demanding mediation, the disputing parties shall each select one
      (1)
      mediator and those two (2) mediators shall jointly select a third mediator
      as
      soon as practicable and such third mediator shall act as mediator hereunder.
      All
      mediators selected shall be licensed attorneys experienced in complex real
      estate and partnership transactions and the tax consequences thereof. Each
      party
      shall bear its own fees and expenses attributable to the mediation, provided,
      however,
      that
      the costs, fees and expenses attributable to the independent mediator shall
      be
      borne equally among the disputing parties. 

     

    In
      the
      event that the disputing parties are unable to settle their Dispute through
      mediation within ten (10) Business Days after the mediator has been selected
      as
      provided above, any unresolved Dispute shall be submitted to binding arbitration
      in the State of New York, within five (5) Business Days from the date the
      disputing parties were unable to settle their dispute through mediation, with
      each party to bear its own fees and expenses attributable thereto, before a
      panel of three (3) neutral arbitrators from the Large Complex Case Panel of
      the
      American Arbitration Association (the “Arbitrators”),
      said
      Arbitrators to be attorneys with at least ten (10) years experience in complex
      real estate and partnership transactions and the tax consequences thereof.
      The
      arbitration shall be conducted in accordance with the then-current commercial
      Arbitration Rules of the American Arbitration Association. The Arbitrators
      shall
      render their decision within ten (10) Business Days after the Dispute is
      submitted to the arbitration panel. In furtherance of the foregoing, it is
      understood and agreed that the decision rendered by the Arbitrators hereunder
      shall be binding and absolutely conclusive upon the parties hereto and may
      be
      enforced by entry of a judgment in any court having jurisdiction. The fees
      and
      expenses of Arbitrators shall be borne equally among the disputing parties.
      To
      the

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

    extent,
      if any, that the party or parties prevailing in any such arbitration proceedings
      are required to seek judicial confirmation or enforcement of the Arbitrators’
award, the non-prevailing party or parties shall be obligated to pay for such
      prevailing party’s or parties’ reasonable and actual fees, costs, expenses and
      disbursements incurred in connection with such judicial confirmation and/or
      enforcement. Notwithstanding the foregoing, a party may seek a preliminary
      injunction or other preliminary judicial relief if in its judgment such action
      is necessary to avoid irreparable damage. Despite such action, the parties
      hereto will continue to participate in good faith in the procedures specified
      in
      this Section 10.4(b). All applicable statutes of limitation shall be tolled
      while the procedures specified in this Section 10.4(b) are pending. The
      parties hereto will take such action, if any, required to effectuate such
      tolling.

     

    No
      Agency Created.
      Nothing
      herein contained shall be construed to constitute any Partner (or any Affiliate
      thereof) the agent of another Partner or to limit the Partners (or any
      Affiliates thereof) in any manner in the carrying on of their own respective
      businesses or activities. Except as provided in this Agreement, each Partner
      acknowledges and agrees that none of the Partnership or any Partner (or any
      Affiliate of any Partner) shall have any right, by virtue of this Agreement,
      either to participate in, or to share in, any now existing ventures or any
      of
      the other Partners or their respective Affiliates, or in the income or proceeds
      derived from such ventures. Any Partner may engage in and/or possess any
      interest in any other business or real estate venture of any nature and
      description, independently, or with others, including but not limited to, the
      ownership, financing, leasing, operation, management, syndication, brokerage
      and
      development of real property; and neither the Partnership nor any other Partner
      shall have any rights in and to such independent ventures or the income or
      profits derived therefrom.

     

    Approvals.
      Except
      as otherwise provided herein, all approvals or consents permitted or required
      to
      be given under this Agreement shall be reasonably given and not unreasonably
      delayed or withheld. In the event that a Partner having a right of approval
      takes no action within a reasonable time (or, if a time is specified in this
      Agreement, then within such specified time) subsequent to receipt of the
      documents or agreements subject to said approval or consent, the approval or
      consent of said Partner shall be deemed to have been given.

     

    References.
      References herein to the singular shall include the plural and to the plural
      shall include the singular, and references to one gender shall include the
      other, except where the same shall be not appropriate.

     

    Effect
      of Consent or Waiver.
      No
      consent or waiver, express or implied, by any Partner to or of any breach or
      default by any other Partner in the performance by such other Partner of its
      obligations hereunder shall be deemed to be or construed to be a consent or
      waiver to or of any other breach or default by such other Partner in the
      performance by such other Partner of the same or any other obligations of such
      Partner hereunder. Failure on the part of any of the other Partners to declare
      any of the other Partners in default, irrespective of how long such failure
      continues, shall not constitute a waiver by any such Partner of its rights
      hereunder.

     

    Enforceability.
      If any
      provisions of this Agreement or the application thereof to any Person or
      circumstances shall be invalid or unenforceable to any extent, the remainder
      of
      this

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

    Agreement
      and the application of such provisions to other Persons or circumstances shall
      not be affected thereby and shall be enforced to the greatest extent permitted
      by law.

     

    Titles
      and Captions.
      Section
      titles or captions contained in this Agreement are for convenience only and
      shall not be deemed a part of the contents of this Agreement.

     

    Binding
      Agreement and Express Third Party Beneficiaries.
      Subject
      to the restrictions on transfer and encumbrances set forth herein, this
      Agreement shall inure to the benefit of and be binding upon the undersigned
      Partners and their heirs, executors, legal representatives, successors and
      assigns. Whenever in this instrument a reference to any Partner is made, such
      reference shall be deemed to include a reference to the heirs, executors, legal
      representatives, successors and assigns of such Partner.

     

    Governing
      Law.
      This
      Agreement is made and shall be construed under and in accordance with the laws
      of the State of Delaware (without regard to the conflict of laws provisions
      thereof).

     

    Notices.
      Any
      notice, consent, approval, or other communication which is provided for or
      required by this Agreement must be in writing and may be delivered in person
      to
      any Partner or may be sent by a facsimile transmission, telegram, expedited
      courier or registered or certified U.S. mail, with postage prepaid, return
      receipt requested. Any such notice or other written communications shall be
      deemed received by the Partner to whom it is sent (i) in the case of personal
      delivery, on the date of delivery to the Partner to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such Partner,
      (ii) in the case of facsimile transmission or telegram, the next business day
      after the date of transmission, (iii) in the case of courier delivery, the
      date
      receipt is acknowledged or rejected by the Partner to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such Partner,
      and (iv) in the case of registered or certified mail, the date receipt is
      acknowledged or rejected on the return receipt for such notice. For purposes
      of
      notices, the addresses of the Partners hereto shall be as follows, which
      addresses may be changed at any time by written notice given in accordance
      with
      this provision:

     

    If
      to
      General Partner or Limited Partner:

    

    c/o
      Colony Xanadu, LLC

    660
      Madison Avenue, Suite 1600

    New
      York,
      NY 10021

    Attn:
      Richard Saltzman

    Telephone:
      212-832-0500

    Facsimile
      No.: 212-593-5433

    
      
        
        

      

      
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    And

    

                    c/o
      Colony Xanadu,
      LLC

                    1999
      Avenue of the
      Stars, Suite 1200

                    Los
      Angeles, CA
      90067

                    Attn:
      Joy
      Mallory

                    Telephone:
      310-282-8820

                    Facsimile
      No.:
      310-282-8808

    

    

    With
      a
      copy to (which shall not constitute notice): 

    

    White
      & Case LLP

    1155
      Avenue of the Americas

    New
      York,
      NY 10036-2787

    Attn:
      John Reiss

    Attn:
      Steven Teichman

    Facsimile
      No.: 212-354-8113

    

    If
      to
      Special General Partner:

    

    c/o
      Mack-Cali Realty Corporation 

    P.O.
      Box
      7817

    Edison,
      NJ 08818-787

    Attn:
      Mitchell E. Hersh, President and Chief Executive Officer

    Facsimile
      No.: 732-205-9040 

    

    And: c/o
      Mack-Cali Realty Corporation 

    P.O.
      Box
      7817

    Edison,
      NJ 08818-7817

    Attn: Roger
      W.
      Thomas, Executive Vice President and General Counsel

    Facsimile
      No.: 732-205-9015

    

    For
      courier or overnight delivery to Special General Partner

    

    c/o
      Mack-Cali Realty Corporation

    343
      Thornall Street

    Edison,
      NJ 08837-2206

    

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    With
      a
      copy to (which shall not constitute notice): 

    

    Seyfarth
      Shaw LLP

    1270
      Avenue of the Americas

    25th
      Floor

    New
      York,
      New York 10020

    Attn:
      John P. Napoli

    Attn:
      Stephen Epstein

    Facsimile
      No.: 212-218-5527

    

     

    Failure
      of, or delay in delivery of any copy of a notice or other written communication
      shall not impair the effectiveness of such notice or written communication
      given
      to any party to this Agreement as specified herein.

     

    Covenants,
      Representations and Warranties of the Partners.
      Each
      Partner represents and warrants to the other Partners as follows:

     

    it
      is
      duly organized, validly existing and in good standing under the laws of its
      jurisdiction of formation with all requisite power and authority to enter into
      this Agreement and to conduct the business of the Partnership;

     

    this
      Agreement constitutes the legal, valid and binding obligation of the Partner
      enforceable in accordance with its terms, subject to the application of
      principles of equity and laws governing insolvency and creditors’ rights
      generally;

     

    no
      consents or approvals (which have not been obtained) are required from any
      governmental authority or other Person for the Partner to enter into this
      Agreement and be admitted to the Partnership. All action on the part of the
      Partner (and its direct or indirect equity owners) necessary for the
      authorization, execution and delivery of this Agreement, and the consummation
      of
      the transactions contemplated hereby, have been duly taken;

     

    the
      execution and delivery of this Agreement by the Partner, and the consummation
      of
      the transactions contemplated hereby, does not conflict with or contravene
      the
      provisions of its organic documents or any agreement or instrument by which
      it
      or its properties are bound or any law, rule, regulations, order or decree
      to
      which it or its properties are subject;

     

    each
      Partner is acquiring its Interest for investment, solely for its own account,
      with the intention of holding such interest for investment and not with a view
      to, or for resale in connection with, any distribution or public offering or
      resale of any portion of such interest within the meaning of the Securities
      Act
      of 1933, as amended from time to time (the “Securities
      Act”),
      or
      any other applicable federal or state security law, rule or regulations
      (“Securities
      Laws”);

     

     

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

    each
      Partner acknowledges that it is aware that its Interest has not been registered
      under the Securities Act or under any other Security Law in reliance upon
      exemptions contained therein. Each Partner understands and acknowledges that
      its
      representations and warranties contained herein are being relied upon by the
      Partnership, the other Partner and the constituent owners of such other Partner
      as the basis for exemption of the issuance of interests in the Partnership
      from
      registration requirements of the Securities Act and other Securities Laws.
      Each
      Partner acknowledges that the Partnership will not and has no obligation to
      register any interest in the Partnership under the Securities Act or other
      Securities Laws;

     

    each
      Partner acknowledges that prior to its execution of this Agreement, it received
      a copy of this agreement and that it examined this documents or caused this
      document to be examined by its representative or attorney. Each Partner does
      hereby further acknowledge that it or its representative or attorney is familiar
      with this Agreement, and with the business and affairs of the Partnership,
      and
      that except as otherwise specifically provided in this Agreement, it does not
      desire any further information or data relating to the Partnership, and
      subsidiary of the Partnership, the Premises or the other Partners. Each Partner
      does hereby acknowledge that it understands that the acquisition of its Interest
      is a speculative investment involving a high degree of risks and does hereby
      represent that is has a net worth sufficient to bear the economic risk of its
      investment in the Partnership and to justify its investing in a highly
      speculative venture of this type;

     

    the
      Partner is in compliance with Executive Order 132324 (September 23, 2001),
      the
      rules and regulations of the Office of Foreign Assets Control, Department of
      Treasury, and any enabling legislation or other Executive Orders in respect
      thereof;

     

    at
      all
      times, including after giving effect to any Transfers permitted pursuant to
      this
      Agreement, (a) none of the funds or other assets of the Partner constitutes
      property of, or are beneficially owned, directly or indirectly, by any person,
      entity or government subject to trade restrictions under U.S. law (including,
      but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
      §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and
      any Executive Orders or regulations promulgated thereunder) (any such person,
      entity or government, an “Embargoed
      Person”)
      with
      the result that the investment in the Partner (whether directly or indirectly),
      is prohibited by any applicable law, rule, regulation, order or decree is in
      violation thereof; (b) no Embargoed Person has any interest of any nature
      whatsoever in the Partner with the result that the investment in the Partner
      (whether directly or indirectly), is prohibited by any applicable law,
      regulation, order or decree is in violation thereof; and (c) none of the funds
      of the Partner have been derived from any unlawful activity with the result
      that
      the investment in the Partner (whether directly or indirectly), is prohibited
      by
      any applicable, law, rule, regulations, order or decree is in violation
      thereof;

     

    if
      applicable to such Partner, the Partner has implemented a corporate anti-money
      laundering plan that is reasonably designed to ensure compliance with applicable
      foreign and U.S. anti-money laundering law; and

     

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    the
      Partner is familiar with the “U.S. Government Blacklists” maintained by
      applicable U.S. Federal agencies and none of its partners, members,
      shareholders, officers or directors are on the “U.S. Government
      Blacklists”.

     

    Entire
      Agreement.
      This
      Agreement, unless subsequently amended with the consent of all of the Partners,
      contains the final and entire Agreement among the parties hereto, and they
      shall
      not be bound by any terms, conditions, statements or representations, oral
      or
      written, not herein contained.

     

    Amendment.
      This
      Agreement may be amended or modified by (and only by) a written instrument
      signed by all of the Partners, which need not be executed or approved by any
      other Person.

     

    Counterparts.
      This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which shall constitute one and the same instrument.
      In
      addition, this Agreement may contain more than one counterpart of the signature
      pages and the Agreement may be executed by the affixing of the signatures of
      each of the Partners to one of such counterpart signature pages; all of such
      signature pages shall be read as though one, and they shall have the same force
      and effect as though all of the signers had signed a single solitary
      page.

     

    [The
      remainder of this page is left intentionally blank; signature pages
      follow]

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    [signature
      page attached to A-B Office Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

     

    IN
      WITNESS WHEREOF,
      the
      Partners have executed this Agreement as of the date first above
      written.

     

    GENERAL
      PARTNER:

    

    MEADOWLANDS
      MACK-CALI GP, L.L.C.

    

    By: Meadowlands
      Developer Limited Partnership, a Delaware

    limited
      partnership, its sole member

     

    By: Meadowlands
      Limited Partnership, a Delaware limited

    partnership,
      its general partner

    

    By: Colony
      Xanadu, LLC, a Delaware limited liability

    company,
      its managing general partner

    

    By: ________________________

                                                          
      Name: __________________

                                                          
      Title: ___________________

    

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    [signature
      page attached to A-B Office Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

    

    

    LIMITED
      PARTNER

    

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP

    

    By: Meadowlands
      Limited Partnership, a Delaware limited

    partnership,
      its general partner

    

    By: Colony
      Xanadu, LLC, a Delaware limited

    liability
      company, its managing general partner

                            By: _________________________

                                                                 
                       Name:
      ___________________

                                                                                  
      Title: ____________________

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

    [signature
      page attached to A-B Office Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

    

    

    SPECIAL
      GENERAL PARTNER

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C

    

    By: Mack-Cali
      Realty, L.P., a Delaware limited

    Partnership,
      its sole member

    

    By: Mack-Cali
      Realty Corporation, a Maryland

    Corporation,
      its general partner

    

    By: _________________________

                                          
      Name: ___________________

                                          
      Title: ____________________

    

    

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

    

    

     

    PARTNERS
      AND PARTNER INFORMATION

     

    

    GENERAL
      PARTNER                           INTEREST

    

    MEADOWLANDS
      MACK-CALI GP, L.L.C.     0.01%

    

    

    

    LIMITED
      PARTNER

    

    MEADOWLANDS
      DEVELOPER LIMITED     99.99%

    PARTNERSHIP

    

    

    SPECIAL
      GENERAL PARTNER

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C.    0.00%

     

                                                                                                                                     
      100%

    

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      1

     

    TENANT
      PARTNERSHIPS

     

    

    ERC
      Meadowlands Mills/Mack-Cali Limited Partnership 

    

    Baseball
      Meadowlands Mills/Mack-Cali Limited Partnership 

    

    A-B
      Office Meadowlands Mack-Cali Limited Partnership 

    

    C-D
      Office Meadowlands Mack-Cali Limited Partnership 

    

    Hotel
      Meadowlands Mack-Cali Limited Partnership

    

    

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

    

    AMENDED
      AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

    OF
      

    C-D
      OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP

    

     

    THIS
      AMENDED
      AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF C-D OFFICE MEADOWLANDS MACK-CALI
      LIMITED PARTNERSHIP (the “Agreement”)
      is
      made as of November 22, 2006 by and among MEADOWLANDS MACK-CALI GP, L.L.C.,
      a
      Delaware limited liability company (f/k/a Meadowlands Mills/Mack-Cali GP,
      L.L.C.) (“General
      Partner”),
      MEADOWLANDS DEVELOPER LIMITED PARTNERSHIP, a Delaware limited partnership (f/k/a
      Meadowlands Mills/Mack-Cali Limited Partnership) (“Limited
      Partner”
or
      “MDLP”
and
      together with General Partner, each shall sometimes be referred to herein as
      a
“Developer
      Partner”
and
      collectively as, the “Developer
      Partners”),
      and
      MACK-CALI MEADOWLANDS SPECIAL L.L.C., a New Jersey limited liability company
      (“Special
      General Partner”
      and together with Limited Partner and General Partner, the “Partners”).

     

     

    RECITALS:

     

    WHEREAS,
      the
      Developer Partners prepared, executed and filed a Certificate of Limited
      Partnership for C-D Office Meadowlands Mack-Cali Limited Partnership (f/k/a
      C-D
      Office Meadowlands Mack-Cali/Mills Limited Partnership) (the “Partnership”)
      with
      the Secretary of State of Delaware on June 16, 2005, (as amended from time
      to
      time, the “Certificate”).
      Upon
      filing the Certificate, the Partnership was assigned file number
      3986633;

     

    WHEREAS,
      MDLP
      was formed to develop portions of the site surrounding the Continental Airlines
      Arena (as defined in the Redevelopment Agreement (as hereinafter defined))
      site
      with an entertainment, sports, recreation and retail complex, together with
      office and hotel components, at the Meadowlands Sports Complex and sometimes
      commonly referred to as “Meadowlands
      Xanadu”;

     

    WHEREAS,
      the
      Partnership was one of five Delaware limited partnerships set forth on
Schedule
      1
      attached
      hereto (the “Tenant
      Partnerships”)
      formed
      by the Developer Partners to acquire a leasehold interest in a portion of
      Meadowlands Xanadu;

     

    WHEREAS,
      the
      Developer Partners entered into that certain Limited Partnership Agreement
      of
      the Partnership dated as of June 16, 2005 (the “Original
      Agreement”);

     

    WHEREAS,
      prior
      to the date hereof, MDLP entered into: (i) that certain Redevelopment Agreement,
      dated as of December 3, 2003, with the New Jersey Sports and Exposition
      Authority (the “NJSEA”)
      pursuant to which, among other things, MDLP is entitled, on the terms and
      conditions set forth therein, to redevelop Meadowlands Xanadu; and (ii) the
      following amendments to the Redevelopment Agreement: (a) that certain First
      Amendment to Redevelopment Agreement dated as of October 5, 2004, (b) that
      certain Second Amendment to Redevelopment Agreement dated as of March 15, 2005,
      (c) that certain Third Amendment to Redevelopment Agreement dated as of May
      23,
      2005 to be effective as of March 30, 2005, and (d) that certain Fourth Amendment
      to Redevelopment Agreement dated as of June 30, 2005 (such Redevelopment
      Agreement, together with such amendments, being collectively referred to herein
      as the “Redevelopment
      Agreement”);

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

    

     

     

     

    WHEREAS,
      the
      real property that is subject to the Redevelopment Agreement and upon which
      MDLP
      has commenced construction of Meadowlands Xanadu is referred to in the
      Redevelopment Agreement and herein as the “Project
      Site”;

     

    WHEREAS,
      the
      Redevelopment Agreement contemplates that certain agreements were to be
      executed, and certain funds were to be paid (including the Development Rights
      Fee (as defined in the Redevelopment Agreement)), and certain actions were
      to be
      taken, upon the occurrence of the Development Rights Fee Funding Date (as
      defined in the Redevelopment Agreement), and that the Development Rights Fee
      Funding Date was to occur on June 30, 2005;

     

    WHEREAS,
      the
      Development Rights Fee Funding Date occurred on June 30, 2005 in connection
      with
      the closing of the transactions contemplated in the Redevelopment Agreement
      that
      were to occur on the Development Rights Fee Funding Date (such closing is
      commonly referred to by the NJSEA and MDLP, and referred to herein, as the
      “Financial
      Closing”);

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      certain other documents not herein described), each dated as of June 30, 2005,
      were executed and delivered on behalf of the Partnership: (i) Ground Lease
      (“C-D
      Ground Lease”)
      by and
      among the NJSEA and the Partnership for the portion of the Project Site commonly
      known as the C-D Office Site (“C-D
      Office Site”);
      (ii)
      Assignment and Assumption Agreement (referred to in the Redevelopment Agreement
      as a “Component Agreement”) wherein MDLP assigned certain of its rights and
      obligations under the Redevelopment Agreement relating to the C-D Office Site
      to
      the Partnership; and (iii) a memoranda of lease relating to the C-D Ground
      Lease;

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      those documents listed in the previous recital and in addition to certain other
      documents not herein described), each dated as of June 30, 2005, were executed
      and delivered on behalf of other Tenant Partnerships: (i) ground leases (each
      a
“Ground
      Lease”
and
      together with the C-D Ground Lease the “Ground
      Leases”)
      relating to each Component (as defined in the Redevelopment Agreement) portion
      of the Project Site; (ii) four Component Agreements (as defined in the
      Redevelopment Agreement) wherein the Partnership assigned certain of its rights
      and obligations under the Redevelopment Agreement to the Component Entities;
      and
      (iii) four memoranda of lease for each of the other Ground Leases;

     

    WHEREAS,
      the
      Development Rights Fee (as defined in the Redevelopment Agreement), an amount
      equal to $160,000,000, is deemed under the Redevelopment Agreement and the
      Ground Leases to constitute prepaid rent under all of the Ground Leases with
      respect to the first fifteen (15) years of each of the Ground
      Leases;

     

    WHEREAS,
      the
      Ground Leases allocate the amount of the Development Rights Fee to prepaid
      rent
      under the Ground Leases for the first fifteen (15) years of each of the Ground
      Leases, and treat the payment of such amounts as made by the corresponding
      Tenant Partnerships (“Prepaid
      Rent Allocations”),
      with
      $21,360,000 of such amount allocated to the C-D Ground
      Lease;

     

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

     

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid by MDLP to NJSEA, it was the intent of the partners of MDLP that the
      aggregate amount of the Development Rights Fee be allocated to prepaid rent
      among each of the Ground Leases in an amount equal to the Prepaid Rent
      Allocations, and treated as the payment of such amounts by the corresponding
      Tenant Partnerships;

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid directly by MDLP to NJSEA, it was the intent of the partners of MDLP
      that the following be deemed to have occurred immediately prior to such payment
      of the Development Rights Fee to the NJSEA:  (i) on June 30,
      2005, MDLP contributed, as capital contributions to the Tenant Partnerships
      and
      General Partner, cash in an aggregate amount equal to the Development Rights
      Fee
      (the “Aggregate
      Capital Contributions”),
      with
      99.99% of such Aggregate Capital Contributions being made directly to the Tenant
      Partnerships (such capital contributions, the “Direct
      Capital Contributions”)
      and
      0.01% of such Aggregate Capital Contributions being made to General Partner
      (such capital contributions, the “Indirect
      Capital Contributions”),
      (ii) General Partner, on June 30, 2005 and immediately after the
      Partnership’s contribution of the Indirect Capital Contributions to General
      Partner, contributed, as capital contributions to the Tenant Partnerships,
      cash
      in an aggregate amount equal to the Indirect Capital Contributions (such capital
      contributions, the “GP
      Capital Contributions”),
      (iii) the portions of the Direct Capital Contributions and the GP Capital
      Contributions were on such date allocated to each Component Entity based upon
      the allocation of the Development Rights Fee to each Ground Lease as set forth
      in Exhibit B of the Mack-Cali Rights Agreement (as defined below), and
      (iv) each of the Tenant Partnerships paid their respective portion of the
      Development Rights Fee to NJSEA;

     

    WHEREAS,
      simultaneously herewith, MDLP caused all of the MDLP partnership interests
      held
      by Special General Partner, a general partner in MDLP, and its Affiliate,
      Mack-Cali Meadowlands Entertainment L.L.C., a Delaware limited liability company
      (“MC
      Entertainment”
and
      together with Special General Partner the “MC
      Partners”),
      a
      limited partner in MDLP, to be redeemed pursuant to that certain Redemption
      Agreement dated as of the date hereof by and among MDLP, Special General
      Partner, MC Entertainment and other signatories thereto, whereby the MC
      Partners’ partnership interests in MDLP were fully and completely redeemed (the
“Redemption”);

     

    WHEREAS,
      simultaneously herewith the Partners and the Partnership, along with certain
      other entities have entered into that certain Mack-Cali Rights, Obligations
      and
      Option Agreement dated as of the date hereof (the “Mack-Cali
      Rights Agreement”)
      which
      sets forth certain rights and obligations with respect to the Partnership,
      a
      copy of which Mack-Cali Rights Agreement is annexed hereto as Exhibit
      A;

     

    WHEREAS,
      in
      connection with the Redemption, MDLP distributed to Special General Partner,
      among other consideration, a special, non-economic general partnership interest
      in the Partnership;

     

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    WHEREAS,
      simultaneously herewith the name of Limited Partner has been changed to
“Meadowlands Developer Limited Partnership” and the name of the General Partner
      has been changed to “Meadowlands Mack-Cali GP, L.L.C.”;

     

    WHEREAS,
      pursuant to the Mack-Cali Rights Agreement, the Special General Partner has
      certain rights to Take Down (as defined below) the Partnership, which rights
      (including economic rights) are more particularly set forth in the Mack-Cali
      Rights Agreement and which rights become effective with respect to the Special
      General Partner’s interest in the Partnership only upon the Special General
      Partner’s exercise of its Take Down option with respect to the Partnership;

     

    WHEREAS,
      in
      connection with the Redemption, the Partnership (among others) and MDLP entered
      into that certain License Agreement to provide for the use of the Marks (as
      defined below), without a fee, by the Partnership; and

     

    WHEREAS,
      in
      connection with the Redemption, this Agreement is being amended to admit the
      Special General Partner as a general partner in the Partnership with a
      non-economic interest in the Partnership. For the avoidance of doubt, the
      parties hereto intend that the Special General Partner shall not be treated
      as a
      partner for tax purposes and the Partnership shall not be treated as a
“partnership” for tax purposes, in each case, prior to the exercise of the Take
      Down.

     

    NOW,
      THEREFORE,
      the
      Partners, by execution of this Agreement, desire to amend the Original Agreement
      and adopt this Agreement in its entirety, set forth their rights and obligations
      with respect to the Partnership as a limited partnership pursuant to and in
      accordance with the Delaware Revised Uniform Limited Partnership Act
      (6
      Del.
      C.§
17-101
      et seq.)
      (as
      amended from time to time, the “Act”),
      and,
      in consideration of the mutual promises and covenants made herein, the Partners
      hereby agree as follows:

     

    AGREEMENTS:

     

    

     

    DEFINED
      TERMS

     

    The
      following terms and variations thereof shall have the following meanings for
      purposes of this Agreement, unless the context otherwise clearly
      requires:

     

    “Act”
has
      the
      meaning set forth in the Recitals.

     

    “Affiliate(s)”
shall
      mean, with respect to any Person, (a) a Person who, directly or indirectly,
      controls, is under common control with, or is controlled by, that Person, (b)
      a
      Person who directly or indirectly owns twenty-five percent (25%) or more of
      the
      issued and outstanding securities or other ownership interests (whether voting
      or non-voting) of that Person, (c) any officer, director, trustee, manager,
      managing member, general partner or beneficiary of such Person, (d) any spouse,
      parent, sibling or descendant of any Person described in clause (b) and (c)
      above, and (e) any trust for the benefit of any Person described in clauses
      (b)
      through (d) above or for any spouse, issue or lineal descendant of any Person
      described in clauses (b)

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

    through
      (d) above. For purposes of this definition, “control” (including, with
      correlative meaning, the terms “controlled by” and “under common control with”),
      as used with respect to any Person, shall mean the possession, directly or
      indirectly, of the power to direct or cause the direction of the management
      and
      policies of such Person, whether through the ownership of voting securities,
      by
      contract or otherwise.

     

    “Aggregate
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Agreement”
has
      the
      meaning set forth in the Preamble and includes the Original Agreement and all
      amendments hereto.

     

    “Amended
      Certificate”
has
      the
      meaning set forth in Section 2.1 hereof.

     

    “Approval
      of the Partners”
      shall
      mean the approval in writing by the Partners and, unless otherwise expressly
      provided herein to the contrary, the Partners shall not unreasonably withhold,
      delay or condition such approval.

     

    “Arbitrators”
has
      the
      meaning set forth in Section 10.4(b) hereof.

     

    “Authority
      Agreement”
and
      “Authority
      Agreements”
have
      the meaning set forth in Section 5.2(a)(v) hereof.

     

    “Bankruptcy”
means
      with respect to any Person, if such Person (a) makes an assignment for the
      benefit of creditors, (b) files a voluntary petition in bankruptcy, (c) is
      adjudged a bankrupt or insolvent, or has entered against it an order for relief,
      in any bankruptcy or insolvency proceedings, (d) files a petition or answer
      seeking for itself any reorganization, arrangement, composition, readjustment,
      liquidation or similar relief under any statute, law or regulation, (e) files
      an
      answer or other pleading admitting or failing to contest the material
      allegations of a petition filed against it in any proceeding of this nature,
      (f)
      seeks, consents to or acquiesces in the appointment of a trustee, receiver
      or
      liquidator of the Person or of all or any substantial part of its properties,
      or
      (g) if 120 days after the commencement of any proceeding against the Person
      seeking reorganization, arrangement, composition, readjustment, liquidation
      or
      similar relief under any statute, law or regulation, if the proceeding has
      not
      been dismissed, or if within ninety (90) days after the appointment without
      such
      Person’s consent or acquiescence of a trustee, receiver or liquidator of such
      Person or of all or any substantial part of its properties, the appointment
      is
      not vacated or stayed, or within ninety (90) days after the expiration of any
      such stay, the appointment is not vacated. The foregoing definition of
“Bankruptcy,” in conjunction with Section 8.2(c) of this Agreement, is intended
      to and shall supersede the events of withdrawal set forth in Sections
      17-402(a)(4) and (5) of the Act.

     

    “C-D
      Ground Lease”
has
      the
      meaning set forth in the Recitals.

     

    “C-D
      Office Site”
has
      the
      meaning set forth in the Recitals.

     

    “Certificate”
has
      the
      meaning set forth in the Recitals. 

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended or recodified. 

     

    
      
        
        

      

      
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    “Covered
      Person”
or
      “Covered
      Persons”
has
      the
      meaning set forth in Section 10.1(a) hereof.

     

    “Developer
      Partner”
or
      “Developer
      Partners”
has
      the
      meaning set forth in the Preamble.

     

    “Direct
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Disputes”
has
      the
      meaning set forth in Section 10.4(a) hereof.

     

    “Embargoed
      Person”
has
      the
      meaning set forth in Section 10.12(i) hereof.

     

    “ERISA”
means
      Employee Retirement Income Security Act of 1974, as amended.

     

    “ERISA
      Plan”
means
      an employee benefit plan, as defined in ERISA Section 3(3), that is subject
      to
      ERISA, or a plan that is subject to Section 4975 of the Code.

     

    “Financial
      Closing”
has
      the
      meaning set forth in the Recitals.

     

    “Fiscal
      Year”
means
      the twelve month period ending December 31 of each year; provided that the
      first
      Fiscal Year shall be the period beginning on the date the Partnership is formed
      and ending on December 31, 2005, and the last Fiscal Year shall be the period
      beginning on January 1 of the calendar year in which the final liquidation
      and
      termination of the Partnership is completed and ending on the date such final
      liquidation and termination is completed (to the extent any computation or
      other
      provision hereof provides for an action to be taken on a Fiscal Year basis,
      an
      appropriate proration or other adjustment shall be made in respect of the first
      or final Fiscal Year to reflect that such period is less than a full calendar
      year period).

     

    “General
      Partner”
means
      Meadowlands Mack-Cali GP, L.L.C. and any Person who becomes a successor or
      additional general partner pursuant to the terms of this Agreement, each in
      its
      capacity as a general partner of the Partnership.

     

    “GP
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Ground
      Lease”
or
      “Ground
      Leases”
has
      the
      meaning set forth in the Recitals.

     

    “Indirect
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Interest”
means
      the entire ownership interest (which may be expressed as a percentage) of a
      Partner in the Partnership at any particular time, including the right of such
      Partner to any and all benefits to which a Partner may be entitled pursuant
      to
      this Agreement, the Mack-Cali Rights Agreement and under the Act, together
      with
      all obligations of such Partner to comply with the terms and provisions of
      this
      Agreement, the Mack-Cali Rights Agreement and the Act. The Interest of each
      Partner is set forth on Exhibit
      B
      hereto,
      as the same is amended from time to time.

     

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    “License
      Agreement”
shall
      mean that certain License Agreement, dated on or about the date hereof, by
      and
      among MDLP, the Partnership, ERC Meadowlands Mills/Mack-Cali Limited
      Partnership, A-B Office Meadowlands Mack-Cali Limited Partnership, Hotel
      Meadowlands Mack-Cali Limited Partnership and Baseball Meadowlands
      Mills/Mack-Cali Limited Partnership.

     

    “Limited
      Partner”
has
      the
      meaning set forth in the Preamble and includes any Person who becomes a
      successor or additional limited partner pursuant to the terms of this Agreement,
      each in its capacity as a limited partner of the Partnership.

     

    “Mack-Cali
      Rights Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “Marks”
has
      the
      meaning set forth in the License Agreement.

     

    “Major
      Decisions”
has
      the
      meaning set forth in Section 5.2.

     

    “MC
      Entertainment”
has
      the
      meaning set forth in the Recitals.

     

    “MC
      Partners”
      has the
      meaning set forth in the Recitals.

     

    “MDLP”
means
      Meadowlands Developer Limited Partnership (f/k/a Meadowlands Mills/Mack-Cali
      Limited Partnership) and any Person who becomes a successor or additional
      general partner pursuant to the terms of this Agreement, each in its capacity
      as
      a general partner of the Partnership.

     

    “Meadowlands
      Xanadu”
      has the
      meaning set forth in the Recitals.

     

    “NJSEA”
has
      the
      meaning set forth in the Recitals.

     

    “Original
      Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “Partner”
or
      “Partners”
      has the
      meaning set forth in the Preamble.

     

    “Partnership”
has
      the
      meaning set forth in the Recitals.

     

    “Person”
means
      any individual, corporation, partnership, limited liability company, joint
      venture, estate, trust, unincorporated association, any federal, state, county
      or municipal government or any bureau, department or agency thereof and any
      fiduciary acting in such capacity on behalf of any of the
      foregoing.

     

    “Premises”
has
      the
      meaning assigned to that term in the C-D Ground Lease.

     

    “Prepaid
      Rent Allocations”
has
      the
      meaning set forth in the Recitals.

     

    “Project”
shall
      have the meaning specified in the Redevelopment Agreement as it relates solely
      to the C-D Office Site.

     

    “Project
      Site”
has
      the
      meaning set forth in the Recitals.

     

    
      
        
        

      

      
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    “Redemption”
has
      the
      meaning set forth in the Recitals.

     

    “Redevelopment
      Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “ROFR
      Component Entity”
or
      “ROFR
      Component Entities”
      has the
      meaning set forth in the Mack-Cali Rights Agreement.

     

    “Securities
      Act”
has
      the
      meaning set forth in Section 10.12(e) hereof.

     

    “Securities
      Laws”
has
      the
      meaning set forth in Section 10.12(e) hereof.

     

    “Special
      General Partner”
has
      the
      meaning set forth in the Preamble and includes any Person who becomes a
      successor or additional special general partner pursuant to the terms of this
      Agreement, each in its capacity as a special general partner of the
      Partnership.

     

    “Take
      Down”
has
      the
      meaning ascribed to such term in the Mack-Cali Rights Agreement.

     

    “Tenant
      Partnerships”
has
      the
      meaning set forth in the Recitals.

     

    “Transfer”
has
      the
      meaning set forth in Section 7.1 hereof.

     

    “Transferor”
has
      the
      meaning set forth in Section 7.2(c)(i) hereof.

     

    “Transferee”
has
      the
      meaning set forth in Section 7.2(c)(i) hereof.

     

    

     

    

     

    THE
      PARTNERSHIP; partners

     

    Formation,
      Name and Existence.
      The
      Developer Partners, prepared, executed and filed a Certificate with the
      Secretary of State of Delaware on June 16, 2005 and the Partners prepared,
      executed and filed or caused to be filed an Amended and Restated Certificate
      of
      Limited Partnership of the Partnership on the date hereof (the “Amended
      Certificate”).
      The
      Partners hereby confirm and ratify the formation and existence of the
      Partnership under the name “C-D Office Meadowlands Limited Partnership”, as a
      Delaware limited liability partnership, pursuant to the provisions of the Act
      and this Agreement. The existence of the Partnership as a separate legal entity
      shall continue until cancellation of the Amended Certificate as provided in
      the
      Act.

     

    Partners.
      The
      names and Interests of the Partners are set forth in Exhibit
      B
      attached
      hereto.

     

    Special
      General Partner.
      Special
      General Partner is admitted to the Partnership solely as a general partner
      without economic rights with respect to any capital, profit, loss, deductions,
      credits and allowances of the Partnership or any cash or other property
      distributable by the Partnership.

     

    
      
        
        

      

      
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    Purpose.
      The
      purposes and businesses of the Partnership shall be limited to the following:
      (a) acquiring and holding a leasehold interest in the Premises pursuant to
      the
      C-D Ground Lease; (b) designing, constructing, developing, leasing, operating,
      managing and disposing of the Premises or interests therein; (c) financing
      the
      Premises; and (d) transacting any and all lawful business for which a limited
      partnership may be organized under the laws of the State of Delaware that is
      incident, necessary and appropriate to accomplish the foregoing.

     

    Tax
      Status.
      The
      Partners intend that the Partnership constitute an entity disregarded from
      its
      owner for federal income tax purposes and no Partner, or any transferee or
      successor thereto, shall take any action or report anything inconsistent with
      such intended tax status.

     

    Principal
      Office and Place of Business.
      The
      principal office and place of business of the Partnership shall be the principal
      office of the General Partner or such other address as the General Partner
      directs. The Partnership may have such additional offices as the General Partner
      deems advisable.

     

    Registered
      Agent.
      The
      registered agent of the Partnership shall be Corporation Services Company,
      2711
      Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
      The
      General Partner shall have the right to change the registered agent of the
      Partnership at any time in compliance with the Act and the laws of all other
      jurisdictions in which the Partnership may elect to conduct
      business.

     

    

     

    CONTRIBUTION
      BY THE PARTNERS

     

    Initial
      Capital of the Partnership.
      As a
      result of the transactions described in the Recitals, the Developer Partners
      respectively each contributed a portion of the Aggregate Capital Contributions
      to the capital of the Partnership. No Partner shall be treated as having
      contributed to the Partnership any portion of the Prepaid Rent Allocations
      and
      no Partner shall receive any credit in its capital account for any portion
      of
      the Prepaid Rent Allocations.

     

    Limitation
      on Withdrawal of Capital.
      Except
      as expressly provided in this Agreement, no Partner (a) shall have the right
      to
      withdraw or receive any return on its contributions or claim to any Partnership
      capital prior to termination of the Partnership pursuant to Article VIII hereof,
      (b) shall have any right to demand and receive property other than cash in
      return for its contributions, or (c) shall be liable to any other Partner for
      the return of such Partner’s contributions to the Partnership, or any portion
      thereof, it being expressly understood that such return shall be made solely
      from Partnership assets.

     

    

     

    

     

    PROFIT
      AND LOSSES; DISTRIBUTIONS

     

    Profits
      and Losses.
      All
      income, profits, losses, deductions and credits of the Partnership shall be
      allocated to the Developer Partners.

     

    
      
        
        

      

      
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    Distributions.
      Any
      distributions made by the Partnership shall be made to the Developer
      Partners.

     

    

     

    

     

    MANAGEMENT;
      LEGAL TITLE TO PROPERTY

     

    Management
      Authority. 

     

    Except
      as
      otherwise expressly provided in this Agreement, the Mack-Cali Rights Agreement
      or in the Act, management decisions of the Partnership shall be made solely
      by
      the General Partner, which shall be solely responsible for the conduct of the
      Partnership’s business subject to the provisions of this Agreement, the
      Mack-Cali Rights Agreement and applicable law. The General Partner shall have
      all of the rights, powers, duties and obligations of a general partner as
      provided in the Act and as otherwise provided by law, and any action taken
      by
      the General Partner that is not in violation of this Agreement, the Act or
      other
      applicable law shall constitute the act of and serve to bind the Partnership.
      Except as otherwise expressly provided herein, the Limited Partner shall not
      have or exercise any right in connection with the management of the
      Partnership’s business. 

     

    The
      General Partner shall devote itself to the business and purpose of the
      Partnership, as set forth in Section 2.4 above, to the extent reasonably
      necessary for the efficient carrying on thereof (it being acknowledged, however,
      that the General Partner shall not be required to devote its time exclusively
      to
      the operation of the Partnership), without compensation. Whenever requested
      by
      any of the other Partners, the General Partner shall render a just and faithful
      account of all dealings and transactions relating to the business of the
      Partnership. The acts of the General Partner shall bind the Partnership when
      within the scope of the General Partner’s authority expressly granted
      hereunder.

     

    Major
      Decisions.
      Unless
      otherwise indicated, capitalized terms in this Section 5.2 that are not defined
      in this Agreement shall be defined as set forth in the Mack-Cali Rights
      Agreement. The Partners shall not take the following decisions (each a
“Major
      Decision”)
      without the prior written approvals as specified below. In the event of a
      failure to agree on a matter set forth in this Section 5.2, the matter shall
      be
      submitted to mediation and/or arbitration in accordance with Section 10.4 of
      this Agreement. 

     

    The
      following decisions or acts with respect to, or on the part of, the Partners
      shall require the prior written Approval of the other Partners, which Approval
      may not be unreasonably withheld, delayed or conditioned by a Partner. If a
      Partner (directly or through its authorized representative) shall request that
      another Partner provides such written approval, the requested Partner (directly
      or through its authorized representatives) shall have ten (10) Business Days
      after receipt of a written request from the requesting Partner to grant or
      deny
      such approval provided that the requested Partner shall have received
      information as reasonably required to render such decision. A failure of the
      requested Partner to provide such written approval or denial within such ten
      (10)

     

    
      
        
        

      

      
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    Business
      Day period shall be deemed to mean that the requested Partner shall have granted
      such written approval):

     

    Any
      amendment to this Agreement or other organizational documents of the
      Partnership;

     

    Entering
      into, or undertaking of, any agreement, transaction or action relating to the
      Project that (a) is not within the scope of this Agreement, or (b) is not
      contemplated by or within the scope of the Transaction Documents, or (c) is
      not
      related to the ownership, operation or management of any portion of the Project
      as contemplated by this Agreement and the Transaction Documents, in each case,
      if such action or undertaking would have an adverse effect on the Partnership
      or
      the Premises;

     

    Adjusting,
      settling or compromising any claim, obligation, debt, demand, suit or judgment
      against or on behalf of the Partnership, but only if and to the extent such
      adjustment, settlement or compromise would have an adverse effect on the
      Partnership;

     

    To
      the
      extent applicable, establishing or adjusting the gross asset value for any
      contributed or distributed asset (other than cash) to or from the Partnership,
      except as provided herein;

     

    Entering
      into any amendment to, or modification of, the Redevelopment Agreement, the
      Project Operating Agreement, the Construction Management Agreement, the
      Declaration, the Project Labor Agreement, the Ground Leases, the Right of Entry
      Agreement, the Access and Indemnity Agreement, the Master Plan, and any other
      agreement to be entered into with the NJSEA (any of which, an “Authority
      Agreement”
and,
      together, the “Authority
      Agreements”)
      which
      is inconsistent with any of the foregoing enumerated instruments but only if
      and
      to the extent adversely affecting the Partnership;

     

    Entering
      into any agreement with The New York Football Giants or The New York Football
      Jets that adversely affects the Partnership;

     

    Any
      transfer, assignment or pledge of the “Right of First Refusal” pursuant to the
      Redevelopment Agreement;

     

    Any
      voluntary action or decision which, if undertaken or made, would violate Section
      7 of the Mack-Cali Rights Agreement;

     

    To
      the
      extent applicable, preparation or identification of (and any amendment,
      modification or revision to), for submission to the NJSEA, the Final Project
      Sequencing Plan, Final Traffic and Infrastructure Sequencing Plan, the
      Preliminary Traffic and Infrastructure

     

    
      
        
        

      

      
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    Improvements
      (including preparation of the estimated budget to permit, design and construct
      the Final Traffic and Infrastructure Improvements), marketing and publicity
      program referred to in Section 3.4(b) of the Redevelopment Agreement (regarding
      encouraging the use of the rail system by Project visitors), the written plan
      for the Job Skills Training referred to in Section 3.6(a) of the Redevelopment
      Agreement, the Small Business Marketing Plan referred to in Section 3.6(b)
      of
      the Redevelopment Agreement, or any other report, document or schedule pursuant
      to any Authority Agreement or the Cooperation Agreement but only if and to
      the
      extent that any of the foregoing actions or documents are inconsistent with
      the
      Authority Agreements or the Cooperation Agreement or adversely affect the
      Partnership or the Premises;

     

    [Intentionally
      Omitted];

     

    To
      the
      extent applicable, designation or selection of the Stakeholders Liaison (as
      such
      term is defined in the Redevelopment Agreement);

     

    To
      the
      extent applicable, enforcement or written waiver of any claim or determination
      related to the assertion of an Authority Interference which Authority
      Interference has an adverse impact on the Partnership or the Premises and which
      assertion occurs prior to four (4) years after the Grand Opening
      Date;

     

    Making
      any distribution or payment by the Partnership to any Person (including any
      party hereto or any Affiliate of any party hereto) that is not expressly
      contemplated by this Agreement;

     

    Causing
      or permitting the Partnership to be in Bankruptcy;

     

    Causing
      the Partnership to incur or obtain bond debt or other public financing
      vehicle(s) other than bond debt or other public financing vehicle(s) that is
      not
      secured by a mortgage, deed of trust or other security instrument encumbering
      the Premises intended to fund Infrastructure Improvement Costs and Program
      Costs, as well as a debt service reserve fund for such loan, capitalized
      interest and other issuance costs related to the loan, as described in the
      Authority Agreements, and having commercially reasonable terms and conditions
      at
      least as favorable as follows:

     

     

    

      
        	
                a.

              	
                Loan
                  Term: not less than 10 years;

              
	
                b.

              	
                Amortization
                  Period: not less than 20 years;

              
	
                c.

              	
                Interest
                  Rate: fixed rate of not greater than 8.5% per annum or variable
                  rate of
                  LIBOR plus 300 basis points;

              
	
                d.

              	
                Maximum
                  Net Proceeds: $160,000,000;

              
	
                e.

              	
                The
                  Partnership shall only be responsible on a nonrecourse basis for
                  its
                  proportionate share of the proceeds and such obligations are several;
                  and

              
	
                f.

              	
                No
                  guaranty by the Special General Partner or its Affiliates and no
                  substitute or additional collateral (for example, a letter of credit)
                  to
                  be provided by the Special General Partner or its
                  Affiliates.

              

      

    

     

    
 

    
      
        
        

      

      
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    The
      granting of any mortgage, deed of trust or other security instrument encumbering
      the Premises other than to secure a loan from a third party that provides for
      the release of the Premises from the lien of the mortgage, deed of trust or
      other security instrument in connection with the Take Down of the Partnership
      as
      contemplated in Section 10 of the Mack-Cali Rights Agreement provided that
      such
      release does not require any additional payment of principal and interest or
      any
      payments, including fees or points, other than reimbursement of reasonable
      legal
      fees to effectuate the same; 

     

    [Intentionally
      Omitted]; and

     

    To
      the
      extent applicable, adjusting, settling or compromising any claim, obligation,
      debt, demand, suit or judgment against or on behalf of the Partnership in excess
      of the greater of (a) $1,000,000 in the aggregate, or (b) five percent (5%)
      of
      stabilized net operating income of the Partnership (with such stabilized net
      operating income being defined to mean the net operating income for the third
      full Fiscal Year after Completion (as defined in the Redevelopment Agreement)
      shall have occurred with respect to the Premises).

     

    The
      following decisions and acts with respect to, or on the part of, a Partner
      shall
      require the prior written Approval of the Partners, which approval may be
      granted or withheld in the other Partners’ sole and absolute discretion. If a
      Partner (directly or through its authorized representative) shall request that
      another Partner provides such written approval, the requested Partner (directly
      or through its authorized representatives) shall have ten (10) Business Days
      after receipt of a written request from the requesting Partner to grant or
      deny
      such approval provided that the requested Partner shall have received
      information as reasonably required to render such decision. A failure of the
      requested Partner to provide such written approval or denial within such ten
      (10) Business Day period shall be deemed to mean that the requested Partner
      shall have granted such written approval):

     

    The
      undertaking of any of the following acts if and to the extent inconsistent
      with
      this Agreement or the Partnership’s organizational documents or any of the
      Authority Agreements that would: (a) cause the Partnership’s dissolution or
      termination other than contemporaneous with or subsequent to the sale or other
      disposition of all or substantially all of

     

    
      
        
        

      

      
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    the
      Partnership’s assets, or (b) cause the Partnership to become an entity other
      than a “limited partnership” organized under the Act (including, without
      limitation, under any conversion statute);

     

    Possessing
      any Partnership or Partner property, or assigning any rights in specific
      property for other than an entity purpose;

     

    Except
      as
      otherwise permitted by this Agreement, admitting or permitting or causing the
      Partnership to admit new or substitute partners, causing the Partnership to
      redeem or repurchase all or any of a Partner’s Interest, agreeing to issue,
      directly or indirectly, any Interests in the Partnership, or granting, issuing
      or agreeing to grant or issue, directly or indirectly, any right, option or
      warrant to subscribe for, purchase, or otherwise acquire Interests in the
      Partnership;

     

    Changing
      the name of the Partnership or the name under which any such entity does
      business from the name(s) set forth in such entity’s organizational
      documents;

     

    Authorizing
      or effectuating a merger or consolidation of the Partnership with or into one
      or
      more other entities;

     

    Authorizing
      or effectuating a dissolution, liquidation, termination or winding up of the
      Partnership other than contemporaneous with or subsequent to a sale or other
      disposition of all or substantially all of the Partnership’s
      assets;

     

    Making
      the election (or otherwise doing anything else) which would result in the
      Partnership being treated as anything other than a “partnership” for federal,
      state, local and, as applicable, foreign tax purposes; 

     

    Taking
      any affirmative action not contemplated in this Agreement with the intent that
      the Special General Partner shall have personal liability for any of the
      expenses, debts, obligations, liabilities, contracts, judgments or other
      obligations of the Partnership; and 

     

    Development
      or construction of any office or hotel within Meadowlands Xanadu.

     

    Title
      to Land.
      Legal
      title to the Premises and other property of the Partnership shall be taken
      and
      at all times held in the name of the Partnership.

     

    
      
        
        

      

      
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    Section
      5.4 No
      Contracts with Affiliates.
      Except
      as
      otherwise provided herein, no Partner shall enter into any agreement or other
      arrangement for the furnishing to or by the Partnership of goods or services
      or
      leases, subleases, licenses, concessions or other agreements with any Person
      who
      is an Affiliate of such Partner (including leases of space to Affiliate
      businesses) unless goods or services are provided to the Partnership of such
      lease or other payments are at market rates of compensation and the terms and
      conditions thereof are approved by Special General Partner.

     

     

    

     

     

    Section
      5.5 Notice
      of Lawsuits, Liens, Defaults under Loans, etc.
      Each of the Partners shall notify the other Partners as soon as reasonably
      possible upon receipt of any written notice of: (i) the filing or threatened
      filing of any action in law or in equity naming the Partnership, as a party
      relating in any material way to any portion of the C-D Office Site; or (ii)
      any
      actions to impose material liens of any kind whatsoever or of the imposition
      of
      any lien whatsoever against its assets including the C-D Ground Lease or any
      portion thereof, that may have a material adverse effect on the Partnership.
      

     

    
      
        
        

      

      
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    FISCAL
      YEAR, BOOKS AND RECORDS, BANK ACCOUNTS

     

    Fiscal
      Year.
      The
      Fiscal Year of the Partnership shall be the calendar year.

     

    Books
      and Records.

     

    There
      shall be kept and maintained at the Partnership’s principal place of business
      full and accurate books and records showing all receipts and expenditures,
      assets and liabilities, profits, losses and distributions, and all other records
      necessary for recording the Partnership’s business and affairs.

     

    The
      books
      of the Partnership shall be kept on the accounting method determined by the
      General Partner and shall show at all times each and every item of income and
      expense.

     

    Each
      Partner shall have the right at all reasonable times and upon reasonable advance
      notice, during usual business hours, to audit, examine, and make copies of
      extracts from the books of account of the Partnership. Such right may be
      exercised through any agent, employee, or independent public accountant
      designated by such Partner. Each Partner shall bear all expenses incurred in
      any
      examination made for such Partner’s account.

     

    Bank
      Accounts.
      The
      funds of the Partnership shall be deposited in such bank account or accounts
      of
      the Partnership as the General Partner determines are required, and the General
      Partner shall arrange for the appropriate conduct of such accounts.

     

    Tax
      Returns and Financial Statements.
      Tax
      returns and the annual financial statements of the Partnership shall be prepared
      by, or at the direction of, the General Partner as soon as practicable after
      the
      expiration of a tax year and copies of the same shall be delivered to the
      Partners within a reasonable time thereafter.

     

    
      
        
        

      

      
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    SALE,
      TRANSFER OR MORTGAGE OF INTERESTS

     

    General.
      Except
      as expressly permitted in Sections 7.2 and 7.3 of this Agreement or as otherwise
      expressly permitted in this Agreement, no Partner shall directly or indirectly
      sell, assign, transfer, pledge, mortgage, convey, charge or otherwise encumber
      or contract to do or permit any of the foregoing, whether voluntarily or by
      operation of law (herein sometimes collectively called a “Transfer”),
      or
      suffer any Affiliate or other third party to Transfer, any part or all of its
      Interest or its share of capital, profits, losses, allocations or distributions
      hereunder without the express prior written consent of Special General Partner,
      which consent may be withheld for any or no reason whatsoever. Any attempt
      to
      Transfer in violation of this Article VII shall be null and void. The giving
      of
      consent in any one or more instances of Transfer shall not limit or waive the
      need for such consent in any other or subsequent instances. Transfers of
      ownership interests in Special General Partner or any of its Affiliates
      (including Mack-Cali Realty Corporation or Mack-Cali Realty, L.P.) or Developer
      Partners or any of their respective Affiliates (including Meadowlands Limited
      Partnership, Colony Investors VII, LP, Dune Capital Management LP, Kan Am
      Limited Partnership, The Mills Corporation or The Mills Limited Partnership)
      shall not constitute a “Transfer” hereunder. 

     

    Permitted
      Transfers.
      

     

    Transfers
      By Special General Partner.
      Without
      the consent of any other Partner, Special General Partner may from time to
      time
      (i) Transfer its Interest, in whole or in part (A) to an Affiliate of such
      Transferor or (B) from an Affiliate to another Affiliate of such Transferor,
      (ii) Transfer the aggregate Interests held by such Transferor and its Affiliates
      to a Person other than an Affiliate so long as (A) such Transferor has the
      right
      to control the day to day operations of such Person and (B) such Transferor
      or
      its Affiliate owns at least fifty percent (50%) of the beneficial interest
      in
      such Person, or (iii) mortgage, pledge or hypothecate all or any portion of
      such
      Interest so long as the Person to which such Interest is mortgaged, pledged
      or
      hypothecated cannot foreclose or otherwise realize upon such collateral and
      elect to become a substitute Partner. 

     

    Transfer
      By the Developer Partner.
      Without
      the consent of any other Partner, each Developer Partner may from time to time
      (i) Transfer its Interest, in whole or in part (A) to an Affiliate of such
      Transferor or (B) from an Affiliate to another Affiliate of such Transferor,
      (ii) Transfer the aggregate Interests held by such Transferor and its Affiliates
      to a Person other than an Affiliate so long as (A) such Transferor has the
      right
      to control the day to day operations of such Person and (B) such Transferor
      or
      its Affiliate owns at least fifty percent (50%) of the beneficial interest
      in
      such Person, or (iii) mortgage, pledge or hypothecate all or any portion of
      such
      Interest so long as the Person to which such Interest is mortgaged, pledged
      or
      hypothecated cannot foreclose or otherwise realize upon such collateral and
      elect to become a substitute Partner. 

     

     

     

    
      
        
        

      

      
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                    Agreements
      with
      Transferees.
      

    
 

    If
      pursuant to the provisions of Sections 7.2(a) or (b), any Partner (“Transferor”)
      shall
      purport to make a Transfer of any part of its Interest to any Person
      (“Transferee”),
      no
      such Transfer shall entitle Transferee to any benefits or rights hereunder
      until:

     

    Transferee
      agrees in writing to assume and be bound by all the obligations of Transferor
      and be subject to all the restrictions to which Transferor is subject under
      the
      terms of this Agreement and any agreements with respect to the Project to which
      Transferor is then subject or is then required to be a party; and 

     

    Transferor
      and Transferee enter into a written agreement with the Partnership which
      provides (x) in the case of a partial transfer of Interests, that Transferor
      is
      irrevocably designated the proxy of Transferee to exercise all voting and other
      approval rights appurtenant to the Interest acquired by Transferee, (y) that
      Transferor shall remain liable for all obligations arising under this Agreement
      prior to or after such Transfer in respect of the Interest so transferred;
      provided, however, that as to any Transfer to a non-Affiliate of the Transferor,
      Transferor shall only be liable for all obligations arising under this Agreement
      and any agreements with respect to the Project to which Transferor is then
      subject or is then required to be a party from and after such Transfer in
      respect of the Interest so transferred; and (z) that Transferee shall indemnify
      the Partners from and against all claims, losses, liabilities, damages, costs
      and expenses (including reasonable attorneys’ fees and court costs) which may
      arise as a result of any breach by Transferee of its obligations hereunder.
      

     

    No
      Transferee of any Interest shall make any further disposition except in
      accordance with the terms and conditions hereof.

     

    All
      costs
      and expenses incurred by the Partnership, or the non-transferring Partners,
      in
      connection with any Transfer of a Interest, including any filing or recording
      costs and the fees and disbursements of counsel, shall be paid by
      Transferor.

     

    Take
      Down by Special General Partner.
      Notwithstanding anything herein to the contrary, if the Special General Partner
      exercises a Take Down, the provisions of Section 11 of that certain Limited
      Partnership Agreement of Meadowlands Mills/Mack-Cali Limited Partnership, dated
      November 25, 2003, shall be incorporated herein or any amendment or restatement
      hereof pursuant to and in accordance with Section 10.6 of the Mack-Cali Rights
      Agreement.

     

    Sale
      Rights of Special General Partner and Developer Partners; Right of First
      Offer.
      Except
      as provided in Section 7.2, no Partner may sell all or any portion of its or
      its
      Affiliates’ Interest at any time prior to the date that is three (3) years after
      the date of issuance of the certificate of occupancy for the core and shell
      of
      the Project. 

     

    
      
        
        

      

      
        87

        
          

        

      

      
        
        

      

    

     

     

    Restraining
      Order.
      If any
      Partner shall at any time Transfer or attempt to Transfer its Interest or part
      thereof in violation of the provisions of this Agreement and any rights hereby
      granted, then the other Partners shall, in addition to all rights and remedies
      at law and in equity, be entitled to a decree or order restraining and enjoining
      such Transfer and the offending Partner shall not plead in defense thereto
      that
      there would be an adequate remedy at law; it being hereby expressly acknowledged
      and agreed that damages at law will be an inadequate remedy for a breach or
      threatened breach of the violation of the provisions concerning Transfer set
      forth in this Agreement. 

     

    ERISA.
      No
      Partner shall Transfer all or any part of its Interests to any party, including
      another Partner, whether or not the Transfer would otherwise be permitted
      hereunder, if the Transfer would result in the assets of the Partnership being
      deemed to include assets of an ERISA Plan. At the request of such other Partners
      and as a condition of the consummation of any Transfer of all or part of a
      Interest to any party, including another Partner, the Partner proposing to
      Transfer all or any part of its Interest shall, at its cost, provide an
      unqualified opinion of counsel, which must be reasonably satisfactory to each
      such other Partners, that the Transfer would not result in the assets of the
      Partnership being deemed to include assets of an ERISA Plan, and in addition
      to
      such other Partner’s rights under Section 7.4, the Partner proposing to Transfer
      shall indemnify and hold harmless such other Partners (except any Partner that
      is the proposed purchaser), from and against any and all loss, cost, tax,
      liability or expense (including but not limited to reasonable attorneys’ fees
      and court costs) which such other Partners may suffer if the Transfer would
      cause the assets of the Partnership being deemed to include assets of any ERISA
      Plan. 

     

    Admission
      of Additional Partners. 

     

    No
      Person
      may be admitted as an additional Partner of the Partnership (in contrast with
      admission as a substitute Partner in connection with a Permitted Transfer)
      without the consent of the General Partner and the Special General Partner.
      

     

    Any
      additional or substitute Partner admitted to the Partnership shall execute
      and
      deliver documentation in form satisfactory to the General Partner accepting
      and
      agreeing to be bound by this Agreement, and such other documentation as the
      General Partner shall reasonably require in order to effect such Person’s
      admission as an additional Partner. The admission of any Person as an additional
      Partner shall become effective on the date upon which the name of such Person
      is
      recorded on the books and records of the Partnership following the consent
      of
      the General Partner to such admission.

     

    Override
      on Permitted Transfers.
      

     

    It
      is
      expressly understood and agreed that any Transfer permitted pursuant to this
      Article VII shall in all instances be prohibited (and, if consummated, shall
      be
      void ab
      initio)
      if such
      Transfer does not comply with all applicable laws, rules and regulations and
      other requirements of governmental authorities, including, without limitation,
      Executive Order 13224 (September 23, 2001), the rules and regulations of the
      Office of Foreign Assets Control, Department of Treasury, and any enabling
      legislation or other Executive Orders in respect thereof. 

     

    Each
      admitted Partner shall be required to make the
      representations and warranties set forth in Section 10.12 of this Agreement
      to
      the other Partner(s) and the Partnership as of the date of such Partner’s
      admission into the Partnership. Each Partner shall be deemed to make the
      representations and warranties set forth in Section 10.12(h)-(k) of this
      Agreement to the Partners and the Partnership on behalf of any Person that
      acquires a beneficial ownership interest in such Partner as of the date of
      such
      acquisition.

     

     

    
      
        
        

      

      
        88

        
          

        

      

      
        
        

      

    

     

     

     

    TERM,
      DISSOLUTION AND TERMINATION

     

    Term.
      The
      Partnership shall have perpetual existence, unless sooner dissolved and
      liquidated in accordance with the provisions hereof.

     

    Dissolution
      in Certain Events. 

     

    The
      Partnership shall be dissolved, and its affairs shall be wound up, upon the
      first to occur of the following: (i) (A) all of the Partners of the Partnership
      approve in writing, or (B) the Partnership sells or otherwise disposes of its
      interest in all or substantially all of its assets or (ii) (A) the occurrence
      of
      an event of withdrawal (as defined in the Act) with respect to a General
      Partner, other than an event of withdrawal set forth in Section 17-402(a)(4)
      or
      (5) of the Act; provided, the Partnership shall not be dissolved and required
      to
      be wound up in connection with any of the events described in this clause
      (ii)(A) if (1) at the time of the occurrence of any such event there is at
      least
      one remaining General Partner of the Partnership who is hereby authorized to
      and
      shall carry on the business of the Partnership, or (2) if at such time there
      is
      no remaining General Partner, if within ninety (90) days after such event of
      withdrawal, the Limited Partner agrees in writing or votes to continue the
      business of the Partnership and to appoint, effective as of the day of
      withdrawal, one or more additional General Partners, or (3) the Partnership
      is
      continued without dissolution in a manner permitted by the Act or this
      Agreement, (B) there are no limited partners of the Partnership unless the
      business of the Partnership is continued in accordance with the Act and this
      Agreement or (C) the entry of a decree of judicial dissolution under Section
      17-802 of the Act.

     

    Upon
      the
      occurrence of any event that results in the General Partner ceasing to be a
      General Partner of the Partnership under the Act, if at the time of the
      occurrence of such event there is at least one remaining General Partner of
      the
      Partnership, such remaining General Partner of the Partnership is hereby
      authorized to and, to the fullest extent permitted by law, shall, carry on
      the
      business of the Partnership. Upon the occurrence of any event that causes the
      last remaining General Partner of the Partnership to cease to be a General
      Partner of the Partnership, to the fullest extent permitted by law, all the
      Partners agree that the “personal representative” of such general partner is
      hereby authorized to, and shall, within ninety (90) days after the occurrence
      of

     

    
      
        
        

      

      
        89

        
          

        

      

      
        
        

      

    

    the
      event
      that terminated the continued membership of such General Partner in the
      Partnership, agree in writing (i) to continue the Partnership and (ii) to the
      admission of the personal representative or its nominee or designee, as the
      case
      may be, as a substitute General Partner of the Partnership, effective as of
      the
      occurrence of the event that terminated the continued membership of the last
      remaining General Partner of the Partnership in the Partnership.

     

    Upon
      the
      occurrence of any event that causes the last remaining Limited Partner of the
      Partnership to cease to be a Limited Partner of the Partnership, to the fullest
      extent permitted by law, all the Partners agree that the personal representative
      of such Limited Partner is hereby authorized to, and shall, within ninety (90)
      days after the occurrence of the event that terminated the continued membership
      of such Limited Partner in the Partnership, agree in writing (i) to continue
      the
      Partnership and (ii) to the admission of the personal representative or its
      nominee or designee, as the case may be, as a substitute limited partner of
      the
      Partnership, effective as of the occurrence of the event that terminated the
      continued membership of the last remaining Limited Partner of the Partnership
      in
      the Partnership.

     

    Notwithstanding
      any other provision of this Agreement to the contrary, the Bankruptcy of, or
      the
      occurrence of any event set in Sections 17-402(a)(4) and (5) of the Act with
      respect to, the General Partner shall not cause the General Partner to cease
      to
      be a General Partner of the Partnership, and upon the occurrence of such an
      event, the Partnership shall continue without dissolution.

     

    The
      death, incompetency, Bankruptcy, dissolution or other cessation to exist as
      a
      legal entity of a Limited Partner shall not, in and of itself, dissolve the
      Partnership. In any such event, the personal representative (as defined in
      the
      Act) of such Limited Partner may exercise all of the rights of such. Limited
      Partner for the purpose of settling such Limited Partner’s estate or
      administering its property, subject to the terms and conditions of this
      Agreement.

     

    Procedures
      upon Dissolution.
      Upon
      dissolution of the Partnership, the Partnership shall be terminated and the
      General Partner shall liquidate the assets of the Partnership. The proceeds
      of
      liquidation shall be applied and distributed in the following order or
      priority:

     

    first,
      to
      the satisfaction (whether by payment or the making of reasonable provision
      for
      payment thereof) of the debts and liabilities of the Partnership and the
      expenses of liquidation; and

     

    thereafter,
      to the Developer Partners in proportion to their respective Interests in the
      Partnership.

     

    A
      reasonable time shall be allowed for the orderly liquidation of the assets
      of
      the Partnership and the discharge of liabilities. During the period beginning
      with the dissolution of the Partnership and ending with its liquidation and
      termination of the Agreement pursuant to this Section 8.3, the business affairs
      of the Partnership shall be conducted by the General Partner. During such
      period, the business and affairs of the Partnership shall be conducted so as
      to
      preserve the assets of the Partnership and maintain the status thereof which
      existed immediately prior to such termination.

     

    
      
        
        

      

      
        90

        
          

        

      

      
        
        

      

    

     

     

    

     

     

    USE
      OF
      MARK AND MACK-CALI PARTNERS’ NAMES

     

     

    Section
      9.1 Use
      of
      Mark by Partnership.
      MDLP, the Partnership and the other signatories thereto will enter into, on
      or
      about the date hereof, into the License Agreement which shall provide for the
      use of the Marks, without a fee, by the signatories thereto.

     

     

    

    
      
        
        

      

      
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    Section
      9.2 Use
      of
      Special General Partner’s Name.
      Special General Partner and its Affiliates shall in their sole discretion
      determine whether to permit the use of their names in connection with the
      Partnership. The Developer Partners and their respective Affiliates acknowledge
      and agree that the name of Special General Partner and any of its Affiliates
      may
      not be used by the Developer Partners, any of their respective Affiliates or
      the
      Partnership in connection with the Partnership without the prior written consent
      of Special General Partner. 

     

     

     

    Section
      9.3 No
      Use
      of Related Mark. 
      Neither Special General Partner nor its Affiliates shall be permitted to use
      the
      word “Xanadu” in any manner except as provided in the License
      Agreement.

     

     

    

     

    
      
        
        

      

      
        92

        
          

        

      

      
        
        

      

    

     

    

     

     

    

     

     

    MISCELLANEOUS

     

    Liability
      Among Partners; Exculpation and Indemnification. 

     

    No
      Partner shall be liable to any other Partners or to the Partnership by reason
      of
      its actions or omission in connection with the Partnership except in the case
      of
      actual fraud, gross negligence or willful misconduct. Neither the Partners,
      nor
      any officer, director, manager, member employee, representative, agent or
      affiliate of the Partners, nor any of their respective officers, directors,
      managers or members (each a “Covered
      Person,”
and
      collectively, the “Covered
      Persons”)
      shall
      be liable to the Partnership or any other Person who has an interest in or
      claim
      against the Partnership for any loss, damage or claim incurred by reason of
      any
      act or omission performed or omitted by such Covered Person in good faith on
      behalf of the Partnership and in a manner reasonably believed to be within
      the
      scope of the authority conferred on such Covered Person by this Agreement,
      except that a Covered Person shall be liable for any such loss, damage or claim
      incurred by reason of such Covered Person’s fraud, gross negligence or willful
      misconduct.

     

    To
      the
      fullest extent permitted by applicable law, each Covered Person shall be
      entitled to indemnification from the Partnership for any loss, damage or claim
      incurred by such Covered Person by reason of any act or omission performed
      or
      omitted by such Covered Person in good faith on behalf of the Partnership and
      in
      a manner reasonably believed to be within the scope of the authority conferred
      on such Covered Person by this Agreement, except that no Covered Person shall
      be
      entitled to be indemnified in respect of any loss, damage or claim incurred
      by
      such Covered Person by reason of such Covered Person’s fraud, gross negligence
      or willful misconduct with respect to such acts or omissions; provided,
      however,
      that
      any indemnity under this Section 9.1 by the Partnership shall be provided out
      of
      and to the extent of Partnership assets only, and the Partners shall not have
      personal liability on account thereof

     

    To
      the
      fullest extent permitted by applicable law, expenses (including legal fees)
      incurred by a Covered Person defending any claim, demand, action, suit or
      proceeding shall, from time to time, be advanced by the Partnership prior to
      the
      final disposition of such claim, demand, action, suit or proceeding upon receipt
      by the Partnership of an undertaking by or on behalf of the Covered Person
      to
      repay such amount if it shall be determined that the Covered Person is not
      entitled to be indemnified as authorized in this Section 10.1.

     

    
      
        
        

      

      
        93

        
          

        

      

      
        
        

      

    

     

     

    A
      Covered
      Person shall be fully protected in relying in good faith upon the records of
      the
      Partnership and upon such information, opinions, reports or statements presented
      to the Partnership by any Person as to matters the Covered Person reasonably
      believes are within such other Person’s professional or expert competence and
      who has been selected with reasonable care by or on behalf of the Partnership,
      including information, opinions, reports or statements as to the value and
      amount of the assets, liabilities, or any other facts pertinent to the existence
      and amount of assets from which distributions to the Partners might properly
      be
      paid.

     

    To
      the
      extent that, at law or in equity, a Covered Person has duties (including
      fiduciary duties) and liabilities relating thereto to the Partnership or to
      any
      other Covered Person, a Covered Person acting under this Agreement shall not
      be
      liable to the Partnership or to any other Covered Person for its good faith
      reliance on the provisions of this Agreement or any approval or authorization
      granted by the Partnership or any other Covered Person. The provisions of this
      Agreement, to the extent that they restrict the duties and liabilities of a
      Covered Person otherwise existing at law or in equity, are agreed by the
      Partners to replace such other duties and liabilities of such Covered
      Person.

     

    Except
      as
      otherwise expressly provided in this Agreement, each Partner shall look solely
      to the assets of the Partnership for all distributions contemplated by this
      Agreement or otherwise with respect to the Partnership and, if applicable,
      such
      Partner’s capital contributions in the Partnership (including return thereof),
      and such Partner’s share of profits or losses thereof, and shall have no
      recourse therefor (upon dissolution or otherwise) against any other Partner.
      Notwithstanding anything to the contrary contained in this Agreement, the
      Partnership, and the General Partner on behalf of the Partnership, shall not
      be
      required to make a distribution to any Partner contemplated by this Agreement
      if
      such distribution would violate the Act or other applicable law.

     

    The
      indemnification rights contained in this Section 10.1 shall be cumulative of,
      and in addition to, any and all rights, remedies and recourses to which the
      Covered Persons shall be entitled, whether pursuant to the provisions of this
      Agreement, at law or in equity.

     

    The
      foregoing provisions of this Section 10.1 shall survive any termination of
      this
      Agreement.

     

    [Intentionally
      Omitted] 

     

    Take
      Down.
      Pursuant to the Mack-Cali Rights Agreement, the Partners acknowledge and agree
      that the Special General Partner has certain Take Down rights with respect
      to
      the Partnership as more particularly set forth in the Mack-Cali Rights Agreement
      and incorporated by reference herein. Upon the exercise of the Special General
      Partner’s option to Take Down, the General Partner shall cause the Partnership
      to issue limited partnership interests to the

     

    
      
        
        

      

      
        94

        
          

        

      

      
        
        

      

    

    Special
      General Partner, and/or its Affiliate(s), in consideration for its obligations
      following a Take-Down and this Agreement shall be amended and restated in
      accordance with this Section 10.3 and with the terms and conditions the
      Mack-Cali Rights Agreement. If the Special General Partner does not exercise
      its
      Take Down option, as more fully described in the Mack-Cali Rights Agreement
      within the time periods and on the conditions described therein then the
      interest of the Special General Partner in the Partnership shall immediately
      terminate and the Special General Partner shall cease to be a partner in the
      Partnership for all purposes, all as more fully described in the Mack-Cali
      Rights Agreement.

     

    Mediation
      and Arbitration.
      Unless
      otherwise indicated, capitalized terms in this Section 10.4 that are not defined
      in this Agreement shall be defined as set forth in the Mack-Cali Rights
      Agreement. 

     

    Unless
      otherwise expressly provided herein, it is understood and agreed by the Partners
      that, in the event any dispute, disagreement, claim or controversy arises
      between any of the Partners, arising under or related to this Agreement or
      relating to any approvals or agreements required to be given or made by the
      parties hereto under this Agreement, including a dispute, disagreement, claim
      or
      controversy in connection with a Major Decision (the “Disputes”),
      then,
      at the request of any of the Partners, the disputing parties shall resolve
      the
      Dispute promptly through confidential mediation with a mediator jointly selected
      by the disputing parties. If the disputing parties are unable to agree on the
      mediator within two (2) days after written notice from one disputing party
      to
      the other demanding mediation, the disputing parties shall each select one
      (1)
      mediator and those two (2) mediators shall jointly select a third mediator
      as
      soon as practicable and such third mediator shall act as mediator hereunder.
      All
      mediators selected shall be licensed attorneys experienced in complex real
      estate and partnership transactions and the tax consequences thereof. Each
      party
      shall bear its own fees and expenses attributable to the mediation, provided,
      however,
      that
      the costs, fees and expenses attributable to the independent mediator shall
      be
      borne equally among the disputing parties. 

     

    In
      the
      event that the disputing parties are unable to settle their Dispute through
      mediation within ten (10) Business Days after the mediator has been selected
      as
      provided above, any unresolved Dispute shall be submitted to binding arbitration
      in the State of New York, within five (5) Business Days from the date the
      disputing parties were unable to settle their dispute through mediation, with
      each party to bear its own fees and expenses attributable thereto, before a
      panel of three (3) neutral arbitrators from the Large Complex Case Panel of
      the
      American Arbitration Association (the “Arbitrators”),
      said
      Arbitrators to be attorneys with at least ten (10) years experience in complex
      real estate and partnership transactions and the tax consequences thereof.
      The
      arbitration shall be conducted in accordance with the then-current commercial
      Arbitration Rules of the American Arbitration Association. The Arbitrators
      shall
      render their decision within ten (10) Business Days after the Dispute is
      submitted to the arbitration panel. In furtherance of the foregoing, it is
      understood and agreed that the decision rendered by the Arbitrators hereunder
      shall be binding and absolutely conclusive upon the parties hereto and may
      be
      enforced by entry of a judgment in any court having jurisdiction. The fees
      and
      expenses of Arbitrators shall be borne equally among the disputing parties.
      To
      the extent, if any, that the party or parties prevailing in any such arbitration
      proceedings are required to seek judicial confirmation or enforcement of the
      Arbitrators’ award, the non-prevailing party or parties shall be obligated to
      pay for such prevailing party’s or parties’ reasonable and actual fees, costs,
      expenses and disbursements incurred in connection with such judicial
      confirmation and/or enforcement. Notwithstanding the foregoing, a party may
      seek
      a preliminary injunction or other preliminary judicial relief if in its judgment
      such action is necessary to avoid irreparable damage. Despite such action,
      the
      parties hereto will continue to participate in good faith in the procedures
      specified in this Section 10.4(b). All applicable statutes of limitation
      shall be tolled while the procedures specified in this Section 10.4(b) are
      pending. The parties hereto will take such action, if any, required to
      effectuate such tolling.

     

    
      
        
        

      

      
        95

        
          

        

      

      
        
        

      

    

     

     

    No
      Agency Created.
      Nothing
      herein contained shall be construed to constitute any Partner (or any Affiliate
      thereof) the agent of another Partner or to limit the Partners (or any
      Affiliates thereof) in any manner in the carrying on of their own respective
      businesses or activities. Except as provided in this Agreement, each Partner
      acknowledges and agrees that none of the Partnership or any Partner (or any
      Affiliate of any Partner) shall have any right, by virtue of this Agreement,
      either to participate in, or to share in, any now existing ventures or any
      of
      the other Partners or their respective Affiliates, or in the income or proceeds
      derived from such ventures. Any Partner may engage in and/or possess any
      interest in any other business or real estate venture of any nature and
      description, independently, or with others, including but not limited to, the
      ownership, financing, leasing, operation, management, syndication, brokerage
      and
      development of real property; and neither the Partnership nor any other Partner
      shall have any rights in and to such independent ventures or the income or
      profits derived therefrom.

     

    Approvals.
      Except
      as otherwise provided herein, all approvals or consents permitted or required
      to
      be given under this Agreement shall be reasonably given and not unreasonably
      delayed or withheld. In the event that a Partner having a right of approval
      takes no action within a reasonable time (or, if a time is specified in this
      Agreement, then within such specified time) subsequent to receipt of the
      documents or agreements subject to said approval or consent, the approval or
      consent of said Partner shall be deemed to have been given.

     

    References.
      References herein to the singular shall include the plural and to the plural
      shall include the singular, and references to one gender shall include the
      other, except where the same shall be not appropriate.

     

    Effect
      of Consent or Waiver.
      No
      consent or waiver, express or implied, by any Partner to or of any breach or
      default by any other Partner in the performance by such other Partner of its
      obligations hereunder shall be deemed to be or construed to be a consent or
      waiver to or of any other breach or default by such other Partner in the
      performance by such other Partner of the same or any other obligations of such
      Partner hereunder. Failure on the part of any of the other Partners to declare
      any of the other Partners in default, irrespective of how long such failure
      continues, shall not constitute a waiver by any such Partner of its rights
      hereunder.

     

    Enforceability.
      If any
      provisions of this Agreement or the application thereof to any Person or
      circumstances shall be invalid or unenforceable to any extent, the remainder
      of
      this Agreement and the application of such provisions to other Persons or
      circumstances shall not be affected thereby and shall be enforced to the
      greatest extent permitted by law.

     

    
      
        
        

      

      
        96

        
          

        

      

      
        
        

      

    

     

     

    Titles
      and Captions.
      Section
      titles or captions contained in this Agreement are for convenience only and
      shall not be deemed a part of the contents of this Agreement.

     

    Binding
      Agreement and Express Third Party Beneficiaries.
      Subject
      to the restrictions on transfer and encumbrances set forth herein, this
      Agreement shall inure to the benefit of and be binding upon the undersigned
      Partners and their heirs, executors, legal representatives, successors and
      assigns. Whenever in this instrument a reference to any Partner is made, such
      reference shall be deemed to include a reference to the heirs, executors, legal
      representatives, successors and assigns of such Partner.

     

    Governing
      Law.
      This
      Agreement is made and shall be construed under and in accordance with the laws
      of the State of Delaware (without regard to the conflict of laws provisions
      thereof).

     

    Notices.
      Any
      notice, consent, approval, or other communication which is provided for or
      required by this Agreement must be in writing and may be delivered in person
      to
      any Partner or may be sent by a facsimile transmission, telegram, expedited
      courier or registered or certified U.S. mail, with postage prepaid, return
      receipt requested. Any such notice or other written communications shall be
      deemed received by the Partner to whom it is sent (i) in the case of personal
      delivery, on the date of delivery to the Partner to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such Partner,
      (ii) in the case of facsimile transmission or telegram, the next business day
      after the date of transmission, (iii) in the case of courier delivery, the
      date
      receipt is acknowledged or rejected by the Partner to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such Partner,
      and (iv) in the case of registered or certified mail, the date receipt is
      acknowledged or rejected on the return receipt for such notice. For purposes
      of
      notices, the addresses of the Partners hereto shall be as follows, which
      addresses may be changed at any time by written notice given in accordance
      with
      this provision:

     

    If
      to
      General Partner or Limited Partner:

    

    c/o
      Colony Xanadu, LLC

    660
      Madison Avenue, Suite 1600

    New
      York,
      NY 10021

    Attn:
      Richard Saltzman

    Telephone:
      212-832-0500

    Facsimile
      No.: 212-593-5433

    
      
        
        

      

      
        97

        
          

        

      

      
        
        

      

    

    And

    

                    c/o
      Colony Xanadu,
      LLC

                    1999
      Avenue of the
      Stars, Suite 1200

                    Los
      Angeles, CA
      90067

                    Attn:
      Joy
      Mallory

                    Telephone:
      310-282-8820

                    Facsimile
      No.:
      310-282-8808

    

    

    With
      a
      copy to (which shall not constitute notice): 

    

    White
      & Case LLP

    1155
      Avenue of the Americas

    New
      York,
      NY 10036-2787

    Attn:
      John Reiss

    Attn:
      Steven Teichman

    Facsimile
      No.: 212-354-8113

    

    If
      to
      Special General Partner:

    

    c/o
      Mack-Cali Realty Corporation 

    P.O.
      Box
      7817

    Edison,
      NJ 08818-787

    Attn:
      Mitchell E. Hersh, President and Chief Executive Officer

    Facsimile
      No.: 732-205-9040 

    

    And: c/o
      Mack-Cali Realty Corporation 

    P.O.
      Box
      7817

    Edison,
      NJ 08818-7817

    Attn: Roger
      W.
      Thomas, Executive Vice President and General Counsel

    Facsimile
      No.: 732-205-9015

    

    For
      courier or overnight delivery to Special General Partner

    

    c/o
      Mack-Cali Realty Corporation

    343
      Thornall Street

    Edison,
      NJ 08837-2206

    

    
      
        
        

      

      
        98

        
          

        

      

      
        
        

      

    

    With
      a
      copy to (which shall not constitute notice): 

    

    Seyfarth
      Shaw LLP

    1270
      Avenue of the Americas

    25th
      Floor

    New
      York,
      New York 10020

    Attn:
      John P. Napoli

    Attn:
      Stephen Epstein

    Facsimile
      No.: 212-218-5527

    

     

    Failure
      of, or delay in delivery of any copy of a notice or other written communication
      shall not impair the effectiveness of such notice or written communication
      given
      to any party to this Agreement as specified herein.

     

    Covenants,
      Representations and Warranties of the Partners.
      Each
      Partner represents and warrants to the other Partners as follows:

     

    it
      is
      duly organized, validly existing and in good standing under the laws of its
      jurisdiction of formation with all requisite power and authority to enter into
      this Agreement and to conduct the business of the Partnership;

     

    this
      Agreement constitutes the legal, valid and binding obligation of the Partner
      enforceable in accordance with its terms, subject to the application of
      principles of equity and laws governing insolvency and creditors’ rights
      generally;

     

    no
      consents or approvals (which have not been obtained) are required from any
      governmental authority or other Person for the Partner to enter into this
      Agreement and be admitted to the Partnership. All action on the part of the
      Partner (and its direct or indirect equity owners) necessary for the
      authorization, execution and delivery of this Agreement, and the consummation
      of
      the transactions contemplated hereby, have been duly taken;

     

    the
      execution and delivery of this Agreement by the Partner, and the consummation
      of
      the transactions contemplated hereby, does not conflict with or contravene
      the
      provisions of its organic documents or any agreement or instrument by which
      it
      or its properties are bound or any law, rule, regulations, order or decree
      to
      which it or its properties are subject;

     

    each
      Partner is acquiring its Interest for investment, solely for its own account,
      with the intention of holding such interest for investment and not with a view
      to, or for resale in connection with, any distribution or public offering or
      resale of any portion of such interest within the meaning of the Securities
      Act
      of 1933, as amended from time to time (the “Securities
      Act”),
      or
      any other applicable federal or state security law, rule or regulations
      (“Securities
      Laws”);

     

    each
      Partner acknowledges that it is aware that its Interest has not been registered
      under the Securities Act or under any other Security Law in reliance
      upon

     

    
      
        
        

      

      
        99

        
          

        

      

      
        
        

      

    

    exemptions
      contained therein. Each Partner understands and acknowledges that its
      representations and warranties contained herein are being relied upon by the
      Partnership, the other Partner and the constituent owners of such other Partner
      as the basis for exemption of the issuance of interests in the Partnership
      from
      registration requirements of the Securities Act and other Securities Laws.
      Each
      Partner acknowledges that the Partnership will not and has no obligation to
      register any interest in the Partnership under the Securities Act or other
      Securities Laws;

     

    each
      Partner acknowledges that prior to its execution of this Agreement, it received
      a copy of this agreement and that it examined this documents or caused this
      document to be examined by its representative or attorney. Each Partner does
      hereby further acknowledge that it or its representative or attorney is familiar
      with this Agreement, and with the business and affairs of the Partnership,
      and
      that except as otherwise specifically provided in this Agreement, it does not
      desire any further information or data relating to the Partnership, and
      subsidiary of the Partnership, the Premises or the other Partners. Each Partner
      does hereby acknowledge that it understands that the acquisition of its Interest
      is a speculative investment involving a high degree of risks and does hereby
      represent that is has a net worth sufficient to bear the economic risk of its
      investment in the Partnership and to justify its investing in a highly
      speculative venture of this type;

     

    the
      Partner is in compliance with Executive Order 132324 (September 23, 2001),
      the
      rules and regulations of the Office of Foreign Assets Control, Department of
      Treasury, and any enabling legislation or other Executive Orders in respect
      thereof;

     

    at
      all
      times, including after giving effect to any Transfers permitted pursuant to
      this
      Agreement, (a) none of the funds or other assets of the Partner constitutes
      property of, or are beneficially owned, directly or indirectly, by any person,
      entity or government subject to trade restrictions under U.S. law (including,
      but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
      §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and
      any Executive Orders or regulations promulgated thereunder) (any such person,
      entity or government, an “Embargoed
      Person”)
      with
      the result that the investment in the Partner (whether directly or indirectly),
      is prohibited by any applicable law, rule, regulation, order or decree is in
      violation thereof; (b) no Embargoed Person has any interest of any nature
      whatsoever in the Partner with the result that the investment in the Partner
      (whether directly or indirectly), is prohibited by any applicable law,
      regulation, order or decree is in violation thereof; and (c) none of the funds
      of the Partner have been derived from any unlawful activity with the result
      that
      the investment in the Partner (whether directly or indirectly), is prohibited
      by
      any applicable, law, rule, regulations, order or decree is in violation
      thereof;

     

    if
      applicable to such Partner, the Partner has implemented a corporate anti-money
      laundering plan that is reasonably designed to ensure compliance with applicable
      foreign and U.S. anti-money laundering law; and

     

    
      
        
        

      

      
        100

        
          

        

      

      
        
        

      

    

    the
      Partner is familiar with the “U.S. Government Blacklists” maintained by
      applicable U.S. Federal agencies and none of its partners, members,
      shareholders, officers or directors are on the “U.S. Government
      Blacklists”.

     

    Entire
      Agreement.
      This
      Agreement, unless subsequently amended with the consent of all of the Partners,
      contains the final and entire Agreement among the parties hereto, and they
      shall
      not be bound by any terms, conditions, statements or representations, oral
      or
      written, not herein contained.

     

    Amendment.
      This
      Agreement may be amended or modified by (and only by) a written instrument
      signed by all of the Partners, which need not be executed or approved by any
      other Person.

     

    Counterparts.
      This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which shall constitute one and the same instrument.
      In
      addition, this Agreement may contain more than one counterpart of the signature
      pages and the Agreement may be executed by the affixing of the signatures of
      each of the Partners to one of such counterpart signature pages; all of such
      signature pages shall be read as though one, and they shall have the same force
      and effect as though all of the signers had signed a single solitary
      page.

     

    [The
      remainder of this page is left intentionally blank; signature pages
      follow]

     

    
      
        
        

      

      
        101

        
          

        

      

      
        
        

      

    

    [signature
      page attached to C-D Office Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

     

    IN
      WITNESS WHEREOF,
      the
      Partners have executed this Agreement as of the date first above
      written.

     

    GENERAL
      PARTNER:

    

    MEADOWLANDS
      MACK-CALI GP, L.L.C.

    

    By: Meadowlands
      Developer Limited Partnership, a Delaware

    limited
      partnership, its sole member

     

    By: Meadowlands
      Limited Partnership, a Delaware limited

    partnership,
      its general partner

    

    By: Colony
      Xanadu, LLC, a Delaware limited liability

    company,
      its managing general partner

    

    By: ________________________

                                                          
      Name: __________________

                                                          
      Title: ___________________

    

    
      
        
        

      

      
        102

        
          

        

      

      
        
        

      

    

    [signature
      page attached to C-D Office Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

    

    

    LIMITED
      PARTNER

    

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP

    

    By: Meadowlands
      Limited Partnership, a Delaware limited

    partnership,
      its general partner

    

    By: Colony
      Xanadu, LLC, a Delaware limited

    liability
      company, its managing general partner

     

                                                                            
      By: _________________________

                                                                                   
      Name:
      ___________________

                                                                                   
      Title:
      ____________________

    
      
        
        

      

      
        103

        
          

        

      

      
        
        

      

    

    [signature
      page attached to C-D Office Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

    

    

    SPECIAL
      GENERAL PARTNER

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C

    

    By: Mack-Cali
      Realty, L.P., a Delaware limited

    Partnership,
      its sole member

    

    By: Mack-Cali
      Realty Corporation, a Maryland

    Corporation,
      its general partner

    

    By: _________________________

                                          
      Name:
      ___________________

                                          
      Title:
      ____________________

    

    

    
      
        
        

      

      
        104

        
          

        

      

      
        
        

      

    

    PARTNERS
      AND PARTNER INFORMATION

     

    

    GENERAL
      PARTNER INTEREST

    

    MEADOWLANDS
      MACK-CALI GP, L.L.C.     0.01%

    

    

    

    LIMITED
      PARTNER

    

    MEADOWLANDS
      DEVELOPER LIMITED     99.99%

    PARTNERSHIP

    

    

    SPECIAL
      GENERAL PARTNER

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C.    0.00%

     

                                                                                                                                    
      100%

    

    
      
        
        

      

      
        105

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      1

     

    TENANT
      PARTNERSHIPS

     

    

    ERC
      Meadowlands Mills/Mack-Cali Limited Partnership 

    

    Baseball
      Meadowlands Mills/Mack-Cali Limited Partnership 

    

    A-B
      Office Meadowlands Mack-Cali Limited Partnership 

    

    C-D
      Office Meadowlands Mack-Cali Limited Partnership 

    

    Hotel
      Meadowlands Mack-Cali Limited Partnership

    

    
      
        
        

      

      
        106

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

    

    AMENDED
      AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

    OF
      

    HOTEL
      MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP

    

     

    THIS
      AMENDED
      AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF HOTEL MEADOWLANDS MACK-CALI
      LIMITED PARTNERSHIP (the “Agreement”)
      is
      made as of November 22, 2006 by and among MEADOWLANDS MACK-CALI GP, L.L.C.,
      a
      Delaware limited liability company (f/k/a Meadowlands Mills/Mack-Cali GP,
      L.L.C.) (“General
      Partner”),
      MEADOWLANDS DEVELOPER LIMITED PARTNERSHIP, a Delaware limited partnership (f/k/a
      Meadowlands Mills/Mack-Cali Limited Partnership) (“Limited
      Partner”
or
      “MDLP”
and
      together with General Partner, each shall sometimes be referred to herein as
      a
“Developer
      Partner”
and
      collectively as, the “Developer
      Partners”),
      and
      MACK-CALI MEADOWLANDS SPECIAL L.L.C., a New Jersey limited liability company
      (“Special
      General Partner”
      and together with Limited Partner and General Partner, the “Partners”).

     

     

    RECITALS:

     

    WHEREAS,
      the
      Developer Partners prepared, executed and filed a Certificate of Limited
      Partnership for Hotel Meadowlands Mack-Cali Limited Partnership (f/k/a Hotel
      Meadowlands Mack-Cali/Mills Limited Partnership) (the “Partnership”)
      with
      the Secretary of State of Delaware on June 16, 2005, (as amended from time
      to
      time, the “Certificate”).
      Upon
      filing the Certificate, the Partnership was assigned file number
      3986638;

     

    WHEREAS,
      MDLP
      was formed to develop portions of the site surrounding the Continental Airlines
      Arena (as defined in the Redevelopment Agreement (as hereinafter defined))
      site
      with an entertainment, sports, recreation and retail complex, together with
      office and hotel components, at the Meadowlands Sports Complex and sometimes
      commonly referred to as “Meadowlands
      Xanadu”;

     

    WHEREAS,
      the
      Partnership was one of five Delaware limited partnerships set forth on
Schedule
      1
      attached
      hereto (the “Tenant
      Partnerships”)
      formed
      by the Developer Partners to acquire a leasehold interest in a portion of
      Meadowlands Xanadu;

     

    WHEREAS,
      the
      Developer Partners entered into that certain Limited Partnership Agreement
      of
      the Partnership dated as of June 16, 2005 (the “Original
      Agreement”);

     

    WHEREAS,
      prior
      to the date hereof, MDLP entered into: (i) that certain Redevelopment Agreement,
      dated as of December 3, 2003, with the New Jersey Sports and Exposition
      Authority (the “NJSEA”)
      pursuant to which, among other things, MDLP is entitled, on the terms and
      conditions set forth therein, to redevelop Meadowlands Xanadu; and (ii) the
      following amendments to the Redevelopment Agreement: (a) that certain First
      Amendment to Redevelopment Agreement dated as of October 5, 2004, (b) that
      certain Second Amendment to Redevelopment Agreement dated as of March 15, 2005,
      (c) that certain Third Amendment to Redevelopment Agreement dated as of May
      23,
      2005 to be effective as of March 30, 2005, and (d) that certain Fourth Amendment
      to Redevelopment Agreement dated as of June 30, 2005 (such Redevelopment
      Agreement, together with such amendments, being collectively referred to herein
      as the “Redevelopment
      Agreement”);

     

    
      
        
        

      

      
        107

        
          

        

      

      
        
        

      

    

     

     

    WHEREAS,
      the
      real property that is subject to the Redevelopment Agreement and upon which
      MDLP
      has commenced construction of Meadowlands Xanadu is referred to in the
      Redevelopment Agreement and herein as the “Project
      Site”;

     

    WHEREAS,
      the
      Redevelopment Agreement contemplates that certain agreements were to be
      executed, and certain funds were to be paid (including the Development Rights
      Fee (as defined in the Redevelopment Agreement)), and certain actions were
      to be
      taken, upon the occurrence of the Development Rights Fee Funding Date (as
      defined in the Redevelopment Agreement), and that the Development Rights Fee
      Funding Date was to occur on June 30, 2005;

     

    WHEREAS,
      the
      Development Rights Fee Funding Date occurred on June 30, 2005 in connection
      with
      the closing of the transactions contemplated in the Redevelopment Agreement
      that
      were to occur on the Development Rights Fee Funding Date (such closing is
      commonly referred to by the NJSEA and MDLP, and referred to herein, as the
      “Financial
      Closing”);

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      certain other documents not herein described), each dated as of June 30, 2005,
      were executed and delivered on behalf of the Partnership: (i) Ground Lease
      (“Hotel
      Ground Lease”)
      by and
      among the NJSEA and the Partnership for the portion of the Project Site commonly
      known as the Hotel Site (“Hotel
      Site”);
      (ii)
      Assignment and Assumption Agreement (referred to in the Redevelopment Agreement
      as a “Component Agreement”) wherein MDLP assigned certain of its rights and
      obligations under the Redevelopment Agreement relating to the Hotel Site to
      the
      Partnership; and (iii) a memoranda of lease relating to the Hotel Ground
      Lease;

     

    WHEREAS,
      in
      connection with the Financial Closing, the following documents (in addition
      to
      those documents listed in the previous recital and in addition to certain other
      documents not herein described), each dated as of June 30, 2005, were executed
      and delivered on behalf of other Tenant Partnerships: (i) ground leases (each
      a
“Ground
      Lease”
and
      together with the Hotel Ground Lease the “Ground
      Leases”)
      relating to each Component (as defined in the Redevelopment Agreement) portion
      of the Project Site; (ii) four Component Agreements (as defined in the
      Redevelopment Agreement) wherein the Partnership assigned certain of its rights
      and obligations under the Redevelopment Agreement to the Component Entities;
      and
      (iii) four memoranda of lease for each of the other Ground Leases;

     

    WHEREAS,
      the
      Development Rights Fee (as defined in the Redevelopment Agreement), an amount
      equal to $160,000,000, is deemed under the Redevelopment Agreement and the
      Ground Leases to constitute prepaid rent under all of the Ground Leases with
      respect to the first fifteen (15) years of each of the Ground
      Leases;

     

    WHEREAS,
      the
      Ground Leases allocate the amount of the Development Rights Fee to prepaid
      rent
      under the Ground Leases for the first fifteen (15) years of each of the Ground
      Leases, and treat the payment of such amounts as made by the corresponding
      Tenant Partnerships (“Prepaid
      Rent Allocations”),
      with
      $8,480,000 of such amount allocated to the Hotel Ground
      Lease;

     

    
      
        
        

      

      
        108

        
          

        

      

      
        
        

      

    

     

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid by MDLP to NJSEA, it was the intent of the partners of MDLP that the
      aggregate amount of the Development Rights Fee be allocated to prepaid rent
      among each of the Ground Leases in an amount equal to the Prepaid Rent
      Allocations, and treated as the payment of such amounts by the corresponding
      Tenant Partnerships;

     

    WHEREAS,
      at the
      time of the Financial Closing, notwithstanding that the Development Rights
      Fee
      was paid directly by MDLP to NJSEA, it was the intent of the partners of MDLP
      that the following be deemed to have occurred immediately prior to such payment
      of the Development Rights Fee to the NJSEA:  (i) on June 30,
      2005, MDLP contributed, as capital contributions to the Tenant Partnerships
      and
      General Partner, cash in an aggregate amount equal to the Development Rights
      Fee
      (the “Aggregate
      Capital Contributions”),
      with
      99.99% of such Aggregate Capital Contributions being made directly to the Tenant
      Partnerships (such capital contributions, the “Direct
      Capital Contributions”)
      and
      0.01% of such Aggregate Capital Contributions being made to General Partner
      (such capital contributions, the “Indirect
      Capital Contributions”),
      (ii) General Partner, on June 30, 2005 and immediately after the
      Partnership’s contribution of the Indirect Capital Contributions to General
      Partner, contributed, as capital contributions to the Tenant Partnerships,
      cash
      in an aggregate amount equal to the Indirect Capital Contributions (such capital
      contributions, the “GP
      Capital Contributions”),
      (iii) the portions of the Direct Capital Contributions and the GP Capital
      Contributions were on such date allocated to each Component Entity based upon
      the allocation of the Development Rights Fee to each Ground Lease as set forth
      in Exhibit B of the Mack-Cali Rights Agreement (as defined below), and
      (iv) each of the Tenant Partnerships paid their respective portion of the
      Development Rights Fee to NJSEA;

     

    WHEREAS,
      simultaneously herewith, MDLP caused all of the MDLP partnership interests
      held
      by Special General Partner, a general partner in MDLP, and its Affiliate,
      Mack-Cali Meadowlands Entertainment L.L.C., a Delaware limited liability company
      (“MC
      Entertainment”
and
      together with Special General Partner the “MC
      Partners”),
      a
      limited partner in MDLP, to be redeemed pursuant to that certain Redemption
      Agreement dated as of the date hereof by and among MDLP, Special General
      Partner, MC Entertainment and other signatories thereto, whereby the MC
      Partners’ partnership interests in MDLP were fully and completely redeemed (the
“Redemption”);

     

    WHEREAS,
      simultaneously herewith the Partners and the Partnership, along with certain
      other entities have entered into that certain Mack-Cali Rights, Obligations
      and
      Option Agreement dated as of the date hereof (the “Mack-Cali
      Rights Agreement”)
      which
      sets forth certain rights and obligations with respect to the Partnership,
      a
      copy of which Mack-Cali Rights Agreement is annexed hereto as Exhibit
      A;

     

    WHEREAS,
      in
      connection with the Redemption, MDLP distributed to Special General Partner,
      among other consideration, a special, non-economic general partnership interest
      in the Partnership;

     

    
      
        
        

      

      
        109

        
          

        

      

      
        
        

      

    

    WHEREAS,
      simultaneously herewith the name of Limited Partner has been changed to
“Meadowlands Developer Limited Partnership” and the name of the General Partner
      has been changed to “Meadowlands Mack-Cali GP, L.L.C.”;

     

    WHEREAS,
      pursuant to the Mack-Cali Rights Agreement, the Special General Partner has
      certain rights to Take Down (as defined below) the Partnership, which rights
      (including economic rights) are more particularly set forth in the Mack-Cali
      Rights Agreement and which rights become effective with respect to the Special
      General Partner’s interest in the Partnership only upon the Special General
      Partner’s exercise of its Take Down option with respect to the Partnership;

     

    WHEREAS,
      in
      connection with the Redemption, the Partnership (among others) and MDLP entered
      into that certain License Agreement to provide for the use of the Marks (as
      defined below), without a fee, by the Partnership; and

     

    WHEREAS,
      in
      connection with the Redemption, this Agreement is being amended to admit the
      Special General Partner as a general partner in the Partnership with a
      non-economic interest in the Partnership. For the avoidance of doubt, the
      parties hereto intend that the Special General Partner shall not be treated
      as a
      partner for tax purposes and the Partnership shall not be treated as a
“partnership” for tax purposes, in each case, prior to the exercise of the Take
      Down.

     

    NOW,
      THEREFORE,
      the
      Partners, by execution of this Agreement, desire to amend the Original Agreement
      and adopt this Agreement in its entirety, set forth their rights and obligations
      with respect to the Partnership as a limited partnership pursuant to and in
      accordance with the Delaware Revised Uniform Limited Partnership Act
      (6
      Del.
      C.§
17-101
      et seq.)
      (as
      amended from time to time, the “Act”),
      and,
      in consideration of the mutual promises and covenants made herein, the Partners
      hereby agree as follows:

     

    AGREEMENTS:

     

    

     

    

     

    DEFINED
      TERMS

     

    The
      following terms and variations thereof shall have the following meanings for
      purposes of this Agreement, unless the context otherwise clearly
      requires:

     

    “Act”
has
      the
      meaning set forth in the Recitals.

     

    “Affiliate(s)”
shall
      mean, with respect to any Person, (a) a Person who, directly or indirectly,
      controls, is under common control with, or is controlled by, that Person, (b)
      a
      Person who directly or indirectly owns twenty-five percent (25%) or more of
      the
      issued and outstanding securities or other ownership interests (whether voting
      or non-voting) of that Person, (c) any officer, director, trustee, manager,
      managing member, general partner or beneficiary of such Person, (d) any spouse,
      parent, sibling or descendant of any Person described in clause (b) and (c)
      above, and (e) any trust for the benefit of any Person described in clauses
      (b)
      through (d) above or for any spouse, issue or lineal descendant of any Person
      described in clauses (b) through (d) above. For purposes of this definition,
      “control” (including, with correlative meaning, the terms “controlled by” and
“under common control with”), as used with respect to any Person, shall mean the
      possession, directly or indirectly, of the power to direct or cause the
      direction of the management and policies of such Person, whether through the
      ownership of voting securities, by contract or otherwise.

     

    
      
        
        

      

      
        110

        
          

        

      

      
        
        

      

    

     

     

    “Aggregate
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Agreement”
has
      the
      meaning set forth in the Preamble and includes the Original Agreement and all
      amendments hereto.

     

    “Amended
      Certificate”
has
      the
      meaning set forth in Section 2.1 hereof.

     

    “Approval
      of the Partners”
      shall
      mean the approval in writing by the Partners and, unless otherwise expressly
      provided herein to the contrary, the Partners shall not unreasonably withhold,
      delay or condition such approval.

     

    “Arbitrators”
has
      the
      meaning set forth in Section 10.4(b) hereof.

     

    “Authority
      Agreement”
and
      “Authority
      Agreements”
have
      the meaning set forth in Section 5.2(a)(v) hereof.

     

    “Bankruptcy”
means
      with respect to any Person, if such Person (a) makes an assignment for the
      benefit of creditors, (b) files a voluntary petition in bankruptcy, (c) is
      adjudged a bankrupt or insolvent, or has entered against it an order for relief,
      in any bankruptcy or insolvency proceedings, (d) files a petition or answer
      seeking for itself any reorganization, arrangement, composition, readjustment,
      liquidation or similar relief under any statute, law or regulation, (e) files
      an
      answer or other pleading admitting or failing to contest the material
      allegations of a petition filed against it in any proceeding of this nature,
      (f)
      seeks, consents to or acquiesces in the appointment of a trustee, receiver
      or
      liquidator of the Person or of all or any substantial part of its properties,
      or
      (g) if 120 days after the commencement of any proceeding against the Person
      seeking reorganization, arrangement, composition, readjustment, liquidation
      or
      similar relief under any statute, law or regulation, if the proceeding has
      not
      been dismissed, or if within ninety (90) days after the appointment without
      such
      Person’s consent or acquiescence of a trustee, receiver or liquidator of such
      Person or of all or any substantial part of its properties, the appointment
      is
      not vacated or stayed, or within ninety (90) days after the expiration of any
      such stay, the appointment is not vacated. The foregoing definition of
“Bankruptcy,” in conjunction with Section 8.2(c) of this Agreement, is intended
      to and shall supersede the events of withdrawal set forth in Sections
      17-402(a)(4) and (5) of the Act.

     

    “Certificate”
has
      the
      meaning set forth in the Recitals. 

     

    “Code”
means
      the Internal Revenue Code of 1986, as amended or recodified. 

     

    “Covered
      Person”
or
      “Covered
      Persons”
has
      the
      meaning set forth in Section 10.1(a) hereof.

     

    
      
        
        

      

      
        111

        
          

        

      

      
        
        

      

    

    “Developer
      Partner”
or
      “Developer
      Partners”
has
      the
      meaning set forth in the Preamble.

     

    “Direct
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Disputes”
has
      the
      meaning set forth in Section 10.4(a) hereof.

     

    “Embargoed
      Person”
has
      the
      meaning set forth in Section 10.12(i) hereof.

     

    “ERISA”
means
      Employee Retirement Income Security Act of 1974, as amended.

     

    “ERISA
      Plan”
means
      an employee benefit plan, as defined in ERISA Section 3(3), that is subject
      to
      ERISA, or a plan that is subject to Section 4975 of the Code.

     

    “Financial
      Closing”
has
      the
      meaning set forth in the Recitals.

     

    “Fiscal
      Year”
means
      the twelve month period ending December 31 of each year; provided that the
      first
      Fiscal Year shall be the period beginning on the date the Partnership is formed
      and ending on December 31, 2005, and the last Fiscal Year shall be the period
      beginning on January 1 of the calendar year in which the final liquidation
      and
      termination of the Partnership is completed and ending on the date such final
      liquidation and termination is completed (to the extent any computation or
      other
      provision hereof provides for an action to be taken on a Fiscal Year basis,
      an
      appropriate proration or other adjustment shall be made in respect of the first
      or final Fiscal Year to reflect that such period is less than a full calendar
      year period).

     

    “General
      Partner”
means
      Meadowlands Mack-Cali GP, L.L.C. and any Person who becomes a successor or
      additional general partner pursuant to the terms of this Agreement, each in
      its
      capacity as a general partner of the Partnership.

     

    “GP
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Ground
      Lease”
or
      “Ground
      Leases”
has
      the
      meaning set forth in the Recitals.

     

    “Hotel
      Ground Lease”
has
      the
      meaning set forth in the Recitals.

     

    “Hotel
      Site”
has
      the
      meaning set forth in the Recitals.

     

    “Indirect
      Capital Contributions”
has
      the
      meaning set forth in the Recitals.

     

    “Interest”
means
      the entire ownership interest (which may be expressed as a percentage) of a
      Partner in the Partnership at any particular time, including the right of such
      Partner to any and all benefits to which a Partner may be entitled pursuant
      to
      this Agreement, the Mack-Cali Rights Agreement and under the Act, together
      with
      all obligations of such Partner to comply with the terms and provisions of
      this
      Agreement, the Mack-Cali Rights Agreement and the Act. The Interest of each
      Partner is set forth on Exhibit
      B
      hereto,
      as the same is amended from time to time.

     

    
      
        
        

      

      
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    “License
      Agreement”
shall
      mean that certain License Agreement, dated on or about the date hereof, by
      and
      among MDLP, the Partnership, ERC Meadowlands Mills/Mack-Cali Limited
      Partnership, A-B Office Meadowlands Mack-Cali Limited Partnership, C-D Office
      Meadowlands Mack-Cali Limited Partnership and Baseball Meadowlands
      Mills/Mack-Cali Limited Partnership.

     

    “Limited
      Partner”
has
      the
      meaning set forth in the Preamble and includes any Person who becomes a
      successor or additional limited partner pursuant to the terms of this Agreement,
      each in its capacity as a limited partner of the Partnership.

     

    “Mack-Cali
      Rights Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “Marks”
has
      the
      meaning set forth in the License Agreement.

     

    “Major
      Decisions”
has
      the
      meaning set forth in Section 5.2.

     

    “MC
      Entertainment”
has
      the
      meaning set forth in the Recitals.

     

    “MC
      Partners”
      has the
      meaning set forth in the Recitals.

     

    “MDLP”
means
      Meadowlands Developer Limited Partnership (f/k/a Meadowlands Mills/Mack-Cali
      Limited Partnership) and any Person who becomes a successor or additional
      general partner pursuant to the terms of this Agreement, each in its capacity
      as
      a general partner of the Partnership.

     

    “Meadowlands
      Xanadu”
      has the
      meaning set forth in the Recitals.

     

    “NJSEA”
has
      the
      meaning set forth in the Recitals.

     

    “Original
      Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “Partner”
or
      “Partners”
      has the
      meaning set forth in the Preamble.

     

    “Partnership”
has
      the
      meaning set forth in the Recitals.

     

    “Person”
means
      any individual, corporation, partnership, limited liability company, joint
      venture, estate, trust, unincorporated association, any federal, state, county
      or municipal government or any bureau, department or agency thereof and any
      fiduciary acting in such capacity on behalf of any of the
      foregoing.

     

    “Premises”
has
      the
      meaning assigned to that term in the Hotel Ground Lease.

     

    “Prepaid
      Rent Allocations”
has
      the
      meaning set forth in the Recitals.

     

    “Project”
shall
      have the meaning specified in the Redevelopment Agreement as it relates solely
      to the Hotel Site.

     

    “Project
      Site”
has
      the
      meaning set forth in the Recitals.

     

    
      
        
        

      

      
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    “Redemption”
has
      the
      meaning set forth in the Recitals.

     

    “Redevelopment
      Agreement”
has
      the
      meaning set forth in the Recitals.

     

    “ROFR
      Component Entity”
or
      “ROFR
      Component Entities”
      has the
      meaning set forth in the Mack-Cali Rights Agreement.

     

    “Securities
      Act”
has
      the
      meaning set forth in Section 10.12(e) hereof.

     

    “Securities
      Laws”
has
      the
      meaning set forth in Section 10.12(e) hereof.

     

    “Special
      General Partner”
has
      the
      meaning set forth in the Preamble and includes any Person who becomes a
      successor or additional special general partner pursuant to the terms of this
      Agreement, each in its capacity as a special general partner of the
      Partnership.

     

    “Take
      Down”
has
      the
      meaning ascribed to such term in the Mack-Cali Rights Agreement.

     

    “Tenant
      Partnerships”
has
      the
      meaning set forth in the Recitals.

     

    “Transfer”
has
      the
      meaning set forth in Section 7.1 hereof.

     

    “Transferor”
has
      the
      meaning set forth in Section 7.2(c)(i) hereof.

     

    “Transferee”
has
      the
      meaning set forth in Section 7.2(c)(i) hereof.

     

    

     

    

     

    THE
      PARTNERSHIP; partners

     

    Formation,
      Name and Existence.
      The
      Developer Partners, prepared, executed and filed a Certificate with the
      Secretary of State of Delaware on June 16, 2005 and the Partners prepared,
      executed and filed or caused to be filed an Amended and Restated Certificate
      of
      Limited Partnership of the Partnership on the date hereof (the “Amended
      Certificate”).
      The
      Partners hereby confirm and ratify the formation and existence of the
      Partnership under the name “Hotel Meadowlands Limited Partnership”, as a
      Delaware limited liability partnership, pursuant to the provisions of the Act
      and this Agreement. The existence of the Partnership as a separate legal entity
      shall continue until cancellation of the Amended Certificate as provided in
      the
      Act.

     

    Partners.
      The
      names and Interests of the Partners are set forth in Exhibit
      B
      attached
      hereto.

     

    Special
      General Partner.
      Special
      General Partner is admitted to the Partnership solely as a general partner
      without economic rights with respect to any capital, profit, loss, deductions,
      credits and allowances of the Partnership or any cash or other property
      distributable by the Partnership.

     

    
      
        
        

      

      
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    Purpose.
      The
      purposes and businesses of the Partnership shall be limited to the following:
      (a) acquiring and holding a leasehold interest in the Premises pursuant to
      the
      Hotel Ground Lease; (b) designing, constructing, developing, leasing, operating,
      managing and disposing of the Premises or interests therein; (c) financing
      the
      Premises; and (d) transacting any and all lawful business for which a limited
      partnership may be organized under the laws of the State of Delaware that is
      incident, necessary and appropriate to accomplish the foregoing.

     

    Tax
      Status.
      The
      Partners intend that the Partnership constitute an entity disregarded from
      its
      owner for federal income tax purposes and no Partner, or any transferee or
      successor thereto, shall take any action or report anything inconsistent with
      such intended tax status.

     

    Principal
      Office and Place of Business.
      The
      principal office and place of business of the Partnership shall be the principal
      office of the General Partner or such other address as the General Partner
      directs. The Partnership may have such additional offices as the General Partner
      deems advisable.

     

    Registered
      Agent.
      The
      registered agent of the Partnership shall be Corporation Services Company,
      2711
      Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808.
      The
      General Partner shall have the right to change the registered agent of the
      Partnership at any time in compliance with the Act and the laws of all other
      jurisdictions in which the Partnership may elect to conduct
      business.

     

    

     

    CONTRIBUTION
      BY THE PARTNERS

     

    Initial
      Capital of the Partnership.
      As a
      result of the transactions described in the Recitals, the Developer Partners
      respectively each contributed a portion of the Aggregate Capital Contributions
      to the capital of the Partnership. No Partner shall be treated as having
      contributed to the Partnership any portion of the Prepaid Rent Allocations
      and
      no Partner shall receive any credit in its capital account for any portion
      of
      the Prepaid Rent Allocations.

     

    Limitation
      on Withdrawal of Capital.
      Except
      as expressly provided in this Agreement, no Partner (a) shall have the right
      to
      withdraw or receive any return on its contributions or claim to any Partnership
      capital prior to termination of the Partnership pursuant to Article VIII hereof,
      (b) shall have any right to demand and receive property other than cash in
      return for its contributions, or (c) shall be liable to any other Partner for
      the return of such Partner’s contributions to the Partnership, or any portion
      thereof, it being expressly understood that such return shall be made solely
      from Partnership assets.

     

    

     

    

     

    PROFIT
      AND LOSSES; DISTRIBUTIONS

     

    Profits
      and Losses.
      All
      income, profits, losses, deductions and credits of the Partnership shall be
      allocated to the Developer Partners.

     

    
      
        
        

      

      
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    Distributions.
      Any
      distributions made by the Partnership shall be made to the Developer
      Partners.

     

    

     

    MANAGEMENT;
      LEGAL TITLE TO PROPERTY

     

    Management
      Authority. 

     

    Except
      as
      otherwise expressly provided in this Agreement, the Mack-Cali Rights Agreement
      or in the Act, management decisions of the Partnership shall be made solely
      by
      the General Partner, which shall be solely responsible for the conduct of the
      Partnership’s business subject to the provisions of this Agreement, the
      Mack-Cali Rights Agreement and applicable law. The General Partner shall have
      all of the rights, powers, duties and obligations of a general partner as
      provided in the Act and as otherwise provided by law, and any action taken
      by
      the General Partner that is not in violation of this Agreement, the Act or
      other
      applicable law shall constitute the act of and serve to bind the Partnership.
      Except as otherwise expressly provided herein, the Limited Partner shall not
      have or exercise any right in connection with the management of the
      Partnership’s business. 

     

    The
      General Partner shall devote itself to the business and purpose of the
      Partnership, as set forth in Section 2.4 above, to the extent reasonably
      necessary for the efficient carrying on thereof (it being acknowledged, however,
      that the General Partner shall not be required to devote its time exclusively
      to
      the operation of the Partnership), without compensation. Whenever requested
      by
      any of the other Partners, the General Partner shall render a just and faithful
      account of all dealings and transactions relating to the business of the
      Partnership. The acts of the General Partner shall bind the Partnership when
      within the scope of the General Partner’s authority expressly granted
      hereunder.

     

    Major
      Decisions.
      Unless
      otherwise indicated, capitalized terms in this Section 5.2 that are not defined
      in this Agreement shall be defined as set forth in the Mack-Cali Rights
      Agreement. The Partners shall not take the following decisions (each a
“Major
      Decision”)
      without the prior written approvals as specified below. In the event of a
      failure to agree on a matter set forth in this Section 5.2, the matter shall
      be
      submitted to mediation and/or arbitration in accordance with Section 10.4 of
      this Agreement. 

     

    The
      following decisions or acts with respect to, or on the part of, the Partners
      shall require the prior written Approval of the other Partners, which Approval
      may not be unreasonably withheld, delayed or conditioned by a Partner. If a
      Partner (directly or through its authorized representative) shall request that
      another Partner provides such written approval, the requested Partner (directly
      or through its authorized representatives) shall have ten (10) Business Days
      after receipt of a written request from the requesting Partner to grant or
      deny
      such approval provided that the requested Partner shall have received
      information as reasonably required to render such decision. A failure of the
      requested Partner to provide such written approval or denial within such ten
      (10) Business Day period shall be deemed to mean that the requested Partner
      shall have granted such written approval):

     

    
      
        
        

      

      
        116

        
          

        

      

      
        
        

      

    

     

     

    Any
      amendment to this Agreement or other organizational documents of the
      Partnership;

     

    Entering
      into, or undertaking of, any agreement, transaction or action relating to the
      Project that (a) is not within the scope of this Agreement, or (b) is not
      contemplated by or within the scope of the Transaction Documents, or (c) is
      not
      related to the ownership, operation or management of any portion of the Project
      as contemplated by this Agreement and the Transaction Documents, in each case,
      if such action or undertaking would have an adverse effect on the Partnership
      or
      the Premises;

     

    Adjusting,
      settling or compromising any claim, obligation, debt, demand, suit or judgment
      against or on behalf of the Partnership, but only if and to the extent such
      adjustment, settlement or compromise would have an adverse effect on the
      Partnership;

     

    To
      the
      extent applicable, establishing or adjusting the gross asset value for any
      contributed or distributed asset (other than cash) to or from the Partnership,
      except as provided herein;

     

    Entering
      into any amendment to, or modification of, the Redevelopment Agreement, the
      Project Operating Agreement, the Construction Management Agreement, the
      Declaration, the Project Labor Agreement, the Ground Leases, the Right of Entry
      Agreement, the Access and Indemnity Agreement, the Master Plan, and any other
      agreement to be entered into with the NJSEA (any of which, an “Authority
      Agreement”
and,
      together, the “Authority
      Agreements”)
      which
      is inconsistent with any of the foregoing enumerated instruments but only if
      and
      to the extent adversely affecting the Partnership;

     

    Entering
      into any agreement with The New York Football Giants or The New York Football
      Jets that adversely affects the Partnership;

     

    Any
      transfer, assignment or pledge of the “Right of First Refusal” pursuant to the
      Redevelopment Agreement;

     

    Any
      voluntary action or decision which, if undertaken or made, would violate Section
      7 of the Mack-Cali Rights Agreement;

     

    To
      the
      extent applicable, preparation or identification of (and any amendment,
      modification or revision to), for submission to the NJSEA, the Final Project
      Sequencing Plan, Final Traffic and Infrastructure Sequencing Plan, the
      Preliminary Traffic and Infrastructure Improvements (including preparation
      of
      the estimated budget to permit, design and construct the Final Traffic and
      Infrastructure Improvements), marketing and publicity program referred to in
      Section 3.4(b) of the Redevelopment Agreement (regarding encouraging the use
      of
      the rail system by Project visitors), the written plan for the Job Skills
      Training referred to in Section 3.6(a) of the Redevelopment Agreement, the
      Small
      Business Marketing Plan referred to in Section 3.6(b) of the Redevelopment
      Agreement, or any other report, document or schedule pursuant to any Authority
      Agreement or the Cooperation Agreement but only if and to the extent that any
      of
      the foregoing actions or documents are inconsistent with the Authority
      Agreements or the Cooperation Agreement or adversely affect the Partnership
      or
      the Premises;

     

    
      
        
        

      

      
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    [Intentionally
      Omitted];

     

    To
      the
      extent applicable, designation or selection of the Stakeholders Liaison (as
      such
      term is defined in the Redevelopment Agreement);

     

    To
      the
      extent applicable, enforcement or written waiver of any claim or determination
      related to the assertion of an Authority Interference which Authority
      Interference has an adverse impact on the Partnership or the Premises and which
      assertion occurs prior to four (4) years after the Grand Opening
      Date;

     

    Making
      any distribution or payment by the Partnership to any Person (including any
      party hereto or any Affiliate of any party hereto) that is not expressly
      contemplated by this Agreement;

     

    Causing
      or permitting the Partnership to be in Bankruptcy;

     

    Causing
      the Partnership to incur or obtain bond debt or other public financing
      vehicle(s) other than bond debt or other public financing vehicle(s) that is
      not
      secured by a mortgage, deed of trust or other security instrument encumbering
      the Premises intended to fund Infrastructure Improvement Costs and Program
      Costs, as well as a debt service reserve fund for such loan, capitalized
      interest and other issuance costs related to the loan, as described in the
      Authority Agreements, and having commercially reasonable terms and conditions
      at
      least as favorable as follows:

     

     

    

      
        	
                a.

              	
                Loan
                  Term: not less than 10 years;

              
	
                b.

              	
                Amortization
                  Period: not less than 20 years;

              
	
                c.

              	
                Interest
                  Rate: fixed rate of not greater than 8.5% per annum or variable
                  rate of
                  LIBOR plus 300 basis points;

              
	
                d.

              	
                Maximum
                  Net Proceeds: $160,000,000;

              
	
                e.

              	
                The
                  Partnership shall only be responsible on a nonrecourse basis for
                  its
                  proportionate share of the proceeds and such obligations are several;
                  and

              
	
                f.

              	
                No
                  guaranty by the Special General Partner or its Affiliates and no
                  substitute or additional collateral (for example, a letter of credit)
                  to
                  be provided by the Special General Partner or its
                  Affiliates.

              

      

    

     

     

     

    
      
        
        

      

      
        118

        
          

        

      

      
        
        

      

    

     

     

     

    The
      granting of any mortgage, deed of trust or other security instrument encumbering
      the Premises other than to secure a loan from a third party that provides for
      the release of the Premises from the lien of the mortgage, deed of trust or
      other security instrument in connection with the Take Down of the Partnership
      as
      contemplated in Section 10 of the Mack-Cali Rights Agreement provided that
      such
      release does not require any additional payment of principal and interest or
      any
      payments, including fees or points, other than reimbursement of reasonable
      legal
      fees to effectuate the same; 

     

    [Intentionally
      Omitted];

     

    To
      the
      extent applicable, adjusting, settling or compromising any claim, obligation,
      debt, demand, suit or judgment against or on behalf of the Partnership in excess
      of the greater of (a) $1,000,000 in the aggregate, or (b) five percent (5%)
      of
      stabilized net operating income of the Partnership (with such stabilized net
      operating income being defined to mean the net operating income for the third
      full Fiscal Year after Completion (as defined in the Redevelopment Agreement)
      shall have occurred with respect to the Premises);

     

    To
      the
      extent applicable, approval of the operator of the Premises; and

     

    To
      the
      extent applicable, approval of the management agreement or operating lease
      with
      the operator respecting the operation of the Premises.

     

    The
      following decisions and acts with respect to, or on the part of, a Partner
      shall
      require the prior written Approval of the Partners, which approval may be
      granted or withheld in the other Partners’ sole and absolute discretion. If a
      Partner (directly or through its authorized representative) shall request that
      another Partner provides such written approval, the requested Partner (directly
      or through its authorized representatives) shall have ten (10) Business Days
      after receipt of a written request from the requesting Partner to grant or
      deny
      such approval provided that the requested Partner shall have received
      information as reasonably required to render such decision. A failure of the
      requested Partner to provide such written approval or denial within such ten
      (10) Business Day period shall be deemed to mean that the requested Partner
      shall have granted such written approval):

     

    
      
        
        

      

      
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    The
      undertaking of any of the following acts if and to the extent inconsistent
      with
      this Agreement or the Partnership’s organizational documents or any of the
      Authority Agreements that would: (a) cause the Partnership’s dissolution or
      termination other than contemporaneous with or subsequent to the sale or other
      disposition of all or substantially all of the Partnership’s assets, or (b)
      cause the Partnership to become an entity other than a “limited partnership”
organized under the Act (including, without limitation, under any conversion
      statute);

     

    Possessing
      any Partnership or Partner property, or assigning any rights in specific
      property for other than an entity purpose;

     

    Except
      as
      otherwise permitted by this Agreement, admitting or permitting or causing the
      Partnership to admit new or substitute partners, causing the Partnership to
      redeem or repurchase all or any of a Partner’s Interest, agreeing to issue,
      directly or indirectly, any Interests in the Partnership, or granting, issuing
      or agreeing to grant or issue, directly or indirectly, any right, option or
      warrant to subscribe for, purchase, or otherwise acquire Interests in the
      Partnership;

     

    Changing
      the name of the Partnership or the name under which any such entity does
      business from the name(s) set forth in such entity’s organizational
      documents;

     

    Authorizing
      or effectuating a merger or consolidation of the Partnership with or into one
      or
      more other entities;

     

    Authorizing
      or effectuating a dissolution, liquidation, termination or winding up of the
      Partnership other than contemporaneous with or subsequent to a sale or other
      disposition of all or substantially all of the Partnership’s
      assets;

     

    Making
      the election (or otherwise doing anything else) which would result in the
      Partnership being treated as anything other than a “partnership” for federal,
      state, local and, as applicable, foreign tax purposes; 

     

    Taking
      any affirmative action not contemplated in this Agreement with the intent that
      the Special General Partner shall have personal liability for any of the
      expenses, debts, obligations, liabilities, contracts, judgments or other
      obligations of the Partnership; and 

     

    Development
      or construction of any office or hotel within Meadowlands Xanadu.

     

    Title
      to Land.
      Legal
      title to the Premises and other property of the Partnership shall be taken
      and
      at all times held in the name of the Partnership.

     

    
      
        
        

      

      
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    Section
      5.4 No
      Contracts with Affiliates.
      Except
      as otherwise provided herein, no Partner shall enter into any agreement or
      other
      arrangement for the furnishing to or by the Partnership of goods or services
      or
      leases, subleases, licenses, concessions or other agreements with any Person
      who
      is an Affiliate of such Partner (including leases of space to Affiliate
      businesses) unless goods or services are provided to the Partnership of such
      lease or other payments are at market rates of compensation and the terms and
      conditions thereof are approved by Special General
      Partner.

     

     

    

     

     

    Section
      5.5 Notice
      of Lawsuits, Liens, Defaults under Loans, etc.
      Each of the Partners shall notify the other Partners as soon as reasonably
      possible upon receipt of any written notice of: (i) the filing or threatened
      filing of any action in law or in equity naming the Partnership, as a party
      relating in any material way to any portion of the Hotel Site; or (ii) any
      actions to impose material liens of any kind whatsoever or of the imposition
      of
      any lien
      whatsoever against its assets including the Hotel Ground Lease or any portion
      thereof, that may have a material adverse effect on the Partnership.

     

    
      
        
        

      

      
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    FISCAL
      YEAR, BOOKS AND RECORDS, BANK ACCOUNTS

     

    Fiscal
      Year.
      The
      Fiscal Year of the Partnership shall be the calendar year.

     

    Books
      and Records.

     

    There
      shall be kept and maintained at the Partnership’s principal place of business
      full and accurate books and records showing all receipts and expenditures,
      assets and liabilities, profits, losses and distributions, and all other records
      necessary for recording the Partnership’s business and affairs.

     

    The
      books
      of the Partnership shall be kept on the accounting method determined by the
      General Partner and shall show at all times each and every item of income and
      expense.

     

    Each
      Partner shall have the right at all reasonable times and upon reasonable advance
      notice, during usual business hours, to audit, examine, and make copies of
      extracts from the books of account of the Partnership. Such right may be
      exercised through any agent, employee, or independent public accountant
      designated by such Partner. Each Partner shall bear all expenses incurred in
      any
      examination made for such Partner’s account.

     

    Bank
      Accounts.
      The
      funds of the Partnership shall be deposited in such bank account or accounts
      of
      the Partnership as the General Partner determines are required, and the General
      Partner shall arrange for the appropriate conduct of such accounts.

     

    Tax
      Returns and Financial Statements.
      Tax
      returns and the annual financial statements of the Partnership shall be prepared
      by, or at the direction of, the General Partner as soon as practicable after
      the
      expiration of a tax year and copies of the same shall be delivered to the
      Partners within a reasonable time thereafter.

     

    
 

     

    SALE,
      TRANSFER OR MORTGAGE OF INTERESTS

     

    General.
      Except
      as expressly permitted in Sections 7.2 and 7.3 of this Agreement or as otherwise
      expressly permitted in this Agreement, no Partner shall directly or indirectly
      sell, assign, transfer, pledge, mortgage, convey, charge or otherwise encumber
      or contract to do or permit any of the foregoing, whether voluntarily or by
      operation of law (herein sometimes collectively called a “Transfer”),
      or
      suffer any Affiliate or other third party to Transfer, any part or all of its
      Interest or its share of capital, profits, losses, allocations or distributions
      hereunder without the express prior written consent of Special General Partner,
      which consent may be withheld for any or no reason whatsoever. Any attempt
      to
      Transfer in violation of this Article VII shall be null and void. The giving
      of
      consent in any one or more instances of Transfer shall not limit or waive the
      need for such consent in any other or subsequent instances. Transfers of
      ownership interests in Special General Partner or any of its Affiliates
      (including Mack-Cali Realty Corporation or Mack-Cali Realty, L.P.) or Developer
      Partners or any of their respective Affiliates (including Meadowlands Limited
      Partnership, Colony Investors VII, LP, Dune Capital Management LP, Kan Am
      Limited Partnership, The Mills Corporation or The Mills Limited Partnership)
      shall not constitute a “Transfer” hereunder. 

     

    Permitted
      Transfers.
      

     

    Transfers
      By Special General Partner.
      Without
      the consent of any other Partner, Special General Partner may from time to
      time
      (i) Transfer its Interest, in whole or in part (A) to an Affiliate of such
      Transferor or (B) from an Affiliate to another Affiliate of such Transferor,
      (ii) Transfer the aggregate Interests held by such Transferor and its Affiliates
      to a Person other than an Affiliate so long as (A) such Transferor has the
      right
      to control the day to day operations of such Person and (B) such Transferor
      or
      its Affiliate owns at least fifty percent (50%) of the beneficial interest
      in
      such Person, or (iii) mortgage, pledge or hypothecate all or any portion of
      such
      Interest so long as the Person to which such Interest is mortgaged, pledged
      or
      hypothecated cannot foreclose or otherwise realize upon such collateral and
      elect to become a substitute Partner. 

     

    
      
        
        

      

      
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    Transfer
      By the Developer Partner.
      Without
      the consent of any other Partner, each Developer Partner may from time to time
      (i) Transfer its Interest, in whole or in part (A) to an Affiliate of such
      Transferor or (B) from an Affiliate to another Affiliate of such Transferor,
      (ii) Transfer the aggregate Interests held by such Transferor and its Affiliates
      to a Person other than an Affiliate so long as (A) such Transferor has the
      right
      to control the day to day operations of such Person and (B) such Transferor
      or
      its Affiliate owns at least fifty percent (50%) of the beneficial interest
      in
      such Person, or (iii) mortgage, pledge or hypothecate all or any portion of
      such
      Interest so long as the Person to which such Interest is mortgaged, pledged
      or
      hypothecated cannot foreclose or otherwise realize upon such collateral and
      elect to become a substitute Partner. 

     

    Agreements
      with Transferees.
      

     

    If
      pursuant to the provisions of Sections 7.2(a) or (b), any Partner (“Transferor”)
      shall
      purport to make a Transfer of any part of its Interest to any Person
      (“Transferee”),
      no
      such Transfer shall entitle Transferee to any benefits or rights hereunder
      until:

     

    Transferee
      agrees in writing to assume and be bound by all the obligations of Transferor
      and be subject to all the restrictions to which Transferor is subject under
      the
      terms of this Agreement and any agreements with respect to the Project to which
      Transferor is then subject or is then required to be a party; and 

     

    Transferor
      and Transferee enter into a written agreement with the Partnership which
      provides (x) in the case of a partial transfer of Interests, that Transferor
      is
      irrevocably designated the proxy of Transferee to exercise all voting and other
      approval rights appurtenant to the Interest acquired by Transferee, (y) that
      Transferor shall remain liable for all obligations arising under this Agreement
      prior to or after such Transfer in respect of the Interest so transferred;
      provided, however, that as to any Transfer to a non-Affiliate of the Transferor,
      Transferor shall only be liable for all obligations arising under this Agreement
      and any agreements with respect to the Project to which Transferor is then
      subject or is then required to be a party from and after such Transfer in
      respect of the Interest so transferred; and (z) that Transferee shall indemnify
      the Partners from and against all claims, losses, liabilities, damages, costs
      and expenses (including reasonable attorneys’ fees and court costs) which may
      arise as a result of any breach by Transferee of its obligations hereunder.
      

     

    
      
        
        

      

      
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    No
      Transferee of any Interest shall make any further disposition except in
      accordance with the terms and conditions hereof.

     

    All
      costs
      and expenses incurred by the Partnership, or the non-transferring Partners,
      in
      connection with any Transfer of a Interest, including any filing or recording
      costs and the fees and disbursements of counsel, shall be paid by
      Transferor.

     

    Take
      Down by Special General Partner.
      Notwithstanding anything herein to the contrary, if the Special General Partner
      exercises a Take Down, the provisions of Section 11 of that certain Limited
      Partnership Agreement of Meadowlands Mills/Mack-Cali Limited Partnership, dated
      November 25, 2003, shall be incorporated herein or any amendment or restatement
      hereof pursuant to and in accordance with Section 10.6 of the Mack-Cali Rights
      Agreement.

     

    Sale
      Rights of Special General Partner and Developer Partners; Right of First
      Offer.
      Except
      as provided in Section 7.2, no Partner may sell all or any portion of its or
      its
      Affiliates’ Interest at any time prior to the date that is three (3) years after
      the date of issuance of the certificate of occupancy for the core and shell
      of
      the Project. 

     

    Restraining
      Order.
      If any
      Partner shall at any time Transfer or attempt to Transfer its Interest or part
      thereof in violation of the provisions of this Agreement and any rights hereby
      granted, then the other Partners shall, in addition to all rights and remedies
      at law and in equity, be entitled to a decree or order restraining and enjoining
      such Transfer and the offending Partner shall not plead in defense thereto
      that
      there would be an adequate remedy at law; it being hereby expressly acknowledged
      and agreed that damages at law will be an inadequate remedy for a breach or
      threatened breach of the violation of the provisions concerning Transfer set
      forth in this Agreement. 

     

    ERISA.
      No
      Partner shall Transfer all or any part of its Interests to any party, including
      another Partner, whether or not the Transfer would otherwise be permitted
      hereunder, if the Transfer would result in the assets of the Partnership being
      deemed to include assets of an ERISA Plan. At the request of such other Partners
      and as a condition of the consummation of any Transfer of all or part of a
      Interest to any party, including another Partner, the Partner proposing to
      Transfer all or any part of its Interest shall, at its cost, provide an
      unqualified opinion of counsel, which must be reasonably satisfactory to each
      such other Partners, that the Transfer would not result in the assets of the
      Partnership being deemed to include assets of an ERISA Plan, and in addition
      to
      such other Partner’s rights under Section 7.4, the Partner proposing to Transfer
      shall indemnify and hold harmless such other Partners (except any Partner that
      is the proposed purchaser), from and against any and all loss, cost, tax,
      liability or expense (including but not limited to reasonable attorneys’ fees
      and court costs) which such other Partners may suffer if the Transfer would
      cause the assets of the Partnership being deemed to include assets of any ERISA
      Plan. 

     

    
      
        
        

      

      
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    Admission
      of Additional Partners. 

     

    No
      Person
      may be admitted as an additional Partner of the Partnership (in contrast with
      admission as a substitute Partner in connection with a Permitted Transfer)
      without the consent of the General Partner and the Special General Partner.
      

     

    Any
      additional or substitute Partner admitted to the Partnership shall execute
      and
      deliver documentation in form satisfactory to the General Partner accepting
      and
      agreeing to be bound by this Agreement, and such other documentation as the
      General Partner shall reasonably require in order to effect such Person’s
      admission as an additional Partner. The admission of any Person as an additional
      Partner shall become effective on the date upon which the name of such Person
      is
      recorded on the books and records of the Partnership following the consent
      of
      the General Partner to such admission.

     

    Override
      on Permitted Transfers.
      

     

    It
      is
      expressly understood and agreed that any Transfer permitted pursuant to this
      Article VII shall in all instances be prohibited (and, if consummated, shall
      be
      void ab
      initio)
      if such
      Transfer does not comply with all applicable laws, rules and regulations and
      other requirements of governmental authorities, including, without limitation,
      Executive Order 13224 (September 23, 2001), the rules and regulations of the
      Office of Foreign Assets Control, Department of Treasury, and any enabling
      legislation or other Executive Orders in respect thereof. 

     

    Each
      admitted Partner shall be required to make the representations and warranties
      set forth in Section 10.12 of this Agreement to the other Partner(s) and the
      Partnership as of the date of such Partner’s admission into the Partnership.
      Each Partner shall be deemed to make the representations and warranties set
      forth in Section 10.12(h)-(k) of this Agreement to the Partners and the
      Partnership on behalf of any Person that acquires a beneficial ownership
      interest in such Partner as of the date of such acquisition.

     

    

     

    
      
        
        

      

      
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    TERM,
      DISSOLUTION AND TERMINATION

     

    Term.
      The
      Partnership shall have perpetual existence, unless sooner dissolved and
      liquidated in accordance with the provisions hereof.

     

    Dissolution
      in Certain Events. 

     

    The
      Partnership shall be dissolved, and its affairs shall be wound up, upon the
      first to occur of the following: (i) (A) all of the Partners of the Partnership
      approve in writing, or (B) the Partnership sells or otherwise disposes of its
      interest in all or substantially all of its assets or (ii) (A) the occurrence
      of
      an event of withdrawal (as defined in the Act) with respect to a General
      Partner, other than an event of withdrawal set forth in Section 17-402(a)(4)
      or
      (5) of the Act; provided, the Partnership shall not be dissolved and required
      to
      be wound up in connection with any of the events described in this
      clause (ii)(A) if (1) at the time of the occurrence of any such event there
      is
      at least one remaining General Partner of the Partnership who is hereby
      authorized to and shall carry on the business of the Partnership, or (2) if
      at
      such time there is no remaining General Partner, if within ninety (90) days
      after such event of withdrawal, the Limited Partner agrees in writing or votes
      to continue the business of the Partnership and to appoint, effective as of
      the
      day of withdrawal, one or more additional General Partners, or (3) the
      Partnership is continued without dissolution in a manner permitted by the Act
      or
      this Agreement, (B) there are no limited partners of the Partnership unless
      the
      business of the Partnership is continued in accordance with the Act and this
      Agreement or (C) the entry of a decree of judicial dissolution under Section
      17-802 of the Act.

     

    Upon
      the
      occurrence of any event that results in the General Partner ceasing to be a
      General Partner of the Partnership under the Act, if at the time of the
      occurrence of such event there is at least one remaining General Partner of
      the
      Partnership, such remaining General Partner of the Partnership is hereby
      authorized to and, to the fullest extent permitted by law, shall, carry on
      the
      business of the Partnership. Upon the occurrence of any event that causes the
      last remaining General Partner of the Partnership to cease to be a General
      Partner of the Partnership, to the fullest extent permitted by law, all the
      Partners agree that the “personal representative” of such general partner is
      hereby authorized to, and shall, within ninety (90) days after the occurrence
      of
      the event that terminated the continued membership of such General Partner
      in
      the Partnership, agree in writing (i) to continue the Partnership and (ii)
      to
      the admission of the personal representative or its nominee or designee, as
      the
      case may be, as a substitute General Partner of the Partnership, effective
      as of
      the occurrence of the event that terminated the continued membership of the
      last
      remaining General Partner of the Partnership in the Partnership.

     

    Upon
      the
      occurrence of any event that causes the last remaining Limited Partner of the
      Partnership to cease to be a Limited Partner of the Partnership, to the fullest
      extent permitted by law, all the Partners agree that the personal representative
      of such Limited Partner is hereby authorized to, and shall, within ninety (90)
      days after the occurrence of the event that terminated the continued membership
      of such Limited Partner in the Partnership, agree in writing (i) to continue
      the
      Partnership and (ii) to the admission of the personal representative or its
      nominee or designee, as the case may be, as a substitute limited partner of
      the
      Partnership, effective as of the occurrence of the event that terminated the
      continued membership of the last remaining Limited Partner of the Partnership
      in
      the Partnership.

     

     

    
      
        
        

      

      
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    Notwithstanding
      any other provision of this Agreement to the contrary, the Bankruptcy of, or
      the
      occurrence of any event set in Sections 17-402(a)(4) and (5) of the Act with
      respect to, the General Partner shall not cause the General Partner to cease
      to
      be a General Partner of the Partnership, and upon the occurrence of such an
      event, the Partnership shall continue without dissolution.

     

    The
      death, incompetency, Bankruptcy, dissolution or other cessation to exist as
      a
      legal entity of a Limited Partner shall not, in and of itself, dissolve the
      Partnership.
      In any such event, the personal representative (as defined in the Act) of such
      Limited Partner may exercise all of the rights of such. Limited Partner for
      the
      purpose of settling such Limited Partner’s estate or administering its property,
      subject to the terms and conditions of this Agreement.

     

    Procedures
      upon Dissolution.
      Upon
      dissolution of the Partnership, the Partnership shall be terminated and the
      General Partner shall liquidate the assets of the Partnership. The proceeds
      of
      liquidation shall be applied and distributed in the following order or
      priority:

     

    first,
      to
      the satisfaction (whether by payment or the making of reasonable provision
      for
      payment thereof) of the debts and liabilities of the Partnership and the
      expenses of liquidation; and

     

    thereafter,
      to the Developer Partners in proportion to their respective Interests in the
      Partnership.

     

    A
      reasonable time shall be allowed for the orderly liquidation of the assets
      of
      the Partnership and the discharge of liabilities. During the period beginning
      with the dissolution of the Partnership and ending with its liquidation and
      termination of the Agreement pursuant to this Section 8.3, the business affairs
      of the Partnership shall be conducted by the General Partner. During such
      period, the business and affairs of the Partnership shall be conducted so as
      to
      preserve the assets of the Partnership and maintain the status thereof which
      existed immediately prior to such termination.

     

    

     

    
      
        
        

      

      
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    USE
      OF
      MARK AND MACK-CALI PARTNERS’ NAMES

     

     

    

     

     

    Section
      9.1 Use
      of
      Mark by Partnership.
      MDLP, the Partnership and the other signatories thereto will enter into, on
      or
      about the date hereof, into the License Agreement which shall provide for the
      use of the Marks, without a fee, by the signatories thereto.

     

    
      
        
        

      

      
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    Section
      9.2 Use
      of
      Special General Partner’s Name.
      Special General Partner and its Affiliates shall in their sole discretion
      determine whether to permit the use of their names in connection with the
      Partnership. The Developer Partners and their respective Affiliates acknowledge
      and agree that the name of Special General Partner and any of its Affiliates
      may
      not be used by the Developer Partners, any of their respective Affiliates or
      the
      Partnership in connection with the Partnership without the prior written consent
      of Special General Partner. 

     

     

    

     

     

    Section
      9.3 No
      Use
      of Related Mark.
      Neither Special General Partner nor its Affiliates shall be permitted to use
      the
      word “Xanadu” in any manner except as provided in the License
      Agreement.

     

    
      
        
        

      

      
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    MISCELLANEOUS

     

    Liability
      Among Partners; Exculpation and Indemnification. 

     

    No
      Partner shall be liable to any other Partners or to the Partnership by reason
      of
      its actions or omission in connection with the Partnership except in the case
      of
      actual fraud, gross negligence or willful misconduct. Neither the Partners,
      nor
      any officer, director, manager, member employee, representative, agent or
      affiliate of the Partners, nor any of their respective officers, directors,
      managers or members (each a “Covered
      Person,”
and
      collectively, the “Covered
      Persons”)
      shall
      be liable to the Partnership or any other Person who has an interest in or
      claim
      against the Partnership for any loss, damage or claim incurred by reason of
      any
      act or omission performed or omitted by such Covered Person in good faith on
      behalf of the Partnership and in a manner reasonably believed to be within
      the
      scope of the authority conferred on such Covered Person by this Agreement,
      except that a Covered Person shall be liable for any such loss, damage or claim
      incurred by reason of such Covered Person’s fraud, gross negligence or willful
      misconduct.

     

    To
      the
      fullest extent permitted by applicable law, each Covered Person shall be
      entitled to indemnification from the Partnership for any loss, damage or claim
      incurred by such Covered Person by reason of any act or omission performed
      or
      omitted by such Covered Person in good faith on behalf of the Partnership and
      in
      a manner reasonably believed to be within the scope of the authority conferred
      on such Covered Person by this Agreement, except that no Covered Person shall
      be
      entitled to be indemnified in respect of any loss, damage or claim incurred
      by
      such Covered Person by reason of such Covered Person’s fraud, gross negligence
      or willful misconduct with respect to such acts or omissions; provided,
      however,
      that
      any indemnity under this Section 9.1 by the Partnership shall be provided out
      of
      and to the extent of Partnership assets only, and the Partners shall not have
      personal liability on account thereof

     

    
      
        
        

      

      
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    To
      the
      fullest extent permitted by applicable law, expenses (including legal fees)
      incurred by a Covered Person defending any claim, demand, action, suit or
      proceeding shall, from time to time, be advanced by the Partnership prior to
      the
      final disposition of such claim, demand, action, suit or proceeding upon receipt
      by the Partnership of an undertaking by or on behalf of the Covered Person
      to
      repay such amount if it shall be determined that the Covered Person is not
      entitled to be indemnified as authorized in this Section 10.1.

     

    A
      Covered
      Person shall be fully protected in relying in good faith upon the records of
      the
      Partnership and upon such information, opinions, reports or statements presented
      to the Partnership by any Person as to matters the Covered Person reasonably
      believes are within such other Person’s professional or expert competence and
      who has been selected with reasonable care by or on behalf of the Partnership,
      including information, opinions, reports or statements as to the value and
      amount of the assets, liabilities, or any other facts pertinent to the existence
      and amount of assets from which distributions to the Partners might properly
      be
      paid.

     

    To
      the
      extent that, at law or in equity, a Covered Person has duties (including
      fiduciary duties) and liabilities relating thereto to the Partnership or to
      any
      other Covered Person, a Covered Person acting under this Agreement shall not
      be
      liable to the Partnership or to any other Covered Person for its good faith
      reliance on the provisions of this Agreement or any approval or authorization
      granted by the Partnership or any other Covered Person. The provisions of this
      Agreement, to the extent that they restrict the duties and liabilities of a
      Covered Person otherwise existing at law or in equity, are agreed by the
      Partners to replace such other duties and liabilities of such Covered
      Person.

     

    Except
      as
      otherwise expressly provided in this Agreement, each Partner shall look solely
      to the assets of the Partnership for all distributions contemplated by this
      Agreement or otherwise with respect to the Partnership and, if applicable,
      such
      Partner’s capital contributions in the Partnership (including return thereof),
      and such Partner’s share of profits or losses thereof, and shall have no
      recourse therefor (upon dissolution or otherwise) against any other Partner.
      Notwithstanding anything to the contrary contained in this Agreement, the
      Partnership, and the General Partner on behalf of the Partnership, shall not
      be
      required to make a distribution to any Partner contemplated by this Agreement
      if
      such distribution would violate the Act or other applicable law.

     

    The
      indemnification rights contained in this Section 10.1 shall be cumulative of,
      and in addition to, any and all rights, remedies and recourses to which the
      Covered Persons shall be entitled, whether pursuant to the provisions of this
      Agreement, at law or in equity.

     

    The
      foregoing provisions of this Section 10.1 shall survive any termination of
      this
      Agreement.

     

    [Intentionally
      Omitted] 

     

    Take
      Down.
      Pursuant to the Mack-Cali Rights Agreement, the Partners acknowledge and agree
      that the Special General Partner has certain Take Down rights with respect
      to
      the Partnership as more particularly set forth in the Mack-Cali Rights Agreement
      and incorporated by reference herein. Upon the exercise of the Special General
      Partner’s option to Take Down, the General Partner shall cause the Partnership
      to issue limited partnership interests to the Special General Partner, and/or
      its Affiliate(s), in consideration for its obligations following a Take-Down
      and
      this Agreement shall be amended and restated in accordance with this Section
      10.3 and with the terms and conditions the Mack-Cali Rights Agreement. If the
      Special General Partner does not exercise its Take Down option, as more fully
      described in the Mack-Cali Rights Agreement within the time periods and on
      the
      conditions described therein then the interest of the Special General Partner
      in
      the Partnership shall immediately terminate and the Special General Partner
      shall cease to be a partner in the Partnership for all purposes, all as more
      fully described in the Mack-Cali Rights Agreement.

     

     

    
      
        
        

      

      
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    Mediation
      and Arbitration.
      Unless
      otherwise indicated, capitalized terms in this Section 10.4 that are not defined
      in this Agreement shall be defined as set forth in the Mack-Cali Rights
      Agreement. 

     

    Unless
      otherwise expressly provided herein, it is understood and agreed by the Partners
      that, in the event any dispute, disagreement, claim or controversy arises
      between any of the Partners, arising under or related to this Agreement or
      relating to any approvals or agreements required to be given or made by the
      parties hereto under this Agreement, including a dispute, disagreement, claim
      or
      controversy in connection with a Major Decision (the “Disputes”),
      then,
      at the request of any of the Partners, the disputing parties shall resolve
      the
      Dispute promptly through confidential mediation with a mediator jointly selected
      by the disputing parties. If the disputing parties are unable to agree on the
      mediator within two (2) days after written notice from one disputing party
      to
      the other demanding mediation, the disputing parties shall each select one
      (1)
      mediator and those two (2) mediators shall jointly select a third mediator
      as
      soon as practicable and such third mediator shall act as mediator hereunder.
      All
      mediators selected shall be licensed attorneys experienced in complex real
      estate and partnership transactions and the tax consequences thereof. Each
      party
      shall bear its own fees and expenses attributable to the mediation, provided,
      however,
      that
      the costs, fees and expenses attributable to the independent mediator shall
      be
      borne equally among the disputing parties. 

     

    In
      the
      event that the disputing parties are unable to settle their Dispute through
      mediation within ten (10) Business Days after the mediator has been selected
      as
      provided above, any unresolved Dispute shall be submitted to binding arbitration
      in the State of New York, within five (5) Business Days from the date the
      disputing parties were
      unable to settle their dispute through mediation, with each party to bear its
      own fees and expenses attributable thereto, before a panel of three (3) neutral
      arbitrators from the Large Complex Case Panel of the American Arbitration
      Association (the “Arbitrators”),
      said
      Arbitrators to be attorneys with at least ten (10) years experience in complex
      real estate and partnership transactions and the tax consequences thereof.
      The
      arbitration shall be conducted in accordance with the then-current commercial
      Arbitration Rules of the American Arbitration Association. The Arbitrators
      shall
      render their decision within ten (10) Business Days after the Dispute is
      submitted to the arbitration panel. In furtherance of the foregoing, it is
      understood and agreed that the decision rendered by the Arbitrators hereunder
      shall be binding and absolutely conclusive upon the parties hereto and may
      be
      enforced by entry of a judgment in any court having jurisdiction. The fees
      and
      expenses of Arbitrators shall be borne equally among the disputing parties.
      To
      the extent, if any, that the party or parties prevailing in any such arbitration
      proceedings are required to seek judicial confirmation or enforcement of the
      Arbitrators’ award, the non-prevailing party or parties shall be obligated to
      pay for such prevailing party’s or parties’ reasonable and actual fees, costs,
      expenses and disbursements incurred in connection with such judicial
      confirmation and/or enforcement. Notwithstanding the foregoing, a party may
      seek
      a preliminary injunction or other preliminary judicial relief if in its judgment
      such action is necessary to avoid irreparable damage. Despite such action,
      the
      parties hereto will continue to participate in good faith in the procedures
      specified in this Section 10.4(b). All applicable statutes of limitation
      shall be tolled while the procedures specified in this Section 10.4(b) are
      pending. The parties hereto will take such action, if any, required to
      effectuate such tolling.

     

     

    
      
        
        

      

      
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    No
      Agency Created.
      Nothing
      herein contained shall be construed to constitute any Partner (or any Affiliate
      thereof) the agent of another Partner or to limit the Partners (or any
      Affiliates thereof) in any manner in the carrying on of their own respective
      businesses or activities. Except as provided in this Agreement, each Partner
      acknowledges and agrees that none of the Partnership or any Partner (or any
      Affiliate of any Partner) shall have any right, by virtue of this Agreement,
      either to participate in, or to share in, any now existing ventures or any
      of
      the other Partners or their respective Affiliates, or in the income or proceeds
      derived from such ventures. Any Partner may engage in and/or possess any
      interest in any other business or real estate venture of any nature and
      description, independently, or with others, including but not limited to, the
      ownership, financing, leasing, operation, management, syndication, brokerage
      and
      development of real property; and neither the Partnership nor any other Partner
      shall have any rights in and to such independent ventures or the income or
      profits derived therefrom.

     

    Approvals.
      Except
      as otherwise provided herein, all approvals or consents permitted or required
      to
      be given under this Agreement shall be reasonably given and not unreasonably
      delayed or withheld. In the event that a Partner having a right of approval
      takes no action within a reasonable time (or, if a time is specified in this
      Agreement, then within such specified time) subsequent to receipt of the
      documents or agreements subject to said approval or consent, the approval or
      consent of said Partner shall be deemed to have been given.

     

    References.
      References herein to the singular shall include the plural and to the plural
      shall include the singular, and references to one gender shall include the
      other, except where the same shall be not appropriate.

     

    Effect
      of Consent or Waiver.
      No
      consent or waiver, express or implied, by any Partner to or of any breach or
      default by any other Partner in the performance by such other Partner of its
      obligations hereunder shall be deemed to be or construed to be a consent or
      waiver to or of any other breach or default by such other Partner in the
      performance by such other Partner of the same or any other obligations of such
      Partner hereunder. Failure on the part of any of the other Partners to declare
      any of the other Partners in default, irrespective of how long such failure
      continues, shall not constitute a waiver by any such Partner of its rights
      hereunder.

     

     

    
      
        
        

      

      
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    Enforceability.
      If any
      provisions of this Agreement or the application thereof to any Person or
      circumstances shall be invalid or unenforceable to any extent, the remainder
      of
      this Agreement and the application of such provisions to other Persons or
      circumstances shall not be affected thereby and shall be enforced to the
      greatest extent permitted by law.

     

    Titles
      and Captions.
      Section
      titles or captions contained in this Agreement are for convenience only and
      shall not be deemed a part of the contents of this Agreement.

     

    Binding
      Agreement and Express Third Party Beneficiaries.
      Subject
      to the restrictions on transfer and encumbrances set forth herein, this
      Agreement shall inure to the benefit of and be binding upon the undersigned
      Partners and their heirs, executors, legal representatives, successors and
      assigns. Whenever in this instrument a reference to any Partner is made, such
      reference shall be deemed to include a reference to the heirs, executors, legal
      representatives, successors and assigns of such Partner.

     

    Governing
      Law.
      This
      Agreement is made and shall be construed under and in accordance with the laws
      of the State of Delaware (without regard to the conflict of laws provisions
      thereof).

     

    Notices.
      Any
      notice, consent, approval, or other communication which is provided for or
      required by this Agreement must be in writing and may be delivered in person
      to
      any Partner or may be sent by a facsimile transmission, telegram, expedited
      courier or registered or certified U.S. mail, with postage prepaid, return
      receipt requested. Any such notice or other written communications shall be
      deemed received by the Partner to whom it is sent (i) in the case of personal
      delivery, on the date of delivery to the Partner to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such Partner,
      (ii) in the case of facsimile transmission or telegram, the next business day
      after the date of transmission, (iii) in the case of courier delivery, the
      date
      receipt is acknowledged or rejected by the Partner to whom such notice is
      addressed as evidenced by a written receipt signed on behalf of such Partner,
      and (iv) in the case of registered or certified mail, the date receipt is
      acknowledged or rejected on the return receipt for such notice. For purposes
      of
      notices, the addresses of the Partners hereto shall be as follows, which
      addresses may be changed at any time by written notice given in accordance
      with
      this provision:

     

    If
      to
      General Partner or Limited Partner:

    

    c/o
      Colony Xanadu, LLC

    660
      Madison Avenue, Suite 1600

    New
      York,
      NY 10021

    Attn:
      Richard Saltzman

    Telephone:
      212-832-0500

    Facsimile
      No.: 212-593-5433

    

    And

    

                    c/o
      Colony Xanadu,
      LLC

                    1999
      Avenue of the
      Stars, Suite 1200

                    Los
      Angeles, CA
      90067

                    Attn:
      Joy
      Mallory

                    Telephone:
      310-282-8820

                    Facsimile
      No.:
      310-282-8808

    

    

    With
      a
      copy to (which shall not constitute notice): 

    

    White
      & Case LLP

    1155
      Avenue of the Americas

    New
      York,
      NY 10036-2787

    Attn:
      John Reiss

    Attn:
      Steven Teichman

    Facsimile
      No.: 212-354-8113

    

    If
      to
      Special General Partner:

    

    c/o
      Mack-Cali Realty Corporation 

    P.O.
      Box
      7817

    Edison,
      NJ 08818-787

    Attn:
      Mitchell E. Hersh, President and Chief Executive Officer

    Facsimile
      No.: 732-205-9040 

    

    And: c/o
      Mack-Cali Realty Corporation 

    P.O.
      Box
      7817

    Edison,
      NJ 08818-7817

    Attn: Roger
      W.
      Thomas, Executive Vice President and General Counsel

    Facsimile
      No.: 732-205-9015

    

    For
      courier or overnight delivery to Special General Partner

    

    c/o
      Mack-Cali Realty Corporation

    343
      Thornall Street

    Edison,
      NJ 08837-2206

    
      
        
        

      

      
        134

        
          

        

      

      
        
        

      

    

    

    

    With
      a
      copy to (which shall not constitute notice): 

    

    Seyfarth
      Shaw LLP

    1270
      Avenue of the Americas

    25th
      Floor

    New
      York,
      New York 10020

    Attn:
      John P. Napoli

    Attn:
      Stephen Epstein

    Facsimile
      No.: 212-218-5527

    

     

    Failure
      of, or delay in delivery of any copy of a notice or other written communication
      shall not impair the effectiveness of such notice or written communication
      given
      to any party to this Agreement as specified herein.

     

    Covenants,
      Representations and Warranties of the Partners.
      Each
      Partner represents and warrants to the other Partners as follows:

     

    it
      is
      duly organized, validly existing and in good standing under the laws of its
      jurisdiction of formation with all requisite power and authority to enter into
      this Agreement and to conduct the business of the Partnership;

     

    this
      Agreement constitutes the legal, valid and binding obligation of the Partner
      enforceable in accordance with its terms, subject to the application of
      principles of equity and laws governing insolvency and creditors’ rights
      generally;

     

    no
      consents or approvals (which have not been obtained) are required from any
      governmental authority or other Person for the Partner to enter into this
      Agreement and be admitted to the Partnership. All action on the part of the
      Partner (and its direct or indirect equity owners) necessary for the
      authorization, execution and delivery of this Agreement, and the consummation
      of
      the transactions contemplated hereby, have been duly taken;

     

    the
      execution and delivery of this Agreement by the Partner, and the consummation
      of
      the transactions contemplated hereby, does not conflict with or contravene
      the
      provisions of its organic documents or any agreement or instrument by which
      it
      or its properties are bound or any law, rule, regulations, order or decree
      to
      which it or its properties are subject;

     

    each
      Partner is acquiring its Interest for investment, solely for its own account,
      with the intention of holding such interest for investment and not with a view
      to, or for resale in connection with, any distribution or public offering or
      resale of any portion of such interest within the meaning of the Securities
      Act
      of 1933, as amended from time to time (the “Securities
      Act”),
      or
      any other applicable federal or state security law, rule or regulations
      (“Securities
      Laws”);

     

    
      
        
        

      

      
        135

        
          

        

      

      
        
        

      

    

    each
      Partner acknowledges that it is aware that its Interest has not been registered
      under the Securities Act or under any other Security Law in reliance upon
      exemptions contained therein. Each Partner understands and acknowledges that
      its
      representations and warranties contained herein are being relied upon by the
      Partnership, the other Partner and the constituent owners of such other Partner
      as the basis for exemption of the issuance of interests in the Partnership
      from
      registration requirements of the Securities Act and other Securities Laws.
      Each
      Partner acknowledges that the Partnership will not and has no obligation to
      register any interest in the Partnership under the Securities Act or other
      Securities Laws;

     

    each
      Partner acknowledges that prior to its execution of this Agreement, it received
      a copy of this agreement and that it examined this documents or caused this
      document to be examined by its representative or attorney. Each Partner does
      hereby further acknowledge that it or its representative or attorney is familiar
      with this Agreement, and with the business and affairs of the Partnership,
      and
      that except as otherwise specifically provided in this Agreement, it does not
      desire any further information or data relating to the Partnership, and
      subsidiary of the Partnership, the Premises or the other Partners. Each Partner
      does hereby acknowledge that it understands that the acquisition of its Interest
      is a speculative investment involving a high degree of risks and does hereby
      represent that is has a net worth sufficient to bear the economic risk of its
      investment in the Partnership and to justify its investing in a highly
      speculative venture of this type;

     

    the
      Partner is in compliance with Executive Order 132324 (September 23, 2001),
      the
      rules and regulations of the Office of Foreign Assets Control, Department of
      Treasury, and any enabling legislation or other Executive Orders in respect
      thereof;

     

    at
      all
      times, including after giving effect to any Transfers permitted pursuant to
      this
      Agreement, (a) none of the funds or other assets of the Partner constitutes
      property of, or are beneficially owned, directly or indirectly, by any person,
      entity or government subject to trade restrictions under U.S. law (including,
      but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
      §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and
      any Executive Orders or regulations promulgated thereunder) (any such person,
      entity or government, an “Embargoed
      Person”)
      with
      the result that the investment in the Partner (whether directly or indirectly),
      is prohibited by any applicable law, rule, regulation, order or decree is in
      violation thereof; (b) no Embargoed Person has any interest of any nature
      whatsoever in the Partner with the result that the investment in the Partner
      (whether directly or indirectly), is prohibited by any applicable law,
      regulation, order or decree is in violation thereof; and (c) none of the funds
      of the Partner have been derived from any unlawful activity with the result
      that
      the investment in the Partner (whether directly or indirectly), is prohibited
      by
      any applicable, law, rule, regulations, order or decree is in violation
      thereof;

     

    if
      applicable to such Partner, the Partner has implemented a corporate anti-money
      laundering plan that is reasonably designed to ensure compliance with applicable
      foreign and U.S. anti-money laundering law; and

     

    
      
        
        

      

      
        136

        
          

        

      

      
        
        

      

    

    the
      Partner is familiar with the “U.S. Government Blacklists” maintained by
      applicable U.S. Federal agencies and none of its partners, members,
      shareholders, officers or directors are on the “U.S. Government
      Blacklists”.

     

    Entire
      Agreement.
      This
      Agreement, unless subsequently amended with the consent of all of the Partners,
      contains the final and entire Agreement among the parties hereto, and they
      shall
      not be bound by any terms, conditions, statements or representations, oral
      or
      written, not herein contained.

     

    Amendment.
      This
      Agreement may be amended or modified by (and only by) a written instrument
      signed by all of the Partners, which need not be executed or approved by any
      other Person.

     

    Counterparts.
      This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original but all of which shall constitute one and the same instrument.
      In
      addition, this Agreement may contain more than one counterpart of the signature
      pages and the Agreement may be executed by the affixing of the signatures of
      each of the Partners to one of such counterpart signature pages; all of such
      signature pages shall be read as though one, and they shall have the same force
      and effect as though all of the signers had signed a single solitary
      page.

     

    [The
      remainder of this page is left intentionally blank; signature pages
      follow]

     

    
      
        
        

      

      
        137

        
          

        

      

      
        
        

      

    

    [signature
      page attached to Hotel Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

     

    IN
      WITNESS WHEREOF,
      the
      Partners have executed this Agreement as of the date first above
      written.

     

    GENERAL
      PARTNER:

    

    MEADOWLANDS
      MACK-CALI GP, L.L.C.

    

    By: Meadowlands
      Developer Limited Partnership, a Delaware

    limited
      partnership, its sole member

     

    By: Meadowlands
      Limited Partnership, a Delaware limited

    partnership,
      its general partner

    

    By: Colony
      Xanadu, LLC, a Delaware limited liability

    company,
      its managing general partner

    

    By: ________________________

                                                          
      Name:
      __________________

                                                          
      Title:
      ___________________

    

    
      
        
        

      

      
        138

        
          

        

      

      
        
        

      

    

    [signature
      page attached to Hotel Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

    

    

    LIMITED
      PARTNER

    

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP

    

    By: Meadowlands
      Limited Partnership, a Delaware limited

    partnership,
      its general partner

    

    By: Colony
      Xanadu, LLC, a Delaware limited

                           liability
      company, its managing general partner

             
      

                           By: _________________________

                                 
      Name:
      ___________________

                                 
      Title:
      ____________________

    
      
        
        

      

      
        139

        
          

        

      

      
        
        

      

    

    [signature
      page attached to Hotel Meadowlands Mack-Cali

    Limited
      Partnership Limited Partnership Agreement]

    

    

    

    SPECIAL
      GENERAL PARTNER

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C

    

    By: Mack-Cali
      Realty, L.P., a Delaware limited

    Partnership,
      its sole member

    

    By: Mack-Cali
      Realty Corporation, a Maryland

    Corporation,
      its general partner

    

    By: _________________________

                                          
      Name:
      ___________________

                                          
      Title:
      ____________________

    

    

    
      
        
        

      

      
        140

        
          

        

      

      
        
        

      

    

    PARTNERS
      AND PARTNER INFORMATION

     

    

    GENERAL
      PARTNER INTEREST

    

    MEADOWLANDS
      MACK-CALI GP, L.L.C.     0.01%

    

    LIMITED
      PARTNER

    

    MEADOWLANDS
      DEVELOPER LIMITED     99.99%

    PARTNERSHIP

    

    SPECIAL
      GENERAL PARTNER

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C.    0.00%

     

                                                                                                                                     100%

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      1

     

    TENANT
      PARTNERSHIPS

     

    

    ERC
      Meadowlands Mills/Mack-Cali Limited Partnership 

    

    Baseball
      Meadowlands Mills/Mack-Cali Limited Partnership 

    

    A-B
      Office Meadowlands Mack-Cali Limited Partnership 

    

    C-D
      Office Meadowlands Mack-Cali Limited Partnership 

    

    Hotel
      Meadowlands Mack-Cali Limited Partnership

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Execution
      Copy

    EXHIBIT
      G

     

    TRADEMARK
      LICENSE AGREEMENT

     

    THIS
      TRADEMARK LICENSE AGREEMENT (this “Agreement”),
      dated
      as of November 22, 2006 (the “Effective
      Date”),
      is
      entered into by and among Meadowlands Developer Limited Partnership (f/k/a
      Meadowlands Mills/Mack-Cali Limited Partnership), a Delaware limited partnership
      (“Licensor”),
      and
      the parties listed on Schedule
      1
      (each a
“Licensee”
and
      together the “Licensees”).

     

    WHEREAS,
      one
      of
      the purposes of Licensor is to, directly or indirectly, hold, own, develop,
      operate, maintain, improve, lease, finance, refinance, mortgage, sell, convey,
      exchange, transfer and otherwise use
      the
      Meadowlands Xanadu development project located in Bergen County, New Jersey
      (the
“Project”);

     

    WHEREAS,
      prior to the execution of this Agreement, The Mills Limited Partnership, a
      Delaware limited partnership, assigned to Meadowlands Limited Partnership (f/k/a
      Meadowlands Mills Limited Partnership), a Delaware limited partnership, all
      of
      its rights, title and interest in, to and under the trademarks and trademark
      applications set forth in the attached Schedule
      A
      (the
“Marks”);

     

    WHEREAS,
      immediately thereafter, Meadowlands Limited Partnership assigned all of its
      rights, title and interest in, to and under the Marks to Licensor;
      and

     

    WHEREAS,
      pursuant to that certain Transaction Agreement, dated as of the date hereof,
      by
      and among certain of Licensees and other signatories thereto, Licensor and
      Licensees are to enter into a license agreement whereby Licensor will grant
      Licensees the right, privilege and license to use the Marks on or in connection
      with the Project, including the Arena ROFR and the Hotel ROFR (each as defined
      in the Rights Agreement (as defined herein)) (the “Licensed
      Property”).

     

     

    NOW,
      THEREFORE, in consideration of the promises and mutual covenants set forth
      herein, the parties hereof, each intending to be legally bound hereby, do
      promise and agree as follows:

     

     

    1. LICENSE

     

    Subject
      to the terms and conditions of this Agreement, Licensor hereby grants to each
      Licensee for the term of this Agreement a non-exclusive, perpetual, royalty-free
      license to use the Marks in connection with the ownership, operation, marketing,
      promotion, manufacturing, distribution, sale, and services in connection with
      the Licensed Property. It is understood and agreed that Licenses granted under
      this Agreement shall pertain only to the Marks for use in connection with the
      Licensed Property and do not extend to any other mark, product, or service.
      Each
      of Licensees and its Affiliates shall be permitted to use the Marks in public
      filings as required by applicable laws. Each Licensee may, with the prior
      approval of Licensor, grant sublicenses hereunder to third parties for use
      of
      the Marks solely in connection with the Licensed Property; provided,
      that
      each such sublicense shall (i) not permit further sublicense; (ii) be in writing
      and signed by the parties thereto; and (iii) each such sublicense shall be
      granted expressly subject to the terms and conditions hereof and any
      commercially reasonable additional conditions required by Licensor. If Licensee
      grants a sublicense to a third party in accordance with the terms of this
Section
      1,
      Licensee shall provide Licensor with a copy of such sublicense. Each sublicense
      agreement entered into with a Licensee shall terminate or expire upon the
      termination or expiration of this Agreement with respect to such
      Licensee.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

     

    2. TERM
      OF THIS AGREEMENT

     

    This
      Agreement and the provisions hereof, except as otherwise provided herein, shall
      be in full force and effect commencing on the Effective Date and shall continue
      for one (1) year (the “Initial
      Term”).
      This
      Agreement shall thereafter be automatically renewed for an unlimited number
      of
      additional consecutive one (1) year terms (each a “Renewal
      Term”);
      provided,
      however,
      that
      the term of this Agreement shall not renew with respect to a Licensee if
      Licensor notifies such Licensee in writing at least thirty (30) days prior
      to
      the expiration of the Initial Term or a Renewal Term, as the case may be, that
      Licensor does not wish to renew the term of this Agreement; provided,
      further,
      however,
      that
      subject to Section
      5,
      Licensor shall not have the right to terminate this Agreement without the
      consent of Licensee during the construction, development and operations of
      the
      Licensed Property as contemplated under: (i) that certain Mack-Cali Rights,
      Obligations and Option Agreement, dated as of November 22, 2006 (the
“Rights
      Agreement”),
      by
      and among Licensor, certain Licensees and the other signatories thereto; (ii)
      the Amended and Restated Limited Partnership Agreement of A-B Office Meadowlands
      Mack-Cali Limited Partnership, dated as of November 22, 2006; (iii) the Amended
      and Restated Limited Partnership Agreement of C-D Office Meadowlands Mack-Cali
      Limited Partnership, dated as of November 22, 2006; (iv) the Amended and
      Restated Limited Partnership Agreement of Hotel Meadowlands Mack-Cali Limited
      Partnership, dated as of November 22, 2006; and (iii) that certain Amended
      and
      Restated Limited Partnership Agreement of Meadowlands Limited Partnership,
      dated
      as of November 22, 2006, by and among Kan Am USA XX Limited Partnership, a
      Delaware limited partnership, Kan Am USA XX Limited Partnership, a Delaware
      limited partnership, Kan Am USA XVI Limited Partnership, a Delaware limited
      partnership, Kan Am USA XV Limited Partnership, a Delaware limited partnership,
      Kan Am USA XXIII Limited Partnership, Kan Am Limited Partnership, The Mills
      Corporation, certain of Licensees and other signatories thereto (as each such
      agreement may hereinafter be amended, modified or supplemented from time to
      time
      ). 

     

     

    3. NOTICES,
      QUALITY CONTROL, AND SAMPLES

     

    A. Licensees
      each acknowledge that the Marks and all trademark applications or registrations
      relating thereto are the property of Licensor, and that all uses of the Marks
      shall inure to the benefit of Licensor, that Licensees shall acquire no right
      or
      interest in the Marks, by virtue of this Agreement or by virtue of the use
      of
      the Marks, except the right to use the Marks in accordance with the provisions
      of this Agreement and that each such Licensee will not use the Marks except
      as
      provided in this Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    B. Licensees
      each agree that Licensor shall maintain and exercise effective and exclusive
      quality control over any goods and services to which the Marks are affixed;
      provided, however, such controls are reasonable and are no greater than those
      quality controls imposed on other licensees.

     

    C. Licensees
      agrees that the quality of the Licensed Property, and any goods or services
      provided in connection therewith and suitable for their intended purpose, will
      be of the quality and conform to the quality standards set by Licensor. Licensee
      agrees to comply with all federal, state, local or foreign statutes, laws,
      codes
      or rules. Licensee further agrees to adhere to any other terms and conditions
      that Licensor may provide regarding use of the Marks and the quality of the
      goods or services provided by Licensee in connection with the Marks. Licensor
      reserves the right to revise the quality standards referred to in this Agreement
      from time to time. Licensor shall have the right to inspect each Licensee's
      facilities, operations, designs and any materials to which the Marks are
      affixed, and to inspect the quality of each Licensee’s goods and services
      provided in connection with the Licensed Property. Each Licensee shall supply
      Licensor with specimens of all uses of the Marks upon Licensor’s written
      request. If Licensor in good faith reasonably determines that its quality
      standards are not being met by a Licensee, then Licensor will give such Licensee
      written notice thereof, and if such Licensee fails to correct any defects or
      other failures to meet the established quality standard within one (1) month
      of
      such written notice, then Licensor may terminate this License Agreement with
      respect to such Licensee.

     

    D. Licensees
      each warrant that the Licensed Property will be in compliance with all
      applicable laws and regulations. Each Licensee shall deliver to Licensor notice
      of any actions filed against each such Licensee wherein it is alleged that
      the
      Licensed Property is deficient or defective.

     

    E. Licenses
      granted hereunder to a Licensee are conditioned upon such Licensee's full and
      complete compliance with the marking provisions of the trademark, patent and
      copyright laws of the United States and as otherwise instructed by
      Licensor.

     

    F. The
      Licensed Property, as well as all goods, services and promotional, packaging,
      and advertising material or similar matter where the Licensed Property is
      referenced, shall include all appropriate legal notices as required by
      Licensor.

     

     

    4. INTELLECTUAL
      PROPERTY RIGHTS

     

    A. Each
      Licensee acknowledges Licensor’s exclusive rights in the Marks and, further,
      acknowledges that Licensor is the owner thereof. Licensees shall not, to the
      extent permitted under applicable law, at any time during or after the effective
      term of this Agreement, dispute or contest, directly or indirectly, Licensor's
      exclusive right and title to the Marks or the validity thereof.

     

    B. Each
      Licensee acknowledges that the Marks are associated exclusively with
      Licensor.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    C. Each
      Licensee agrees that it is prohibited from using the Marks or any marks or
      terms
      confusingly similar to the Marks unless expressly permitted under this
      Agreement.

     

    D. Licensor
      shall have the right, but, not the obligation to file and prosecute applications
      for registration of the Marks and to maintain any registrations for the Marks.
      Licensee shall provide full cooperation to Licensor in connection with the
      registration and maintenance of the Marks. Each Licensee agrees not to file
      any
      applications in its own name or in the name of any of its Affiliates (defined
      below) to register the Marks in the United States or in foreign countries.
      Licensees shall not incorporate, organize limited liability companies, register
      trade or fictitious names, or register domain names using names that include
      the
      Marks, without prior written permission of Licensor. “Affiliate”
shall
      mean, with respect to any party hereto, any other person or entity directly
      or
      indirectly controlling, controlled by, or under common control with such party;
      provided,
      that,
      for the purposes of this definition, “control” (including, with correlative
      meanings, the terms “controlled by” and “under common control with”), as used
      with respect to an entity, shall mean the possession, directly or indirectly,
      of
      the power to direct or cause the direction of the management and policies of
      an
      entity, whether through the ownership of voting securities, by contract or
      otherwise.

     

    E. Each
      Licensee agrees to promptly notify Licensor in writing of any and all infringing
      marks, colorable imitations or other unauthorized uses of the Marks. In the
      event that any of the Marks is infringed by a third party, Licensor shall have
      the sole authority to conduct an action for infringement or cancellation,
      opposition or other inter
      partes
      proceeding involving rights in and to the Marks. When requested, a Licensee
      shall fully cooperate with Licensor in preventing such infringements and
      unauthorized uses, at the expense of Licensor. Each Licensee further agrees
      to
      promptly notify Licensor in writing of any legal action or threatened legal
      action which it receives or becomes aware of involving the Marks. Licensor
      shall
      have the right to control the prosecution and defense of any such action or
      threat at its expense. The costs of any litigation or inter partes
      proceeding shall be paid by Licensor and any proceeds shall be retained by
      Licensor.

     

     

    5. TERMINATION

     

    Notwithstanding
      anything herein to the contrary, the following termination rights are in
      addition to the termination rights that may be provided elsewhere in this
      Agreement:

     

    A. Licensor
      shall have the right to immediately terminate this Agreement and revoke any
      licenses hereunder with respect to a Licensee by giving written notice to such
      Licensee in the event that such Licensee files a petition in bankruptcy or
      is
      adjudicated bankrupt or insolvent, or an arrangement pursuant to any bankruptcy
      law, or if such Licensee discontinues or dissolves its business or if a receiver
      is appointed for such Licensee or for such Licensee's business and such receiver
      is not discharged within 180 days.

     

    B. Licensor
      may terminate this Agreement with respect to a Licensee on fifteen (15) business
      days written notice to such Licensee in the event of a breach of any
      material

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    provision
      of this Agreement by such Licensee; provided, that such Licensee has failed
      to
      cure such breach within such fifteen (15) business day period.

     

     

    6. POST
      TERMINATION RIGHTS

     

    Upon
      the
      expiration or termination of this Agreement with respect to a Licensee, all
      rights granted to such Licensee under this Agreement shall forthwith terminate
      and immediately revert to Licensor and such Licensee shall discontinue all
      use
      and further reference to the Marks. Such Licensee shall thereupon promptly
      turn
      over to Licensor all materials which reproduce the Marks or, if requested by
      Licensor, shall give Licensor satisfactory evidence of their destruction and
      shall complete any formal assignments of rights not already completed. Such
      Licensee shall be responsible to Licensor for any damage caused by unauthorized
      use by such Licensee or others of such reproduction materials which are not
      turned over or destroyed.

     

     

    7. INDEMNITY

     

    A. Each
      Licensee severally, and not jointly, agrees to defend, indemnify and hold
      harmless Licensor, and its Affiliates, officers, directors, agents, and
      employees, against all third party suits and claims and all judgments, costs,
      expenses, and losses related thereto (including reasonable attorneys’ fees and
      costs) (“Losses”)
      arising by reason of or in connection with any material breach under this
      Agreement by such Licensee, its Affiliates, officers, directors, agents or
      employees, but not any infringement or related intellectual property claims
      based on Licensee's use of the Marks in accordance with this Agreement. Such
      Licensee shall be fully responsible for and agrees to pay the cost of all
      investigations, defense, legal fees and settlements or judgments resulting
      from
      any complaint, demand, claim or legal action encompassed by the foregoing
      indemnity, but shall have no liability for lost profits or indirect, punitive,
      special or consequential damages, even if notified of the possibility of such
      damages. For purposes of this Section
      7.A.
      only,
      the term “material” shall mean any single breach under this Agreement that, in
      and of itself, results in Losses in excess of Twenty-Five Thousand Dollars
      ($25,000.00). For the avoidance of doubt, Losses shall not be aggregated for
      purposes of determining whether or not a breach is “material”. 

     

    B. Licensor
      agrees to defend, indemnify and hold harmless each Licensee and its Affiliates,
      officers, directors, agents and employees, against all Losses made by a third
      party alleging that such Licensee's use of the Marks in accordance with this
      Agreement infringes or violates the intellectual property of any third party.
      Licensor shall be fully responsible for and agrees to pay the cost of all
      investigations, defense, legal fees, and settlements or judgments resulting
      from
      any complaint, demand, claim or legal action encompassed by the foregoing
      indemnity, but shall have no liability for lost profits or indirect, punitive,
      special or consequential damages, even if notified of the possibility of such
      damages.

     

    C. Licensor
      will control any matter relating to the validity, enforceability or scope of
      the
      Marks.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    8.
      REMEDIES

     

    It
      is
      agreed that the rights and obligations conveyed and incurred in this Agreement
      are unique and special and that the breach thereof will not give rise to readily
      calculable monetary damages. Upon breach of this Agreement by a Licensee,
      Licensor shall be entitled to seek specific performance, injunctive relief
      and
      such other relief (in law or in equity) as any court with jurisdiction may
      deem
      best and proper and, in the event Licensor seeks temporary or preliminary
      injunctive relief, Licensor shall not be required to post a bond or prove
      insufficiency of monetary damages.

     

     

    9. NOTICES

     

    All
      notices, demands, requests, consents, approvals or other communications required
      or permitted to be given hereunder or which are given with respect to this
      Agreement shall be in writing and shall be personally served, delivered
      overnight by reputable air courier service with charges prepaid, or transmitted
      by hand delivery, telegram, telex or facsimile, addressed to the last known
      address of such party or to such other address as such party shall have
      specified most recently by written notice. Notice shall be deemed given on
      the
      date of service or transmission if personally served or transmitted by telex
      or
      facsimile. Notice otherwise sent as provided herein shall be deemed given on
      the
      next business day following delivery of such notice to a reputable air courier
      services. For purposes of notices, the addresses of the parties hereto shall
      be
      as follows, which addresses may be changed at any time by written notice given
      in accordance with this provisions:

     

    If
      to
      Licensor, to:

     

                        c/o
      Colony Xanadu,
      LLC

                        660
      Madison Avenue,
      Suite 1600

                        New
      York, NY
      10021

                        Attn:
      Richard
      Saltzman

                        Telephone:
      (212)
      832-0500

                        Fax:
      (212)
      593-5433

     

    and

     

                        c/o
      Colony Xanadu,
      LLC

                        1999
      Avenue of the
      Stars, Suite 1200

                        Los
      Angeles, CA
      90067

                        Attn:
      Joy
      Mallory

                        Telephone:
      (310)
      282-8820

                        Fax:
      (310)
      282-8808

     

    with
      a
      copy to (which shall not constitute notice)

     

                        White
&
Case
      LLP

                        1155
      Avenue of the
      Americas

                        New
      York, NY
      10036

    
                          Attn:
        John Reiss,
        Esq.

                          Attn:
        Steven
        Teichman, Esq.

                          Telephone:
        (212)
        819-8200

                          Fax:
        (212)
        354-8113

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
    

    If
      to any
      of the Licensees to which Mack-Cali Realty Corporation or any of its affiliates
      holds an equity interest in such Licensee, to:

     

                        c/o
      Mack-Cali Realty
      Corporation

                        P.O.
      Box
      7817

                        Edison,
      NJ
      08818-7817

                        Attn:
      Mitchell E.
      Hersh, President and Chief Executive Officer

                        Fax:
      (732)
      205-9040

     

    And

     

                        c/o
      Mack-Cali Realty
      Corporation

                        P.O.
      Box
      7817

                        Edison,
      NJ
      08818-7817

                        Attn:
      Roger W.
      Thomas, Executive Vice President

                                 
      and General Counsel

                        Fax:
      (732)
      205-9015

     

    For
      courier and overnight delivery to any of the Licensees, to:

     

                        c/o
      Mack-Cali Realty
      Corporation

                        343
      Thornall
      Street

                        Edison,
      NJ
      08837-2206

     

    with
      a
      copy to (which shall not constitute notice)

     

                        Seyfarth
      Shaw
      LLP

                        1270
      Avenue of the
      Americas

                        Suite
      2500

                        New
      York, NY
      10020-1801

                        Attn:
      John P. Napoli,
      Esq.

                        Fax:
      (212)
      218-5527

     

     

    10. GOVERNING
      LAW 

     

    This
      Agreement and the rights and obligations of the parties hereto shall be governed
      in all respects by and constructed in accordance with and subject to the laws
      of
      the State of New York, as such law is applied to agreements between New York
      residents entered into and performed entirely in the State of New
      York.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    11.
      FORUM

     

    Any
      judicial proceeding brought against any of the parties hereto on any dispute
      arising out of this Agreement or any matter related hereto may be brought in
      the
      courts of the State of New York, or in the United States District Court for
      the
      Southern District of New York, and, by execution and delivery of this Agreement,
      each of the parties hereto accepts the exclusive jurisdiction of such courts,
      and irrevocably agrees to be bound by any judgment rendered thereby in
      connection with this Agreement. The foregoing consents to jurisdiction shall
      not
      constitute general consents to service of process in the State of New York
      for
      any purpose except as provided above and shall not be deemed to confer rights
      on
      any person other than the respective parties hereto. Each party hereto agrees
      that service of any process, summons, notice or document by U.S. registered
      mail
      to such party’s address in accordance with Section
      9
      shall be
      effective service of process for any action, suit or proceeding in New York
      with
      respect to any matters for which it has submitted to jurisdiction pursuant
      to
      this Section
      11.
      EACH
      PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
      ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
      OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
      CONTEMPLATED IN THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
      THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
      ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
      THAT
      SUCH OTHER PARTY HERETO WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
      THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
      HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
      MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
      11.

     

     

    12. RELATIONSHIP

     

    This
      Agreement does not create a partnership or a joint venture between the parties
      hereto and no party hereto shall have any power hereunder to obligate or bind
      the other. Licensees shall act hereunder as independent contractors and shall
      not be deemed expressly or by implication to be an agent, employee, or servant
      of Licensor or the other Licensees for any purpose whatsoever. In the
      performance of this Agreement, Licensees shall comply with all applicable state,
      federal and local laws and Licensor shall not be responsible for the
      consequences of any violation thereof.

     

     

    13. AGREEMENT
      BINDING ON SUCCESSORS; THIRD PARTY BENEFICIARIES

     

    This
      Agreement is for the sole benefit of the parties hereto and their respective
      successors and permitted assigns, heirs, executors and administrators and
      nothing in this Agreement, express or implied, is intended to confer upon any
      other party (other than the parties hereto or their respective successors and
      permitted assigns, heirs, executors and administrators) any rights, remedies,
      obligations or liabilities under or by reason of this Agreement, except as
      expressly provided in Section
      7.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    14.
      WAIVER

     

    No
      waiver
      by a party hereto of any default shall be deemed as a waiver of prior or
      subsequent default of the same or other provisions of this
      Agreement.

     

     

    15. SEVERABILITY

     

    If
      any
      term, clause, or provision hereof is held invalid, void or unenforceable by
      a
      court or governmental agency of competent jurisdiction, such decision shall
      not
      affect the validity or operation of any other term, clause, or provision and
      such invalid, void or unenforceable portion shall be deemed to be severed from
      this Agreement.

     

     

    16. ASSIGNABILITY

     

    This
      Agreement and Licenses granted hereunder to each Licensee are personal to such
      Licensee and shall not be assigned by any act of such Licensee or by operation
      of law or otherwise without the express written consent of Licensor; provided
      that this Agreement and Licenses granted hereunder may be pledged as collateral
      to a Licensee’s financing sources, so long as such financing is related solely
      to the development, operation, maintenance, improvement or use of the Project.
      Licensor shall have the right at any time to assign this Agreement to any person
      or entity, whether by contract, operation of law or otherwise, upon fifteen
      (15)
      days prior written notice to Licensees. Any assignment in violation of this
      Section
      16
      shall by
      null and void ab
      initio.
      

     

     

    17. INTEGRATION
      

     

    This
      Agreement, including Schedules, constitutes the entire understanding of the
      parties hereto with regard to the subject matter hereof and this Agreement
      supersedes all previous representations, understandings or agreements, oral
      or
      written, between the parties hereto with respect to the subject matter hereof.
      This Agreement shall not be modified or amended except in writing signed by
      the
      parties hereto and specifically referring to this Agreement.

     

    

     

    Remainder
      of Page Intentionally Left Blank

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
      the
      date first above written.

     

    

     

    
      	
              MEADOWLANDS
                DEVELOPER LIMITED 

              PARTNERSHIP
                

               

              By: 
                Meadowlands Limited Partnership, its 

                     
                managing general partner

               

              By: 
                Colony Xanadu, LLC, its managing 

                     
                general partner

               

              By:
                ________________________

              Name:

              Title:

            	
              A-B
                OFFICE MEADOWLANDS MACK-CALI 

              LIMITED
                PARTNERSHIP

               

              By: 
                Meadowlands
                Mills/Mack-Cali GP, L.L.C., its 

                     
                general partner

               

                     
                By:  Meadowlands Developer Limited Partnership, 

                              its
                sole member

               

                             
                By:  Meadowlands Limited Partnership, its 

                                     
                general partner

               

                             
                By:  Colony Xanadu, LLC, its managing 

                                     
                general
                partner

               

              By: ________________________

                                                                    
                Name:

                                                                    
                Title:

            
	
              BASEBALL
                MEADOWLANDS MILLS/MACK-CALI 

              LIMITED
                PARTNERSHIP

               

              By: 
                Meadowlands
                Mills/Mack-Cali GP, L.L.C., 

                     
                its general partner

               

              By: 
                Meadowlands Developer Limited 

                     
                Partnership, its sole member

               

                     
                By:  Meadowlands Limited Partnership, 

                             
                its general
                partner

               

                             
                By:  Colony Xanadu, LLC, its 

                                     
                managing general
                partner

                                   
                

                                     
                By: _____________________

                                            
                Name:

                                            
                Title:

               

            	
              C-D
                OFFICE MEADOWLANDS MACK-CALI 

              LIMITED
                PARTNERSHIP

               

              By: 
                Meadowlands
                Mills/Mack-Cali GP, L.L.C., its 

                     
                general partner

               

                      By: 
                Meadowlands Developer Limited Partnership, 

                             
                its sole member

               

                             
                By:  Meadowlands Limited Partnership, its 

                                     
                general
                partner

               

                                     
                By:  Colony Xanadu, LLC, its managing 

                                             
                general
                partner

               

                                             
                By: ________________________

                                                     
                Name:

                                                     
                Title:

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
               

               

              COLONY
                XANADU, LLC

               

              By:
                _______________________________

                     Name: 

                    
                Title:

            	
               

               

              COLONY
                XANADU II, LLC

               

              By:
                ______________________________

                    
                Name: 

                    
                Title:

               

            
	
               

               

              COLONY
                XANADU III, LLC

               

              By:
                ________________________________

                    
                Name: 

                    
                Title: 

               

            	
               

               

              COLONY
                XANADU HOLDINGS, LLC

               

              By:
                ______________________________

                
                Name: 

                
                Title: 

            
	
               

               

              COLONY
                XANADU STOCK II, LLC

               

              By:
                ________________________________

                    
                Name:

                    
                Title:

               

            	
               

               

              COLONY
                XANADU STOCK III, LLC

               

              By:
                _______________________________

                    
                Name: 

                    
                Title:

               

            
	 	 

    

    

     

    

     

    

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

     

    
       

    

    

      
        	 	
                 

                
                  ERC
                    16W LIMITED PARTNERSHIP

                  

                  By:
                    16W ERC GP, LLC, its general partner

                   

                                     
                    By:  Meadowlands Developer Limited 

                                             
                    Partnership, its sole member

                   

                                             
                    By:  Meadowlands Limited Partnership, its 

                                                     
                    managing general partner

                   

                                                     
                    By:  Colony Xanadu, LLC, its 

                                                             
                    managing general partner

                   

                                                              By:
                     ______________________

                                                                     
                    Name:

                                                                     
                    Title:

                

              

      

    

    

      
        	 	
                 

                HOTEL
                  MEADOWLANDS MACK-CALI LIMITED 

                PARTNERSHIP

                 

                By: 
                  Meadowlands
                  Mills/Mack-Cali GP, L.L.C., its general 

                       
                  partner

                 

                       By: 
                  Meadowlands Developer Limited Partnership, its sole 

                              
                  member

                 

                             
                  By:  Meadowlands Limited Partnership, its general 

                                     
                  partner

                 

                                     
                  By:  Colony Xanadu, LLC, its managing 

                                             
                  general
                  partner

                 

                                             
                  By: ________________________

                                                    
                  Name:

                                                    
                  Title:

              

      

    

     

    
 

     

    

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE
      1

    

    LICENSEES

    

    
      	
              A-B
                Office Meadowlands Mack-Cali Limited Partnership, a Delaware limited
                partnership

            
	
              Baseball
                Meadowlands Mills/Mack-Cali Limited Partnership, a Delaware limited
                partnership (on or about the date hereof it shall change its name
                to
                Baseball Meadowlands Limited Partnership)

            
	
              C-D
                Office Meadowlands Mack-Cali Limited Partnership, a Delaware limited
                partnership

            
	
              Colony
                Xanadu, LLC, a Delaware limited liability company (solely for use
                of the
                name “Xanadu” in its legal name)

            
	
              Colony
                Xanadu II, LLC, a Delaware limited liability company (solely for
                use of
                the name “Xanadu” in its legal name)

               

            
	
              Colony
                Xanadu III, LLC, a Delaware limited liability company (solely for
                use of
                the name “Xanadu” in its legal name)

               

            
	
              Colony
                Xanadu Holdings, LLC, a Delaware limited liability company (solely
                for use
                of the name “Xanadu” in its legal name)

               

            
	
              Colony
                Xanadu Stock II, LLC, a Delaware limited liability company (solely
                for use
                of the name “Xanadu” in its legal name)

               

            
	
              Colony
                Xanadu Stock III, LLC, a Delaware limited liability company (solely
                for
                use of the name “Xanadu” in its legal name)

               

            
	
              ERC
                16W Limited Partnership

            
	
              Hotel
                Meadowlands Mack-Cali Limited Partnership, a Delaware limited
                partnership

            

    

    

    
      
        
        

      

      
        S-1-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      2

    

     

    MARKS

    

    
      	
              Mark

            	
              Application
                No.

            	
              Class
                / Goods and Services

            	
              Owner

            
	
              COMING
                SOON and MISCELLANEOUS DESIGN

              

            	
              76/660,661

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              COMING
                SOON and MISCELLANEOUS DESIGN (tickets)

              

            	
              76/658,336

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              HOT
                and DESIGN

              

            	
              76/658,335

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              HOT
                and DESIGN

              

            	
              76/660,643

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MEADOWLANDS
                MILLS

            	
              76/640,838

            	
              Class
                35 - Shopping center services, namely, business management services
                for
                shopping malls and promoting the goods and services of others by
                means of
                operating a shopping mall.

              Class
                36 - Shopping center services, namely, leasing of shopping mall
                space.

            	
              The
                Mills Limited Partnership

            
	
              MEADOWLANDS
                MILLS and DESIGN

              

            	
              76/640,839

            	
              Class
                35 - Shopping center services, namely, business management services
                for
                shopping malls and promoting the goods and services of others by
                means of
                operating a shopping mall.

              Class
                36 - Shopping center services, namely, leasing of shopping mall
                space.

            	
              The
                Mills Limited Partnership

            
	
              MEADOWLANDS
                XANADU

            	
              76/663,096

            	
              Class
                35 - Shopping center services, namely, business management services
                for
                shopping malls and promoting the goods and services of others by
                means of
                operating a shopping mall.

              Class
                36 - Shopping center services, namely, leasing of shopping mall
                space.

            	
              The
                Mills Limited Partnership

            
	
              MEADOWLANDS
                XANADU

            	
              76/461,912

            	
              Class
                37 - Real estate development featuring planned entertainment mixed
                use and
                retail mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MEADOWLANDS
                XANADU (Stylized)

              

               

            	
              76/978,281

            	
              Class
                37 - Real estate development featuring planned entertainment mixed
                use and
                retail mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MEADOWLANDS
                XANADU (Stylized)

              

            	
              76/608,360

            	
              Class
                36 - Shopping center services and leasing of real property for retail,
                entertainment, dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (airplane with X propeller)

              

            	
              76/658,334

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Airplane)

              

            	
              76/660,657

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Boy)

              

            	
              76/660,644

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (elated boy)

              

            	
              76/658,339

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Button)

              

            	
              76/660,646

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (crossed thread in button)

              

            	
              76/658,337

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Cheerleader)

              

            	
              76/660,645

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (outstretched cheerleader with pom-poms)

              

            	
              76/658,331

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (crossed golf clubs)

              

            	
              76/658,340

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (crossed straws in a glass)

              

            	
              76/658,338

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (glass with straws)

              

            	
              76/660,659

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Dancer in X)

              

            	
              76/658,333

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Dancer)

              

            	
              76/660,660

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (skier with crossed skis)

              

            	
              76/658,332

            	
              Class
                36 - Leasing of real property for commercial, retail, entertainment,
                dining and office space.

            	
              The
                Mills Limited Partnership

            
	
              MISCELLANEOUS
                DESIGN (Skier)

              

            	
              76/660,658

            	
              Class
                37 - Real estate development services featuring commercial, retail,
                entertainment, residential and mixed use.

            	
              The
                Mills Limited Partnership

            
	
              X
                (Stylized)

              

            	
              76/978,308

            	
              Class
                37 - Real estate development featuring planned entertainment mixed
                use and
                retail mixed use.

            	
              The
                Mills Limited Partnership

            
	
              X
                (Stylized)

              

               

            	
              76/608,353

            	
              Class
                35 - Shopping
                center services, namely, business management services for shopping
                malls
                and promoting the goods and services of others by means of operating
                a
                shopping mall.

              Class
                36 - Shopping center services, namely, leasing of shopping mall
                space.

            	
              The
                Mills Limited Partnership

            

    

    

    

      

        
          	
                   

                  Marks
                    in Use for Which Registration Has Not Been
                    Sought

                   

                
	
                   

                  Mark

                	
                   

                  Nature
                    of Use

                
	
                   

                  THE
                    ULTIMATE SKYBOX

                	
                   

                  Sports
                    district at the Project

                
	
                   

                  THE
                    TOTAL HOME

                	
                   

                  Food
                    and home district at the Project

                
	
                   

                  THE
                    WORLD OF STYLE

                	
                   

                  Fashion
                    district at the Project

                
	
                   

                  THE
                    MULTIMEDIA PLAYGROUND

                	
                   

                  Entertainment
                    district at the Project

                
	
                   

                  THE
                    DIGITAL PLAYGROUND

                	
                   

                  Entertainment
                    district at the Project

                   

                  Note:
                    Was used in the leasing brochures already printed, but is not
                    currently
                    being used online.

                
	
                   

                  A
                    PLAYHOUSE WITH NO LIMITS

                	
                   

                  Children’s
                    education district at the Project

                
	
                   

                  IMAGINARIUM

                   

                	
                   

                  Children’s
                    education district at the Project

                   

                  Note:
                    The mark IMAGINARIUM may only be used in the leasing brochures
                    that have
                    already been printed, until supply is exhausted.

                
	
                   

                  EXPLORATORIUM

                   

                	
                   

                  Children’s
                    education district at the Project

                   

                  Note:
                    The mark EXPLORATORIUM may only be used in the leasing brochures
                    that have
                    already been printed, until supply is
                    exhausted.

                

        

        
 

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    

     

    

    EXHIBIT
      H

    

    ASSIGNMENT
      AND ASSUMPTION OF PARTNERSHIP INTEREST

     

    The
      undersigned (“Assignor”),
      holder of a general partnership interest in Meadowlands Developer Limited
      Partnership (f/k/a Meadowlands Mills/Mack-Cali Limited Partnership)
      (“Assignee”),
      a
      Delaware limited partnership, for and in consideration of One Dollars ($1.00)
      and
      other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, hereby transfers, assigns and sets over to Assignee or Assignee’s
      nominee or nominees, pursuant to and in accordance with the terms and conditions
      of that certain Redemption Agreement (the “Redemption
      Agreement”),
      dated
      November 22, 2006, by and among Assignee, Meadowlands Developer Holding Corp.
      (“MDHC”),
      Assignor, Mack-Cali Meadowlands Special L.L.C. (“MC
      Special”)
      and
      Meadowlands Limited Partnership (“MLP”)
      and
      the Mack-Cali Rights, Obligations and Option Agreement to be entered into on
      the
      date hereof by and among Assignee, MLP, Meadowlands Mack-Cali GP, L.L.C., MDHC,
      MC Special, Baseball Meadowlands Limited Partnership, A-B Office Meadowlands
      Mack-Cali Limited Partnership, C-D Meadowlands Mack-Cali Limited Partnership,
      Hotel Meadowlands Mack-Cali Limited Partnership and ERC Meadowlands Limited
      Partnership, all of Assignor’s right, title and interest in, and to, Assignee
      (the “Assigned
      Interest”),
      which
      Assignor represents to be free and clear of all liens, pledges, encumbrances,
      claims, charges, equities, agreements, rights, options or restrictions of any
      kind, nature or description whatsoever.

     

    Assignee
      hereby accepts the assignment and transfer of the Assigned Interest and Assignee
      hereby assumes the Assigned Interest and the obligations and liabilities
      relating thereto and performance thereof arising from and after the time of
      closing pursuant to that certain Redemption Agreement (the “Closing”).

     

    To
      have
      and to hold the same unto Assignee, Assignee’s successors and assigns, from and
      after the Closing.

     

    

     

    [Remainder
      of page intentionally left blank; signature page follows.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF,
      Assignor and Assignee have duly executed this instrument as of the
      22nd
      day of
      November, 2006.

     

    ASSIGNOR:

    

    MACK-CALI
      MEADOWLANDS ENTERTAINMENT L.L.C., a 

    New
      Jersey limited liability company

    

    By: Mack-Cali
      Realty, L.P., a Delaware limited

           
partnership,
      its sole member

     

           
By: Mack-Cali
      Realty Corporation, a 

                  
      Maryland
      corporation, its general partner

     

                  
      By: _______________________

                         
      Name:

                         
      Title:

    

    ASSIGNEE:

    

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP,
      a
      

    Delaware
      limited partnership

    

    By: Meadowlands
      Limited Partnership, a Delaware limited 

           partnership,
      its Managing General Partner

     

          
By: Colony
      Xanadu, LLC, a Delaware limited liability 

                 
      company, its Managing General Partner

     

                 
      By: ____________________________

                        
      Name:

                        
      Title:

    

     By: Mack-Cali
      Meadowlands Special L.L.C., a New Jersey 

            
      limited liability company, a General Partner

      

            
By: 
Mack-Cali
      Realty, L.P., a Delaware limited partnership, 

                     
      its Sole Member

            
      

         
By: Mack-Cali
      Realty Corporation, a Maryland 

                
      corporation, its General Partner

     

                             
      By: _____________________     

                            
      Name:

                                    
      Title:

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    MACK-CALI
      RIGHTS, OBLIGATIONS AND OPTION AGREEMENT

    

    Memorandum
      for Recordation

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MEMORANDUM
      OF 

    MACK-CALI
      RIGHTS, OBLIGATIONS AND OPTION AGREEMENT

    

    THIS
      MEMORANDUM OF MACK-CALI RIGHTS, OBLIGATIONS AND OPTION
      AGREEMENT
      (“Memorandum”)
      is
      made as of the 22nd day of November, 2006 by
      and
      among (i) MEADOWLANDS DEVELOPER LIMITED PARTNERSHIP (f/k/a
      Meadowlands Mills/Mack-Cali Limited Partnership),
      a
      Delaware limited partnership (“MDLP”),
      (ii)
      MEADOWLANDS LIMITED PARTNERSHIP (f/k/a
      Meadowlands Mills Limited Partnership),
      a
      Delaware limited partnership (“JV
      GP”),
      (iii)
      MEADOWLANDS DEVELOPER HOLDING CORP., a Delaware limited partnership
      (“JV
      Holding”),
      (iv) MEADOWLANDS
      MACK-CALI GP, L.L.C., a Delaware limited liability company (“GP
      LLC”),
      (v)
      MACK-CALI MEADOWLANDS SPECIAL L.L.C., a New Jersey limited liability company
      (“Special
      General Partner”),
      (vi) MACK-CALI
      MEADOWLANDS ENTERTAINMENT L.L.C., a New Jersey limited liability company
      (“MC
      Entertainment”),
      (vii)
      BASEBALL MEADOWLANDS LIMITED PARTNERSHIP
      (f/k/a
      Baseball Meadowlands Mills/Mack-Cali Limited Partnership),
      a
      Delaware limited partnership (“Baseball
      LP”),
      (viii) A-B
      OFFICE MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP (f/k/a A-B Office Meadowlands
      Mack-Cali/Mills Limited Partnership),
      a
      Delaware limited partnership (“A-B
      Office LP”),
      (ix)
C-D OFFICE
      MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP (f/k/a C-D Office Meadowlands
      Mack-Cali/Mills Limited Partnership),
      a
      Delaware limited partnership (“C-D
      Office LP”),
      (x)
      HOTEL MEADOWLANDS MACK-CALI LIMITED PARTNERSHIP (f/k/a
      Hotel Meadowlands Mack-Cali/Mills Limited Partnership),
      a
      Delaware limited partnership (“Hotel
      LP”)
      and
      (xi) ERC MEADOWLANDS MILLS/MACK-CALI LIMITED PARTNERSHIP, a Delaware limited
      partnership (“ERC
      LP”)
      (MDLP,
      JV, JV GP, JV Holding, GP LLC, Special General Partner, MC Entertainment,
      Baseball LP, A-B Office LP, C-D Office LP, Hotel LP and ERC LP collectively
      referred to herein as the “Parties”).

     

    W
      I T N E S S E T H :

     

    WHEREAS,
      the
      MDLP, GP LLC and Special General Partner each have an interest in that certain
      real property commonly referred to as the Hotel Component and the Office
      Component, as more particularly described on Exhibit
      “A”
      annexed
      hereto (the “Property”);
      and

     

    WHEREAS,
      the
      Parties have entered into that certain Mack-Cali Rights, Obligations and Option
      Agreement, dated of even date herewith (the “Agreement”),
      setting forth certain rights and obligations of the Parties respecting, among
      other things, the Property; and

     

    WHEREAS,
      the
      Parties desire to record this Memorandum in the public records of the County
      of
      Bergen, State of New Jersey.

     

    NOW,
      THEREFORE,
      the
      Parties agree as follows:

     

    Section
      24.  TERM
      OF
      AGREEMENT. The Agreement shall commence on November 22, 2006, and shall continue
      in accordance with the terms of the Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section
      25.  EFFECT
      OF
      MEMORANDUM OF AGREEMENT. This Memorandum is entered into by the Parties, and
      is
      to be recorded to set forth the Agreement as a matter of record in order, among
      other things, that third parties may have notice of the existence of the
      Agreement. All of the terms, conditions, provisions and covenants of the
      Agreement are incorporated in this Memorandum by reference as though written
      out
      at length herein, and the Agreement and this Memorandum shall be deemed to
      constitute a single instrument or document. Nothing contained in this Memorandum
      shall be deemed to modify, amend, alter, limit or otherwise change any of the
      provisions of the Agreement itself or the rights and obligations of the parties
      thereto as provided therein. In the event of any conflict or ambiguity between
      the terms of this Memorandum or the terms of the Agreement, the terms of the
      Agreement shall prevail.

     

    Section
      26.  BINDING
      EFFECT. The respective rights and obligations of the Parties set forth herein
      and in the Agreement, to the extent provided herein and therein, shall be
      binding upon and inure to the benefit of such Parties and their respective
      heirs, successors and permitted assigns.

     

    Section
      27.  NO
      OTHER
      LIENS. Except as otherwise allowed, provided and/or contemplated under the
      Agreement and the Transaction Documents (as defined in the Agreement), no
      mortgage, lien, security interest or other encumbrance, shall be placed on
      the
      Property.

     

    Section
      28.  EXECUTION
      OF AGREEMENT. This document may be executed in any number of separate
      counterparts, each of which shall, collectively, constitute one
      agreement.

     

    

     

    [remainder
      of page intentionally left blank; signature page follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      Parties have executed this Memorandum as of the day and year first above
      written.

     

    MDLP:

     

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP, a Delaware limited
      partnership

     

    By: Meadowlands
      Limited Partnership, 

           
its
      managing general partner

     

                                                                                                   
      By:  Colony
      Xanadu, LLC, its managing general partner

     

                                                                                                            
      By:      ____________________________

                                                                                                            
      Name:  ____________________________

                                                                                                            
      Title:    ____________________________

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                    ____________________________            
      

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    JV
      GP:

     

    MEADOWLANDS
      LIMITED PARTNERSHIP, a 

    Delaware
      limited partnership

     

    By:  Colony
      Xanadu, LLC, 

            
its
      managing general partner

        
      

                                                                                                                 
      By:      ____________________________    

                                                                                              
                        
Name: ____________________________     

                                                                                                                 
      Title:   ____________________________     

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.  

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    JV
      HOLDING:

     

    MEADOWLANDS
      DEVELOPER HOLDING 

    CORP.,
      a Delaware limited partnership

     

    By:    
      ____________________________

                                                                                           
      Name:  ____________________________      

                                                                                           
      Title:    ____________________________     

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Meadowlands Developer Holding Corp., and
      that
      by his/her signature on the instrument, the individual, or the person upon
      behalf of which the individual acted, executed the instrument.

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    GP
      LLC:

     

    MEADOWLANDS
      MACK-CALI GP, L.L.C., a 

    Delaware
      limited liability company

     

    By: Meadowlands
      Developer Limited 

                                                                                                   
      Partnership, its sole member

     

                                                                                                   
      By: Meadowlands
      Limited 

                                                                                                           
      Partnership, its general partner

     

                                                                                                           
      By: Colony
      Xanadu, LLC, its 

                                                                                                                  
      managing general partner

     

                                                                                                                           
      By:       ____________________________   

                                                                                                                           
      Name:  ____________________________    

                                                                                                                           
      Title:    ____________________________     

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    SPECIAL
      GENERAL PARTNER:

     

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C., 

    a
      New Jersey limited liability company

     

    By: Mack-Cali
      Realty, L.P., its sole member

     

                                                                                                   
      By: Mack-Cali
      Realty Corporation, its 

                                                                                                          
      general
      partner

      
      

                                                                                                          
      By:       ____________________________                                                                                                    

                                                                                                          
      Name:  ____________________________   

                                                                                                          
      Title:    ____________________________     

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Mack-Cali Realty Corporation, and that by
      his/her signature on the instrument, the individual, or the person upon behalf
      of which the individual acted, executed the instrument.

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    MC
      ENTERTAINMENT:

     

    MACK-CALI
      MEADOWLANDS 

    ENTERTAINMENT
      L.L.C., a New Jersey limited liability company

     

    By: Mack-Cali
      Realty, L.P., its sole member

     

                                                                                                   
      By: Mack-Cali
      Realty Corporation, its 

                                                                                                          
      general
      partner

     

                                                                                                           
      By:      ____________________________     

                                                                                                           
      Name: ____________________________     

                                                                                                           
      Title:   ____________________________     

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Mack-Cali Realty Corporation, and that by
      his/her signature on the instrument, the individual, or the person upon behalf
      of which the individual acted, executed the instrument.

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    BASEBALL
      LP:

     

    BASEBALL
      MEADOWLANDS LIMITED 

    PARTNERSHIP,
      a Delaware limited partnership

     

    By: Meadowlands
      Baseball Holding, LLC, its general  

         
partner

     

    By: Meadowlands
      Developer Limited 

                                                                                                           
      Partnership, its sole member

     

                                                                                                           
      By: Colony
      Xanadu, LLC, its 

                                                                                                                  
      managing general partner

     

                                                                                                                  
      By:       ____________________________

                                                                                                                  
      Name:  ____________________________

                                                                                                                  
      Title:    ____________________________

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                   ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    A-B
      OFFICE LP:

     

    A-B
      OFFICE MEADOWLANDS MACK-CALI 

    LIMITED
      PARTNERSHIP, a Delaware limited 

    partnership

     

    By: Meadowlands
      Mack-Cali GP, L.L.C., its

          
general
      partner

     

    By: Meadowlands
      Developer Limited 

                   
      Partnership,
      its sole member

     

                                                                                                           
      By: Colony
      Xanadu, LLC, its 

                                                                                                                  
      managing general partner

     

                                                                                                                  
      By:       ____________________________  

                                                                                                                  
      Name:  ____________________________  

                                                                                                                  
      Title:    ____________________________  

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                  
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    C-D
      OFFICE LP:

     

    C-D
      OFFICE MEADOWLANDS MACK-CALI 

    LIMITED
      PARTNERSHIP, a Delaware limited 

    partnership

     

    By: Meadowlands
      Mack-Cali GP, L.L.C., its  

         
general
      partner

     

    By: Meadowlands
      Developer Limited 

                                                                                                           
      Partnership, its sole member

     

                                                                                                           
      By: Colony
      Xanadu, LLC, its 

                                                                                                                  
      managing general partner

     

                                                                                                                   
      By:      ____________________________

                                                                                                                   
      Name: ____________________________

                                                                                                                   
      Title:   ____________________________   

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    HOTEL
      OFFICE LP:

     

    HOTEL
      OFFICE MEADOWLANDS MACK-CALI 

    LIMITED
      PARTNERSHIP, a Delaware limited 

    partnership

     

    By: Meadowlands
      Mack-Cali GP, L.L.C., its 

                                                                                                  
      general partner

     

    By: Meadowlands
      Developer Limited 

                                                                                                           
      Partnership, its sole member

     

                                                                                                            By: Colony
      Xanadu, LLC, its 

                                                                                                                   
      managing general partner

     

                                                                                                                   
      By:      ____________________________

                                                                                                                   
      Name: ____________________________

                                                                                                                   
      Title:   ____________________________

     

    

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                  
      ____________________________

    Notary
      Public

     

    [signature
      page continued on next page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [signature
      page to Memorandum of Mack-Cali Rights, Obligations and Option
      Agreement]

     

    ERC
      LP:

     

    ERC
      MEADOWLANDS MILLS/MACK-CALI 

    LIMITED
      PARTNERSHIP, a Delaware limited 

    partnership

     

    By: Meadowlands
      Mack-Cali GP, L.L.C., its 

                                                                                                   general
      partner

     

    By: Meadowlands
      Developer Limited 

                                                                                                           Partnership,
      its sole member

     

                                                                                                          
      By: Colony
      Xanadu, LLC, its 

                                                                                                                 
      managing general partner

     

                                                                                                                  By:      
      ____________________________

                                                                                                                 
      Name:  ____________________________

                                                                                                                 
      Title:    ____________________________

     

    

     

    STATE
      OF
      NEW YORK )

    :
      ss.

    COUNTY
      OF
      NEW YORK )

    On
      the
      ____ day of November, 2006, before me, the undersigned, personally appeared
      _______________________________, personally known to me or proved to me on
      the
      basis of satisfactory evidence to be the individual(s) whose name is subscribed
      to the within instrument and acknowledged to me that he/she executed the same
      in
      his/her capacity as an officer of Colony Xanadu, LLC, and that by his/her
      signature on the instrument, the individual, or the person upon behalf of which
      the individual acted, executed the instrument.

     

     

     

     

                                                   
      ____________________________

    Notary
      Public

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    LEGAL
      DESCRIPTION

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      J

    

    ASSIGNMENT
      AND ASSUMPTION OF PARTNERSHIP INTEREST

     

    The
      undersigned (“Assignor”),
      holder of a general partnership interest in Meadowlands Developer Limited
      Partnership (f/k/a Meadowlands Mills/Mack-Cali Limited Partnership)
      (“Assignee”),
      a
      Delaware limited partnership, for and in consideration of One Dollars ($1.00)
      and other good and valuable consideration, the receipt and sufficiency of which
      is hereby acknowledged, hereby transfers, assigns and sets over to Assignee
      or
      Assignee’s nominee or nominees, pursuant to and in accordance with the terms and
      conditions of that certain Redemption Agreement (the “Redemption Agreement”),
      dated November 22, 2006, by and among Assignee, Meadowlands Developer Holding
      Corp. (“MDHC”),
      Assignor, Mack-Cali Meadowlands Special L.L.C. (“MC
      Special”)
      and
      Meadowlands Limited Partnership (“MLP”)
      and
      the Mack-Cali Rights, Obligations and Option Agreement to be entered into on
      the
      date hereof by and betweenamong Assignee, MLP, Meadowlands Mack-Cali GP, L.L.C.,
      MDHC, MC Entertainment, Baseball Meadowlands Mills/Mack-Cali Limited
      Partnership, A-B Office Meadowlands Mack-Cali/Mills Limited Partnership, C-D
      Meadowlands Mack-Cali/Mills Limited Partnership, Hotel Meadowlands Mack-Cali
      Limited Partnership and ERC Meadowlands Limited Partnership, all of Assignor’s
      right, title and interest in, and to, Assignee (the “Assigned
      Interest”),
      which
      Assignor represents to be free and clear of all liens, pledges, encumbrances,
      claims, charges, equities, agreements, rights, options or restrictions of any
      kind, nature or description whatsoever.

     

    Assignee
      hereby accepts the assignment and transfer of the Assigned Interest and Assignee
      hereby assumes the Assigned Interest and the obligations and liabilities
      relating thereto and performance thereof arising from and after the time of
      closing pursuant to that certain Redemption Agreement (the “Closing”).

     

    To
      have
      and to hold the same unto Assignee, Assignee’s successors and assigns, from and
      after the Closing.

     

    

     

    [Remainder
      of page intentionally left blank; signature page follows.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF,
      Assignor and Assignee have duly executed this instrument as of the
      22nd
      day of
      November, 2006.

     

    ASSIGNOR:

    

    MACK-CALI
      MEADOWLANDS SPECIAL L.L.C., a New Jersey 

    limited
      liability company

    

    By: Mack-Cali
      Realty, L.P., a Delaware limited

           
partnership,
      its sole member

     

           
By: Mack-Cali
      Realty Corporation, a 

                  
      Maryland
      corporation, its general partner

     

                  
      By: _______________________

                          Name:

                         
      Title:

    

    ASSIGNEE:

    

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP,
      a
      

    Delaware
      limited partnership

    

    By: Meadowlands
      Limited Partnership, a Delaware limited 

           partnership,
      its Managing General Partner

     

          
By: Colony
      Xanadu, LLC, a Delaware limited liability 

                 
      company, its Managing General Partner

     

                  
      By: __________________________

                         
      Name:

                         
      Title:

    

    By: Mack-Cali
      Meadowlands Special L.L.C., a New Jersey 

           
      limited liability company, a General Partner

     

           
By: Mack-Cali
      Realty, L.P., a Delaware limited partnership, 

                   its
      Sole Member

     

                   By: Mack-Cali
      Realty Corporation, a Maryland 

                         
      corporation, its General Partner

     

                          
      By:  ____________________________

                          
      Name:

                                  
      Title:

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

    

    ASSIGNMENT
      AND ASSUMPTION OF PARTNERSHIP INTEREST

     

    The
      undersigned (“Assignor”),
      holder of a general partnership interest in Meadowlands Developer Limited
      Partnership (f/k/a Meadowlands Mills/Mack-Cali Limited Partnership)
      (“Assignee”),
      a
      Delaware limited partnership, for and in consideration of One Dollars ($1.00)
      and other good and valuable consideration, the receipt and sufficiency of which
      is hereby acknowledged, hereby transfers, assigns and sets over to Assignee
      or
      Assignee’s nominee or nominees, pursuant to and in accordance with the terms and
      conditions of that certain Redemption Agreement (the “Redemption
      Agreement”),
      dated
      November 22, 2006, by and among Assignee, Meadowlands Developer Holding Corp.
      (“MDHC”),
      Assignor, Mack-Cali Meadowlands Special L.L.C. (“MC
      Special”)
      and
      Meadowlands Limited Partnership (“MLP”)
      and
      the Mack-Cali Rights, Obligations and Option Agreement to be entered into on
      the
      date hereof by and among Assignee, MLP, Meadowlands Mack-Cali GP, L.L.C., MDHC,
      MC Special, Baseball Meadowlands Limited Partnership, A-B Office Meadowlands
      Mack-Cali Limited Partnership, C-D Meadowlands Mack-Cali Limited Partnership,
      Hotel Meadowlands Mack-Cali Limited Partnership and ERC Meadowlands Limited
      Partnership, all of Assignor’s right, title and interest in, and to, Assignee
      (the “Assigned
      Interest”),
      which
      Assignor represents to be free and clear of all liens, pledges, encumbrances,
      claims, charges, equities, agreements, rights, options or restrictions of any
      kind, nature or description whatsoever.

     

    Assignee
      hereby accepts the assignment and transfer of the Assigned Interest and Assignee
      hereby assumes the Assigned Interest and the obligations and liabilities
      relating thereto and performance thereof arising from and after the time of
      closing pursuant to that certain Redemption Agreement (the “Closing”).

     

    To
      have
      and to hold the same unto Assignee, Assignee’s successors and assigns, from and
      after the Closing.

     

    

     

    [Remainder
      of page intentionally left blank; signature page follows.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF,
      Assignor and Assignee have duly executed this instrument as of the
      22nd
      day of
      November, 2006.

     

    ASSIGNOR:

    

    MACK-CALI
      MEADOWLANDS ENTERTAINMENT L.L.C., a 

    New
      Jersey limited liability company

    

    By: Mack-Cali
      Realty, L.P., a Delaware limited

           
partnership,
      its sole member

     

           
By: Mack-Cali
      Realty Corporation, a 

                  
      Maryland
      corporation, its general partner

     

                  
      By: _______________________

                          Name:

                         
      Title:

    

    

    ASSIGNEE:

    

    MEADOWLANDS
      DEVELOPER LIMITED PARTNERSHIP,
      a
      

    Delaware
      limited partnership

    

    By: Meadowlands
      Limited Partnership, a Delaware limited 

           
      partnership, its Managing General Partner

     

           
By: Colony
      Xanadu, LLC, a Delaware limited liability 

                  
      company, its Managing General Partner

     

                   
      By: ____________________________

                          
      Name:

                          
      Title:

    

    By: Mack-Cali
      Meadowlands Special L.L.C., a New Jersey 

           
      limited liability company, a General Partner

     

            By: Mack-Cali
      Realty, L.P., a Delaware limited partnership, 

                  
      its Sole Member

     

                  
      By: Mack-Cali
      Realty Corporation, a Maryland 

                         
      corporation, its General Partner

     

                         
      By:  ____________________________

                          
      Name:

                                  
      Title:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      Schedule
        5.1(d)

       

      

       

      None.

       

    

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
 

    Schedule
      5.2(d)

     

    Required
      Consents

     

    

     

    1.
      MC
      Entertainment - Consent of Sole Member

     

    2.
      MC
      Special - Consent of Sole Member

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