Document:

Exhibit

Exhibit 10.19

ARTISAN PARTNERS FUNDS, INC.
SECOND AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT
THIS SECOND AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made as of this 12th day of May, 2015 by and between Artisan Partners Funds, Inc., a Wisconsin corporation registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end diversified management investment company (“Artisan Funds”), and Artisan Partners Limited Partnership, a Delaware limited partnership registered under the Investment Advisers Act of 1940, as amended, as an investment adviser (“Artisan Partners”).
WHEREAS, Artisan Funds and Artisan Partners previously entered into that certain Amended and Restated Investment Advisory Agreement, dated as of March 12, 2014 (the “Prior Agreement”); and 
WHEREAS, Artisan Funds and Artisan Partners wish to amend and restate the Prior Agreement in its entirety as follows;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:
1.Engagement of Artisan Partners.  
(a)    Artisan Partners shall manage the investment and reinvestment of the assets of each series of Artisan Funds listed on Schedule A hereto (each a “Fund” and together “the Funds”), as may be amended from time to time, subject to such policies as the board of directors of Artisan Funds (the “board”) may determine, for the period and on the terms set forth in this Agreement.  Artisan Partners shall give due consideration to the investment policies and restrictions and the other statements concerning the Funds in Artisan Funds’ articles of incorporation, bylaws, and registration statements under the 1940 Act and the Securities Act of 1933 (“1933 Act”) and to the provisions of the Internal Revenue Code applicable to each Fund as a regulated investment company.  Artisan Partners shall be deemed for all purposes to be an independent contractor and not an agent of Artisan Funds or any Fund, and unless otherwise expressly provided or authorized, shall have no authority to act for or represent Artisan Funds or any Fund in any way.  
(b)    Artisan Partners is authorized to make the decisions to buy and sell portfolio investments, to place each Fund’s portfolio transactions with broker-dealers, and to negotiate the terms of such transactions, including brokerage commissions on brokerage transactions, on behalf of such Fund.  
Artisan Partners’ primary consideration in effecting a security or other transaction for a Fund will be to obtain best execution for the Fund, taking into account all factors Artisan Partners deems 

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relevant, including, by way of example, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in other transactions.  Subject to such policies as the board may determine and consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended, Artisan Partners shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of its having caused any Fund to pay a broker-dealer, acting as agent, for effecting a portfolio transaction an amount of commission in excess of the amount of commission another broker-dealer would have charged for effecting that transaction if Artisan Partners determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction or Artisan Partners’ overall responsibilities with respect to such Fund and to other clients as to which it exercises investment discretion, and in so doing shall not be required to make any reduction in its investment advisory fees.
(c)    Artisan Partners may, from time to time, delegate to one or more sub-advisers (each a “Sub-adviser”) any of Artisan Partners’ duties under this Agreement with respect to any Fund.  Any such Sub-adviser shall have all of the rights and powers of Artisan Partners as set forth in this Agreement and as specifically delegated to it by Artisan Partners with respect to such Fund; provided (i) that Artisan Partners must (A) oversee the provision of delegated services and (B) bear any additional costs for the services provided by any Sub-adviser and (ii) that no such delegation will relieve Artisan Partners of any of its obligations under this Agreement; and provided further, that the retention (or termination) of any Sub-adviser shall be approved in advance by (i) the board in conformity with the requirements of the 1940 Act, and (ii) the shareholders of the Fund if required under any applicable provisions of the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.  Artisan Partners will review, monitor and report to the board regarding the performance and investment procedures of any Sub-adviser.  A Sub-adviser may be an affiliate of Artisan Partners.  
Artisan Partners represents that it will notify Artisan Funds of any change in the membership of Artisan Partners within a reasonable time after any such change, to the extent required by Section 205(a)(3) of the Advisers Act.
2.    Expenses to be Paid by Artisan Partners.  Artisan Partners shall furnish to Artisan Funds, at its own expense, office space and all necessary office facilities, equipment and personnel for managing each Fund.  Artisan Partners shall also assume and pay all other expenses incurred by it in connection with managing the assets of each Fund; all expenses of marketing shares of each Fund to the extent that such expenses exceed amounts paid under any plan of distribution of shares pursuant to Section 12(b) of the 1940 Act; all expenses of placement of securities orders and related bookkeeping; and such portion of all fees, dues and other expenses related to membership of Artisan Funds in any trade association or other investment company organization as may be determined by the board from time to time.  Artisan 

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Partners shall not be obligated to pay any expenses of or for any Fund not expressly assumed by Artisan Partners herein.
3.    Expenses to be Paid by Artisan Funds.  Artisan Funds shall pay all expenses of its operation not specifically assumed by Artisan Partners, including, but not limited to, all charges of depositories, custodians and other agencies for the safekeeping and servicing of its cash, securities and other property and of its transfer agents and registrars and its dividend disbursing and redemption agents, if any; all expenses associated with daily price computations, including pricing services used in the valuation of securities; all charges of legal counsel and of independent accountants; all compensation of directors other than those affiliated with Artisan Partners and all expenses incurred in connection with their services to Artisan Funds; all costs of borrowing money; all expenses of publication of notices and reports to its shareholders and to governmental bodies or regulatory agencies; all expenses of proxy solicitations of the Funds or of the board; all expenses of shareholder meetings; all expenses of typesetting of the Funds’ prospectuses and of printing and mailing copies of the prospectuses furnished to each then-existing shareholder or beneficial owner; all taxes and fees payable to federal, state or other governmental agencies, domestic or foreign; all stamp or other taxes; all expenses of printing and mailing certificates for shares of the Funds; all expenses of bond and insurance coverage required by law or deemed advisable by the board; all expenses of qualifying and maintaining qualification of shares of the Funds under the securities laws of such United States and non-United States jurisdictions as Artisan Funds may from time to time reasonably designate; all expenses of maintaining the registration of Artisan Funds under the 1933 Act and the 1940 Act; and such portion of all fees, dues and other expenses related to membership of Artisan Funds in any trade association or other investment company organization as may be determined by the board from time to time.  In addition to the payment of expenses, the Funds also shall pay all brokers’ commissions and other charges relating to the purchase and sale of portfolio securities for the Funds.  Any expenses borne by Artisan Funds that are attributable solely to the operation or business of any particular Fund shall be paid solely out of such Fund’s assets.  Any expenses borne by Artisan Funds that are not solely attributable to any particular Fund shall be apportioned in such manner as Artisan Partners determines is fair and appropriate, or as otherwise specified by the board.
4.    Compensation of Artisan Partners.  For the services to be rendered and the charges and expenses to be assumed and to be paid by Artisan Partners hereunder, each Fund shall pay to Artisan Partners a monthly fee at the annual rate set forth in Schedule A hereto based on such Fund’s average daily net assets.  If Artisan Partners shall serve for less than the whole of a month, the foregoing compensation shall be prorated.
5.    Services of Artisan Partners Not Exclusive.  The services of Artisan Partners (and any person controlled by or under common control with Artisan Partners) to Artisan Funds hereunder are not to be deemed exclusive, and Artisan Partners (and any person controlled by or under common control with Artisan Partners) shall be free to render similar services to others so long as its services under this Agreement are not impaired by such other activities.

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6.    Services Other Than as Investment Adviser.  Artisan Partners (or an affiliate of Artisan Partners) may act as broker for any Fund in connection with the purchase or sale of securities by or to such Fund if and to the extent permitted by procedures adopted from time to time by the board.  Such brokerage services are not within the scope of the duties of Artisan Partners under this Agreement, and, within the limits permitted by law and the board, Artisan Partners (or an affiliate of Artisan Partners) may receive brokerage commissions, fees or other remuneration from such Fund for such services in addition to its fee for services as an investment adviser pursuant to this Agreement.  Within the limits permitted by law, Artisan Partners may receive compensation from any Fund for other services performed by it for such Fund which are not within the scope of the duties of Artisan Partners under this Agreement.
7.    Limitation of Liability of Artisan Partners.  Artisan Partners shall not be liable to Artisan Funds or its shareholders for any loss suffered by Artisan Funds or its shareholders from or as a consequence of any act or omission of Artisan Partners, or of any of the partners, employees or agents of Artisan Partners, in connection with or pursuant to this Agreement, except by reason of willful misfeasance, bad faith or gross negligence on the part of Artisan Partners in the performance of its duties or by reason of reckless disregard by Artisan Partners of its obligations and duties under this Agreement.
8.    Duration and Renewal.  This Agreement is effective with respect to each Fund as of each Fund’s Original Effective date set forth in Schedule A.  Unless terminated as provided in Section 9 of this Agreement, this Agreement shall continue in full force and effect through each Fund’s Initial Term End Date set forth in Schedule A (which date shall not be later than the date that is two years from the Original Effective Date), and shall continue in full force and effect with respect to each Fund for successive periods of one year thereafter, but only so long as each continuance is specifically approved at least annually (a) by a majority of those directors who are not interested persons of Artisan Funds or of Artisan Partners, voting in person at a meeting called for the purpose of voting on such approval, and (b) by either the board or vote of the holders of a “majority of the outstanding shares of the Fund”; provided, however, that if the continuance of this Agreement is submitted to the shareholders of a Fund for their approval and such shareholders fail to approve such continuance of this Agreement as provided herein, Artisan Partners may continue to serve hereunder as investment adviser to such Fund in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
9.    Termination.  This Agreement may be terminated as to any Fund at any time, without payment of any penalty, by the board or by vote of the holders of a majority of the outstanding shares of such Fund, upon 60 days’ written notice, delivered or mailed by registered mail, postage prepaid, to Artisan Partners.  This Agreement may be terminated as to any Fund by Artisan Partners at any time, without payment of any penalty, upon 60 days’ written notice, delivered or mailed by registered mail, postage prepaid, to Artisan Funds.  This Agreement shall terminate automatically, without payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by Artisan Partners pursuant to Section 1(c) of this Agreement shall be deemed to constitute an assignment.  The termination of this Agreement with 

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respect to any one Fund shall not be deemed to terminate this Agreement with respect to any other Fund.
10.    Amendment.  This Agreement may not be amended orally, but only by an instrument in writing signed by the party against which enforcement of the amendment is sought.  No amendment to this Agreement shall become effective until approved in a manner consistent with the 1940 Act, the rules and regulations thereunder and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
11.    Definitions.
For the purposes of this Agreement, the term “a majority of the outstanding shares of the Fund” will be construed in accordance with the definition of “vote of a majority of the outstanding voting securities of a company” in Section 2(a)(42) of the 1940 Act.
For the purposes of this Agreement, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term  “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.

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IN WITNESS WHEREOF, ARTISAN PARTNERS FUNDS, INC. and ARTISAN PARTNERS LIMITED PARTNERSHIP have each caused this Agreement to be signed on its behalf by its duly authorized representative, all as of the day and year first above written.

Artisan Partners Funds, Inc.

By:    /s/ Sarah A. Johnson            

Artisan Partners Limited Partnership

		
	By:
	/s/ Sarah A. Johnson        

        

    

Schedule A

Amended as of August 18, 2017 to add Artisan Global Discovery Fund
	
							
	 
	 
	 
	 
	 
	 
	 

	

Fund
 
	 
	Annual 
Rate of Fee  
 
	 
	

Asset Base  
 
	Original 
Effective 
Date of Agreement
	

Initial Term
End Date

	Developing World Fund
	 
	1.050%
1.025%
1.000%
0.975%
0.950%
	 
	up to $1 billion
$1 billion up to $2 billion
$2 billion up to $3.5 billion
$3.5 billion up to $5 billion
over $5 billion
	May 12, 2015
	May 12, 2017

	Emerging Markets Fund
	 
	1.000%
0.975%
0.950%
0.925%
0.900%
	 
	up to $1 billion
$1 billion up to $2 billion
$2 billion up to $3.5 billion
$3.5 billion up to $5 billion
over $5 billion
	March 12, 2014
	June 30, 2015

	Global Discovery Fund
	 
	0.975%
0.950%
0.925%
0.900%
0.875%
	 
	up to $1 billion
$1 billion up to $2 billion
$2 billion up to $3.5 billion
$3.5 billion up to $5 billion
over $5 billion
	August 18, 2017
	August 18, 2019

	Global Equity Fund

	 
	1.000%
0.975%
0.950%
0.925%
0.900%
	 
	up to $1 billion
$1 billion up to $4 billion
$4 billion up to $8 billion
$8 billion up to $12 billion
over $12 billion
	March 12, 2014
	June 30, 2015

	Global Opportunities Fund
	 
	0.900%
0.875%
0.850%
0.825%
0.800%
	 
	up to $1 billion
$1 billion up to $4 billion
$4 billion up to $8 billion
$8 billion up to $12 billion
over $12 billion
	March 12, 2014
	June 30, 2015

	Global Value Fund
	 
	1.000%
0.975%
0.950%
0.925%
0.900%
	 
	up to $1 billion
$1 billion up to $4 billion
$4 billion up to $8 billion
$8 billion up to $12 billion
over $12 billion
	March 12, 2014
	June 30, 2015

	High Income Fund
	 
	0.725%
0.700%
0.675%
0.650%
0.625%
	 
	up to $1 billion
$1 billion up to $2 billion
$2 billion up to $3.5 billion
$3.5 billion up to $10 billion
over $10 billion
	March 12, 2014
	June 30, 2015

	International Fund
	 
	1.000%
0.975%
0.950%
0.925%
0.900%
	 
	up to $500 million
$500 million up to $750 million
$750 million up to $1 billion
$1 billion up to $12 billion
over $12 billion
	March 12, 2014
	June 30, 2015

	International Small Cap Fund
	 
	1.250%
	 
	All assets
	March 12, 2014
	June 30, 2015

[Schedule A to Second Amended & Restated Investment Advisory Agreement] 

	
							
	International Value Fund

	 
	1.000%
0.975%
0.950%
0.925%
	 
	up to $500 million
$500 million up to $750 million
$750 million up to $1 billion
over $1 billion
	March 12, 2014
	June 30, 2015

	Mid Cap Fund
	 
	1.000%
0.975%
0.950%
0.925%
	 
	up to $500 million
$500 million up to $750 million
$750 million up to $1 billion
over $1 billion
	March 12, 2014
	June 30, 2015

	Mid Cap Value Fund
	 
	1.000%
0.975%
0.950%
0.925%
	 
	up to $500 million
$500 million up to $750 million
$750 million up to $1 billion
over $1 billion
	March 12, 2014
	June 30, 2015

	Small Cap Fund
	 
	1.000%
0.975%
0.950%
0.925%
	 
	up to $500 million
$500 million up to $750 million
$750 million up to $1 billion
over $1 billion
	March 12, 2014
	June 30, 2015

	Thematic Fund
	 
	1.000%
0.975%
0.950%
0.925%
0.900%
	 
	up to $1 billion
$1 billion up to $2 billion
$2 billion up to $3.5 billion
$3.5 billion up to $5 billion
over $5 billion
	February 16, 2017
	February 16, 2019

	Value Fund
	 
	0.800%
0.760%
0.720%
0.680%
0.640%
	 
	up to $50 million
$50 million up to $100 million
$100 million up to $500 million
$500 million up to $7.5 billion
over $7.5 billion
	March 12, 2014
	June 30, 2015

 

IN WITNESS WHEREOF, ARTISAN PARTNERS FUNDS, INC. and ARTISAN PARTNERS LIMITED PARTNERSHIP have each caused this Schedule A to be signed on its behalf by its duly authorized representative, all as of the day and year first written above.

Artisan Partners Funds, Inc.

By:    /s/ Sarah A. Johnson        
    

Artisan Partners Limited Partnership

		
	By:
	/s/ Sarah A. Johnson                

[Schedule A to Second Amended & Restated Investment Advisory Agreement]Exhibit 10.1

 

Contract of Sale

 

 

 

Between

 

 

 

CARVER FEDERAL SAVINGS BANK F/K/A CARVER
FEDERAL SAVINGS AND LOAN ASSOCIATION

(“Seller”)

 

 

 

and

 

 

 

CHOMPOL LLC 

(“Purchaser”)

 

 

 

dated December  13, 2017

 

 

 

Premises:

 

	Street Address:	75 West 125th Street
	City or Town:	New York
	County:	New York
	State:	New York
	 	 
	Block:	1723
	Lot:	5

 

     

     

    

 

Contract of Sale

 

CONTRACT OF SALE (“Contract”)
dated December 13, 2017 between Carver Federal Savings Bank f/k/a Carver Federal Savings and Loan Association (“Seller”),
with offices located at 75 West 125th Street, New York, New York, and CHOMPOL
LLC, a limited liability company (“Purchaser”), having an office c/o Gatsby Enterprises, LLC, 347 5th
Avenue, Suite 300, New York, New York 10016.

 

WHEREAS, Seller is the fee owner of that
certain real property located at 75 West 125th Street, New York, New York, Tax
Map Designation: Block 1723, Lot 5 and more particularly described in Exhibit A attached hereto; and

 

WHEREAS, Seller desires to sell to Purchaser
and Purchaser desires to purchase from Seller the Premises (as defined in Section 1.01 below), subject to the terms and conditions
of this Contract.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each party hereto, and intending to be legally bound hereby, Seller
and Purchaser hereby covenant and agree as follows:

 

Section
1. Sale of Premises and Acceptable Title

 

§1.01. Seller
shall sell to Purchaser, and Purchaser shall purchase from Seller, at the price and upon the terms and conditions set forth in
this Contract: (a) the parcel of land more particularly described in Exhibit A attached hereto (“Land”);
(b) all buildings and improvements situated on the Land (collectively, “Building”); (c) all right, title and
interest of Seller, if any, in and to the land lying in the bed of any street or highway in front of or adjoining the Land to the
center line thereof and to any unpaid award for any taking by condemnation or any damage to the Land by reason of a change of grade
of any street or highway; and (d) the appurtenances and all the estate and rights of Seller in and to the Land and Building (collectively,
the “Premises”).  For purposes of this Contract, “appurtenances” shall include all right,
title and interest of Seller, if any, in and to (i) streets, easements, rights-of-way and vehicle parking rights, if any, used
in connection with the Premises; (ii) any strips or gores of land between the Land and abutting or adjacent properties; and (iii)
air rights and development rights.  This sale also includes all fixtures and all equipment, machinery, materials, supplies
and other personal property attached or appurtenant to the Building or located at and used in the operation or maintenance of the
Land or Building to the extent same are owned by Seller or any affiliate of Seller (the “Personal Property”)
and not used in connection with the operation of Seller's business. Notwithstanding anything to the contrary herein, (i) the vault
and ATM machines located on the ground floor of the Building and the Seller's artwork, signage and flags shall be excluded from
the sale and (ii) Seller, in its sole and absolute discretion, reserves the right to exclude from the sale any and all other fixtures
and materials, supplies and other personal property attached or appurtenant to the Building that are located on the ground floor
of the Building, except for the chandeliers and sconces, which shall remain and are deemed included in this sale.  For avoidance
of doubt, the vault located in the basement of the Premises is included in the sale of the Premises, which vault shall be delivered
in working and operational order, together with combinations and keys for its use.  The street address of the Premises is
set forth on Schedule D attached hereto.

 

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§1.02. Seller
shall convey and Purchaser shall accept fee simple title to the Premises in accordance with the terms of this Contract, subject
to: (a) the matters set forth in Schedule B attached hereto (collectively, “Permitted Exceptions”); and
(b) such other matters as the title insurer specified in Schedule D attached hereto (or if none is so specified, then any
title insurer licensed to do business by the State of New York) shall be willing to (i) omit as exceptions to coverage or (ii)
except with insurance against collection out of or enforcement against the Premises.

 

Section
2. Purchase Price and Acceptable Funds, Escrow of Downpayment

 

§2.01. Purchaser
shall pay Seller the purchase price (“Purchase Price”) set forth in Schedule C attached hereto, subject
to the terms and conditions of this Contract.  Seller and Purchaser acknowledge that no portion of the Purchase Price is allocated
to the Personal Property, if any, transferred pursuant to this Contract.

 

§2.02. Except
for the Downpayment (hereinafter defined), all monies payable under this Contract shall be paid by wire transfer of immediately
available federal funds to an account designated by Seller on not less than two (2) business days’ prior notice to Purchaser.

 

§2.03. Purchaser’s
obligations under this Contract are not contingent on Purchaser obtaining any financing in connection with this transaction, as
this is an "all-cash" transaction; but Seller acknowledges advice from Purchaser that, notwithstanding the fact that
the transaction is not contingent on Purchaser obtaining financing, Purchaser intends to obtain financing.  Seller shall cooperate
with all reasonable requests of any lender to whom Purchaser makes application for a loan, provided there is no liability or cost
or expense to Seller.  

 

§2.04. (a) All
sums paid on account of the Purchase Price prior to the Closing (collectively, “Downpayment”) shall be paid
by wire transfer of immediately available federal funds to an account designated by Seller’s attorney or another Escrowee
designated in writing by the parties (“Escrowee”).  The Escrowee shall hold the proceeds thereof in escrow
in an interest-bearing account at a major lending institution with offices in New York City until the Closing or sooner termination
of this Contract and shall pay over or apply such proceeds in accordance with the terms of this section.  Escrowee shall hold
such proceeds in an interest-bearing account and such interest shall be paid to the same party entitled to the Downpayment, and
the party receiving such interest shall pay any income taxes thereon.  Escrowee shall not be responsible for any interest
on the Downpayment except as is actually earned, or for the loss of any interest resulting from the withdrawal of the Downpayment
prior to the date interest is posted thereon or for any loss caused by the failure, suspension, bankruptcy or dissolution of the
institution in which the Downpayment is deposited.  The tax identification numbers of the parties are set forth in Schedule
D.  Each of the parties, upon Escrowee’s request, shall promptly furnish to Escrowee a completed and executed Form
W-9, together with such other information as Escrowee shall reasonably require.  At the Closing, such proceeds shall be paid
by Escrowee to Seller.  If for any reason the Closing does not occur and either party makes a written demand upon Escrowee
for payment of such amount, Escrowee shall give written notice to the other party of such demand.  If Escrowee does not receive
a written objection from the other party to the proposed payment within 10 business days after the giving of such notice, Escrowee
is hereby authorized to make such payment.  If Escrowee does receive such written objection within such 10 day period or if
for any other reason Escrowee in good faith shall elect not to make such payment, Escrowee shall continue to hold such amount until
otherwise directed by written instructions from the parties to this Contract or a final and non-appealable order of a court.  However,
Escrowee shall have the right at any time to deposit the escrowed proceeds and interest thereon, if any, with the clerk of the
Supreme Court of the county in which the Premises is located.  Escrowee shall give written notice of such deposit to Seller
and Purchaser.  Upon such deposit Escrowee shall be relieved and discharged of all further obligations and responsibilities
hereunder.  If the Downpayment is deposited in a money market account, dividends thereon shall be treated, for purposes of
this Section, as interest.

 

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(b) The parties acknowledge
that Escrowee is acting solely as a stakeholder at their request and for their convenience, that the duties of Escrowee hereunder
are purely ministerial in nature and shall be expressly limited to the safekeeping and disposition of the Downpayment in accordance
with the provisions of this Contract, that Escrowee shall not be deemed to be the agent of either of the parties, and that Escrowee
shall not be liable to either of the parties for any act or omission on its part unless taken or suffered in bad faith, in willful
disregard of this Contract or involving gross negligence.  Seller and Purchaser shall jointly and severally indemnify and
hold Escrowee harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees, incurred in
connection with the performance of Escrowee’s duties hereunder, except with respect to actions or omissions taken or suffered
by Escrowee in bad faith, in willful disregard of this Contract or involving gross negligence on the part of Escrowee.

 

(c) Escrowee has acknowledged
agreement to these provisions by signing in the place indicated on the signature page of this Contract.

 

(d) If Escrowee is Seller’s
attorney, Escrowee or any member of its firm shall be permitted to act as counsel for Seller in any dispute as to the disbursement
of the Downpayment or any other dispute between the parties whether or not Escrowee is in possession of the Downpayment and continues
to act as Escrowee.

 

(e) Escrowee may act
or refrain from acting in respect of any matter referred to in this §2.03 in full reliance upon and with the advice of counsel
which may be selected by it (including any member of its firm) and shall be fully protected in so acting or refraining from action
upon the advice of such counsel.

 

(f) Escrowee may resign
from its duties hereunder at any time by giving notice of such resignation to Seller and Purchaser specifying a date (not less
than thirty (30) days after the giving of such notice) when such resignation shall take effect.  Upon such resignation, a
successor Escrowee shall be appointed with the unanimous consent of Seller and Purchaser, such successor Escrowee to become Escrowee
hereunder upon the resignation date specified in such notice.  If Seller and Purchaser are unable to agree upon a successor
Escrowee within twenty (20) days after such notice, the Escrowee shall be entitled to appoint its successor.  The Escrowee
shall continue to serve until its successor accepts the escrow and receives the Downpayment.  Seller and Purchaser shall have
the right at any time upon unanimous consent to substitute a new Escrowee by giving notice thereof to the Escrowee then acting.

 

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Section
3. The Closing

 

§3.01. Except
as otherwise provided in this Contract, the closing of title pursuant to this Contract (“Closing”) shall take
place on the scheduled date and at the time of closing specified in Schedule D (the actual date of the Closing being herein
referred to as “Closing Date”) TIME BEING OF THE ESSENCE as against the Purchaser, at the place specified in
Schedule D.

 

Section
4. Representations and Warranties of Seller

 

Seller represents and warrants to Purchaser on the date hereof
and on the Closing Date as follows:

 

§4.01. Seller
is the sole owner of the Premises.

 

§4.02. The schedule
of service, maintenance, supply and management contracts (“Service Contracts”) attached hereto as Schedule E
lists all such contracts affecting the Premises, if any.

 

§4.03. There
are no leases, licenses or occupancy agreements for the Premises, except for the Lease in Schedule F and the Occupancy Agreement
in Schedule G.

 

§4.04. The Personal
Property, as of the Closing Date, is owned by Seller.

 

§4.05. Seller
is not a “foreign person” as defined in the Code Withholding Section.

 

§4.06. Seller
is a federal savings bank that has been duly organized and is in good standing under the laws of the United States.

 

§4.07. Subject
to the terms and provisions of Section 6 of this Contract, (a) Seller has taken all necessary action to authorize the execution,
delivery and performance of this Contract and has the power and authority to execute, deliver and perform this Contract and consummate
the transaction contemplated hereby, (b) the person signing this Contract on behalf of Seller is authorized to do so, and (c) assuming
this Contract has been duly authorized, executed and delivered by each of the other party(ies) to this Contract, this Contract
and all obligations of Seller hereunder are the legal, valid and binding obligations of Seller, enforceable in accordance with
the terms of this Contract, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar
laws affecting the enforcement of creditors’ rights generally and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

    4 

     

    

 

§4.08. Subject
to the terms and provisions of Section 6 of this Contract, the execution and delivery of this Contract and the performance of its
obligations hereunder by Seller will not conflict with any provision of any law or regulation to which Seller is subject or any
agreement or instrument to which Seller is a party or by which it is bound or any order or decree applicable to Seller or result
in the creation or imposition of any lien on any of Seller’s assets or property which would materially and adversely affect
the ability of Seller to carry out the terms of this Contract.

 

§4.09. The Premises
constitute one tax lot.

 

§4.10. Seller
has not received written notice of and has no actual knowledge of any action, suit, arbitration, unsatisfied order or judgment,
government investigation or proceeding pending against Seller with respect to the Premises which if adversely determined could
have a material adverse effect on the Premises or interfere with the consummation of the transaction contemplated by this Contract.

 

§4.11. Seller
is not, and is not acting directly or indirectly for or on behalf of any, person, group, entity or nation named by any Executive
Order of the United States Treasury Department as a terrorist, “Specifically Designated National and Blocked Persons,”
or other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule or regulation that is enforced
or administered by the Office of Foreign Assets Control and Seller is not engaged in this transaction, directly or indirectly on
behalf of, or instigating or facilitating this transaction, directly or indirectly, on behalf of any such person, group, entity,
or nation.  Seller, in its capacity as Seller, is in compliance with any and all applicable provisions of the Patriot Act.

 

§4.12. Seller
has received no notice of and has no actual knowledge of any actual or proposed taking in condemnation of all or any part of the
Premises.

 

§4.13. Seller
has been known by no other name for the past ten (10) years.

 

§4.14. Seller
has not, directly or indirectly, granted any person or entity rights or options to acquire the Premises or any portion thereof
or any direct or indirect interests therein.

 

    5 

     

    

 

§4.15. All contractors,
suppliers and others who have performed services or labor or have supplied materials in connection with Seller’s development,
ownership or management of the Premises have been or by Closing will be paid in full.

 

§4.16. To Seller's
knowledge, there are no open alteration applications with respect to the Premises or any portion thereof.

 

§4.17. To Seller’s
knowledge, Seller has not received written notice that the Premises are in violation of environmental laws.

 

§4.18. To Seller’s
knowledge, there are no underground storage tanks on the Premises.

 

§4.19. Seller
has or will prior to Closing have filed all necessary financial statements including, without limitation, New York City Real Property
Income and Expense Statement with the City of New York, and if Seller has not filed by the Closing it shall be responsible for
any fines or penalties that are incurred as a result thereof.

 

§4.20. Purchaser
shall not be obligated to retain any employees of Seller in connection with the operation of the Premises.  In the event Seller
retains its employees regarding the operation of the Premises in connection with the Occupancy Agreement or Lease, Seller alone
shall remain liable to such employees and Purchaser shall incur no liability in connection therewith.

 

§4.21. Except
as set forth on Schedule H, there are no tax abatements affecting the Premises or tax certiorari proceedings filed by or
on behalf of Seller with respect to the Premises that remain pending as of the date hereof.

 

§4.22. The development
and air rights for the Premises have not nor will be transferred, conveyed, sold, hypothecated, pledged, assigned or disposed of
except to Purchaser as part of this transaction.

 

§4.23. The Premises
are not landmarked nor to Seller’s knowledge are they the subject of potential landmarking.

 

§4.24. There
are no pending or proposed proceedings to change or redefine the zoning classification of all or any part of the Premises.

 

§4.25. The representations
and warranties set forth in Sections 4.02, 4.03 and 4.12 shall survive the Closing for ninety (90) days after Seller vacates the
basement, second, third and fourth floors of the Premises. All other representations and warranties shall survive Closing for six
(6) months, except as otherwise specifically and expressly provided for hereunder.

 

    6 

     

    

 

§4.26. Except
as specifically and expressly provided for elsewhere in this Contract, Seller has not made and does not make any representations
as to the physical condition, expenses, operations, value of the Land or Building, or any other matter or thing affecting or related
to the Premises or this transaction, which might be pertinent in considering the making of the purchase of the Premises or the
entering into of this Contract, including, without limitation, (i) the current or future real estate tax liability, assessment
or valuation of the Premises; (ii) the potential qualification of the Premises for any and all benefits conferred by federal, state
or municipal laws, whether for subsidies, special real estate tax treatment, insurance, mortgages, or any other benefits, whether
similar or dissimilar to those enumerated; (iii) the compliance of the Premises, in its current or any future state, with applicable
zoning ordinances and the ability to obtain a change in the zoning or a variance in respect to the Premises, noncompliance, if
any, with said zoning ordinances; (iv) the availability of any financing for the purchase, alteration, rehabilitation or operation
of the Premises from any source, including, but not limited to, any state, city or federal government or institutional lender;
(v) the current or future use of the Premises; (vi) the present and future condition and operating state of any and all machinery
or equipment on the Premises and the present or future structural and physical condition of any building thereon or its suitability
for rehabilitation or renovation; (vii) the ownership or state of title of any personal property on the Premises; and (viii) the
presence or absence of any laws, ordinances, rules or regulations issued by any governmental authority, agency or board and any
violations thereof; (ix) the compliance with environmental laws and the presence or absence of underground fuel storage tanks,
any hazardous materials or asbestos anywhere on the Premises; or (x) any other matter or thing with respect to the Premises.

  

For purposes of this Article 4, the phrase
“to Seller’s knowledge” shall mean the actual knowledge of Isaac Torres without any special investigation. Isaac
Torres is the individual who is most likely in the ordinary course of Seller’s business and with respect to the transactions
contemplated hereby to have responsibility for and therefore to have personal knowledge of the matters set forth in this Section
4.

 

Section 5. “As Is” Condition, No Representations
Not Expressly Set Out in Contract, Representations and Warranties of Purchaser

 

§5.01.
Purchaser represents and warrants to Seller that:

 

(a) Purchaser has inspected
or has had an opportunity to inspect the Premises, is fully familiar with the physical condition and state of repair thereof, and
shall accept the Premises "as is," "where is," and "with all faults" and in their present condition,
subject to reasonable use, wear, tear and natural deterioration between now and the Closing Date, without any reduction in the
Purchase Price for any such change in condition.  Seller shall not be liable for any latent or patent defects in the Premises.

 

(b) Purchaser is a sophisticated
real estate developer and is solely responsible for making its own independent appraisal of and investigations into the financial
condition, credit worthiness, condition, affairs, status and nature of the Premises.   Before entering into this Contract,
Purchaser has made such examination of the Premises, the operation, income and expenses thereof and all other matters affecting
or relating to this transaction as Purchaser deemed necessary.  In entering into this Contract, Purchaser has not been induced
by and has not relied upon, and will not hereafter rely upon, except as set forth herein: (i) any representations, warranties or
statements, whether express or implied, made by Seller or any agent, employee or other representative of Seller or by any broker
or any other person representing or purporting to represent Seller, or (ii) the Seller to check or inquire on Purchaser's behalf
into the adequacy, accuracy or completeness of any information provided by the Seller or its agents under or in connection with
this Contract or the transaction herein contemplated; or (iii) the Seller to assess the financial condition, credit worthiness,
condition, affairs, status or nature of  the Premises.

 

    7 

     

    

 

(c) The funds comprising
the Purchase Price to be delivered to Seller in accordance with this Contract are not derived from any illegal activity.

 

(d) Purchaser has taken
all necessary action to authorize the execution, delivery and performance of this Contract and has the power and authority to execute,
deliver and perform this Contract and the transaction contemplated hereby.  The person signing this Contract on behalf of
Purchaser is authorized to do so.  Assuming this Contract has been duly authorized, executed and delivered by each of the
other party(ies) to this Contract, this Contract and all obligations of Purchaser hereunder are the legal, valid and binding obligations
of Purchaser, enforceable in accordance with the terms of this Contract.

 

(e) The execution and
delivery of this Contract and the performance of its obligations hereunder by Purchaser will not conflict with any provision of
any law or regulation to which Purchaser is subject or any agreement or instrument to which Purchaser is a party or by which it
is bound or any order or decree applicable to Purchaser, and will not result in the creation or imposition of any lien on any of
Purchaser’s assets or property which would materially and adversely affect the ability of Purchaser to carry out the terms
of this Contract.  Purchaser has obtained any consent, approval, authorization or order of any court or governmental agency
or body required for the execution, delivery or performance by Purchaser of this Contract.

 

(f) Purchaser is a New
York limited liability company that has been duly organized and is in good standing under the laws of the state of its formation.

 

(g) To Purchaser’s
knowledge, there is no action, suit, arbitration, unsatisfied order or judgment, government investigation or proceeding pending
against Purchaser which could individually or in the aggregate interfere with the consummation of the transaction contemplated
by this Contract.

 

(h) Neither the Purchaser
nor any of Purchaser's affiliates, nor any of its or its affiliates' respective officers, directors, agents, partners, members,
controlling entities and employees:  (i) is an individual or entity named on the Specifically Designated National and Blocked
Persons (SDN) list issued by the Office of Foreign Asset Control of the Department of the Treasury of the United States of America,
or (ii) is a  terrorist, or other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule
or regulation that is enforced or administered by the Office of Foreign Assets Control and is not engaged in this transaction,
directly or indirectly, on behalf of, or instigating or facilitating this transaction, directly or indirectly, on behalf of any
such person, group, entity or nation.

 

    8 

     

    

 

(i) The representations
and warranties of Purchaser set forth in this Section 5 are made as of the date of this Contract and are restated as of the Closing
and shall survive the Closing for a period of one year.

 

For purposes of this §5.01, the phrase “to Purchaser’s
knowledge” shall mean the actual knowledge of the Purchaser and Nader Ohebshalom without any special investigation.

 

§5.02. Purchaser
acknowledges that Purchaser is buying the Premises “as is, “where is,” and “with all faults” as of
the date hereof.

 

(a) Except as set forth
herein, neither Seller, nor any agent of Seller makes, or has made, any representations or warranties with respect to the physical
condition or any other aspect of the Premises, including, without limitation, (i) the structural integrity of any improvements
on the Premises, (ii) the conformity of the improvements to any plans or specifications for the Premises (including, but not limited
to, any plans and specifications that may have been or which may be provided to Purchaser), (iii) the conformity of the Purchaser
to past, current or future applicable zoning or building code requirements or other applicable federal, state, or municipal laws,
rules, and regulations of governmental authorities with jurisdiction over the Premises, including, without limitation, compliance
with the aforesaid in connection with retrofit standards, seismic gas shutoff valves, lights and locks, smoke detectors, impact
hazard glazing, and water conservation devices, (iv) the existence of soil instability, past soil repairs, soil additions or conditions
of soil fill, or susceptibility to landslides, (v) the sufficiency of any undershoring, (vi) the sufficiency of any drainage, (vii)
whether the Premises is located wholly or partially in a special flood hazard area, or any similar area, and Purchaser hereby relieves
Seller from any obligation to disclose the Premise's location therein, (viii) the existence or non-existence of underground storage
tanks, (ix) any other matter affecting the stability or integrity of the land, or any buildings or improvements situated on or
as part of the Premises, (x) the availability of public utilities and services for the Premises, (xi) the fitness or suitability
of the Premises for Purchaser's intended use, (xii) the potential for further development of the Premises, (xiii) the existence
of vested land use, zoning or building entitlements affecting the Premises, (xiv) the presence of toxic wastes, hazardous materials,
PCB's, asbestos, urea-formaldehyde or environmentally hazardous substances in on or about the Premises, (xv) the legality of the
present or any possible future use of the Premises under any federal, state or local law, (xvi) pending or possible future action
by any governmental entity or agency which may affect the Premises, (xvii) the presence or absence of termites, fungi or other
wood-destroying organisms, or (xviii) the accuracy or completeness of income and expense information and projections, of square
footage figures, and any other agreements affecting the Premises.    

 

    9 

     

    

 

(b) Except as set forth
herein, without limiting the generality of the foregoing, Seller shall have no liability to Purchaser with respect to the Premises
conditions under common law, or any federal, state, or local law or regulation, including but not limited to the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 as amended, 42 U.S.C.A. Sections 9601 et seq., and except as set
forth herein Purchaser hereby releases and waives any and all claims which Purchaser has or may have against Seller, its subsidiaries,
parent, affiliates, officers, directors, employees and agents with respect to the condition of the Premises.  Without limiting
the generality of the foregoing, Purchaser agrees, among other things, that:  (i) Purchaser has accepted all risks associated
with adverse physical and economic characteristics and environmental hazards that may or may not have been revealed by Purchaser's
investigation, or otherwise, and (ii) as between Seller and Purchaser, Purchaser shall be deemed to have accepted all costs and
liabilities associated in any way with the Premises conditions.   

   

§5.03. Purchaser
covenants to Seller that during the term of the Lease set forth in Schedule G, the building on the Premises will not be
"developed" or "enlarged" as defined by the 125th Street Special Purpose District regulations, nor shall Purchaser
cause or do anything to the Premises which would prevent the Seller from being able to continue to operate a bank branch on the
first floor of the Premises.  This covenant shall survive Closing.

 

§5.04. Purchaser
represents and warrants to Seller that during the term of the Lease set forth in Schedule G, other than Seller, no other tenant,
licensee or occupant of the Premises shall offer consumer banking products at the Premises, unless such occupant's use is limited
to back-office use only and does not include having face-to-face interactions with customers.  For the purposes of this
section, "consumer banking products" shall not include insurance products. This representation shall survive Closing
for the term of the Lease.                       

                                

Section 6. Seller's Obligations Contingent on Regulatory
Approval

 

          
Notwithstanding any other provisions herein, Seller's obligations to consummate the transactions contemplated by this Contract
are expressly contingent upon Seller receiving Regulatory Approval. "Regulatory Approval" as used herein means
all consents, approvals and authorizations of the Office of the Comptroller of Currency and such other governmental entities which
are necessary or advisable to consummate the transactions contemplated by this Contract (including the lease).  Seller shall
promptly and diligently pursue Regulatory Approval, and shall notify Purchaser of its written request for Regulatory Approval within
five (5) business days after the date hereof, and if such Regulatory Approval is not obtained within two (2) months from the date
of this Contract (the "Approval Period"), Seller shall be entitled to extend the Approval Period for an additional
one (1) month period.  If Seller's request for Regulatory Approval has been denied or has not been granted within the Approval
Period, Seller or Purchaser may terminate this Contract and upon such termination and refunding the Downpayment to Purchaser, neither
party will thereafter have any further rights against, or obligations or liabilities to, the other by reason of this Contract,
except with respect to those provisions that, by their express terms, survive termination of this Contract.  For avoidance
of doubt, in no event shall Seller be deemed to have " defaulted" if Regulatory Approval is denied or has not been granted.

 

    10 

     

    

 

Section 7. Responsibility for Violations

 

          
The sale contemplated by this Contract is subject to all notes or notices of violations of law or governmental ordinances, orders,
violations or requirements which were noted or issued against the Premises either prior to or after the date of this Contract by
any governmental department, agency or bureau having jurisdiction as to conditions affecting the Premises; however, anything herein
to the contrary notwithstanding if there are any violations against the Premises issued by governmental agencies to which a fine
or financial penalty has attached or for which the payment of a fine or financial penalty is required to discharge the violation,
the Seller will pay such fine or financial penalty at or before closing.  Seller's financial obligation to pay such fines
and financial penalties in the aggregate will be limited to the Maximum Amount set forth on Schedule D. For avoidance of
doubt, except as set forth in the Occupancy Agreement and Lease, Seller is not obligated to remove any violation or correct any
condition that is the source of a violation.

 

Section 8. Destruction, Damage or Condemnation

 

§8.01.
Damage by Casualty.

 

(a) Damage Not in
Excess of $200,000.  If, prior to the Closing, there shall occur damage to the Premises caused by fire or other casualty
which would cost less than $200,000 (the “Casualty Threshold”) to repair, as reasonably determined by an engineer
selected by Seller and reasonably satisfactory to Purchaser, and such fire or other casualty does not adversely affect the lobby,
building-wide systems, or common areas and the continued operation of the balance of the Premises not damaged of the rentable square
feet of the Building, then Purchaser shall not have the right to terminate this Contract by reason thereof, but Seller shall assign
to Purchaser at the Closing, by written instrument in form and substance reasonably satisfactory to Purchaser, all of the insurance
proceeds payable on account of any such fire or casualty, shall deliver to Purchaser any such proceeds actually paid to Seller,
and shall afford to Purchaser at Closing a credit against the balance of the Purchase Price in an amount equal to any deductible.
 The proceeds of rent interruption insurance, if any, shall on the Closing Date be appropriately apportioned between Purchaser
and Seller.

 

(b) Damage in Excess
of $200,000.  If prior to the Closing there shall occur damage to the Premises caused by fire or other casualty which
would cost an amount equal to the Casualty Threshold or more to repair, as reasonably determined by an engineer selected by Seller
and reasonably satisfactory to Purchaser, or the damage affects the lobby, building-wide systems, or common areas or the continued
operation of the balance of the Premises not damaged, then Purchaser may elect to terminate this Contract by notice given to Seller
and Escrowee within ten (10) days after Seller has given Purchaser notice that such damage occurred, upon which termination, Escrowee
shall deliver the Downpayment to Purchaser, this Contract shall thereupon be null and void and neither party hereto shall thereupon
have any further obligation to the other, except for those obligations and liabilities that are expressly stated to survive termination
of this Contract.  If Purchaser does not elect to terminate this Contract, then the Closing shall take place as herein provided,
without abatement of the Purchase Price, and Seller shall assign to Purchaser at the Closing, by written instrument in form reasonably
satisfactory to Purchaser, all of the insurance proceeds payable on account of any such fire or casualty, shall deliver to Purchaser
any such proceeds or awards actually paid to Seller, and shall afford to Purchaser at Closing a credit against the balance of the
Purchase Price in an amount equal to any deductible.  The proceeds of rent interruption insurance, if any, shall on the Closing
Date be appropriately apportioned between Purchaser and Seller.

 

    11 

     

    

 

(c) Seller agrees not
to repair any damage to the Premises (other than emergency repairs) without Purchaser’s prior written consent and not to
incur Reimbursable Amounts totaling in the aggregate in excess of $50,000 without Purchaser’s prior written consent.  Purchaser
shall have the right to participate in any discussions, claims adjustments or settlements with insurance companies regarding any
damage to the Premises.

 

(d) The term “Reimbursable
Amounts” shall mean costs and expenses actually and reasonably incurred by or for the account of Seller in connection
with fire or other casualty for (x) compliance with governmental ordinances, orders or requirements of any governmental department,
agency or bureau having jurisdiction of the Premises, (y) safeguarding the Premises or any part thereof, including any protective
restoration or (z) emergency repairs made by or on behalf of Seller (to the extent Seller has not theretofore been reimbursed by
its insurance carrier).

 

§8.02. Condemnation.
 If after the execution and delivery of this Contract and prior to Closing, any proceedings are instituted by any governmental
authority which shall relate to the proposed taking of all or any material portion of the Premises by eminent domain, or if any
such proceedings are pending on the date of execution and delivery of this Contract, or if all or any portion of the Premises is
taken by eminent domain after the date of this Contract and prior to the Closing, Seller shall promptly notify Purchaser in writing
no later than two business days after Seller’s receipt of any notification or the date of Closing, whichever occurs earlier.
 Purchaser shall thereafter have the right and option to terminate this Contract by giving written notice to Seller and Escrowee
within thirty (30) days after receipt by Purchaser of the notice from Seller or on the Closing Date, whichever is earlier.  If
the Closing Date was scheduled to occur after the institution of such proceeding, the Closing Date shall be deemed adjourned in
order that Purchaser shall have its full thirty-day period within which to determine whether or not to proceed with Closing.  If
Purchaser timely terminates this Contract, Purchaser shall be entitled to receive the Downpayment from Escrowee and this Contract
shall thereupon be terminated and become void and of no further effect, and neither party hereto shall have any obligations of
any nature to the other hereunder or by reason hereof, except for those obligations and liabilities that are expressly stated to
survive termination of this Contract.  If Purchaser does not elect to terminate this Contract, the parties hereto shall proceed
to the Closing and at the Closing, Seller shall assign to Purchaser all of its right, title and interest in all awards in connection
with such taking and shall pay to Purchaser any award paid to Seller with respect to such taking.  Purchaser shall have the
right to participate in discussions or proceedings with any governmental authority relating to the proposed taking of any portion
of the Premises

 

§8.03. The provisions
of this Section 8 shall survive the Closing.

 

    12 

     

    

 

Section 9. Covenants of Seller

 

Seller covenants that between the date of this Contract and
the Closing:

 

§9.01. Seller
shall allow Purchaser or Purchaser’s representatives access to the Premises (provided such access shall not unreasonably
interfere with the ongoing business of Seller) and other documents required to be delivered under this Contract, upon at least
two (2) business days prior written notice to Seller and at such times designated by Seller. Purchaser recognizes that the Premises
are currently operated as a bank and accordingly, Purchaser may not be able to access secured areas of the Premises during business
hours.   Notice may be given by Purchaser to Seller by e-mail, to the following e-mail address of Seller’s representative:
isaac.torres@carverbank.com.

 

§9.02. Seller
shall operate the Premises in substantially the same manner as the Premises are being operated on the date of this Contract.

 

§9.03. Seller
shall give Purchaser prompt written notice of: (i) any fire or other casualty affecting all or any portion of the Premises and
(ii) any pending or threatened material proceeding affecting the Premises, including, but not limited to, condemnation, annexation
or eminent domain proceedings or material litigation of which Seller receives actual written notice.

 

§9.04. Seller
shall send to Purchaser copies of any material written notices received by Seller after the date of this Contract in connection
with the Premises being in violation of applicable laws.

 

Section 10. Seller’s Closing Obligations

 

§10.01.
At the Closing, Seller shall deliver the following to Purchaser:

 

(a) A statutory form
of bargain and sale deed with covenant against grantor’s acts, containing the covenant required by Section 13 of the Lien
Law, and a restrictive covenant which shall run with the land for a period of ten (10) years or the expiration of Seller’s
Lease, whichever is sooner, indicating that the Premises shall not be developed or enlarged as defined by the 125th
Street Special District Regulation, in properly executed and proper form for recording so as to convey the title required by this
Contract.

 

    13 

     

    

 

(b) An assignment to
Purchaser, without recourse or warranty, of all of the interest of Seller in certificates, permits and other documents to be delivered
to Purchaser at the Closing which are then in effect and are assignable by Seller.

 

(c) Such affidavits
as Purchaser’s title company shall reasonably require in order to omit from its title insurance policy all exceptions for
judgments, bankruptcies, work by the City of New York (if the Premises are in the City of New York), emergency repair liens of
the City of New York (if the Premises are in the City of New York) or other returns against persons or entities whose names are
the same as or similar to Seller’s name, to omit the rights of parties who are no longer in possession and to limit the exception
for tenants and occupants to those having “rights as tenants only”.

 

(d) (i) Checks to the
order of the appropriate officers or the Title Company in payment of all applicable real property transfer taxes and copies of
any required tax returns therefor executed by Seller, which checks shall be certified or official bank checks if required by the
taxing authority or the Title Company unless Seller elects to have Purchaser pay any of such taxes and credit Purchaser with the
amount thereof, and (ii) a certification of non-foreign status, in form required by the Code Withholding Section, signed under
penalty of perjury, and (iii) Form RP-5217 (or, in New York City, Form RP-5217NYC).  Seller understands that such certification
will be retained by Purchaser and will be made available to the Internal Revenue Service on request.

 

(e) Possession of the
Premises in the condition required by this Contract, subject to (i) the Lease between Purchaser, as Landlord, and Seller, as Tenant
attached hereto as Schedule F (the "Lease"), and (ii) the post-possession occupancy agreement between Purchaser
and Seller attached hereto as Schedule G (the "Occupancy Agreement")

 

(f) Upon request of
Purchaser, a bill of sale transferring to Purchaser the Personal Property without recourse or warranty of any kind.

 

(g) The Lease signed
by Seller as Tenant.

 

(h) The Occupancy Agreement
signed by Seller.

 

(i) Any other documents
required by this Contract to be delivered by Seller.

 

(j) A credit against
the Purchase Price of two hundred fifty thousand dollars ($250,000.00) for the Purchaser's installation of separate HVAC and electric
and gas meters in the Premises.

 

(k) Seller shall deliver
a certificate confirming that the warranties and representations of Seller set forth in this Contract are true and complete as
of the Closing Date.

 

(l) Seller shall deliver
a title affidavit in form reasonably requested by the Title Company.

 

    14 

     

    

 

Section 11. Purchaser’s Closing Obligations

 

At the Closing, Purchaser shall:

 

§11.01. Pay to
Seller (and/or to Seller’s designee(s)) by wire transfer immediately available federal funds or by official bank check to
Seller (and/or such designee(s)), the portion of the Purchase Price payable at the Closing, as adjusted for apportionments under
§12 and any other credits or adjustments provided in this Contract.

 

§11.02. Duly
complete. sign and deliver all required real property transfer tax returns and all tax reports (such as RP-5217), and cause all
such returns, reports and checks in payment of such taxes to be delivered to the appropriate officers promptly after the Closing.

 

§11.03. Duly
(a) cause Purchaser's attorney to provide Title Company with written statement from Purchaser's counsel stating that none of the
purchase price was paid or funded through the use of currency, cashier's check(s), certified checks, traveler's check(s), or money
order(s), or (b) furnish the Title Company with information sufficient to enable it to file IRS/FinCEN Form 8300, in accordance
with FinCEN Geographic Targeting Order dated January 13, 2016, and any renewal thereof.

 

§11.04. Deliver
to Seller a certificate confirming that the warranties and representations of Purchaser set forth in this Contract are true and
complete as of the Closing Date (the statements made in such certificate shall be subject to the same limitations on survival as
are applicable to Purchaser’s representations and warranties under §5).

 

§11.05. Deliver
to Seller the Lease executed by Purchaser as landlord to Seller.

 

§11.06. Deliver
to Seller the Occupancy Agreement executed by Purchaser.

 

§11.07. Deliver
any other documents required by this Contract to be delivered by Purchaser.

 

Section 12. Apportionments

 

§12.01. The following
apportionments shall be made between the parties at the Closing as of the close of business on the day prior to the Closing Date:

 

(a) real estate taxes,
water charges and sewer rents, if any, on the basis of the fiscal period for which assessed, except that if there is a water meter
on the Premises, apportionment at the Closing shall be based on a final meter reading to be obtained by Seller not less than thirty
(30) days prior to the Closing Date;

 

    15 

     

    

 

(b) value of fuel stored
on the Premises to be determined by Seller’s supplier taking an actual reading within 24 hours prior to the Closing;

 

(c) charges under transferable
Service Contracts or permitted renewals or replacements thereof, if any;

 

(d) there will be a
credit to Purchaser of $250,000.00, as set forth at Section 10(j) of this Contract; and

 

(e) any other items
listed in Schedule D, including assessments.

 

§12.02. If on
the Closing Date the Premises shall be affected by an assessment which is or may become payable in annual installments, all installments
allocable to the period following the Closing Date shall be Seller’s responsibility and shall be paid by Seller on the Closing
Date.

 

§12.03. If the
Closing shall occur before a new tax rate is fixed, the apportionment of taxes at the Closing shall be upon the basis of the old
tax rate for the preceding period applied to the latest assessed valuation.  Promptly after the new tax rate is fixed, the
apportionment of taxes shall be recomputed.  Any discrepancy resulting from such recomputation shall be promptly corrected,
which obligation shall survive the Closing for ninety (90) days.

 

§12.04. Any errors
or omissions in computing apportionments at Closing shall be promptly corrected, which obligations shall survive the Closing.

 

§12.05. Real
estate tax refunds, abatements and credits received after the Closing Date which are attributable to the fiscal tax year during
which the Closing Date occurs shall be apportioned between Seller and Purchaser, after deducting the expenses of collection thereof,
which obligation shall survive the Closing.

 

§12.06. Prior
to the Closing Date Seller shall use commercially reasonable efforts to obtain from the agency of the City of New York having jurisdiction
thereof readings of all water meters at the Premises within the 30-day period preceding the Closing Date.

 

Section 13. Objections to Title, Vendee’s Lien, Remedies
for Purchaser’s Default, Procedure on Termination of Contract by Purchaser

 

§13.01. Purchaser
shall promptly order an examination of title and shall cause a copy of the title report to be forwarded to Seller’s attorney
upon receipt.  Seller shall be entitled to a reasonable adjournment or adjournments of the Closing for up to forty five (45)
days in the aggregate, to remove any defects in or objections to title (other than Permitted Exceptions) noted in such title report
and any other defects or objections (other than Permitted Exceptions) which may be disclosed on or prior to the Closing Date. The
fact that the Seller does not have a certificate of occupancy or completion for the Building will not constitute an objection to
title.

 

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§13.02. If Seller
shall be unable to convey title to the Premises at the Closing in accordance with the provisions of this Contract, Purchaser, nevertheless,
may elect to accept such title as Seller may be able to convey without any credit against the monies payable at the Closing or
liability on the part of Seller.  If Purchaser shall not so elect, Seller may, at Seller's option, terminate this Contract,
which termination shall be subject to the provisions of §13.06.  Seller shall not be required to bring any action or
proceeding or to incur any expense in excess of the Maximum Expense specified in Schedule D to cure any title defect or
to enable Seller otherwise to comply with the provisions of this Contract.

 

§13.03. Any unpaid
taxes, assessments, water charges and sewer rents, together with the interest and penalties thereon to a date not less than two
days following the Closing Date, and any other liens and encumbrances which Seller is obligated to pay and discharge or which are
against corporations, estates or other persons in the chain of title, together with the cost of recording or filing any instruments
necessary to discharge such liens and encumbrances of record, may be paid out of the proceeds of the monies payable at the Closing
if Seller delivers to Purchaser on the Closing Date official bills for such taxes, assessments, water charges, sewer rents, interest
and penalties and instruments in recordable form sufficient to discharge any other liens and encumbrances of record.  Upon
request made a reasonable time before the Closing, Purchaser shall provide at the Closing separate checks for the foregoing payable
to the order of the holder of any such lien, charge or encumbrance and otherwise complying with §2.02.  If Purchaser’s
title insurance company is willing to insure Purchaser that such charges, liens and encumbrances will not be collected out of or
enforced against the Premises, then, unless Purchaser’s institutional lender reasonably refuses to accept such insurance
in lieu of actual payment and, discharge, Seller shall have the right, in lieu of payment and discharge, to deposit with the title
insurance company such funds or assurances or to pay such special or additional premiums as the title insurance company may require
in order to so insure.  In such case the charges, liens and encumbrances with respect to which the title insurance company
has agreed so to insure shall not be considered objections to title.

 

§13.04. If Purchaser
fails or refuses to close title as and when required by this Contract, the Downpayment will be delivered to Seller as liquidated
damages for such failure or refusal of the Purchaser to consummate this transaction or for any non-compliance, non-performance,
breach or default by the Purchaser, including, without limitation, for Seller's loss of its bargain as embodied hereinafter.  Upon
such default, the Downpayment will become the exclusive property of, and be permanently retained by Seller, it being agreed that
(i) while substantial, the exact amount of damages to be sustained by Seller in the event of a default by Purchaser may be difficult
to ascertain with mathematical precision; and (ii) that the Downpayment represents a reasonable measure of liquidated damages.
 Seller will retain such amounts as liquidated damages and no further rights or causes of action will remain against Purchaser
under this Contract, nor will Purchaser have any further rights under this Contract or otherwise, with respect to Seller. The parties
acknowledge and agree that the provisions of this Section represent an agreed-upon measure of damages and are not to be deemed
a forfeiture or penalty. As material consideration to each party’s agreement to the liquidated damages provisions stated
above, Seller and Purchaser each agree to waive any and all rights to contest the validity of the foregoing liquidated damages
provisions, including, contesting that such provision was unreasonable under the circumstances existing at the time of execution
of this Contract.

 

§13.05. If Seller
defaults in the performance of its obligations under this Contract, Purchaser, as its sole remedy, will be entitled to either (a)
terminate this Contract in its entirety by delivery of notice of termination to Seller, whereupon the Downpayment will be returned
to Purchaser by Seller, together with Purchaser’s reasonable out-of-pocket expenses incurred in connection with this transaction
up to a maximum aggregate amount of One Hundred Thousand and 00/100 ($100,000.00) Dollars, or (b) sue for specific performance,
provided that Purchaser commences an action for specific performance within ninety (90) days of the Closing Date (and if not, the
right to bring such an action will be deemed to have been irrevocably waived by Purchaser). Purchaser agrees that Purchaser will
not (and hereby waives any right to) file or assert any notice of pendency against the Property unless Purchaser has commenced,
or is concurrently commencing, an action for specific performance. Notwithstanding the foregoing, if Seller’s actions render
specific performance unavailable (such as Seller having conveyed the Premises to a third party), Purchaser may pursue an action
against Seller for all remedies available at law and in equity, excluding consequential or punitive damages. The provisions of
this Section shall survive the termination of this Contract.

 

§13.06. If (a)
Purchaser shall have grounds under this Contract for refusing to consummate the purchase provided for herein, or (b) Purchaser
or Seller terminates this Contract pursuant to a provision that refers to this Section, the sole liability of Seller shall be to
refund the Downpayment to Purchaser. Upon the giving of the termination notice and Seller’s refund of the Downpayment, this
Contract shall be null and void and the parties hereto shall be relieved of all further obligations and liability other than any
arising under §14.

 

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Section 14. Broker

 

§14.01. If a
broker is specified in Schedule D, Seller and Purchaser mutually represent and warrant that such broker is the only broker
with whom they have dealt in connection with this Contract and that neither Seller nor Purchaser knows of any other broker who
has claimed or may have the right to claim a commission in connection with this transaction, unless otherwise indicated in Schedule
D.  The commission of such broker shall be paid pursuant to separate agreement by the party specified in Schedule D.
 Unless otherwise provided in Schedule D, Seller and Purchaser shall indemnify and defend each other against any costs,
claims or expenses, including reasonable attorneys’ fees, arising out of the breach on their respective parts of any representations,
warranties or agreements contained in this paragraph.  The representations and obligations under this paragraph shall survive
the Closing or, if the Closing does not occur, the termination of this Contract.

 

Section 15. Notices

 

§15.01. All notices
under this Contract shall be in writing and shall be delivered personally with receipt acknowledged or shall be sent by: (i) prepaid
certified mail, or (ii) prepaid nationally recognized overnight courier for next business day delivery, in each case addressed
as set forth in Schedule D or as Seller or Purchaser shall otherwise have given notice as herein provided.  Notice
sent by certified mail shall be deemed received on the third business day following mailing.  Notice sent by overnight courier
shall be deemed received on the first business day following delivery to the overnight courier.  Notices under this Contract
may not be given by e-mail or other electronic system.  Any notice under this Contract may be given by the attorneys of the
respective parties who are hereby authorized to do so on their behalf.

 

Section 16. Limitations on Survival
of Representations, Warranties, Covenants and other Obligations

 

§16.01. Except
as otherwise provided in this Contract, no representations, warranties, covenants or other obligations of Seller set forth in this
Contract shall survive the Closing, and no action based thereon shall be commenced after the Closing.

 

§16.02. The delivery
of the deed by Seller, and the acceptance thereof by Purchaser, shall be deemed the full performance and discharge of every obligation
on the part of Seller to be performed hereunder, except those obligations of Seller which are expressly stated in this Contract
to survive the Closing.

 

Section 17. 1031 Exchange

 

Notwithstanding anything to the contrary
in §18.01 below, if Seller or Purchaser is or may in the future be under Contract with a qualified intermediary for the purpose
of effecting a tax-deferred exchange in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, each party
consents to the assignment of this Contract to such intermediary.  Each party shall cooperate with the other and with the
qualified intermediary to accomplish such exchange and shall perform any acts and execute any and all documents reasonably necessary
to assist in such exchange, provided that neither party shall be required to accept title to any property other than the Premises,
expend any additional amounts of money above those amounts for which it is obligated under this contact or extend the Closing Date,
and Seller’s time to close under this Contract shall not be reduced.  Seller and Purchaser shall each defend, indemnify
and hold the other harmless from and against expenses, costs and damages of any kind (including reasonable attorneys’ fees)
suffered by either resulting from the performance of, or failure to perform, any acts of cooperation necessitated by this Section.

 

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Section 18. Miscellaneous

 

§18.01. This
Contract embodies and constitutes the entire understanding between the parties with respect to the transaction contemplated herein,
and all prior agreements, understandings, representations and statements, oral or written, are merged into this Contract.  Neither
this Contract nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument signed
by the party against whom the enforcement of such waiver, modification, amendment, discharge or termination is sought, and then
only to the extent set forth in such instrument.

 

§18.02. This
Contract shall be governed by, and construed in accordance with, the law of the State of New York without regard to conflicts of
law principles.

 

§18.03. The captions
in this Contract are inserted for convenience of reference only and in no way define, describe or limit the scope or intent of
this Contract or any of the provisions hereof.

 

§18.04. This
Contract shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs or successors and
permitted assigns.

 

§18.05. This
Contract shall not be binding or effective until properly executed and delivered by Seller and Purchaser.

 

§18.06. This
Contract has been freely negotiated by the parties and in any controversy, dispute or contest concerning the meaning, interpretation
or enforceability of this Contract or any of its terms or conditions, there will be no inference, presumption or conclusion whatsoever
drawn against either party by virtue of that party having drafted this Contract or any portion thereof.

 

§18.07. As used
in this Contract, the masculine shall include the feminine and neuter, the singular shall include the plural and the plural shall
include the singular, as the context may require.       

 

§18.08. If the
provisions of any schedule or rider to this Contract are inconsistent with the provisions of this Contract, the provisions of such
schedule or rider shall prevail.  Set forth in Schedule D is a list of any and all schedules and riders which are attached
hereto but which are not listed in the Table of Contents.

 

§18.09. This
Contract may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
be one instrument.    E-mail and pdf signatures shall be deemed to be original signatures.

 

§18.10. Purchaser
agrees that it does not have and will not have any claims or causes of action against any disclosed or undisclosed officer, director,
employee, member, manager, trustee, shareholder, partner, principal, attorney, parent, subsidiary or other affiliate of Seller,
(collectively, “Seller’s Affiliates”), arising out of or in connection with this Contract or the transactions
contemplated hereby.  Purchaser agrees not to sue or otherwise seek to enforce any personal obligation against any of Seller’s
Affiliates with respect to any matters arising out of or in connection with this Contract or the transactions contemplated hereby.
Without limiting the generality of the foregoing provisions of this paragraph, Purchaser hereby unconditionally and irrevocably
waives any and all claims and causes of action of any nature whatsoever it may now or hereafter have against Seller’s Affiliates,
and hereby unconditionally and irrevocably releases and discharges Seller’s Affiliates from any and all liability whatsoever
which may now or hereafter accrue in favor of Purchaser against Seller’s Affiliates, in connection with or arising out of
this Contract or the transactions contemplated hereby. The provisions of this paragraph shall survive the termination of this Contract
and the Closing.

 

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§18.11. If Seller,
either directly or through any agent, makes available to Purchaser any reports, studies, plans, drawings or other written materials
Seller possesses related to the Premises, Purchaser acknowledges that Seller has done so without any representation or warranty
as to the completeness or accuracy of the data or information contained therein.  Purchaser further acknowledges that any
information, whether written or oral, or in the form of maps, surveys, plats, title reports, soil reports, engineering studies,
environmental studies, inspection reports, plans, specifications or any other information whatsoever, without exception, pertaining
to the Premises, any and all records, rent rolls, leases and other documents pertaining to the use and occupancy of the Premises,
the income thereof, the cost and expenses of maintenance thereof, and any and all other matters concerning the conditions of the
Premises, or other attributes or aspects of the Premises and buildings and improvements thereon or a part thereof, is furnished
to Purchaser solely as a courtesy, and Seller has neither verified the accuracy of any statements or other information therein
contained nor the qualifications of the persons preparing such information.  Seller does not warrant the accuracy of any information
contained therein in any way except that Seller represents that it is not aware that any of the information is materially erroneous
or is intentionally misleading, and Purchaser acknowledges that it will have no recourse of any kind or nature against Seller if
such information is inaccurate.

 

§18.12. Prior
to Closing, neither Purchaser nor Seller will issue a press release reflecting the transactions contemplated hereunder or disclose
any of the material terms of this Contract (including those set forth in the Lease and Occupancy Agreement) to any person, except
as may be required by law and except as may be necessary or appropriate to carry out the intent and purposes hereof. Seller and
Purchaser may discuss the material terms of this Contract with their respective counsel, accountants, mortgage brokers, regulators,
prospective equity investors and/or lending institutions, architects, engineers, surveyors, construction professionals, and the
Title Company. If title does not close under this Contract for any reason, Purchaser shall maintain the confidentiality of such
information, and shall require its employees, agents, representatives, contractors to and shall direct its equity investors and
lenders (collectively, “Purchaser Representatives”) not to disclose any such information to any other party.
 Purchaser agrees that money damages would not be a sufficient remedy for any breach or threatened breach of this paragraph
by Purchaser or Purchaser Representatives and accordingly, Seller shall be entitled, without the requirement of posting a bond
or other security, to specific performance and injunctive or other equitable relief in the event of any such breach or threatened
breach, in addition to all other remedies available to the Seller at law or in equity.  Purchaser hereby agrees to indemnify,
defend, and hold harmless Seller and person, entity or party related to or affiliated with Seller from and against any losses,
claims, damages or liabilities arising out of a breach of this paragraph by Purchaser or Purchaser Representatives (including,
without limitation, legal fees and expenses and courts costs) incurred in connection therewith. The provisions of this paragraph
will survive the Closing (as to events that preceded the Closing only).

 

§18.13. Seller
agrees at any time or from time to time after Closing to execute, acknowledge as appropriate and/or deliver such further instruments
and other documents (and to bear its own costs and expenses incidental thereto) and to take such other actions as Purchaser may
reasonably request in order to carry out the intent and purpose of this Contract; provided, however, that Seller shall not be obligated
to incur any expense of a material nature and/or to incur any material obligations in addition to those set forth in this Contract
and/or the respective closing documents.

 

§18.14. In any
action, lawsuit or proceeding brought to enforce or interpret the provisions of this Agreement and/or arising out of or relating
to any dispute between the parties, the prevailing party with respect to each specific issue in a matter shall be entitled to recover
all of its costs and expenses relating to such issue (including without limitation, reasonable attorney’s fees and disbursements)
up to $50,000.00, in addition to any other relief to which such party may be entitled.  The provisions of this §18.14
shall survive the Closing. 

 

SIGNATURE PAGE FOLLOWS

 

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IN WITNESS WHEREOF, the parties hereto have executed this Contract
as of the date first above written.

 

	 	Seller:	CARVER FEDERAL SAVINGS BANK
	 	 	 	 
	 	 	By:	/s/ Michael T. Pugh
	 	 	Name: Michael T. Pugh
	 	 	Title: President and Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	Purchaser:	CHOMPOL LLC 
	 	 	 	 
	 	 	By:	/s/ Nader Ohebshalom
	 	 	Name: Nader Ohebshalom
	 	 	Title: Manager

 

Receipt by Escrowee

 

The undersigned Escrowee hereby acknowledges receipt of $1,500,000.00,
by wire, to be held in escrow pursuant to §2.03.

 

	 	JASPAN SCHLESINGER LLP
	 	 	 
	 	 	 
	 	By: 	                                

 

    21

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