Document:

Purchase and Sale Agreement

 EXHIBIT 10.105 
  
 PURCHASE AND SALE AGREEMENT 
 FOR 35 W. WACKER VENTURE, L.P. (LEO BURNETT CHICAGO BUILDING) 

 Execution Copy 

 PURCHASE AND SALE AGREEMENT 
  
 by and between 
  
 VV USA CITY, L.P., as Seller 
  
 and 
  
 WELLS OPERATING
PARTNERSHIP, L.P., as Purchaser 
  
 concerning a 97.9396%
General Partnership Interest 
 in 
 VV CITY-BUCK VENTURE, L.P., 
 relative to 
  
 Location: The Leo Burnett Building 
 35. W. Wacker Drive, Chicago, Illinois 
  
 Date September 23, 2003 
  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 ARTICLE 1
	  	    PURCHASE AND SALE	  	2
	 1.1
	  	Real Property	  	2
	 1.2
	  	Leases	  	2
	 1.3
	  	Personal Property	  	3
	 1.4
	  	Other Property Rights	  	3
			
	 ARTICLE 2
	  	    PURCHASE PRICE	  	3
	 2.1
	  	Deposit Money	  	3
	 2.2
	  	Loan and Other Debt	  	3
	 2.3
	  	W&S Build-Out Obligation	  	4
	 2.4
	  	Cash at Closing	  	4
			
	 ARTICLE 3
	  	    TITLE MATTERS	  	4
	 3.1
	  	Title to Real Property	  	4
	 	  	3.1.1	  	Title Commitment and Survey	  	4
	 	  	3.1.2	  	Permitted Exceptions	  	4
	 3.2
	  	Title Defects	  	5
	 	  	3.2.1	  	Certain Exceptions to Title	  	5
	 	  	3.2.2	  	Discharge of Title Objections	  	5
	 	  	3.2.3	  	Certain Title Objections	  	5
	 3.3
	  	Project Partnership Title Policy	  	6
			
	 ARTICLE 4
	  	    PURCHASER’S DUE DILIGENCE/CONDITION OF THE PROPERTY	  	6
	 4.1
	  	Document Deliveries	  	6
	 4.2
	  	Due Diligence Date	  	8
	 4.3
	  	Conduct of Due Diligence	  	8
	 	  	4.3.1	  	Manner of Entry: Non-Invasive Work	  	8
	 	  	4.3.2	  	Invasive Work	  	8
	 	  	4.3.3	  	Restoration	  	9
	 	  	4.3.4	  	Compliance with Laws	  	9
	 	  	4.3.5	  	Responsibility for Expenses	  	9
	 	  	4.3.6	  	Liens and Claims	  	9
	 	  	4.3.7	  	Cooperation	  	9
	 	  	4.3.8	  	Insurance and Indemnity	  	9
	 4.4
	  	Tenant Contact	  	9
	 4.5
	  	Governmental Contacts	  	10
	 4.6
	  	Delivery of Third-Party Reports	  	10
	 4.7
	  	Confidentiality	  	10
	 4.8
	  	Termination of Agreement	  	11
	 4.9
	  	Property “As is”	  	11
			
	 ARTICLE 5
	  	    ADJUSTMENTS AND PRORATIONS	  	13
	 5.1
	  	Closing of Books; Cash Distributions	  	13

  

 i 

	 5.2
	  	Prorations and Adjustments	  	14
	 	  	5.2.1	  	Rents	  	14
	 	  	5.2.2	  	Real Estate Taxes	  	14
	 	  	5.2.3	  	Loan Interest	  	15
	 	  	5.2.4	  	Utility Charges	  	15
	 	  	5.2.5	  	Operating Agreements	  	15
	 	  	5.2.6	  	Other Tenant Charges	  	15
	 	  	5.2.7	  	Other Operating Expenses	  	15
	 	  	5.2.8	  	Deposits	  	15
	 	  	5.2.9	  	Remedial Indemnification Amount	  	16
	 5.3
	  	Post Closing Adjustments	  	16
	 5.4
	  	Tax Returns	  	16
	 5.5
	  	Closing Costs	  	16
	 5.6
	  	Apportionment Credit	  	17
	 5.7
	  	Delayed Adjustment	  	17
	 5.8
	  	Survival	  	17
			
	 ARTICLE 6
	  	    CLOSING	  	17
	 6.1
	  	Closing Date	  	17
	 6.2
	  	Title Transfer and Payment of Purchase Price	  	17
	 6.3
	  	Seller’s Closing Deliveries	  	18
	 6.4
	  	Purchaser Closing Deliveries	  	19
			
	 ARTICLE 7
	  	    CONDITIONS TO CLOSING	  	20
	 7.1
	  	Seller’s Obligations	  	20
	 7.2
	  	Purchaser’s Obligations	  	21
	 7.3
	  	Waiver of Failure of Conditions Precedent	  	25
			
	 ARTICLE 8
	  	    REPRESENTATIONS AND WARRANTIES	  	25
	 8.1
	  	Purchaser’s Representations	  	25
	 	  	8.1.1	  	Purchaser’s Authorization	  	25
	 	  	8.1.2	  	Purchaser’s Litigation	  	25
	 8.2
	  	Seller’s Entity Representations	  	25
	 	  	8.2.1	  	Organization and Authority	  	25
	 	  	8.2.2	  	Authorization	  	26
	 	  	8.2.3	  	No Violation	  	26
	 	  	8.2.4	  	Partnership Documentation	  	26
	 	  	8.2.5	  	Litigation	  	27
	 	  	8.2.6	  	Capitalization	  	27
	 	  	8.2.7	  	Ownership of Partnership Interests	  	28
	 	  	8.2.8	  	No Default	  	28
	 	  	8.2.9	  	Assets, Liabilities	  	28
	 	  	8.2.10	  	No Undisclosed Liabilities	  	28
	 	  	8.2.11	  	Financial Statements	  	29
	 	  	8.2.12	  	Single Purpose Partnerships	  	29
	 	  	8.2.13	  	No Employees	  	29
	 	  	8.2.14	  	Taxes	  	29

  

 ii 

	 	  	8.2.15	  	ERISA	  	31
	 	  	8.2.16	  	Compliance with Laws	  	31
	 	  	8.2.17	  	Bankruptcy	  	31
	 	  	8.2.18	  	Ordinary Course of the Business	  	31
	 	  	8.2.19	  	Absence of Certain Payments	  	32
	 	  	8.2.20	  	Bank Accounts	  	32
	 8.3
	  	Seller’s Representations	  	32
	 	  	8.3.1	  	Pending Actions	  	32
	 	  	8.3.2	  	Leases	  	33
	 	  	8.3.3	  	Leases Default	  	33
	 	  	8.3.4	  	Lease Brokerage	  	33
	 	  	8.3.5	  	W & S Promissory Notes	  	34
	 	  	8.3.6	  	No Violations	  	34
	 	  	8.3.7	  	Real Estate Tax Bills	  	34
	 	  	8.3.8	  	Condemnation	  	34
	 	  	8.3.9	  	Insurance	  	34
	 	  	8.3.10	  	Environmental Matters	  	34
	 	  	8.3.11	  	Operating Agreements	  	35
	 	  	8.3.12	  	Union Contracts	  	35
	 	  	8.3.13	  	Foreign Person	  	35
	 	  	8.3.14	  	No Other Agreements	  	35
	 	  	8.3.15	  	Designated Persons	  	35
	 	  	8.3.16	  	Warranties and Guaranties	  	35
	 	  	8.3.17	  	Existing Title Policy	  	35
	 	  	8.3.18	  	Loan	  	36
	 8.4
	  	General Provisions	  	36
	 	  	8.4.1	  	Definition of “Seller’s Knowledge”	  	36
	 	  	8.4.2	  	Notice of Breach: Seller’s Right to Cure	  	36
	 	  	8.4.3	  	Survival of Seller’s Representations	  	36
	 	  	8.4.4	  	Survival of Purchaser’s Representations	  	37
			
	 ARTICLE 9
	  	    COVENANTS	  	37
	 9.1
	  	Seller’s Covenants	  	37
	 	  	9.1.1	  	Amendments to Agreements	  	37
	 	  	9.1.2	  	Rent	  	37
	 	  	9.1.3	  	Service Contracts	  	38
	 	  	9.1.4	  	Leases and Permitted Exceptions	  	38
	 	  	9.1.5	  	Litigation	  	38
	 	  	9.1.6	  	Insurance	  	38
	 	  	9.1.7	  	Taxes	  	38
	 	  	9.1.8	  	Notices of Sale to Tenants	  	38
	 	  	9.1.9	  	Notices to Sale to Service Contractors	  	39
	 	  	9.1.10	  	Estoppel Certificates	  	39
	 	  	9.1.11	  	Ordinary Course of Business	  	39
	 	  	9.1.12	  	Indebtedness: Encumbrances	  	40
	 	  	9.1.13	  	Cooperation with Purchaser’s Auditors and SEC Filing Requirements	  	40
	 	  	9.1.14	  	No Action	  	40

  

 iii 

	 	  	9.1.15	  	Amended Tax Returns	  	40
	 9.2
	  	Mutual Covenants	  	41
	 	  	9.2.1	  	Publicity	  	41
	 	  	9.2.2	  	Broker	  	41
	 	  	9.2.3	  	Further Assurances	  	42
			
	 ARTICLE 10
	  	    FAILURE OF CONDITIONS	  	42
	 10.1
	  	Seller’s Obligations	  	42
	 10.2
	  	Purchaser’s Obligations	  	43
			
	 ARTICLE 11
	  	    CONDEMNATION/CASUALTY	  	43
	 11.1
	  	Condemnation	  	43
	 	  	11.1.1	  	Right to Terminate	  	43
	 	  	11.1.2	  	Assignment of Proceeds	  	44
	 11.2
	  	Destruction or Damage	  	44
	 11.3
	  	Effect of Termination	  	45
	 11.4
	  	Waiver	  	45
			
	 ARTICLE 12
	  	    ESCROW	  	45
			
	 ARTICLE 13
	  	    INDEMNIFICATION	  	46
	 13.1
	  	Indemnification	  	46
	 13.2
	  	Indemnification Limitations	  	47
	 13.3
	  	General Provisions Regarding Indemnities	  	50
			
	 ARTICLE 14
	  	    MISCELLANEOUS	  	51
	 14.1
	  	Assignment	  	51
	 14.2
	  	Designation Agreement	  	51
	 14.3
	  	Integration; Waiver	  	51
	 14.4
	  	Amendment	  	52
	 14.5
	  	Governing Law	  	52
	 14.6
	  	Consent to Jurisdiction	  	52
	 14.7
	  	Third Party Beneficiaries	  	52
	 14.8
	  	Severability	  	52
	 14.9
	  	Notices	  	52
	   14.10
	  	Counterparts	  	53

  

 iv 

 EXHIBITS 
  

		
	 Exhibit A
	  	Real Property Legal Description
		
	 Exhibit B
	  	Leases
		
	 Exhibit C
	  	Personal Property
		
	 Exhibit D
	  	List of Title Insurance Endorsements
		
	 Exhibit E
	  	Partnership Assignment
		
	 Exhibit F
	  	Non-Foreign Status Affidavit
		
	 Exhibit G
	  	Seller’s Legal Opinion
		
	 Exhibit H
	  	Leo Burnett USA, Inc. Tenant Estoppel Certificate
		
	 Exhibit I
	  	Winston & Strawn Tenant Estoppel Certificate
		
	 Exhibit J
	  	Other Tenants Estoppel Certificate
		
	 Exhibit K
	  	Leo Modifications
		
	 Exhibit L
	  	Buck Modifications
		
	 Exhibit M
	  	Capitalization
		
	 Exhibit N
	  	Lease Brokerage Agreement
		
	 Exhibit O
	  	Operating Agreement Schedule
		
	 Exhibit P
	  	Warranties and Guaranties
		
	 Exhibit Q
	  	Buck’s Labor Union Agreements
		
	 Exhibit R
	  	W & S Promissory Notes
		
	 Exhibit S
	  	Bank Accounts
		
	 Exhibit T
	  	Auditor Letter
		
	 Exhibit U
	  	List of Loan Documents
		
	 Exhibit V
	  	Permitted Exceptions
		
	 Exhibit W
	  	Form of Irrevocable Letter of Credit
		
	 Exhibit X
	  	Example of Real Estate Tax Proration
		
	 Exhibit Y
	  	Corrections to Tax Returns
		
	 Exhibit Z
	  	Pro-forma Title Insurance Policy

  

 INDEX OF DEFINED TERMS 
  

	 	  	Page

	 Agent
	  	47
	 Agreement
	  	1
	 Balance
	  	4
	 Benefit Arrangement
	  	27
	 Broker
	  	11
	 Buck
	  	1
	 Buck Interest
	  	1
	 Buck Management
	  	1
	 Buck Service Agreements
	  	1
	 CERCLA
	  	12
	 Certificates
	  	6
	 Claims
	  	44
	 Closing
	  	17
	 Closing Date
	  	17
	 Closing Title Commitment
	  	21
	 Deposit
	  	3
	 Designated Persons
	  	34
	 Due Diligence Date
	  	8
	 Election Notice
	  	42
	 Encumbrances
	  	2
	 Environmental Laws
	  	33
	 Escrow Agent
	  	3
	 Escrow Deposits
	  	43
	 Existing Survey
	  	4
	 Existing Title Policy
	  	6
	 Financial Statements
	  	27
	 Fixtures and Equipment
	  	2
	 General Partner
	  	1
	 Hazardous Material
	  	13
	 Improvements
	  	2
	 Invasive Testing
	  	8
	 Invasive Testing Request
	  	8
	 Investor Partnership
	  	1
	 Investor Partnership Agreement
	  	1
	 Land
	  	2
	 Laws
	  	30
	 Leases
	  	2
	 Leasing Agreement
	  	1
	 Lenders
	  	2
	 Leo
	  	1
	 Leo Interest
	  	1
	 Loan
	  	2
	 Management Agreement
	  	1
	 Minor Casualty
	  	42
	 Non-Invasive Work
	  	8

  

 i 

	 NYLIC
	  	2
	 Operating Agreements
	  	14
	 Partner’s Equity
	  	47
	 Partnership Interest Assignment
	  	17
	 Permitted Exceptions
	  	4
	 Person
	  	24
	 Personal Property
	  	3
	 Project Partnership
	  	1
	 Project Partnership Agreement
	  	1
	 Project Partnership Interest
	  	1
	 Property
	  	2
	 Property Documents
	  	6
	 Purchase Price
	  	3
	 Purchaser
	  	1
	 Purchaser Group
	  	8
	 Purchaser’s Work
	  	8
	 Real Property
	  	2
	 Redevelopment Agreement
	  	7
	 Release
	  	39
	 Rents
	  	14
	 Reporting Person
	  	47
	 Reporting Requirements
	  	47
	 Restated Project Partnership Agreement
	  	22
	 SEC
	  	38
	 Seller
	  	1
	 Seller Parties
	  	11
	 Seller’s Acquisition Contract
	  	45
	 Seller’s Entity Representations
	  	24
	 Seller’s Knowledge
	  	34
	 Seller’s Ownership Period
	  	45
	 Seller’s Property Representations
	  	31
	 Seller’s Representative
	  	8
	 Seller’s Warranties
	  	11
	 Shareholder Loan
	  	47
	 Shareholder Loans
	  	47
	 Significant portion
	  	41
	 Simple Transfer Aspect
	  	45
	 Surveyor
	  	4
	 Tax
	  	29
	 Tax Return
	  	29
	 Tenants
	  	7
	 TIAA
	  	2
	 Title Commitment
	  	4
	 Title Company
	  	4
	 Title Defects
	  	5
	 Transaction
	  	17
	 Updates
	  	5
	 VV City Interest
	  	1
	 W&S
	  	4
	 W&S Promissory Notes
	  	2

  

 ii 

 PURCHASE AND SALE AGREEMENT 
  
 THIS PURCHASE AND SALE AGREEMENT (“Agreement”) is made this 23rd day of September, 2003, by and
between VV USA CITY, L.P., a Delaware limited partnership (“Seller”), and WELLS OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Purchaser”), with respect to the following factual recitals. 
  
 RECITALS: 
  
 A. VV City-Buck Venture, L.P., is a Delaware limited partnership (the
“Investor Partnership”) formed pursuant to that certain Limited Partnership Agreement, dated as of April 27, 2000 (the “Investor Partnership Agreement”). 
  
 B. Seller is the owner of a 97.9396% general partnership interest in the Investor Partnership (such interest, together with
all capital accounts and all rights to allocation of income, losses, deductions, credits and distributions of cash flow, capital proceeds, liquidation proceeds and other rights and privileges and capital attributable to that interest and subject to
all burdens and obligations of an owner of that interest that accrue, the “VV City Interest”). The sole general partner of Seller is VV USA, LLC, a Delaware limited liability company (the “General Partner”).

  
 C. Buck 35 Wacker, L.L.C., a Delaware limited liability
company (“Buck”) is the owner of a 2.0 604% limited partnership in the Investor Partnership (the “Buck Interest”). 
  
 D. The Investor Partnership is the owner of a 96.5007% general partnership interest (the “Project Partnership Interest”) in 35 W. Wacker
Venture, L.P., a Delaware limited partnership (the “Project Partnership”) formed pursuant to that certain Second Amended and Restated Limited Partnership Agreement, dated as of April 27, 2000 (the “Project Partnership
Agreement”). 
  
 E. Leo Burnett USA, Inc. (formerly known
as Leo Burnett Company, Inc.) (“Leo”) is the owner of a 3.4993% limited partnership interest in the Project Partnership (the “Leo Interest”). 
  
 F. The Project Partnership is the owner of certain real property, the improvements located therein, together with personal
property, leases and other property interest related thereto, commonly known as “The Leo Burnett Building”, 35 W. Wacker Drive, Chicago, Illinois, as more particularly described below in Article 1. 
  
 G. The Project Partnership has engaged The Buck Management Group,
Incorporated (“Buck Management”), an entity affiliated to Buck, to provide property management services for the Property pursuant to that certain Management Agreement, dated as of April 27, 2000 (the “Management
Agreement”) and to provide marketing and leasing services for the Property pursuant to that certain Leasing Agreement, dated as of April 27, 2000 (the “Leasing Agreement”) (the Management Agreement and the Leasing
Agreement, collectively, the “Buck Service Agreements”). 

 H. The Project is encumbered by a mortgage loan (the “Loan”) in the original principal face
amount of $160,000,000, currently held by New York Life Insurance Company, a New York mutual insurance company (“NYLIC”) and Teachers Insurance and Annuity Association of America, a New York corporation (“TIAA”), as co-lenders
each making an original loan of $80,000,000 (NYLIC and TIAA, collectively, the “Lenders”). 
  
 I. Seller desires to sell the VV City Interest to Purchaser and Purchaser desires to purchase the VV City Interest from Seller, upon and subject to the
terms and conditions of this Agreement. 
  
 In consideration of
the mutual covenants and agreements set forth herein the parties hereto do hereby agree as follows: 
  
 ARTICLE 1 
  
 PURCHASE AND SALE 
  
 Seller agrees to sell,
transfer and assign and Purchaser agrees to purchase, accept and assume, subject to and upon the terms and conditions stated herein, the VV City Interest free and clear of all liens, claims, charging orders, mortgages, pledges, security interests,
encumbrances or charges of any kind or nature (including any restrictions on the right to vote, assign or otherwise transfer such partnership interest) (collectively, “Encumbrances”). Seller warrants and covenants that the Investor
Partnership owns, and at the Closing will own, the Project Partnership Interest, free and clear of all Encumbrances, and the Project Partnership owns, and at the Closing will own, the following (herein collectively called the “Property”):

  
 1.1 Real Property. That certain parcel of real estate
located in Chicago, Cook County, Illinois, having a street address of 35 W. Wacker Drive and legally described in Exhibit A (the “Land”), together with all buildings, structures, improvements located thereon, including, without
limitation, that certain 50-story office building containing approximately 1,117,978 square feet of rentable floor area and certain parking areas (collectively, the “Improvements”), and all apparatus, elevators, escalators, built-in
appliances, equipment, pumps, machinery, plumbing, heating, air conditioning, electrical and other fixtures located on such real estate (collectively, “Fixtures and Equipment”), and all rights, easements, privileges and
appurtenances pertaining thereto, including without limitation, all water rights, mineral rights, development rights, air rights, reversions or other appurtenances to said real estate and all of the Project Partnership’s right, title and
interest in and to all rights-of-way, open or proposed streets, alleys, easements, strips or gores of land adjacent thereto (the Land, Improvements, Fixtures and Equipment, and such rights, easements, privileges and appurtenances being herein
collectively called the “Real Property”); and 
  
 1.2 Leases. All of the Project Partnership’s right, title and interest as “landlord” or “lessor” in the leases of space in the Real Property set forth on Exhibit B attached hereto (together with any
space leases entered into pursuant to this Agreement, the “Leases”), and all guaranties of the Leases and the promissory notes executed by Winston & Strawn, as tenant, as described on Exhibit R attached hereto (the
“W&S Promissory Notes”). 
  

 2 

 1.3 Personal Property. All of the Project Partnership’s books, records and files relating to
the ownership, use or operation of the Real Property and Personal Property (as hereinafter defined) and all right, title and interest of the Project Partnership in and to all furniture, furnishings, fixtures, equipment and other tangible personal
property, if any, owned by the Project Partnership and used in connection therewith, including, but not limited to, the items of personal property set forth on Exhibit C attached hereto (herein collectively called the “Personal
Property”); provided, however, that the term “Personal Property” and the term “Property” expressly exclude all Fixtures and Equipment, trade fixtures and other personal property owned by tenants or other users or
occupants of the Real Property and all personal property owned by Buck Management; and 
  
 1.4 Other Property Rights. All of the Project Partnership’s right, title and interest in (a) all warranties, guaranties or other rights related to the ownership of, or use and operation of, the Real
Property or Personal Property; and (b) all licenses, permits and other written authorizations necessary for the use, operation or ownership of the Real Property or Personal Property; and (c) all right, title and interest of the Project Partnership
in and to (i) the plans and specifications with respect to the Improvements, (ii) any guarantees or warranties related to the Improvements, the Fixtures and Equipment and the Personal Property and (iii) any trademarks, rights of copyright or other
intangible property rights associated with the ownership of or use and operation of the Real Property, including the name of the Real Property, there being no implication, however, that the Project Partnership has any interest in any trademarks,
rights of copyright or any other intangible property rights with respect to the name of the Real Property. 
  
 ARTICLE 2 
  
 PURCHASE PRICE 
  
 The total purchase price to be
paid by Purchaser for the purchase of the VV City Interest is the sum of TWO HUNDRED SIXTY-SEVEN MILLION FOUR HUNDRED SEVENTY THOUSAND NINETY-TWO AND NO/l00 DOLLARS ($267,470,092) (the “Purchase Price”). The Purchase Price shall be
paid in the following manner: 
  
 2.1 Deposit Money. Upon
the full and final execution of this Agreement and as a condition precedent to the effectiveness of this Agreement, Purchaser shall deposit the sum of SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($7,500,000) in immediately available funds
as a deposit (the “Deposit”) with First American Title Insurance Company, as escrow agent (“Escrow Agent”). The Deposit shall be non-refundable except as herein provided and shall be held and delivered by Escrow
Agent in accordance with the provisions of Article 12. Any interest earned on the Deposit shall be considered a part of the Deposit. Except as expressly otherwise set forth herein, the Deposit shall be applied against the Purchase Price on
the Closing Date. 
  
 2.2 Loan and Other Debt. Purchaser
acknowledges and agrees that the Project Partnership is the primary obligor of the Loan and that the Property is and will remain subject to the Loan through the Closing. At Closing Purchaser shall receive a credit against the payment of the Purchase
Price in amount equal to 94.5124% of (a) the outstanding amount of principal and accrued interest of the Loan on the Closing Date; and (b) the outstanding amount of principal and 

  

 3 

 
accrued interest of any other debt or indebtedness for borrowed money which is not paid in full on or before the Closing Date with respect to the Project
Partnership, the Investor Partnership or the Property. 
  
 2.3
W&S Build-Out Obligation. As of the date of this Agreement, the Project Partnership is obligated to pay the sum of $863,165 to Winston & Strawn, as tenant in the Property (“W&S”) for completion of tenant
improvements on the 37th Floor pursuant to its lease with W&S. That sum may be reduced by an amount equal to 94.5124% of all sums paid by the Project Partnership to W&S against this obligation between the date of this Agreement and Closing.
At Closing, Purchaser shall receive a credit against payment of the Purchase Price equal to 94.5124% of $863,165, as reduced by all such interim payments. 
  
 2.4 Cash at Closing. On the Closing Date, Purchaser shall pay to Seller an amount equal to the difference between (a) the Purchase Price, and (b)
the sum of the credits described in Sections 2.1, 2.2 and 2.3, subject to the prorations and adjustments set forth in Article 5 or as otherwise provided under this Agreement (the “Balance”), in immediately available
funds by wire transfer as more particularly set forth in Section 6.2. 
  
 ARTICLE 3 
  
 TITLE
MATTERS 
  
 3.1 Title to Real Property. Seller shall
convey and Purchaser shall accept the VV City Interest so long as title to the Real Property is subject only to the Permitted Exceptions. 
  
 3.1.1 Title Commitment and Survey. On or prior to the date of this Agreement, Purchaser shall cause (a) First American Title
Insurance Company (the “Title Company”) to deliver directly to Seller and Purchaser the Title Company’s commitment to issue an Owner’s Policy of Title Insurance (ALTA Form B- 1992) with respect to the Real Property (the
“Title Commitment”) and (b) Chicago Guarantee Survey Company (the “Surveyor”) to deliver to Seller and Purchaser an update of the Surveyor’s ALTA/ACSM Land Title Survey of the Real Property dated February 23,
2000 (the “Existing Survey”). 
  
 3.1.2 Permitted Exceptions. Purchaser and Seller agree that at Closing, the Project Partnership shall own fee simple title to the Real Property subject only to the matters described on Exhibit V attached hereto and by
reference made a part hereof (the “Permitted Exceptions”). Purchaser and Seller agree that none of the following shall be a Permitted Exception: any exception for mechanics’ or materialmen’s liens for work performed by or
on behalf of Seller or any exception for unpaid taxes payable by the Project Partnership for any taxable period other than the current taxable period, or any exception for rights of parties in possession other than tenants in possession, as tenants
only, pursuant to the Leases, or any exception for any mortgage, deed of trust or other lien or any judgment except the lien of the loan documents securing the Loan, or any exception created by Seller or the Project Partnership after the date of
this Agreement and not otherwise permitted by this Agreement. The Permitted Exceptions shall include an exception for the matters shown on the update of the Existing Survey to be obtained by Purchaser. Seller agrees that at or prior to Closing,
Seller shall, at Seller’s sole cost and 

  

 4 

 
expense, remove, satisfy or otherwise cure any matters appearing as exceptions to the title in Schedule B, II of the Title Commitment which are not agreed in
writing by the parties to be Permitted Exceptions. 
  
 3.2
Title Defects. 
  
 3.2.1 Certain
Exceptions to Title. Purchaser shall have the right to object in writing to any title matters of record that are not Permitted Exceptions and that affect the Project Partnership’s title to the Real Property which may appear on supplemental
title reports or updates (“Updates”) to the Title Commitment issued at the request of Purchaser after the Due Diligence Date (herein collectively called the “Title Defects”) within five (5) business days after the receipt
of any Update by Purchaser (or, if such Update is received within five (5) days of the scheduled Closing Date, on or prior to the scheduled Closing Date). Purchaser shall request the Title Company to deliver to Seller, contemporaneously with its
delivery to Purchaser, copies of all Updates. From time to time after the receipt of the Title Commitment and prior to the Closing, Purchaser may give written notice of exceptions to title first appearing of record after the effective date of the
Title Commitment. Seller may elect (but shall not be obligated) to remove, cause to be removed or cause the Title Company to endorse over, at Seller’s expense, any Title Defects, and shall be entitled to a reasonable adjournment of the Closing
(not to exceed fifteen (15) days) for the purpose of such removal, which removal will be deemed effected by omission of such Title Defects on a subsequent Update or by the Title Company providing affirmative insurance as a result of actions and on
terms acceptable to Purchaser against the effect of the Title Defects. Seller shall notify Purchaser in writing within five (5) days after receipt of Purchaser’s notice of Title Defects whether Seller elects to remove the same. If Seller elects
not to have one or more Title Defects cured, omitted or insured over or if, after electing to attempt to cure, Seller determines that it is unwilling or unable to remove, satisfy or otherwise cure such Title Defects, then, subject to Section
3.2.3, Purchaser shall, by notice to Seller given within five (5) days after receipt of Seller’s notice, either elect to terminate this Agreement, in which event the Deposit shall be paid to Purchaser and, thereafter, the parties shall have
no further rights or obligations hereunder except for obligations which expressly survive the termination of this Agreement, or waive such Title Defects, in which event such Title Defects shall be deemed “Permitted Exceptions” and the
Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. 
  
 3.2.2 Discharge of Title Objections. If on the Closing Date there are any title objections or Title Defects which Seller has
elected or is obligated to pay and discharge, Seller may use any portion of the Balance to satisfy the same, provided Seller shall deliver to Purchaser at the Closing instruments in recordable form and sufficient to satisfy such title objections or
Title Defects of record, together with the cost of recording or filing such instruments, or provided that Seller shall cause the Title Company to insure over the same, without any additional cost to Purchaser. 
  
 3.2.3 Certain Title Objections. Notwithstanding
anything to the contrary in Section 3.2.1, Seller shall cause to be removed any mortgage, deed of trust or other lien or judgment (other than the lien of the loan documents securing the Loan) and any Title Objection caused by Seller or the
Project Partnership after the date hereof and not otherwise permitted by this Agreement. 
  

 5 

 3.3 Project Partnership Title Policy. The Project Partnership currently is insured under an ALTA
Form B- 1992 Policy of Title Insurance issued by First American Title Insurance Company (the “Existing Title Policy”). Notwithstanding any provision of this Article 3 or any other provision of this Agreement to the contrary,
if Purchaser can obtain the same title insurance coverage, as it otherwise would obtain pursuant to the procedures outlined in this Article 3 and elsewhere in this Agreement, by having the existing policy endorsed, and provided that Purchaser
can obtain at a commercially reasonable cost reinsurance of portions of the title risk in amounts and with title companies within the First American Title Insurance Company “family” of insurers acceptable to Purchaser, Purchaser agrees to
utilize that methodology as opposed to obtaining a new policy for the Project Partnership. Seller acknowledges that the endorsements to the Existing Title Policy referred to in the preceding sentence shall include, without limitation, a so-called
“non-imputation endorsement” pursuant to which the title insurer will agree that it will not deny liability on the grounds that the insured had knowledge of any matter solely by reason of notice thereof imputed to the insured by operation
of law through Seller, the General Partner, the Investor Partnership, Leo or Buck. 
  
 ARTICLE 4 
  
 PURCHASER’S DUE DILIGENCE/CONDITION OF THE PROPERTY 
  
 4.1 Document Deliveries. Prior to the date hereof, to the extent in the possession or control (direct or indirect) of Seller, Seller furnished or caused the Project Partnership, the Investor Partnership or Buck
Management either (a) to furnish or make available to Purchaser for review and copying at the offices of Buck Management in Chicago, Illinois, or, (b) at Purchaser’s request, to copy and have delivered to Purchaser at Purchaser’s address
all of the following items (collectively the “Property Documents”): 
  
 4.1.1 all plans and specifications, soils, geological, environmental and governmental reports relating to development, condition, repair
or maintenance of the Property including, but not limited to, the most recently obtained Phase I and/or Phase II environmental site assessments; 
  
 4.1.2 the Existing Title Policy and the Existing Survey; 
  
 4.1.3 all books and records relating to the operation of the Property, the organization and operation of the
Project Partnership and the acquisition of the Project Partnership interest by the Investor Partnership and its predecessor in interest, the organization and operation of the Investor Partnership and the acquisition of the general partnership
interest in the Investor Partnership by Seller, including, without limitation the Certificates of Limited Partnership of the Project Partnership and the Investor Partnership and all amendments thereto (collectively, the
“Certificates”), the Project Partnership Agreement and the Investor Partnership Agreement, and all amendments thereto, and all records relating to the capital accounts of the partners of the Project Partnership and the Investor
Partnership and relating to any loans made by the partners (or any of their respective affiliates) to the Project Partnership or the Investor Partnership; 
  

 6 

 4.1.4 the tax due diligence items described on Schedule 4.1.4 attached hereto;

  
 4.1.5 all Leases and associated lease files,
any financial statements or other financial information of the tenants of the Property (collectively, “Tenants”) (including, but not limited to, any financial statements furnished by Leo pursuant to Section 38 of the Amended and Restated
Lease dated February 15, 1997, by and between the Project Partnership and Leo), any written information relative to the payment history of the Tenants, including a current aged tenant receivable report, and all Tenants correspondence sent to or sent
by such Tenants with respect to the Property; 
  
 4.1.6 copies of all property tax bills and assessor’s statements of current assessed value of the Property for the most current year that have been issued and the year prior to the most current year; 
  
 4.1.7 all operating budgets for 2001, 2002 and 2003 and
operating statements for the Property, the Project Partnership and the Investor Partnership for 2001, 2002 and 2003 (January 1, 2003 to date); 
  
 4.1.8 all management agreements, all service agreements, maintenance agreements, leasing agreements, commission agreements, license
agreements and all maintenance records and lease commissions records and other contracts relating to the Property, the Project Partnership or Investor Partnership, including, but not limited to, the Buck Service Agreements and all agreements
relating to HVAC maintenance, janitorial, waste disposal, pest control, window washing, marble maintenance, landscaping, security and utility services; 
  
 4.1.9 all permits, licenses or other similar documents relating to the use, occupancy or operation of the Property, including by not
limited to, the Certificates of Occupancy issued by the City of Chicago, and the Redevelopment Agreement with the City of Chicago referred to in Section 27(G) of the Lease with W & S, together with First Amendment to Redevelopment Agreement,
dated March 1, 1994 (the “Redevelopment Agreement”); 
  
 4.1.10 copies of any notices relating to the Property from the City of Chicago or other governmental authority; 
  
 4.1.11 copies of all warranties, guaranties or indemnities relating to the Property, the Project Partnership or the Investor Partnership;

  
 4.1.12 all agreements, instruments and
documents evidencing, securing and/or guaranteeing the Loan and any other outstanding debts, indebtedness or liabilities of the Project, the Project Partnership or the Investor Partnership; and 
  
 4.1.13 all other documents, records or other information
reasonably requested in writing of Seller by Purchaser on or prior to the Due Diligence Date. 
  

 7 

 4.2 Due Diligence Date. Purchaser shall have the right to conduct, at Purchaser’s sole cost
and expense, such examinations, inspections, testing, studies and/or investigations of the Property as Purchaser deems appropriate, subject to the terms and conditions hereof, commencing prior to the execution of this Agreement and continuing for a
period that will expire at 5:00 pm Eastern Time on the date this Agreement is fully executed and delivered and the Deposit paid to Escrow Agent (the “Due Diligence Date”). Unless this Agreement is terminated pursuant to Section 4.8,
Purchaser may continue to conduct such examinations, inspections, testing, studies and/or investigations of the Property during the period after the Due Diligence Date and until Closing. Prior to the execution of this Agreement, Purchaser has
furnished to Seller complete and correct copies of the written letter agreements or term sheets Purchaser has heretofore entered into with Leo (and its parent Publicis Groupe S.A.) on the modifications to be made to the Project Partnership Agreement
and Lease with Leo and with Buck on the modifications to be made to the Investor Partnership Agreement. 
  
 4.3 Conduct of Due Diligence. In conduction any on-site examinations, inspections, testing, studies and/or investigations of the Property,
Purchaser shall comply with the following procedures: 
  
 4.3.1 Manner of Entry: Non-Invasive Work. Purchaser shall conduct (and shall cause its employees, representatives, advisors, agents and contractors (collectively, with Purchaser, “Purchaser Group”) to conduct any
entry at the Property and any Purchaser’s Work (as hereinafter defined) so as to minimize, to the greatest extent possible, any material interference with any Tenant’s business, and otherwise in a manner reasonably acceptable to Seller.
Prior to any entry to perform any non-invasive inspections or investigations or other non-invasive work pertaining to the Property, including, without being limited to, visual inspections of the Improvements and land surveys (collectively,
“Non-Invasive Work”), Purchaser shall give notice to James M. Hanson or Bruce G. Miller of Broker (“Seller’s Representative”) at least one (1) business day in advance of any intended Non-Invasive Work. Any
Purchaser’s Work shall be coordinated with Seller’s Representative. Any notice pursuant to this paragraph shall be given during business hours on a business day and may be given orally (to be confirmed by fax) or by fax. Such notice shall
include, without being limited to, the identity of the company or persons who will perform such Non-Invasive Work and the nature and scope thereof. 
  
 4.3.2 Invasive Work. If Purchaser desires to perform any invasive testing of the Property, including, without being limited to, any
sampling in connection with any Phase II environmental assessments of the Property, or any other investigation that will involve the removal of flooring, making excavations or test borings, disturbance of any plants, trees or shrubs, or any other
invasive test or activity (collectively, “Invasive Testing”), then Purchaser shall provide to Seller’s Representative a written request for approval therefor (“Invasive Testing Request”), which Invasive Testing
Request shall include the nature and scope of the proposed Invasive Testing and the identity of the company or persons by whom it would be performed. Seller shall approve or disapprove, in Seller’s sole discretion, any such Invasive Testing
Request in writing within two (2) business days following Seller’s receipt thereof, if received on a business day. The Non-Invasive Work and, if applicable and approved by Seller any Invasive Testing, are collectively referred to herein as
“Purchaser’s Work”. 
  

 8 

 4.3.3 Restoration. Upon completion of any Purchaser’s Work, Purchaser shall,
at its cost, restore the Property to as near to its original condition as feasible, including filling and resurfacing to match existing surfaces, replacing or restoring any vegetation that is damaged and generally putting the Property and all points
of entry by the inspectors in substantially the same condition as before such inspection or entry (to the extent same was caused by Purchaser’s Work). The provisions of this paragraph shall survive termination of this Agreement. 
  
 4.3.4 Compliance with Laws. Purchaser shall comply
with all laws and regulations, including, without being limited to, obtaining any necessary permits for any of Purchaser’s Work. 
  
 4.3.5 Responsibility for Expenses. Purchaser shall be solely responsible for the cost and expense of all Purchaser’s Work
including, without being limited to, the cost of restoring or repairing the Property as required above. The provisions of this paragraph shall survive termination of this Agreement. 
  
 4.3.6 Liens and Claims. Purchaser shall not permit any mechanic’s, materialmen’s, or other
similar liens or claims to stand against the Property for labor or materials furnished in connection with any Purchaser’s Work performed by Purchaser under this Agreement, and Purchaser shall promptly cause any such lien to be released at
Purchaser’s sole expense. At Seller’s request, Purchaser shall execute, and Seller may record and post at the Property, one or more notices of nonresponsibility for the benefit of Seller in accordance with applicable law. The provisions of
this paragraph shall survive termination of this Agreement. 
  
 4.3.7 Cooperation. Seller may have its representatives present to observe any Purchaser’s Work, and Purchaser and Seller shall take reasonable steps to coordinate the performance of Purchaser’s Work
to permit such observation. 
  
 4.3.8
Insurance and Indemnity. Prior to performing any Purchaser’s Work hereunder, Purchaser shall provide Seller with evidence of Purchaser’s public liability insurance in an amount not less than Two Million Dollars ($2,000,000).
Purchaser shall indemnify, defend, with counsel reasonably acceptable to Seller, and hold Seller harmless from all expenses, losses, damages and claims (including Seller’s reasonable attorneys’ fees or disbursements), actually incurred by
Seller, arising out of the acts or activities of Purchaser or Purchaser’s Group on or about the Property pursuant to this Agreement other than as a result of the discovery of any hazardous substances currently on the Property. Additionally,
Purchaser’s indemnification obligations under this paragraph shall expressly exclude consequential, punitive or special damages. The limits on insurance in this paragraph shall in no way limit or restrict the scope of the indemnity set forth in
this paragraph. The provisions of this paragraph shall survive termination of this Agreement. 
  
 4.4 Tenant Contact. Seller shall use commercially reasonable efforts to arrange or shall cause Buck Management to use commercially reasonable efforts to arrange separate meetings between Purchaser and each of
the Tenants, and Seller’s Representative shall 

  

 9 

 
participate in any such meetings between Purchaser and the Tenants. Neither Purchaser nor any member of Purchaser’s Group shall contact any Tenant,
directly or indirectly, without giving Seller’s Representative not less than one (1) business day’s prior telephonic notice of the date and time proposed by Purchaser for the contact. Seller shall be entitled to have Seller’s
Representative present on any telephone or other contact made by Purchaser to any Tenant. So long as Seller’s Representative receives not less than one (1) business day’s prior telephonic notice of the date and time proposed by Purchaser
for the contact with any Tenant and such proposed contact is during normal business hours, Seller agrees to cause Seller’s Representative to be available for such proposed contact. Notwithstanding anything to the contrary in this Section,
Purchaser has completed to its satisfaction all Tenant interviews. 
  
 4.5 Governmental Contacts. Other than to perform customary title searches, violations searches of databases available to the public and zoning investigations or to obtain a permit necessary for any Purchaser’s Work, neither
Purchaser nor any member of Purchaser’s Group shall contact any governmental authority with respect to any matters relating to the Property without giving Seller’s Representative not less than one (1) business day’s prior telephonic
notice of the date and time proposed by Purchaser for the contact with any governmental authority. Seller shall be entitled to have Seller’s Representative present on any telephone or other contact made by Purchaser to any governmental
authority. So long as Seller’s Representative receives not less than one (1) business day’s prior telephonic notice of the date and time proposed by Purchaser for the contact with any governmental authority and such proposed contact is
during normal business hours, Seller agrees to cause Seller’s Representative to be available for such proposed contact. 
  
 4.6 Delivery of Third-Party Reports. Promptly after any termination of this Agreement by Purchaser for any reason other than Seller’s default,
Purchaser shall deliver to Seller copies of all third-party reports commissioned by Purchaser evidencing the results of tests, studies or inspections of the Property and all documents copied for Purchaser pursuant to Section 4.1; provided,
however, that Purchaser makes no representation or warranty whatsoever with respect to any of such third party reports or the results thereof, including, without limitation, the ownership, accuracy or completeness of any such third party reports.

  
 4.7 Confidentiality. Purchaser hereby agrees that the
information gained through access to the Property and the Property Documents shall be used solely for the purpose of evaluating the Property and the purchase of the VV City Interest and that such information shall be kept confidential by Purchaser;
provided, however, that any of such information may be disclosed to (a) the Purchaser Group and Purchaser’s consultants, accountants, attorneys and rating agencies, (b) potential equity and financing sources and (c) as required under applicable
law, it being understood that (i) such persons shall be informed by Purchaser of the confidential nature of such information and (ii) Purchaser shall instruct such parties to maintain the confidentiality of such information. If Purchaser is required
by applicable law to disclose any such information, it is agreed that Purchaser shall provide Seller with prompt notice of any request or requirement for disclosure so that Seller may seek an appropriate protective order. It is further agreed that,
notwithstanding any pursuit of a protective order, if Purchaser is legally obligated to disclose any such information, then Purchaser may disclose such information to the extent so obligated, and Purchaser shall not be liable for such disclosure. It
is further understood and agreed that money damages would not be a sufficient remedy for any breach of this 

  

 10 

 
paragraph and that Seller shall be entitled to specific performance of Purchaser’s confidentiality covenant and injunctive or other equitable relief as
a remedy for any such breach, in addition to all other remedies available at law or equity to Seller. The provisions of this paragraph shall survive termination of this Agreement, but shall not survive the Closing. 
  
 4.8 Termination of Agreement. Purchaser shall have until 5:00 pm
Eastern Time on the Due Diligence Date to determine, in Purchaser’s sole opinion and discretion, the suitability of the Property for acquisition by Purchaser. Purchaser shall have the right to terminate this Agreement at any time for any reason
or no reason on or before the Due Diligence Date by giving written notice to Seller of such election to terminate. If Purchaser so elects to terminate this Agreement pursuant to this Section 4.8, and if such written notice to Seller is given
on or before the Due Diligence Date, the Escrow Agent shall return to Purchaser the Deposit within three (3) business days after receipt of written notice of Purchaser’s termination of the Agreement pursuant to this Section 4.8, and
thereafter neither Seller nor Purchaser shall have any liability hereunder except for those obligations which expressly survive the termination of this Agreement. If Purchaser fails to terminate this Agreement on or before the Due Diligence Date,
Purchaser shall be deemed to have waived its rights to terminate this Agreement in accordance with this Section 4.8. Purchaser and Seller acknowledge that upon the full execution and delivery of this Agreement and the deposit by Purchaser of
the Deposit with Escrow Agent, the Due Diligence Date shall have lapsed and, notwithstanding any provision of this Agreement to the contrary, Purchaser shall have waived its right to terminate this Agreement pursuant to this Section 4.8. In
particular and without limiting the generality of the foregoing, prior to the execution and delivery of this Agreement, Purchaser raised with Seller certain concerns about the Real Property and Purchaser acknowledges that the Purchase Price is
reduced from the purchase price that had been previously discussed between Purchaser and Seller in full satisfaction of such concerns. 
  
 4.9 Property “As is”. 
  
 (a) Purchaser acknowledges and agrees that at the Closing of the purchase of the VV City Interest (i) subject to the terms of this
Agreement and except as otherwise herein provided, the condition of the Property shall be “As Is, Where Is, with All Faults” and with all latent and patent defects, with no right of setoff or reduction in the Purchase Price; (ii) except
for (a) Seller’s representations and warranties set forth in Section 8.2, Section 8.3, and Section 9.2.2, and (b) the warranty of title to be given in the Partnership Interest Assignment (as defined in Section 6.3(a))
(herein collectively called the “Seller’s Warranties”), none of Seller, its counsel, Jones Lang LaSalle Americas, Inc. (the “Broker”), the Broker’s sales agents, Seller’s Asset Manager, Seller’s
Representative, nor any partner, officer, director, employee, agent or attorney of Seller, its counsel or the Broker, nor any other party related in any way to any of the foregoing (all of which parties are herein collectively called the
“Seller Parties”) have or shall be deemed to have made any oral or written representations, warranties, promises or guarantees (whether express, implied, statutory or otherwise) to Purchaser with respect to the Property, any matter
set forth, contained or addressed in the Property Documents (including, but not limited to, the accuracy and completeness thereof) or the results of the investigations; and (iii) as of the Due Diligence Date, Purchaser shall have had the opportunity
to conduct due diligence and inspections and to confirm independently all information that 

  

 11 

 
Purchaser considers material to its purchase of the VV City Interest or the Transaction. Purchaser specifically acknowledges that, except for Seller’s
Warranties, Purchaser is not relying on (and Seller and each of the other Seller Parties does hereby disclaim and renounce) any representations or warranties of any kind or nature whatsoever, whether oral or written, express, implied,
statutory or otherwise, from Seller or any other Seller Parties, as to: (1) the operation of the Property or the income potential, uses, or merchantability or fitness of any portion of the Property for a particular purpose; (2) the physical
condition, whether visible or not, of the Property or the condition or safety of the Property or any improvements thereon, including, but not limited to, plumbing, sewer, heating, ventilating and air conditioning, life safety, building management,
vertical transportation, and electrical systems, roofing, foundations, soils and geology, including hazardous materials, lot size, or suitability of the Property or any improvements thereon for a particular purpose; (3) the presence or absence,
location or scope of any hazardous materials in, at, or under the Property; (4) whether the building equipment, if any, plumbing or utilities are in working order; (5) the habitability or suitability for occupancy of any structure and the quality of
its construction; (6) whether the improvements arc structurally sound, in good condition, or in compliance with applicable municipal, county, state or federal statutes, codes or ordinances; (7) the accuracy of any statements, calculations or
conditions stated or set forth in Seller’s books and records concerning the Property or set forth in any of Seller’s offering materials with respect to the Property; (8) the dimensions of the Property or the accuracy of any floor plans,
square footage, lease abstracts, sketches, revenue or expense projections related to the Property; (9) the operating performance, the income and expenses of the Property or the economic status of the Property; (10) the ability of Purchaser to obtain
any and all necessary governmental approvals or permits for Purchaser’s intended use and development of the Property or any of the documents; (11) the leasing status of the Property or the intentions of any parties with respect to the
negotiation and/or execution of any lease for any portion of the Property; and (12) Seller’s ownership of any portion of the Property. Purchaser further acknowledges and agrees that Seller is under no duty to make any affirmative disclosures or
inquiry regarding any matter which may or may not be known to Seller, its officers, directors, contractors, agents or employees. 
  
 (b) Purchaser, for Purchaser and Purchaser’s successors and assigns, hereby releases Seller from, and waives all claims and liability
against Seller for or attributable to any claims or liabilities relating to the presence, discovery or removal of any Hazardous Materials in, at, about or under the Property, or for, connected with or arising out of any and all claims or causes of
action based upon, without limitation, (A) the Comprehensive Environmental Response, Compensation and Liability Act (codified in various sections of 26 U.S.C., 33 U.S.C., 42 U.S.C. and 42 U.S.C. Section 9601 et seq.) (“CERCLA”); (B) the
Resource Conservation And Recovery Act (42 U.S.C. Section 6901 et seq.); (C) the Hazardous Materials Transportation Act (49 U.S.C. Section 1801 et seq.); (D) the Toxic Substances Control Act (15 U.S.C. Section 2061 et seq.); (B) the Clean Water Act
(33 U.S.C. Section 1251 et seq.); (F) the Clean Air Act (42 U.S.C. Section 7401 et seq.); (G) the Safe Drinking Water Act (21 U.S.C. Section 349, 42 U.S.C. Section 201 and Section 300 et seq.); (H) the National Environmental Policy Act (42 U.S.C.
Section 4321 et seq.); (I) the Superfund Amendments and Reauthorization Act Of 1986 (codified in various sections of 10 U.S.C., 29 U.S.C., 33 U.S.C. and 42 U.S.C.); 

  

 12 

 
(J) Title III of the Superfund Amendment and Reauthorization Act (40 U.S.C. Section 1101 et seq.); (K) the Uranium Mill Tailings Radiation Control Act (42
U.S.C. Section 7901 et seq.); (L) the Occupational Safety & Health Act (29 U.S.C. Section 655 et seq.); (M) the Federal Insecticide, Fungicide and Rodenticide Act (7 U.S.C. Section 136 et seq.); (N) the Noise Control Act (42 U.S.C. Section 4901
et seq.); (0) the Emergency Planning and Community Right to Know Act (42 U.S.C. Section 1100 et seq.) and any other federal or state based statutory, common law or regulatory causes of action for environmental contamination at, in or under the Real
Property; provided, however, that such release and waiver shall be inapplicable to any claim or action arising pursuant to the provisions of this Agreement for breach of Seller’s Warranties to the extent Seller’s Warranties survive Closing
or for which Seller, the Project Partnership or the Investor Partnership shall have acted with willful misconduct or a knowing violation of the law at any time Seller owned an interest, directly or indirectly, in the Project Partnership, the
Investor Partnership or the Property. 
  
 (c) For
purposes of this Agreement, the term “Hazardous Material” shall mean any substance, chemical, waste or material that is or becomes regulated by any federal, state or local governmental authority because of its toxicity,
infectiousness, radioactivity, explosiveness, ignitability, corrosiveness or reactivity, including, without limitation, asbestos or any substance containing more than 0.1 percent asbestos, the group of compounds known as polychlorinated biphenyls,
flammable explosives, oil, petroleum or any refined petroleum product. 
  
 (d) Purchaser acknowledges and agrees that the provisions of this Article 4 were a material factor in Seller’s acceptance of the Purchase Price and Seller is unwilling to sell the VV City Interest unless
Seller and the other Seller Parties are expressly released as set forth in Section 4.2(b). 
  
 (e) Notwithstanding anything to the contrary herein, the provisions of this Section 4.2 shall survive the Closing and shall
not be merged therein. 
  
 ARTICLE 5 
  
 ADJUSTMENTS AND PRORATIONS 
  
 5.1 Closing of Books; Cash Distributions. The books, records and
accounts of the Project Partnership and Investor Partnership shall be closed as of 11:59 p.m. on the day immediately preceding the Closing Date, with Seller being deemed the owner of the VV City Interest through such time for the purposes of
allocating items of income and expense between Seller and Purchaser. Nothing contained herein shall prevent or impair Seller’s rights to cause the Project Partnership, and, in turn, the Investor Partnership, to make distributions to the
partners of the respective partnerships of “Net Cash Flow” (as such terms are defined in the Project Partnership Agreement and Investor Partnership Agreement, respectively) from and after the date of this Agreement until Closing; provided,
however, (i) in no event shall Seller cause the Project Partnership to distribute any security deposits held by the Project Partnership pursuant to the Leases; and (ii) Seller shall receive a credit at Closing in the amount of 94.5124% of any cash
reserves of the Project Partnership not distributed to the partners of the Project Partnership with such “Net Cash Flow.” 
  

 13 

 5.2 Prorations and Adjustments. The Purchase Price shall be adjusted for 94.5124% of the following
items of income and expense, or as otherwise expressly stated, which shall be prorated as of Closing. 
  
 5.2.1 Rents. All rents (including any percentage rent, additional rent and any accrued tax and operating expense reimbursements and
escalations), charges, and other revenue of any kind (collectively, “Rents”) collected from the tenants under the Leases shall be prorated between Seller and Purchaser as of the day prior to the Closing Date. Seller shall be
entitled to all Rents attributable to any period under the Leases to but not including the Closing Date. Purchaser shall be entitled to all Rents attributable to any period under the Leases from and after the Closing Date. With respect to the Rents
due landlord under the Leases as of the Closing Date but not collected as of the Closing Date, Purchaser shall make a good faith effort to collect the same on Seller’s behalf and to tender the same to Seller upon receipt (which obligation of
Purchaser shall survive the Closing and not be merged therein); provided, however, that all Rents due landlord under the Leases collected by Purchaser on or after the Closing Date shall first be applied to all amounts due under the
Leases at the time of collection (i.e., current Rents due Purchaser as the current owner and landlord) with the balance (if any) payable to Seller, but only to the extent of amounts delinquent and actually due Seller. To the extent the monthly
installments of principal and interest paid by W & S under any of the W & S Promissory Notes are not credited against Rents payable by W & S under the Lease with W & S, such monthly installments of principal and interest shall
be prorated between Seller and Purchaser in the same manner as Rents are prorated in this Section 5.2.1 and as though such monthly installments of principal and interest were payments of base rent for the month during which such monthly installments
of principal and interest are due and payable. 
  
 5.2.2 Real Estate Taxes. Purchaser acknowledges that in Cook County, Illinois, real estate taxes and assessments (“Real Estate Taxes”) for calendar year 2002 are payable in calendar year 2003 in two installments, the
first of which has been paid. Purchaser further acknowledges that Real Estate Taxes for calendar year 2003 are payable in calendar year 2004. Seller shall pay (or cause the Project Partnership to pay) 100% of both installments of Real Estate Taxes
due and payable prior to the Closing Date. In addition, the Real Estate Taxes for 2003 (which are payable in 2004) shall be prorated by Purchaser and Seller as follows: Seller shall have no responsibility for payment of the portion of such Real
Estate Taxes for 2003 attributable to the space leased as of the Closing Date by W&S and Leo; the Real Estate Taxes for 2003 attributable to the space not leased by W&S and Leo shall be prorated at Closing by Purchaser and Seller such that
Seller shall be responsible (and Purchaser shall receive a credit against the Purchase Price at Closing) only for the prorata portion thereof equal to a fraction, the numerator of which is the number of days from October 1, 2003 through the day
preceding the Closing Date and the denominator of which is 365. Seller and Purchaser acknowledge that the amount of the Real Estate Taxes for 2003 will not be known as of the date of Closing, and accordingly, with respect to the 2003 Real Estate
Taxes to be 

  

 14 

 
prorated between Seller and Purchaser, the 2003 Real Estate Taxes shall be estimated to be 110% of the amount of the 2002 Real Estate Taxes, and such
proration shall be adjusted between Seller and Purchaser (and appropriate payments shall be made between Seller and Purchaser) when the actual amount of the 2003 Real Estate Taxes have been billed by the applicable taxing authority. For example,
assuming a Closing on October 31, 2003, Real Estate Taxes will be prorated as shown on Exhibit X, attached hereto and by this reference made a part hereof, and Seller and Purchaser approve the methodology set forth on such Exhibit.

  
 5.2.3 Loan Interest. All accrued and
unpaid interest due the Lenders under the Loan. 
  
 5.2.4 Utility Charges. Utility bills and charges payable with respect to the Property. 
  
 5.2.5 Operating Agreements. Charges payable under the Operating Agreements. 
  
 5.2.6 Other Tenant Charges. Where the Leases contain
Tenant obligations for taxes, common area expenses, operating expenses or additional charges of any nature, and where the Project Partnership shall have collected on an estimated basis any portion thereof in excess of amounts owed by the Project
Partnership for such items for the period prior to the date of Closing, then there shall be an adjustment and credit given to Purchaser on the date of Closing for such excess amounts collected. Purchaser shall cause all such excess amounts to be
applied by the Project Partnership to the charges owed by the Project Partnership for such items for the period after the date of Closing, and if required by the applicable Leases, shall rebate or credit the Tenants with any remainder. If it is
determined subsequent to the Closing that the amounts collected during Seller’s period of ownership of the VV City Interest exceeded expenses incurred during the same period by more than the amount previously credited to Purchaser at Closing,
then Seller shall promptly pay to the Investor Partnership the deficiency. If it is determined subsequent to Closing that the amount collected during Seller’s period of ownership of the VV City Interest exceeded expenses incurred during the
same period by less than the amount previously credited to Purchaser at Closing, then Purchaser shall promptly pay (or cause the Investor Partnership to pay) to Seller the overpayment. 
  
 5.2.7 Other Operating Expenses. All other operating expenses of the Property, including personal
property taxes applicable to the Personal Property. 
  
 5.2.8 Deposits. At Closing (A) Seller shall credit to the account of Purchaser any security deposits actually held by Seller (as distinguished from the Project Partnership) pursuant to the Leases (to the extent such security deposits
are not applied against delinquent rents or otherwise as provided in the Leases), and (B) Purchaser shall credit to the account of Seller all refundable cash or other deposits posted by the Project Partnership with utility companies serving the
Property. 
  

 15 

 5.2.9 Remedial Indemnification Amount. Purchaser acknowledges that the Project
Partnership is obligated to pay Leo certain annual tax liabilities under Section 25 of the Project Partnership Agreement in the amount of $334,264 for 2004. Seller agrees that, as between Seller and Purchaser, Seller is to bear the cost of payment
to Leo for an annual tax indemnity payment under the Project Partnership Agreement in the amount of $363,490 for 2003, and Purchaser shall receive a credit against payment of the Purchase Price for 100% of this amount, unless Seller actually pays
such amount at or prior to Closing. 
  
 5.2.10
Certain Escrows. The Project Partnership is holding an escrow of payments from Leo for Leo’s obligation to pay a pro rata portion of the Real Estate Taxes and such escrow shall remain with the Project Partnership after Closing and not be
disbursed to Seller. Lenders are holding funds in a tax escrow which funds shall remain with Lender and Seller shall reserve a credit at Closing for 94.5124% of the balance in that tax escrow account as of the date of Closing. 
  
 5.3 Post Closing Adjustments. All items of revenue and expense
relating to the Property, irrespective of whether such items are prorated at Closing in accordance with Section 5.2 and including but not limited to (i) payments under the Operating Agreements which are not the direct obligation of Tenants
pursuant to the Leases, (ii) gas, electricity or other utility charges which are not the direct obligation of Tenants pursuant to the Lease, and (iii) any other operating expenses or other items which are customarily prorated between a purchaser and
a seller in the area in which the Property is located, shall be reprorated after completion of the reconciliation of operating expenses with the Tenants of the Property for calendar year 2003, and such reconciliation shall be done a month-to-month
basis. Purchaser shall prepare and present to Seller a calculation of any item subject to reproration and shall furnish such statement to Seller for its review. 
  

5.4 Tax Returns. Seller and Purchaser acknowledge and agree that they shall cooperate to cause the Investor Partnership and the Project
Partnership to prepare and file in a timely manner all appropriate tax returns and other information for the period prior to Closing in the same manner as such tax returns and other information heretofore have been prepared, except for changes
required by changes in applicable laws or changes in fact. To the extent any items are not covered by past practices, such Tax Returns shall be prepared in accordance with reasonable tax accounting practices selected by Purchaser. 
  
 5.5 Closing Costs. Purchaser shall pay (i) City of Chicago transfer
taxes; (ii) all costs of Purchaser’s due diligence; (iii) all costs of its third party consultants; (iv) one-half of all escrow charges, if any, payable to the Escrow Agent; and (v) all fees and expenses of the Lenders for consenting to the
Transaction. Seller shall pay (i) all premiums and charges of the Title Company for the title examination and the Owner’s Policy of Title Insurance (including any endorsements) to be issued pursuant to the Closing Title Commitment; (ii) the
expense incurred in updating the Existing Survey; (iii) all recording and filing charges in connection with the Transaction; (iv) state and county property/deed transfer tax; (v) one-half of all escrow charges, if any, payable to the Escrow Agent;
(vi) the cost of obtaining the opinions referred to in Section 6.3(k) hereof; and (vii) any other costs customarily paid by Seller pursuant to local practice. Each party shall pay its own attorneys. In the event that Purchaser elects to
prepay the Loan at 

  

 16 

 
the Closing, Purchaser agrees to pay all fees and expenses due Lender necessary to make such prepayment, including the prepayment fees specified in the Loan
Documents and agrees to pay all indemnity payments due Leo pursuant to the terms of the Project Partnership Agreement which are triggered as a result of such prepayment. The obligation of Seller to pay applicable escrow charges shall survive the
termination of this Agreement. 
  
 5.6 Apportionment
Credit. In the event the apportionments to be made at the Closing result in a credit balance (a) to Purchaser, such sum shall be paid (at Seller’s option) at the Closing by wire transfer of immediately available funds to an account
designated by Purchaser or by giving Purchaser a credit against the Balance in the amount of such credit balance, or (b) to Seller, Purchaser shall pay the amount thereof to Seller at the Closing by wire transfer of immediately available finds to
the account or accounts to be designated by Seller for the payment of the Balance. 
  
 5.7 Delayed Adjustment. If at any time following the Closing Date, the amount of an item listed in any section of this Article 5 shall prove to be incorrect (whether as a result of an error in
calculation or a lack of complete and accurate information as of the Closing), the party in whose favor the error was made shall promptly pay to the other party the sum necessary to correct such error upon receipt of proof of such error, provided
that such proof is delivered to the party from whom payment is requested on or before one (1) year after Closing. 
  
 5.8 Survival. The provisions of this Article 5 shall survive the Closing and not be merged therein. 
  
 ARTICLE 6 
  
 CLOSING 
  
 Seller and Purchaser hereby agree that the transaction contemplated by this Agreement (the “Transaction”) shall be consummated as
follows: 
  
 6.1 Closing Date. Subject to Seller’s
and Purchaser’s right to extend the Closing as provided in this Agreement and provided that all conditions precedent to Purchaser’s and Seller’s obligations hereunder have been satisfied or waived in writing, the Transaction shall
close (“Closing”) on October 31, 2003 (the “Closing Date”). The Closing shall be effected by an escrow closing without the physical presence of Seller or Purchaser at the Closing pursuant to which event all documents and
funds required to effect the Closing shall be delivered into escrow with the Escrow Agent pursuant to mutually agreeable escrow instructions. Purchaser and Seller shall each have the right to extend the Closing by written notice to the other given
on or before the initial date scheduled for the Closing by a period of up to ten (10) days. 
  
 6.2 Title Transfer and Payment of Purchase Price. Provided all conditions precedent to Seller’s obligations hereunder have been satisfied (or waived in writing), Seller agrees to convey title to the VV
City Interest free and clear of all Encumbrances contemporaneously upon confirmation of delivery of the Balance as set forth below. Provided all conditions precedent to Purchaser’s obligations hereunder have been satisfied (or waived in
writing), Purchaser agrees to deliver the Balance as specified in Section 2.4 by timely delivering the same to Seller no later than 2:00 p.m. Eastern Time on the Closing Date. 
  

 17 

 6.3 Seller’s Closing Deliveries. At the Closing, Seller shall deliver or cause to be
delivered to the Purchaser the following: 
  
 (a)
Partnership Interest Assignment. A duly executed instrument pursuant to which Seller assigns, transfers and conveys to Purchaser the VV City Interest substantially in the form of Exhibit E attached hereto, which instrument shall
contain a general warranty of title as to the VV City Interest and a representation and warranty by Seller to Purchaser that it is conveying the VV City Interest free and clear of any and all liens and Encumbrances (the “Partnership Interest
Assignment”). 
  
 (b) Non-Foreign
Status Affidavit. A non-foreign status affidavit substantially in the form of Exhibit F, as required by Section 1445 of the Internal Revenue Code. 
  

(c) Affidavit. An Affidavit made to knowledge in a form and substance acceptable to the Title Company stating that there are no
known boundary disputes with respect to the Property, that there are no parties in possession of the Property other than the Project Partnership, Leo, W&S and the Tenants under the Leases, that except for Broker there are no brokers for the
transactions contemplated in this Agreement claiming through Seller, that any improvements or repairs made by, or for the account of, or at the instance of the Project Partnership, the Investor Partnership or Buck Management have been paid in full
(or that adequate provision has been made therefor to the reasonable satisfaction of the Title Company), and including such other matters as may be reasonably requested by the Title Company. 
  
 (d) Amendment to Investor Partnership Agreement. An
amendment to (or an amendment to and restatement of) the Investor Partnership Agreement in form and substance reasonably satisfactory to the Purchaser whereby Seller withdraws as the general partner of the Investor Partnership and Purchaser is
admitted as the sole general partner of the Investor Partnership. 
  
 (e) Evidence of Authority. (i) Documentation to establish to Purchaser’s reasonable satisfaction the due authorization of Seller’s sale of the VV City Interest and Seller’s delivery of the
documents required to be delivered by Seller pursuant to this Agreement (including, but not limited to, resolutions of Seller and the General Partner and incumbency certificates of Seller and the General Partner; and (ii) a certificate of Seller
with respect to the authority to act on behalf of Seller of the individual executing on behalf of Seller all documents contemplated by this Agreement, which certificate shall be sufficient to cause the Title Company to issue the Closing Title
Commitment to Purchaser. 
  
 (f) Seller’s
Certificate. A certificate of an officer of Seller certifying that all representations and warranties contained in this Agreement are true and correct as of the Closing Date in all material respects and that Seller has performed, complied and
fulfilled all of the covenants, agreements, obligations and conditions required by this Agreement to be performed, complied or fulfilled by Seller on or prior to the Closing Date. 
  

 18 

 (g) Transfer Taxes. If applicable, duly completed and signed real estate transfer
tax returns. 
  
 (h) Keys and Records. All
of the keys to any door or lock on the Property, all warranties, guaranties, plans and specifications, the original Leases, the original W & S Promissory Notes, the original Redevelopment Agreement, and the original tenant files and other books
and records relating to the Property in Seller’s, the Project Partnership’s or the Investor Partnership’s possession, which delivery contemplated in this subparagraph (h) with respect to any such items shall be satisfied if the
applicable items are located in the on-site management office at the Property at the time of the Closing. 
  
 (i) Resignations. To the extent applicable, signed resignations of all officers, managers or directors of the Investor Partnership
and the Project Partnership. 
  
 (j) Legal
Opinions. An opinion of King & Spalding, counsel to Seller, dated the Closing Date substantially in the form of Exhibit G attached hereto. 
  
 (k) Notice of Sale to Tenants. Notices to tenants, as contemplated by Section 9.1.8 hereof, executed by Seller, the Project
Partnership and the Investor Partnership. 
  
 (l)
Notices of Sale to Service Contractors. Notices to service contractors, as contemplated by Section 9.1.9 executed by Seller, the Project Partnership and the Investor Partnership. 
  
 (m) Settlement Statement. An executed copy of the
settlement statement setting forth the amounts paid on behalf of and/or credited to each of Purchaser and Seller under this Agreement. 
  
 (n) Bank Accounts. Signature cards and resolutions transferring signature authority as to the Investor Partnership’s and
Project Partnership’s respective bank, brokerage and other accounts, to a person or persons designated by Purchaser. 
  
 (o) Other Documents. Such other documents as may be reasonably required by the Title Company or may be agreed upon by Seller and
Purchaser to consummate the Transaction. 
  
 6.4 Purchaser
Closing Deliveries. At the Closing, Purchaser shall deliver or cause to be delivered to Seller the following: 
  
 (a) Balance. The Balance, as adjusted for apportionments and other adjustments required under this Agreement, plus any other
amounts required to be paid by Purchaser at Closing. 
  
 (b) Purchaser’s Certificates. A certificate of an officer of Purchaser certifying that the representations and warranties of Purchaser set forth in this Agreement are true 

  

 19 

 
and correct as of the Closing Date in all material respects and that Purchaser has performed, complied with and fulfilled all of the covenants and agreements
of Purchaser required to be performed on or prior to the Closing Date. 
  
 (c) Evidence of Authority. A copy of resolutions of the Board of Directors of Purchaser, certified by the Secretary or Assistant Secretary of Purchaser, authorizing the purchase of the VV City Interest
and the Transaction contemplated herein. 
  
 (d)
Settlement Statement. An executed copy of the settlement statement setting forth the amounts paid on behalf of and/or credited to each of Purchaser and Seller under this Agreement. 
  
 (e) Transfer Taxes. If applicable, duly completed and
signed real estate transfer tax returns. 
  
 (f)
Other Documents. Such other documents as may be reasonably required by the Title Company or may be agreed upon by Seller and Purchaser to consummate the Transaction. 
  
 ARTICLE 7 
  
 CONDITIONS TO CLOSING 
  
 7.1 Seller’s Obligations. Seller’s obligation to close the Transaction is conditioned on all of the following, any or all of which may be
waived by Seller by an express written waiver, at its sole option: 
  
 (a) Representations True. All representations and warranties made by Purchaser in this Agreement shall be true and correct in all material respects on and as of the Closing Date, as if made on and as of such
date; 
  
 (b) Purchaser’s Deliveries
Complete. Purchaser shall have delivered the funds required hereunder and all of the documents to be executed by Purchaser set forth in Section 6.4 and shall have performed all other covenants, undertakings and obligations, and complied
with all conditions required by this Agreement, to be performed or complied with by Purchaser at or prior to the Closing; 
  
 (c) Consent of Lenders. The Lenders shall have consented to this Transaction, which consent shall not be subject to any condition
or requirement imposed by the Lenders upon Seller or which affects Seller that Seller, in the exercise of its sole discretion, determines to be unacceptable; provided, further such consent of Lenders shall include a written agreement by the Lenders
that at Closing, or within fifteen (15) days thereafter, Lenders shall return to Seller the original letter of credit, without having made any draws against such letter of credit, delivered by Seller to Lenders pursuant to the Agreement Regarding
Indemnity. Seller agrees to provide written notice to Purchaser of any specific conditions or requirements imposed by the Lenders that Seller determines to be unacceptable. If Seller shall determine that any such conditions or requirements imposed
by the Lenders are unacceptable to Seller, upon Purchaser’s request, Seller and 

  

 20 

 
Purchaser shall in good faith seek to obtain the elimination of or changes to such conditions or requirements imposed by the Lenders in a manner acceptable
to Seller in its sole discretion; 
  
 (d)
Waiver of Tax Opinion. Leo shall have waived in writing its right under the Project Partnership Agreement to require a legal opinion from Mayer Brown & Platt (or other counsel reasonably acceptable to Leo) as a condition to the transfer
by Seller to Purchaser of the VV City Interest. Seller agrees to use commercially reasonable efforts to obtain such waiver from Leo; 
  
 (e) Leo Tax Agreement. Seller shall have obtained from Leo a written agreement in form and content acceptable to Purchaser in the
exercise of its commercially reasonable judgment, which provides that, with respect to any claim Leo may have against the Project Partnership, the Investor Partnership and its general partner arising out of or resulting from any breach of the
“Debt Maintenance Requirement” under Section 24 of the Project Partnership Agreement, or arising out of or resulting from the amended tax returns being filed as provided in Section 9.1.15 hereof, or arising out of or resulting from
the circumstances giving rise to the need to file such amended tax returns, in each case with respect to any transaction, act or omission occurring prior to the Closing Date, Leo will not look to any of, and shall release each of, the Project
Partnership, the Investor Partnership and Purchaser, as the successor general partner of the Investor Partnership or otherwise, from any liability with respect to any such claims or payments, and Leo will look solely to Seller for satisfaction of
any such claims or payments and will agree that Seller’s liability for any such claims or payments will be limited to transactions, acts or omissions occurring during the period between April 27, 2000 and the day preceding the Closing Date.
Seller agrees to use commercially reasonable efforts to obtain such waiver from Leo; and 
  
 (f) Seller Guaranty. Seller shall have obtained from Leo a written agreement pursuant to which Leo shall release Seller from all
claims Leo may have under that certain Guaranty executed by Seller in favor of Leo dated April 27, 2000 that are based upon or arise from facts or circumstances that occur on or after the Closing Date. 
  
 7.2 Purchaser’s Obligations. Purchaser’s obligation to close
the Transaction is conditioned on all of the following, any or all of which may be expressly waived by Purchaser in writing, at its sole option: 
  
 (a) Representations True. All representations and warranties made by Seller in this Agreement shall be true and correct in all
material respects on and as of the Closing Date, as if made on and as of such date except to the extent that they expressly relate to an earlier date; provided, however, that for purposes of determining whether this condition has been satisfied,
such representations and warranties shall not be deemed to be qualified or modified by what Purchaser knows or is deemed to know; 
  
 (b) Title Conditions Satisfied. At Closing, the Title Company shall issue to the Project Partnership, at Seller’s sole cost
and expense, the Title Commitment (as updated by any Updates through the Closing Date and including such of the 

  

 21 

 
endorsements listed on Exhibit D attached hereto), “marked” to effect insurance coverage (or at Purchaser’s option, a policy of title
insurance) subject only to the Permitted Exceptions (the “Closing Title Commitment”), in the amount of $283,000,000, committing to insure or insuring that, upon payment of the applicable premium and costs and compliance with any
requirements related to Purchaser, fee simple title to the Real Property is vested in the Project Partnership subject only to the Permitted Exceptions. Purchaser shall be entitled to request that the Title Company provide, at Purchaser’s sole
cost and expense, such endorsements (or amendments) to the Closing Title Commitment (in addition to these listed on Exhibit D) as Purchaser may reasonably require, provided that (i) such additional endorsements (or amendments) shall be at no
cost or additional liability to Seller, (ii) Purchaser’s obligations under this Agreement shall not be conditioned upon Purchaser’s ability to obtain such additional endorsements and, if Purchaser is unable to obtain such additional
endorsements, Purchaser shall nevertheless be obligated to proceed to close the Transaction without reduction of or set off against the Purchase Price, and (iii) the Closing shall not be delayed as a result of Purchaser’s request;
notwithstanding any provision of this Agreement to the contrary, if the Title Company issues a policy of title insurance to the Project Partnership that is the same as the pro-forma policy attached hereto as Exhibit Z hereto, this condition
shall be deemed fully satisfied; 
  
 (c)
Seller’s Deliveries Complete. Seller shall have delivered all of the documents and other items required pursuant to Section 6.3 and shall have performed all other covenants, undertakings and obligations, and complied with all
conditions required by this Agreement, to be performed or complied with by Seller at or prior to the Closing; 
  
 (d) Tenant Estoppel Certificates. Seller shall have received and delivered to Purchaser, tenant estoppel certificates executed by
Leo and W&S in the forms of Exhibit H and I, respectively, in each case without material modification and dated within thirty (30) days prior to the initial Closing Date (October 31, 2003). In addition, if Seller shall have received a
tenant estoppel certificate from any Tenant other than Leo and W&S, such tenant estoppel certificate shall not disclose or allege (i) any material default or breach of the applicable lease by either the landlord or the Tenant thereunder, (ii)
the non-performance by the landlord thereunder of any material obligation of the landlord (which has not been performed by the Project Partnership prior to Closing), or (iii) a material claim by the Tenant against the landlord (which has not been
satisfied or resolved by the Project Partnership prior to the Closing). If at any time prior to Closing Seller shall receive a tenant estoppel certificate from a Tenant which shall disclose or allege any of the matters set forth in items (i), (ii)
or (iii) above, then Seller shall, at its option, have a period of up to fifteen (15) days (and the Closing shall be extended accordingly if necessary) within which to resolve any such allegation, claim or default and obtain an updated tenant
estoppel certificate from such Tenant reflecting the elimination of all such allegations, claims or defaults; provided, however, if the allegation, claim or default is of a nature that it can be resolved by the payment or expenditure of an
agreed-upon fixed or liquidated amount of money, Seller shall be deemed to have satisfied the condition set forth in the preceding sentence if Seller shall (which right shall be at Seller’s option) deposit into escrow with the Title Company at
Closing an amount equal to such fixed or liquidated amount pursuant to an escrow 

  

 22 

 
agreement among Seller, Purchaser and the Title Company, which escrow agreement shall provide that the Title Company shall hold such escrowed amount for the
purposes of assuring the availability of funds for the resolution by Seller of the particular allegation, claim or default, and which escrow agreement shall otherwise be in such form as shall be approved by Seller, Purchaser and the Title Company
within such fifteen (15) day period, each acting reasonably and in good faith. In such escrow agreement, Seller shall indemnify and hold Purchaser harmless from any losses, damages, claims, actions, liabilities, and expenses, including reasonable
attorneys’ fees, incurred by Purchaser relating to or arising out of the applicable allegation, claim or default, and such indemnity shall not be subject to any liability limitation set forth in Section 13.2(a) hereof; 
  
 (e) Material Adverse Change in Tenants. As of the
Closing Date, there shall have been no Material Adverse Change in the financial condition of Leo or W&S from their respective financial conditions as of the date of this Agreement. For the purposes of this Section 7.2(e), a Material
Adverse Change in Leo or W&S shall be defined as a change which a reasonable Person, with specific applicable industry and Tenant knowledge, would believe adversely impacts the financial strength of the Tenant in a material fashion. Examples of
such a change for Leo could include (without being limited to): the loss of a significant number of clients in a short period of time; a significant lawsuit or claim filed against the firm; the loss of a large number of executives within a short
period of time; or a scandal disclosed in the news which causes the management of the firm to be reasonably questioned. Examples for W&S could include (without being limited to): the loss of a significant number of clients in a short period of
time; a significant lawsuit or claim filed against the firm; the loss of a large number of attorneys within a short period of time; or a scandal disclosed in the news which causes the management of the firm to be reasonably questioned; 

 
 (f) Leo. Leo shall have entered into a third
amendment to (and/or restatement of) the Project Partnership Agreement (the “Restated Project Partnership Agreement”) and an amendment to its Lease, and shall have caused Publicis Groupe S.A. to guarantee such Lease, each in form
and content acceptable to Purchaser addressing those matters set forth on Exhibit K attached hereto. Any and all costs and expenses attributable to such amendments and such guaranty shall be paid by Purchaser outside Closing. Leo shall have
waived in writing its right of first offer under Paragraph 35 of Leo’s Lease with respect to the Transaction and shall have consented in writing to this Transaction, which consent shall not be subject to any condition or requirement imposed by
Leo that Purchaser, in the exercise of its sole discretion, determines to be unacceptable; 
  
 (g) Buck. Buck shall have entered into an amendment to (or an amendment to and restatement of) the Investor Partnership Agreement
in form and content acceptable to Purchaser addressing those matters set forth in the letter dated June 18, 2003, from Purchaser to Buck, attached hereto as Exhibit L. Any and all costs and expenses attributable to such amendments shall be
paid by Purchaser outside Closing. Buck shall have consented in writing to this Transaction, which consent shall not be subject to any condition or requirement imposed by Buck that Purchaser, in the exercise of its sole discretion, determines to be
unacceptable; 
  

 23 

 (h) Modification of the Buck Service Agreements. Buck Management shall have
entered into an amendment to the Buck Services Agreements in form and substance acceptable to Purchaser addressing those matters set forth in the letter dated June 18, 2003, from Purchaser to Buck, attached hereto as Exhibit L. Any and all
costs and expenses attributable to such amendments shall be paid by Purchaser outside Closing; 
  
 (i) Loan. Seller and Purchaser shall have obtained mortgage estoppel letters executed by the Lenders, addressed to the Project
Partnership, and dated within thirty (30) days prior to the Closing Date (or within sixty (60) days prior to the Closing Date if Purchaser extends the Closing Date as provided in Section 6.1 hereof), which mortgage estoppel letters shall be
similar in form to the Mortgage Estoppel Letters obtained from the Lenders dated April 27, 2000, except that the factual information set forth therein shall be updated to the date of such newly obtained mortgage estoppel letters, and Purchaser shall
have reached an agreement with the Lenders with respect to modifications to the Loan and the documents evidencing and securing the Loan. Any and all cost and expenses attributable to such modifications to the Loan and the documents evidencing and
securing the Loan shall be paid by Purchaser outside Closing. The Lenders shall have consented in writing to this Transaction, which consent shall not be subject to any condition or requirement imposed by the Lenders that Purchaser, in the exercise
of its sole discretion, determines to be unacceptable. The aggregate amount of fees and expenses of the Lenders payable by Purchaser in order to obtain the consent of the Lenders to this Transaction shall not exceed 1.25% of the principal balance of
the Loan as of the date of Closing; 
  
 (j)
Shareholder Loan Extension Letters. Seller shall have delivered to Purchaser letters from the holders of the Shareholder Loans confirming the extensions of the maturity dates as required under Section 13.2(c) hereof; 
  
 (k) Waiver of Tax Opinion. Leo shall have waived in
writing its right under the Project Partnership Agreement to require a legal opinion from Mayer Brown & Platt (or other counsel reasonably acceptable to Leo) as a condition to the transfer by Seller to Purchaser of the VV City Interest. Seller
agrees to use commercially reasonable efforts to obtain such waiver from Leo; 
  
 (l) Leo Tax Agreement. Seller shall have obtained from Leo and delivered to Purchaser a written agreement in form and content acceptable to Purchaser in the exercise of its commercially reasonable judgment,
which provides that, with respect to any claim Leo may have against the Project Partnership, the Investor Partnership and its general partner arising out of or resulting from any breach of the “Debt Maintenance Requirement” under Section
24 of the Project Partnership Agreement, or arising out of or resulting from the amended tax returns being filed as provided in Section 9.1.15 hereof, or arising out of or resulting from the circumstances giving rise to the need to file such
amended tax returns, in each case with respect to any transaction, act or omission occurring prior to the Closing Date, Leo will not look to any of, and shall release each of, the Project Partnership, the Investor Partnership and Purchaser, as the
successor general partner of the Investor Partnership or otherwise, from any liability with respect to any such claims or payments, and Leo will look solely to Seller for satisfaction of any such 

  

 24 

 
claims or payments and will agree that Seller’s liability for any such claims or payments will be limited to transactions, acts or omissions occurring
during the period between April 27, 2000 and the day preceding the Closing Date. Seller agrees to use commercially reasonable efforts to obtain such waiver from Leo; and 
  
 (m) Amended Tax Returns. Seller shall have caused to be filed prior to the Closing Date the amended
tax returns for the taxable years ended December 31, 2000, 2001, and 2002 which are more particularly described on Exhibit Y attached hereto. 
  
 7.3 Waiver of Failure of Conditions Precedent. At any time or times on or before the date specified for the satisfaction of any condition,
Purchaser or Seller may elect in writing to waive the benefit of any such condition set forth in Section 7.1 or Section 7.2, respectively. In the event any of the conditions set forth in Section 7.1 or 7.2 are neither
waived in writing nor fulfilled, Purchaser or Seller (as appropriate) may terminate their obligations to perform at the Closing and otherwise under this Agreement in accordance with the provisions of Article 10. 
  
 ARTICLE 8 
  
 REPRESENTATIONS AND WARRANTIES 
  
 8.1 Purchaser’s Representations. Purchaser represents and warrants to, and covenants with, Seller as follows:

  
 8.1.1 Purchaser’s Authorization.
Purchaser has been duly organized and is validly existing under the laws of the State of Delaware. Purchaser has the right and authority to enter into this Agreement and to purchase the VV City Interest pursuant hereto and to consummate or cause to
be consummated the transactions contemplated herein to be made by Purchaser. The person signing this Agreement on behalf of Purchaser is authorized to do so. 
  

8.1.2 Purchaser’s Litigation. No action, suit, claim, investigation or proceeding, whether legal or administrative or in
mediation or arbitration, is pending against Purchaser before or by any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality which would prevent Purchaser from performing its
obligations pursuant to this Agreement. 
  
 8.2 Seller’s
Entity Representations. Seller represents and warrants to Purchaser the following (collectively, the “Seller’s Entity Representations”): 
  
 8.2.1 Organization and Authority. Each of Seller, the General Partner, the Project Partnership and
the Investor Partnership is a limited partnership, and, in the case of the General Partner, a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware. The Project Partnership is duly
qualified and in good standing in Illinois, and each of Seller, the Project Partnership and the Investor Partnership is in good standing in each jurisdiction where foreign qualification is necessary. Seller is the sole general partner of the
Investor Partnership, and the Investor Partnership is the sole general partner of the Project Partnership. Each of Seller, the General Partner, the Project Partnership and the Investor Partnership has 

  

 25 

 
full right, power and authority to execute and deliver this Agreement and/or all documents contemplated hereunder to be executed by Seller, the General
Partner, the Project Partnership and the Investor Partnership and to perform all of its respective obligations hereunder and thereunder. Each of Seller, the General Partner, the Project Partnership and the Investor Partnership have full power and
authority to own, lease or otherwise hold its properties and assets, including, without limitation, the Property held by the Project Partnership, the Project Partnership Interest held by the Investor Partnership, and the VV City Interest held by the
Seller, and to carry on its business as now being conducted. 
  
 8.2.2 Authorization. This Agreement and all documents contemplated hereunder to be executed by Seller, the General Partner, the Investor Partnership and the Project Partnership have been or will be duly
authorized by all requisite action on the part of Seller, the General Partner, the Project Partnership and Investor Partnership and are legally binding obligations of Seller, the General Partner, the Project Partnership and the Investor Partnership,
enforceable in accordance with their respective terms. No consent or approval of any individual, partnership, limited liability company, corporation, firm, trust, unincorporated association or other entity (“Person”) is required that has
not been obtained in order for Seller, the General Partner, the Project Partnership or the Investor Partnership to enter into this Agreement or any documents contemplated hereunder, and no consent or approval of any Person or government entity is
required that has not been obtained in order for Seller, the General Partner, the Project Partnership or the Investor Partnership to perform any obligation under this Agreement or any of the documents contemplated hereunder or to consummate the
Transactions, other than the consent of Buck, Leo and the Lenders. 
  
 8.2.3 No Violation. Neither the execution and delivery of this Agreement and all of the documents contemplated hereunder to be executed by Seller, the General Partner, the Project Partnership or the Investor
Partnership, nor the performance of obligations by such parties hereunder or thereunder will result in: (a) a violation of any law, rule or regulation; (b) a violation of or a conflict with any provision of the organization documents or limited
partnership agreement of Seller, the Project Partnership or the Investor Partnership or the limited liability company operating agreement of the General Partner; (c) subject to obtaining the consent of the Lenders under the Loan, a breach of, or a
default under, or the creation of any right of any party to accelerate, terminate or cancel, any contract, permit, license, lease, authorization or concession to which Seller, the General Partner, the Project Partnership or the Investor Partnership
is a party or by which the Property is bound (including, without limitation, any indenture, deed to secure debt, mortgage, deed of trust, note or other evidence of indebtedness); (d) will conflict with any order or decree of any court or
governmental instrumentality of any nature by which Seller, the General Partner, the Project Partnership or the Investor Partnership are bound; or (e) an imposition of any Encumbrance, restriction or charge on the VV City Interest, the Project
Partnership Interest, the Property, the Project Partnership or the Investor Partnership. 
  
 8.2.4 Partnership Documentation. On or prior to the execution of this Agreement, Seller has delivered to Purchaser true, correct
and complete copies of (a) the 

  

 26 

 
Certificates, (b) the Project Partnership Agreement, (c) the Investor Partnership Agreement, (d) the documents and instruments evidencing or securing Loan,
and (e) all amendments, modifications, agreements, certificates and notices related thereto. 
  
 8.2.5 Litigation. No action, suit, claim, investigation or proceeding, whether legal or administrative or in mediation or
arbitration, is pending or, to the best of Seller’s knowledge, threatened, at law or in equity, against Seller, the General Partner, the Project Partnership or the Investor Partnership or affecting the Property before or by any court or
federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality (i) which would prevent Seller, the General Partner, the Project Partnership or the Investor Partnership from performing its obligations
pursuant to this Agreement or consummating the transactions contemplated hereby, (ii) which relates to a claim or dispute under the Project Partnership Agreement or the Investor Partnership Agreement or under the Delaware Revised Uniform Limited
Partnership Act, or (iii) which constitutes a claim by any Person to an interest in the profits or distributions of either the Project Partnership or the Investor Partnership. In addition, there are no judgments, decrees or orders entered in a suit
or proceeding against Seller, the General Partner, the Project Partnership, the Investor Partnership or the Property, an adverse decision in which might, or which judgment, decree or order does, adversely affect Seller’s, the General
Partner’s, the Project Partnership’s or the Investor Partnership’s ability to perform its obligations pursuant to, or Purchaser’s rights under, this Agreement, or which seeks to restrain, prohibit, invalidate, set aside, rescind,
prevent or make unlawful this Agreement or the carrying out of this Agreement or the transactions contemplated hereby. There is no action initiated by Seller, the General Partner, the Project Partnership or the Investor Partnership with respect to
the Property, the VV City Interest, the Project Partnership Interest, the Leases or the Operating Agreements. 
  
 8.2.6 Capitalization. The authorized, issued and outstanding partnership interests in each of the Project Partnership and the
Investor Partnership are set forth on Exhibit M attached hereto, and all of the issued and outstanding partnership interests in the Project Partnership and the Investor Partnership have been duly authorized and validly issued, are fully paid
and non-assessable and, except as set forth in the Project Partnership Agreement or the Investor Partnership Agreement, have no requirement for the owner thereof to make additional contributions to, or be liable for the obligations, of the Project
Partnership or the Investor Partnership. The partnership interests in the Project Partnership and the Investor Partnership listed on Exhibit M constitute all outstanding partnership interests in the Project Partnership and the Investor
Partnership, and there are no outstanding options, warrants or other rights that would entitle any Person to acquire any interest in the Project Partnership or the Investor Partnership or in or to any distributions or profits of either such
partnership. Except as set forth in the Project Partnership Agreement and the Investor Partnership Agreement and in Paragraph 35 of the Lease with Leo, there are (a) no statutory or contractual preemptive rights, rights of first refusal or similar
rights or restrictions with respect to the sale of any partnership interests and (b) are no agreements between the partners of the Project Partnership and/or the Investor Partnership with respect to the voting or transfer of partnership interests or
with respect to any other aspect of the Project Partnership’s or the Investor Partnership’s affairs. There are no loans outstanding to either the Project Partnership or the Investor Partnership by Seller or any affiliate of Seller or by
any other partner or affiliate of any partner. 
  

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 8.2.7 Ownership of Partnership Interests. Seller has good and marketable title in
and to the VV City Interest, free and clear any and all Encumbrances, and Seller will transfer and deliver to Purchaser at Closing good and valid title to the VV City Interest free and clear of any such Encumbrances. In addition, the Investor
Partnership has good and marketable title in and to the Project Partnership Interest, free and clear of any Encumbrances, and upon the transfer of the VV City Interest to Purchaser at Closing, the Investor Partnership will have good and valid title
to the Project Partnership Interest free and clear of any such Encumbrances. 
  
 8.2.8 No Default. Neither Seller nor the General Partner is in default or breach of the performance or observance of any covenant, obligation or agreement to be performed or observed by Seller under the
Investor Partnership, and, to the knowledge of Seller, no other party is (with or without the lapse of time or giving of notice, or both) in default or breach thereunder. Investor Partnership is not in default or breach of the performance or
observance of any covenant, obligation or agreement to be performed or observed by Investor Partnership under the Project Partnership and, to the knowledge of Seller, no other party is (with or without the lapse of time or giving of notice, or both)
in default or breach thereunder. 
  
 8.2.9
Assets, Liabilities. The Investor Partnership does not have any assets other than the Project Partnership Interest and has not incurred any obligations or liabilities, including, without limitation, any contingent liabilities, other than
those liabilities and obligations arising under the Project Partnership Agreement. Since its formation, the Project Partnership has not acquired any assets other than any contributions made to the Project Partnership by its partners, the Property
and the rights incidental thereto, the Operating Agreements, the Leases and any payments made to the Project Partnership under such agreements, including, without limitation, rent. Neither the Project Partnership nor the Investor Partnership has any
subsidiaries or owns any interest in any other entity other than the Investor Partnership’s ownership interest in the Project Partnership. Since its formation, the Project Partnership has not incurred any obligation or liability, including,
without limitation, any contingent liabilities, other than those liabilities and obligations arising under the Project Partnership Agreement, the Operating Agreements, the Leases, the Loan and those arising solely by reason of the Project
Partnership’s acquisition and ownership of the Real Property such as covenants, conditions and restrictions which burden the Real Property. Other than the Loan, neither the Project Partnership nor the Investor Partnership has any debt
outstanding for borrowed money. 
  
 8.2.10 No
Undisclosed Liabilities. Except as disclosed in this Agreement, neither the Project Partnership nor the Investor Partnership has incurred any liabilities whether accrued, contingent, absolute, determined, determinable or otherwise, other than
those liabilities set forth on the Financial Statements (as hereinafter defined) or liabilities incurred since April 27, 2000, in the ordinary course of business of ownership and operation of the Property. 
  

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 8.2.11 Financial Statements. Seller has delivered to Purchaser true and complete
copies all financial statements for the Project Partnership and the Investor Partnership and operating statements for the Property for the fiscal quarters ended March 31, 2003 and June 30, 2003, and the fiscal years ended December 31, 2002, 2001 and
2000 (collectively, the “Financial Statements”). All such Financial Statements are true and complete and present fairly, as of their respective dates or the periods covered thereby, the financial position, cash flow and results of
operations for the Project Partnership, the Investor Partnership and the Property. 
  
 8.2.12 Single Purpose Partnerships. Since its formation, the only purpose and activity of the Investor Partnership has been the
ownership of its partnership interest in the Project Partnership and activities incidental thereto and the only purpose and activity of the Project Partnership has been the ownership and operation of the Property and activities incidental thereto.

  
 8.2.13 No Employees. Neither the
Investor Partnership nor the Project Partnership has any employees or has ever had employees (whether on a full-time, part-time or temporary basis). At no time have either of the Project Partnership or the Investor Partnership been party to, subject
to the terms of, responsible for the liabilities of, maintained, contributed to or been required to contribute to any “Benefit Arrangement.” The term “Benefit Arrangement” shall mean any employment, severance or similar
contract or arrangement (whether or not written) or any plan (specifically including, but not limited to, any “employee benefit plan,” as defined in Section 3(3) of ERISA, and any “group health plan,” as defined in Section
5000(b)(1) of the Internal Revenue Code), policy, fund, program or contract or arrangement (whether or not written) providing for compensation, bonus, profit-sharing, stock option, or employee stock purchase plan (as that term is defined in Section
423 of the Internal Revenue Code), or other stock related rights or other forms of incentive or deferred compensation, vacation benefits, insurance coverage (including any self-insured arrangements), health or medical benefits, disability benefits,
workers’ compensation, supplemental unemployment benefits, severance benefits and post-employment or retirement benefits (including compensation, pension, health, medical or life insurance or other benefits). No Person serving as officer,
manager, director or in any other similar capacity of either the Project Partnership or the Investor Partnership is entitled to any form of compensation or other benefits (including benefits pursuant to a Benefit Arrangement) from the Project
Partnership or the Investor Partnership. 
  
 8.2.14 Taxes. 
  
 (a) All Tax
Returns required to be filed by or with respect to the Investor Partnership and the Project Partnership for periods ending on or prior to the Closing Date (i) have been or will be timely filed with the appropriate taxing authorities in all
jurisdictions in which such Tax Returns are required to be filed and (ii) except as disclosed in Section 9.1.15 and on Exhibit Y attached hereto, are or will be true and correct in all material respects, and all Taxes reported on such
Tax Returns due on or prior to the Closing Date have been or will be timely paid. 
  

 29 

 (b) There are no audits, disputes, claims, assessments, levies, administrative
proceedings pending or threatened against or with respect to the Investor Partnership and the Project Partnership. 
  
 (c) Neither the Investor Partnership nor the Project Partnership has requested a waiver of, or extended or waived, the application of any
statute of limitations of any jurisdiction regarding the assessment or collection of any Tax. 
  
 (d) Neither the Investor Partnership nor the Project Partnership has received a notice of deficiency or assessment from any taxing
authority with respect to liabilities for Taxes of the Investor Partnership or the Project Partnership, respectively, which have not been fully paid or finally settled. 
  
 (e) Each of the Investor Partnership and the Project Partnership is properly characterized as a
“partnership” for federal income tax purposes pursuant to Section 30l.7701-3(b)(l)(i) of the Treasury Regulations and each has been so characterized since inception thereof. 
  
 (f) Neither the Investor Partnership nor the Project Partnership has been a member of an “affiliated
group” (within the meaning of Section 1504(a) of the Code) filing a consolidated federal income Tax Return or a member of any consolidated, unitary, combined or similar group pursuant to corresponding state, local or foreign Law. Neither the
Investor Partnership nor the Project Partnership has any liability for the Taxes of any Person other than the Investor Partnership and the Project Partnership under Section 1.1502-6 of the Treasury Regulations (and corresponding provisions of state,
local and foreign Law). 
  
 (g) The tax matters
information described in Schedule 4.14 which Seller has made available to Purchaser is, in each case, true, correct and complete. 
  
 (h) Each of the Investor Partnership and the Project Partnership has disclosed on its federal income Tax Returns all positions taken
therein that would result in any substantial understatement of federal income tax within the meaning of Section 6662 of the Code. 
  
 (i) Each of the Investor Partnership and the Project Partnership has complied with all applicable Laws relating to withholding of Taxes
and the payment thereof, and has timely and properly withheld from employee wages (and from all other payments made by or on behalf of the Investor Partnership and the Project Partnership) and paid over to the proper governmental authorities all
amounts required to be withheld and paid over under applicable Laws. 
  
 (j) Except with respect to Leo as provided in the Project Partnership Agreement, neither the Investor Partnership nor the Project Partnership is a party to, is bound by or has any obligation under any tax sharing
arrangement, tax indemnification agreement or similar contract or arrangement. 
  

 30 

 (k) No jurisdiction where either of the Investor Partnership or the Project Partnership
does not file a Tax Return has made a claim in writing that either of the Investor Partnership and the Project Partnership is required to file a Tax Return in such jurisdiction. For purposes of this Agreement, the following terms shall mean as
follows: 
  
 (I) “Tax” or
“Taxes” means any federal, state, local or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Section 59A of the Internal
Revenue Code of 1986, as amended), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property (including assessments, fees or other charges based on the use or ownership of
real property), personal property, transactional, use, transfer, registration, value added, alternative or add-on minimum, estimated tax, or other tax of any kind whatsoever, or any liability for unclaimed property or escheatment based on common
law, including any interest, penalty or addition thereto, whether disputed or not, including any item for which liability arises as a transferee or successor-in-interest. 
  
 (II) “Tax Return” means any return, report, information return, declaration, claim for
refund, or other document, together with all amendments and supplements thereto (including all related or supporting information), required to be supplied to any governmental authority responsible for the administration of Laws governing Taxes.

  
 8.2.15 ERISA. Neither the Project
Partnership nor the Investor Partnership has any liability, either individually or on a joint and several basis, arising under the Employee Retirement Income Security Act of 1974. 
  
 8.2.16 Compliance with Laws. To Seller’s knowledge, each of the Project Partnership and the
Investor Partnership has complied with all statutes, laws, rules, regulations, orders, decrees, injunctions and ordinances applicable to the operation of the Project Partnership and/or the Investor Partnership (collectively, the “Laws”).

  
 8.2.17 Bankruptcy. Seller and the
General Partner are solvent, and neither has made a general assignment for the benefit of creditors nor been adjudicated a bankrupt or insolvent, nor has a receiver, liquidator or trustee for any of Seller’s or General Partner’s respective
properties or assets (including the VV City Interest) been appointed or a petition filed by or against Seller or the General Partner for bankruptcy, reorganization or arrangement pursuant to the Federal Bankruptcy Act or any similar statute or law
of any jurisdiction, or any proceeding instituted for the insolvency, receivership, administration, dissolution or liquidation of Seller or the General Partner. 
  
 8.2.18 Ordinary Course of the Business. Each of the Project Partnership and the Investor Partnership
has operated its business in the ordinary course, and since the acquisition of the Property by the Project Partnership: 
  

 31 

 (a) to Seller’s knowledge, there has been no material destruction or loss of or to
any of the assets or properties of either the Project Partnership or the Investor Partnership; 
  
 (b) there has been no sale, transfer or other disposition of any material asset or properties of either the Project Partnership or the
Investor Partnership; 
  
 (c) there has been no
amendment, termination or waiver of any right of either the Project Partnership or the Investor Partnership under any contract or agreement or governmental license, permit or authorization; 
  
 (d) Except as disclosed in the Existing Title Policy or any
updates thereto delivered to Purchaser, there has been no mortgage, lien, security interest, pledge, hypothecation or other encumbrance created by the Project Partnership or the Investor Partnership on or in any of the Property or assumed by the
Project Partnership or the Investor Partnership with respect to any of its assets; and 
  
 (e) Except as provided in Section 2.3 hereof, neither the Project Partnership nor the Investor Partnership has made or committed to
make any capital expenditures in excess of $50,000. 
  
 8.2.19 Absence of Certain Payments. Neither Seller, the Project Partnership nor the Investor Partnership or any officer, manager, director, agent or other Person acting on their behalf, (a) has directly or indirectly, made
contributions, gifts, or payments relating to any political activity or solicitation of business which was prohibited by law or, on behalf of Seller, the Project Partnership or the Investor Partnership, (b) has made any direct or indirect unlawful
payment to any governmental official or employee or (c) established or maintained any unlawful or unreported funds. Neither Seller, the Project Partnership nor the Investor Partnership, or any officer, manager, agent or other Person acting on their
behalf, has accepted or received any unlawful contribution, payment, gift, entertainment or expenditure. 
  
 8.2.20 Bank Accounts. Attached hereto as Exhibit S is a list of all bank, brokerage and other accounts of the Investor
Partnership and the Project Partnership. 
  
 8.3 Seller’s
Representations. With respect to the Property, Seller represents and warrants to Purchaser as follows (collectively, the “Seller’s Property Representations”): 
  
 8.3.1 Pending Actions. There is no action, suit, arbitration, unsatisfied order or judgment,
governmental investigation or proceeding pending, or to Seller’s knowledge, threatened, against the Project Partnership, the Investor Partnership or Seller or otherwise with respect to the Property which, if adversely determined, could affect
the use, value, operation or title to the Property or the value of the VV City Interest or the Project Partnership Interest. 
  

 32 

 8.3.2 Leases. 
  
 (a) Exhibit B lists all leases or occupancy agreements to which the Project Partnership is a party or
is otherwise bound affecting the Property, including all amendments, modifications or supplements thereto. Seller has furnished to Purchaser by mail true, correct and complete copies of all Leases and amendments thereto. There are no written
amendments or modifications to the Leases that have not been furnished or made available to Purchaser for its review and inspection. The Project Partnership is the landlord or lessor under all such Leases. None of the Project Partnership’s
interest in the Leases or of the Project Partnership’s right to receive rent payable under the Leases has been assigned, conveyed, pledged or in any manner encumbered, except in connection with the Loan. 
  
 (b) To the Seller’s knowledge, no Tenant has assigned
its interest in its Leases or sublet any portion of the premises leased to such Tenant under its Lease, except for subleasing by W&S which has been disclosed to Purchaser and a proposed assignment by CTF Chicago Hotel Limited Partnership to CTF
Chicago Hotel LLC, a draft copy of which has been furnished to Seller. No Tenant (i) has prepaid rent for more than the current month under any Lease, (ii) is entitled to receive any rent concession (not already taken) in connection with its tenancy
under any Lease, (iii) other than W&S, is entitled to any special work (not yet performed) or consideration (not yet given) in connection with its tenancy under any Lease, and (iv) other than Leo’s partnership interest in the Project
Partnership and its rights of first offer set forth in Paragraph 35 of Leo’s Lease, has any deed, option, or other evidence of any right or interest in or to the Property, except for such Tenant’s tenancy as evidenced by the express terms
of the Leases. 
  
 8.3.3 Leases Default.
(i) The Project Partnership has not received any written notice of termination or default under any of the Leases, (ii) to Seller’s knowledge there are no existing or uncured defaults in the performance of monetary obligations or in the
performance of any other material obligations by the Project Partnership, by any predecessor landlord, or by any Tenant under the Leases (except that Fromex One Hour Photo System, Inc., and Deutsch Luggage are delinquent in the payment of rent),
(iii) to the Seller’s knowledge, there are no events which with passage of time or notice, or both, would constitute a payment default or other material default by the Project Partnership or by any Tenant, and (iv) to Seller’s knowledge,
no Tenant has asserted in writing any defense, set-off, or counterclaim with respect to its tenancy or its obligation to pay rent, additional rent, or other charges pursuant to its Lease. If any tenant estoppel certificate delivered to Purchaser
prior to Closing contains statements confirming, without qualification as to best knowledge of Tenant, any of Seller’s representations or warranties set forth in Section 8.3.2(b) or this Section 8.3.3, the Seller shall be deemed
not to have made the applicable representations or warranties as to the Lease for which such statement is provided. 
  
 8.3.4 Lease Brokerage. There are no lease brokerage agreements, leasing commission agreements or other agreements providing for
payments of any amounts for leasing activities or procuring tenants with respect to the Property other than as disclosed in Exhibit N. As of the date hereof, no rental, lease, or other commissions with respect to 

  

 33 

 
the Leases are payable to any third party whatsoever. All commissions payable under, relating to, or as a result of the Leases have been cashed out and paid
and satisfied in full by Seller, the Project Partnership or the Investor Partnership. 
  
 8.3.5 W & S Promissory Notes. Exhibit R lists all promissory notes owned or held by the Project Partnership from Tenants
of the Property, including all amendments, modifications or supplements thereto, and Exhibit R correctly sets forth the current principal balance of each such promissory note. Seller has furnished or made available to Purchaser true and
complete copies of the W & S Promissory Notes, except that two of the copies are unexecuted. To Seller’s knowledge, there are no existing or uncured defaults by W & S under the W & S Promissory Notes, and W & S has not asserted
any defense, setoff, or counterclaim with respect to its obligations under the W & S Promissory Notes. W & S has not made, and the Project Partnership has not accepted, any prepayments of principal and interest under any of the W & S
Promissory Notes. 
  
 8.3.6 No Violations.
The Project Partnership has not received any written notification from any governmental or public authority, nor to Seller’s knowledge is any such notice pending or threatened, (i) that the Property is in violation of any applicable fire,
health, building, use, occupancy or zoning laws where such violations remains outstanding and, if unaddressed, would have a material adverse effect on the use, ownership or operation of the Property as currently owned and operated or (ii) that any
work is required to be done upon or in connection with the Property, where such work remains outstanding and, if unaddressed, would have a material adverse effect on the use, ownership or operation of the Property as currently owned and operated.

  
 8.3.7 Real Estate Tax Bills. To
Seller’s knowledge, true and complete copies of the most recent real estate tax bills for the Property have been delivered to Purchaser. 
  
 8.3.8 Condemnation. No condemnation or eminent domain proceedings relating to the Property or any part thereof are pending or, to
Seller’s knowledge, threatened. 
  
 8.3.9
Insurance. The Project Partnership has not received any written notice from any insurance company or board of fire underwriters of any defects or inadequacies in or on the Property or any part or component thereof that would materially and
adversely affect the insurability of the Property or cause any material increase in the premiums for insurance for the Property that have not been cured or repaired. 
  
 8.3.10 Environmental Matters. Except as set forth in any environmental assessment reports in
Seller’s or the Project Partnership’s possession and disclosed to Purchaser or as otherwise disclosed to Purchaser in writing, including, without limitation, that certain report prepared by STS Consultants Ltd., dated February 10, 1988,
that certain report prepared by Law Engineering and Environmental Services, Inc., dated October 3, 1997, and Property Solutions, dated May 3, 2002, the Project Partnership has received no written notification that any governmental or
quasi-governmental authority has determined that there are any violations or suspected violations of any Laws relating to Hazardous Materials at the Property (collectively, “Environmental Laws”). 
  

 34 

 8.3.11 Operating Agreements. The Operating Agreement Schedule attached hereto as
Exhibit O is a true, correct and accurate listing of all management agreements, service agreements, leasing agreements, maintenance agreements and all other written agreements with respect to the use, operation, management, maintenance and
repair or all or any portion of the Property (collectively, the “Operating Agreements”), and Seller has furnished and made available to Purchaser for its review and inspection in the office of the Buck Management true, correct and
complete copies of each of the Operating Agreements, including any amendments thereto. Except for the Buck Services Agreements, Seller will cause the Project Partnership to cancel, effective as of the Closing, any agreement in the nature of a
management agreement or service contract between the Project Partnership and any partner or member of the Project Partnership or Investor Partnership or any party affiliated with or related to Seller or any partner or member of Seller, the Project
Partnership or the Investor Partnership. 
  
 8.3.12 Union Contracts. There are no union contracts, collective bargaining or similar agreements or arrangements between Seller, the Investor Partnership, or the Project Partnership and any labor union. Buck, as manager of the
Property (and not as agent for the Project Partnership, the Investor Partnership or Seller) is a party to the collective bargaining or similar agreements or arrangements set forth on Exhibit O attached hereto, and Seller has furnished or made
available to Purchaser true, correct and complete copies of such agreements listed on Exhibit O attached hereto. 
  
 8.3.13 Foreign Person. Seller is not a “foreign person” which would subject Purchaser to the withholding tax provisions
of Section 1445 of the Internal Revenue Code of 1986, as amended. 
  
 8.3.14 No Other Agreements. Other than the Leases, the Operating Agreements, and the Permitted Exceptions, there are no leases, service contracts, management agreements, or other agreements or instruments in
force and effect, written or, to Seller’s knowledge, oral, that grant to any person whomsoever or any entity whatsoever any right, title, interest or benefit in or to all or any part of the Property, any rights to acquire all or any part of the
Property or any rights relating to the use, operation, management, maintenance, or repair of all or any part of the Property. 
  
 8.3.15 Designated Persons. The Designated Persons are persons within the organization of Seller and Seller’s asset manager who
have primary responsibility within their respective organizations for the operation, management and oversight of the Property. 
  
 8.3.16 Warranties and Guaranties. To Seller’s knowledge, attached hereto as Exhibit P is an accurate and complete list
and description of all of the warranties and guaranties of contractors, vendors, manufacturers and other parties in effect and related to the Property. Seller has furnished or made available to Purchaser true, correct and complete copies of all such
warranties and guarantees listed on Exhibit P attached hereto. 
  
 8.3.17 Existing Title Policy. No claims have been made by Seller, the General Partner, the Project Partnership or the Investor Partnership under the Existing Title 

  

 35 

 
Policy. To Seller’s knowledge, the Existing Title Policy is in full force and effect and neither Seller, the General Partner, the Project Partnership
nor the Investor Partnership has acted or failed to act in any manner that would impair the coverage under the Existing Title Policy. 
  
 8.3.18 Loan. The Project Partnership is the obligor under the Loan. Attached hereto as Exhibit U and by reference made a
part hereof is a complete list of all documents and instruments evidencing or securing the Loan, including all modifications and amendments thereto, and Seller has provided to Purchaser true, correct and complete copies of all such documents and
instruments. The Investor Partnership has not assumed or guaranteed any of the Project Partnership’s obligations under the Loan (except in its capacity as general partner of the Project Partnership). Neither Seller nor the Project Partnership
has received any written notice from the Lenders asserting a default under the Loan. 
  
 8.4 General Provisions. 
  
 8.4.1 Definition of “Seller’s Knowledge”. All references in this Agreement to “Seller’s knowledge” or words of similar import shall mean the actual knowledge of Jeffrey J.
Perpich and John C. Schoser of Lend Lease Real Estate Investments, Inc., advisor to Seller, (collectively, the “Designated Persons”) after reasonably inquiry of Kent Swanson, Angelo Saccameno, Betsy Traczek and Theresa Mancuso of
Buck Management, but without any duty on the part of such Designated Persons to conduct any independent investigation or make any inquiry of any other Person. 
  

8.4.2 Notice of Breach: Seller’s Right to Cure. If prior to the Closing, Purchaser obtains actual knowledge that any of the
representations or warranties made herein by Seller are untrue, inaccurate or incorrect in any material respect, Purchaser shall give Seller written notice thereof within five (5) business days of obtaining such knowledge (but, in any event, prior
to the Closing). If at or prior to the Closing, Seller obtains actual knowledge that any of the representations or warranties made herein by Seller are untrue, inaccurate or incorrect in any material respect, Seller shall give Purchaser written
notice thereof within five (5) business days of obtaining such knowledge (but, in any event, prior to the Closing). In either such event, Seller shall have the right to cure such misrepresentation or breach and shall be entitled to a reasonable
adjournment of the Closing [not to exceed fifteen (15) days] for the purpose of such cure. The untruth, inaccuracy or incorrectness of a representation or warranty shall be deemed material only if Purchaser’s aggregate damages resulting from
the untruth, inaccuracy or incorrectness of any of the representations or warranties are reasonably estimated by Purchaser to exceed $50,000 or relate to a claim for injunctive or other equitable relief. 
  
 8.4.3 Survival of Seller’s Representations. The
Seller’s Entity Representations shall survive the Closing for a period of three (3) years following the Closing Date; provided, however, the Seller’s Entity Representations contained in Section 8.2.7 (Ownership of Partnership
Interests) and Section 8.2.14 (Taxes) shall survive the Closing until the expiration of the applicable statute of limitations (after giving effect to any waiver or extension thereof). The Seller’s Property Representations shall survive
Closing 

  

 36 

 
for a period of twelve (12) months following the Closing Date. Notwithstanding the foregoing, any representation or warranty in respect of which indemnity
may be sought under this Agreement shall survive the time at which it would otherwise terminate as set forth above, if notice of claim of breach thereof giving rise to such right of indemnity shall have been given to Seller prior to the applicable
survival date. Notwithstanding the foregoing, however, if the Closing occurs, Purchaser hereby expressly waives, relinquishes and releases any right or remedy available to it at Law, in equity or under this Agreement to make a claim against Seller
for damages that Purchaser may incur, or to rescind this Agreement and the Transaction, as the result of any of Seller’s representations or warranties under this Agreement being untrue, inaccurate or incorrect if (a) Purchaser’s
representatives, L. Clay Adams, Spencer Patton, Christy Kirkland or Michael Holmes, had actual knowledge of facts or circumstances that caused such representation or warranty to be untrue, inaccurate or incorrect at the time of the Closing, or (b)
Purchaser’s aggregate damages as a result of such representations or warranties being untrue, inaccurate or incorrect (in each case determined without regard to any qualifications therein referencing “materiality” or other words of
similar effect) are reasonably estimated to be less than (i) with respect to all such representations and warranties of Seller other than those in Sections 8.3.2(b) and 8.3.3, $50,000, and (ii) with respect to the representations and
warranties of Seller in Sections 8.3.2(b) and 8.3.3, $200,000. 
  
 8.4.4 Survival of Purchaser’s Representations. The representations and warranties made by Purchaser in Section 8.1 shall survive the Closing for a period of twelve (12) months. Purchaser shall only
be liable to Seller hereunder for a breach of a representation and warranty made herein or in any of the documents executed by Purchaser at the Closing with respect to which Seller shall have commenced a legal proceeding against Purchaser prior to
that survival date alleging that Purchaser has breached such representation or warranty and that Seller suffered actual damages as a result thereof. 
  
 ARTICLE 9 
  
 COVENANTS 
  
 9.1 Seller’s Covenants. Seller hereby covenants as follows: 
  
 9.1.1 Amendments to Agreements. Without the Purchaser’s prior written consent (which consent may be withheld in
Purchaser’s sole discretion) between the date hereof and the Closing Date and except as expressly contemplated under this Agreement, Seller shall not and shall cause the Investor Partnership and the Project Partnership not to permit any
amendment or modification of, any supplement to, or any termination or surrender, or any waiver or any rights of Seller, the Investor Partnership or the Project Partnership under the Certificates, the Project Partnership Agreement, the Investor
Partnership Agreement, the Existing Title Policy, or the Loan. 
  
 9.1.2 Rent. Neither Seller, the Project Partnership nor the Investor Partnership shall accept any payment of rent under the Leases more than thirty (30) days in advance 

  

 37 

 
of the due date for such rent or accept any prepayment of the installments of principal and interest under the W & S Promissory Notes in advance of the
due date for such installments. 
  
 9.1.3
Service Contracts. Without Purchaser’s prior consent, which consent shall not be unreasonably withheld, between the date hereof and the Closing Date, Seller shall not and shall cause the Project Partnership and the Investor Partnership
not to enter into any management, service, leasing, supply, maintenance or similar agreement affecting the Property or modify, amend, renew or extend any existing Operating Agreement unless such agreement is for Seller to perform repairs to the
Property in the ordinary course of business and such agreement can be terminated by the owner of the Property without penalty on not more than thirty (30) days’ notice. 
  
 9.1.4 Leases and Permitted Exceptions. Without Purchaser’s prior written consent, which consent
shall not be unreasonably withheld, between the date hereof and the Closing Date, Seller shall not and shall cause the Project Partnership and the Investor Partnership not (i) to enter into any new leases or any amendments, modifications or
terminations of any Leases, or (ii) to modify or amend the W & S Promissory Notes or grant any release or indulgence to the obligor under the W & S Promissory Notes, or (iii) to modify, amend or terminate any of the Permitted Exceptions.

  
 9.1.5 Litigation. Seller shall advise
Purchaser promptly of any litigation, arbitration, proceeding or administrative hearing (including condemnation) which affects the Property, the VV City Interest, the Project Partnership Interest, the Project Partnership or the Investor Partnership
in any respect, which is instituted by service of process after the date of this Agreement. 
  
 9.1.6 Insurance. Seller shall cause the Project Partnership to keep the Improvements insured against fire and other hazards in such
amounts and under such terms, coverage and limits of liability at least equal to insurance currently in force as of the date of this Agreement. 
  
 9.1.7 Taxes. Seller acknowledges and agrees that Seller shall be responsible for (i) the payment of 97.9396% of all Taxes of the
Investor Partnership attributable to Seller’s period of ownership of the VV City Interest, and (ii) the payment of 94.5124% of all Taxes of the Project Partnership attributable to the Investor Partnership’s period of ownership of the
Project Partnership Interest (other than property Taxes that are the responsibility of Tenants under the Leases.) 
  
 9.1.8 Notices of Sale to Tenants. At Closing, Seller will and shall cause the Project Partnership to join with Purchaser in
executing a notice, in a form and content reasonably satisfactory to Seller and Purchaser, which Purchaser may send to the Tenants informing such Tenants of the sale of the VV City Interest and directing that all rent and other sums payable for
periods after Closing under such Leases shall be paid as set forth in such notices. 
  

 38 

 9.1.9 Notices to Sale to Service Contractors. At Closing, Seller will and shall
cause the Project Partnership to join with Purchaser in executing notices, in form and content reasonably satisfactory to Seller and Purchaser, which Purchaser shall send to each service provider under the Operating Agreements informing such service
provider of the sale of the VV City Interest and directing that all future statements or invoices for services under such Operating Agreements for periods after the Closing Date be directed as set forth in such notices. 
  
 9.1.10 Estoppel Certificates. Prior to the Closing
Date Seller shall use and shall cause the Project Partnership and the Investor Partnership to use commercially reasonable efforts to obtain estoppel certificates from Leo, W&S and the other Tenants as set forth on Exhibits H, I and J
attached hereto, respectively; provided, however, Seller shall not be in default under this Agreement if it is unable to obtain such estoppel certificates and, in any event, Seller shall be under no obligation to pay money or exercise any remedies
under the relevant Leases to obtain such estoppel certificates. 
  
 9.1.11 Ordinary Course of Business. Between the date hereof and the Closing Date, Seller shall and shall cause the Investor Partnership and the Project Partnership to operate the Property, the Project
Partnership and the Investor Partnership in the ordinary course of business consistent with past practice and shall use its commercially reasonable efforts to preserve intact the Property, the Project Partnership and the Investor Partnership and
their business relationships. Seller shall not permit and shall cause the Investor Partnership and the Project Partnership not to permit the Project Partnership or the Investor Partnership to undertake any business activity other than the ownership
of the Property, in the case of the Project Partnership, and the Project Partnership Interest, in the case of the Investor Partnership. Seller shall and shall cause the Project Partnership and the Investor Partnership to perform and discharge all
the duties and obligations and comply with the covenants and agreement of the landlord or lessor under the Leases in the manner and within the time limited required thereunder. In addition, between the date hereof and the Closing Date, Seller shall
not permit and shall not cause the Project Partnership and the Investor Partnership or any of their respective officers, managers, directors, representatives or agents to (i) issue or agree to issue any partnership or other equity interests in the
Project Partnership or the Investor Partnership, (ii) merge or consolidate with any other Person or acquire any assets outside the ordinary course of business, (iii) sell, lease, license, assign or otherwise dispose of any assets or property, (iv)
cancel any debts or waive any claims or rights, (v) make or agree to make any capital expenditure in excess of $10,000, (vi) fail to continue to properly maintain, insure and protect the Property consistent with past practice, (vii) subject to
Section 9.1.15 and Exhibit Y hereto, make any material Tax election for the Project Partnership or the Investor Partnership, or settle or compromise any Tax liability that could create or otherwise cause any material liability of the
Project Partnership or the Investor Partnership (or the partners thereof) that will exist or become due on or after the Closing Date, or (viii) agree or commit to do any of the foregoing. Prior to the Closing Date, Seller shall and shall cause the
Project Partnership, the Investor Partnership and Buck Management to continue to operate, repair and maintain the Property in good businesslike fashion consistent with past practices. 
  

 39 

 9.1.12 Indebtedness: Encumbrances. Seller shall not and shall cause the Project
Partnership and the Investor Partnership not to assume, guarantee or incur any additional obligations for borrowed money or any indebtedness other than accounts payable arising in the ordinary course of business of the ownership and operation of the
Property. Except with Purchaser’s prior written consent, neither Seller, the Project Partnership or the Investor Partnership shall grant or otherwise create or consent to the creation of any easement, restriction, lien, assessment or
encumbrance with respect to the Property, the VV City Interest or the Project Partnership Interest. 
  
 9.1.13 Cooperation with Purchaser’s Auditors and SEC Filing Requirements. Seller shall provide to Purchaser (at
Purchaser’s expense) copies of, or shall provide Purchaser access to, such factual information as may be reasonably requested by Purchaser, and in the possession or control of Seller, the Project Partnership or the Investor Partnership or
Seller’s asset manager and the Project Partnership’s property manager or accountants, to enable Purchaser (and/or Wells Real Estate Investment Trust, Inc.) to file its or their Form 8-K, if, as and when such filing may be required by the
Securities and Exchange Commission (“SEC”). At Purchaser’s sole cost and expense, Seller shall allow Purchaser’s auditor (Ernst & Young LLP or any successor auditor selected by Purchaser) to conduct an audit of the income
statements of the Property (and the Project Partnership and Investor Partnership) for 2000, 2001, 2002 and 2003 (to the date of Closing), and shall cooperate (at no cost to Seller) with Purchaser’s auditor in the conduct of such audit. In
addition, Seller agrees to provide to Purchaser’s auditor a letter of representation in the form attached hereto as Exhibit T, and, if requested by such auditor, historical financial statements for the Property, including income and
balance sheet data for the Property, whether required before or after Closing. Without limiting the foregoing, (i) Purchaser or its designated independent or other auditor may audit Seller’s operating statements of the Property at
Purchaser’s expense; and Seller shall provide such documentation as Purchaser or its auditor may reasonably request in order to complete such audit, and (ii) Seller shall furnish to Purchaser such financial and other information as may be
reasonably required by Purchaser to make any required filings with the SEC or other governmental authority; provided, however, that the foregoing obligations of Seller shall be limited to providing such information or documentation as may be in the
possession of, or reasonably obtainable by, Seller, its property manager or accountants, at no cost to Seller, and in the format that Seller (or its property manager or accountants) have maintained such information. 
  
 9.1.14 No Action. Neither Seller, the General
Partner, the Project Partnership nor the Investor Partnership will knowingly take, or agree or commit to take, any action that would make any representation or warranty of Seller hereunder inaccurate in any respect at or prior to the Closing Date.

  
 9.1.15 Amended Tax Returns. Seller,
the Investor Partnership and the Project Partnership are currently in the process of making certain corrections to the Tax Returns of the Investor Partnership and the Project Partnership for the taxable years ended December 31, 2000, 2001, and 2002.
The corrections are more particularly described in Exhibit Y hereto. Seller shall use all commercially reasonable efforts necessary to have the amended tax returns (and other documentation necessary to make such corrections) prepared and
filed prior to the Closing Date. 
  

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 9.2 Mutual Covenants. 
  
 9.2.1 Publicity. Seller and Purchaser each hereby covenant that prior to the Closing neither Seller
nor Purchaser shall issue any press release or public statement (a “Release”) with respect to the Transaction without the prior consent of the other, except to the extent required by law. If either Seller or Purchaser is required by law to
issue a Release, such party shall, at least two (2) business days prior to the issuance of the same, deliver a copy of the proposed Release to the other party for its review. Neither Seller nor Purchaser shall permit any of its advisors, brokers or
other representatives to issue a Release prior to the Closing without the prior written consent of the other in accordance with the terms hereof; including any “tombstone” ads. No Release issued by Purchaser or any of its advisors, brokers
or other representatives shall identify Seller or any of its affiliates by name (unless required by law). 
  
 9.2.2 Broker. (a) Seller has been represented by the Broker in connection with the Transaction, and Seller shall be responsible for
all compensation due the Broker in respect of the Transaction. In addition, Seller has engaged Lend Lease as its asset manager with respect to the Property and with respect to certain matters related to the Transaction. Seller represents and
warrants to Purchaser that neither Seller, the General Partner, the Project Partnership nor the Investor Partnership has dealt or negotiated with or engaged on its own behalf or for its benefit any agent, advisor, broker or finder in connection with
this Agreement, the Property or the transactions contemplated hereby other than the Broker and Lend Lease. Seller hereby agrees to indemnify, defend and hold Purchaser harmless from and against any and all claims, demands, causes of action, losses,
costs and expenses (including reasonable attorneys’ fees and disbursements) arising from any claim for commission, fees or other compensation or reimbursement for expenses made by any agent, advisor, broker or finder engaged by or claiming by,
through or under Seller, the General Partner, the Project Partnership or the Investor Partnership in connection with this Agreement, the Property or the transactions contemplated hereby, including, without limitation, the Broker and Lend Lease.

  
 (b) Purchaser represents and warrants to
Seller that it has not dealt or negotiated with, or engaged on its own behalf or for its benefit, any agent, advisor, broker or finder in connection with this Agreement or the transactions contemplated hereby, other than the Broker and Lend Lease.
Purchaser hereby agrees to indemnify, defend and hold Seller and the other Seller Related Parties harmless from and against any and all claims, demands, causes of action, losses, costs and expenses (including reasonable attorneys’ fees and
disbursements) arising from any claim for commission, fees or other compensation or reimbursement for expenses made by any agent, advisor, broker or finder engaged by or claiming by, through or under Purchaser in connection with this Agreement or
the transactions contemplated hereby (other than the Broker and Lend Lease). 
  

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 (c) The provisions of this Section 9.2.2 shall survive the termination of this
Agreement or the Closing. 
  
 9.2.3 Further
Assurances. Each party shall upon reasonable request do such further acts as may be reasonably necessary or appropriate to consummate the Transaction. From and after Closing, Seller shall do, execute, acknowledge and deliver all such further
acts, assurances, deeds, assignments, transfers, conveyances, powers of attorney and other instruments and papers as may be reasonably required to consummate the Transaction and vest ownership of the VV City Interest in Purchaser. Whenever in this
Agreement a party agrees to use “commercially reasonable efforts” or words of similar effect, such party shall be obligated to act in good faith and the undertaking by such party shall be deemed to include, without limitation, the writing
of letters, the attendance at meetings (including incurring travel expenses relating thereto), and incurring fees of consultants and advisors, but such undertaking shall not include the obligation to initiate or prosecute any litigation or to make
any substantial inducement payment. 
  
 ARTICLE 10

  
 FAILURE OF CONDITIONS 
  
 10.1 Seller’s Obligations. If, on the Closing Date, (i) Purchaser
is in default of any of its obligations hereunder, or (ii) any of Purchaser’s representations or warranties are untrue in any material respect, or (iii) the Closing otherwise fails to occur by reason of Purchaser’s failure or refusal to
perform its obligations hereunder in a prompt and timely manner, then Seller may elect to terminate this Agreement by written notice to Purchaser. If this Agreement is so terminated, then Seller shall be entitled, as Seller’s sole and exclusive
remedy, to the Deposit as liquidated damages, and thereafter neither party to this Agreement shall have any further rights or obligations hereunder other than any arising under any section herein which expressly provides that it survives the
termination of this Agreement. Purchaser and Seller acknowledge that it would be extremely impractical and difficult to ascertain the actual damages which would be suffered by Seller if Purchaser fails to consummate the purchase and sale
contemplated in this Agreement for any reason other than Seller’s default hereunder or the failure of any condition precedent to Purchaser’s obligation to close hereunder. Purchaser and Seller have considered carefully the loss to Seller
occasioned by taking the VV City Interest off the market as a consequence of the negotiation and execution of this Agreement, the expenses of Seller incurred in connection with the preparation of this Agreement and Seller’s performance
hereunder, and the other damages, general and special, which Purchaser and Seller realize and recognize Seller will sustain, but which Seller cannot at this time calculate with absolute certainty. Based on all the foregoing considerations, Purchaser
and Seller have agreed that the damage to Seller in such event would reasonably be expected to be equal to the sum of the Deposit. Accordingly, if Purchaser fails to consummate the purchase of the Property in accordance with the terms of this
Agreement for any reason other than Seller’s default hereunder or the failure of any condition precedent to Purchaser’s obligation to close hereunder, then Seller shall have the right to receive the Deposit as full and complete liquidated
damages and as Seller’s sole and exclusive remedy hereunder. 
  

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 10.2 Purchaser’s Obligations. If, on the Closing Date, (i) Seller is in default of any of its
obligations hereunder, or (ii) any of Seller’s representations or warranties are untrue in any material respect, or (iii) the Seller is unable to deliver title in accordance with the provisions hereof, or (iv) the Closing otherwise fails to
occur by reason of Seller’s failure or refusal to perform its obligations hereunder in a prompt and timely manner, Purchaser shall have the right to elect as its sole and exclusive remedy to do one of the following: (a) terminate this Agreement
by written notice to Seller, promptly after which the Deposit shall be returned to Purchaser and Seller shall pay to Purchaser an amount equal to the lesser of (i) Purchaser’s actual out-of-pocket expenditures incurred directly in connection
with negotiating this Agreement, negotiating and documenting the agreements with Buck, Buck Management and Leo referred to in Section 7.2 hereof, and conducting due diligence activities contemplated hereunder and (ii) $250,000; or (b)
provided that Seller has the legal capacity to close the Transaction, waive the condition, breach, failure or refusal and proceed to close the Transaction, or (c) seek specific performance of this Agreement by Seller; provided,
however, that if, after the date hereof, Seller shall have (i) conveyed title to the Property or the VV City Interest or Project Partnership Interest to another party, or (ii) intentionally and knowingly granted or created any Title Defect
not otherwise permitted by this Agreement thereby defeating the remedy of specific performance, Purchaser shall be entitled to seek actual damages from Seller. If any of the conditions set forth in Section 7.2 are neither waived in writing
nor fulfilled by the Closing Date (as the same may be extended pursuant to Section 6.1), other than with respect to a condition described in clause 10.2 (i), (ii) or (iii) above, Purchaser may elect to terminate this Agreement by
written notice to Seller, promptly after which the Deposit shall be returned to Purchaser and neither party shall have any further obligations or liabilities under this Agreement. 
  
 ARTICLE 11 
  
 CONDEMNATION/CASUALTY 
  
 11.1 Condemnation. 
  
 11.1.1 Right to Terminate. If, prior to the Closing Date, all or any significant portion (as hereinafter defined) of the Real
Property is taken by eminent domain (or is the subject of a pending taking which has not yet been consummated), Seller shall notify Purchaser in writing of such fact promptly after obtaining knowledge thereof, either Purchaser or Seller shall have
the right to terminate this Agreement by giving written notice to the other no later than ten (10) days after the giving of Seller’s notice, and the Closing Date shall be extended, if necessary, to provide sufficient time for Purchaser or
Seller to make such election. The failure by Purchaser and Seller to so elect in writing to terminate this Agreement within such ten (10) day period shall be deemed an election not to terminate this Agreement. For purposes hereof, a
“significant portion” of the Real Property shall mean (i) such portion as shall be comprised of one-half (1/2) of one (1) acre or more of the Real Property, (ii) such a portion as shall be comprised of any of the parking area on the
Real Property, unless applicable zoning and other land use laws permit such parking area to be relocated on any portion of the remainder of the Real Property that is unimproved other than by landscaping, (iii) such a portion as will result in Leo or
W&S having any right to terminate its Lease or reduce the rent payable thereunder, (iv) such a portion as will result in the Property becoming a nonconforming 

  

 43 

 
use or having a status similar thereto under applicable zoning, or (v) such a portion as is reasonably incapable of being restored or replaced in function
without material adverse effect on the use or value of the Property within six (6) months of the condemnation having occurred. If either party elects to terminate this Agreement as aforesaid, the provisions of Section 11.3 shall apply.

  
 11.1.2 Assignment of Proceeds. If (a)
neither Seller nor Purchaser elects to terminate this Agreement as aforesaid if all or any significant portion of the Real Property is taken, or if (b) a portion of the Real Property not constituting a significant portion of the Real Property is
taken or becomes subject to a pending taking, by eminent domain, there shall be no abatement of the Purchase Price; provided, however, that, Purchaser shall have the right to participate in all negotiations and proceedings for
compensation and otherwise and no such action or proceedings shall be settled or compromised by Seller except with the prior written consent of Purchaser, and at the Closing, Seller shall pay to Purchaser the amount of any award for or other
proceeds on account of such taking which have been actually received by Seller prior to the Closing Date as a result of such taking, and, to the extent such award or proceeds have not been paid, Seller shall release and relinquish unto the Project
Partnership at the Closing the rights of Seller, if any, to all awards for the taking of the Real Property or such portion thereof. 
  
 11.2 Destruction or Damage. If any of the Real Property is damaged or destroyed prior to the Closing Date, Seller shall notify Purchaser in writing
of such fact promptly after obtaining knowledge thereof. If any such damage or destruction (a) would cost less than Three Million Five Hundred Dollars ($3,500,000), as reasonably estimated by Seller, and (b) would not be a loss uncovered by
insurance by more than the deductible amount in the Project Partnership’s insurance policy, and (c) would not result in Leo or W&S having any right to terminate its Lease or reduce the rent payable thereunder or abate same (unless business
loss or rent loss insurance should be available to the Project Partnership in the full amount of such abatement or reduction) (a “Minor Casualty”), then this Agreement shall remain in full force and effect and Purchaser shall
acquire the VV City Interest upon the terms and conditions set forth herein. In such event, Purchaser shall receive a credit against the Purchase Price equal to 94.5124% of the deductible amount applicable under the Project Partnership’s
casualty policy, and Seller shall assign to the Project Partnership all of Seller’s right, title and interest in and to all proceeds of insurance on account of such damage or destruction (including Seller’s right, title and interest, if
any, in and to all proceeds of rent or business loss insurance for the period from and after the Closing) and at Purchaser’s request shall cooperate with and assist Purchaser and the Project Partnership, at no cost to Seller, in collection of
the same. If the Real Property is damaged or destroyed prior to the Closing Date as the result of a non-Minor Casualty, then, notwithstanding anything to the contrary set forth above in this section, Purchaser shall have the tight, at its election,
to terminate this Agreement. Purchaser shall have thirty (30) days after Seller notifies Purchaser that a casualty has occurred and the estimated cost of repair or restoration to make such election by delivery of a written election notice (the
“Election Notice”) and the Closing Date shall be extended, if necessary, to provide sufficient time for Purchaser to make such election. The failure by Purchaser to deliver the Election Notice within such thirty (30) day period
shall be deemed an election not to terminate this Agreement. If Purchaser elects not to terminate this Agreement as set forth above, this Agreement shall remain in full force and effect, Seller shall assign to the Project Partnership all of
Seller’s right, title and interest in and to any and all 

  

 44 

 
proceeds of insurance on account of such damage or destruction, if any, and, Purchaser shall receive a credit against the Purchase Price equal to 94.5124% of
the deductible amount under the Project Partnership’s casualty insurance policy. 
  
 11.3 Effect of Termination. If this Agreement is terminated pursuant to Section 11.1 or Section 11.2, the Deposit shall be refunded to Purchaser, and Seller shall so direct promptly. Upon such
refund, this Agreement shall terminate and neither party to this Agreement shall have any further rights or obligations hereunder other than any arising under any section herein which expressly provides that it shall survive the termination of this
Agreement. 
  
 11.4 Waiver. The provisions of this
Article 11 supersede the provisions of any applicable statutory or decisional law with respect to the subject matter of this Article 11. 
  
 ARTICLE 12 
  
 ESCROW 
  
 The Deposit and any other sums which the parties agree shall be held in escrow (herein collectively called the “Escrow Deposits”), together with all interest earned thereon, shall be held by the Escrow Agent, in trust, and
disposed of only in accordance with the following provisions: 
  
 (a) The Escrow Agent shall invest the Escrow Deposits in government insured interest-bearing instruments satisfactory to both Purchaser and Seller, shall not commingle the Escrow Deposits with any funds of the Escrow
Agent or others, and shall promptly provide Purchaser and Seller with confirmation of the investments made. 
  
 (b) If the Closing occurs, the Escrow Agent shall deliver the Escrow Deposits to, or upon the instructions of, Seller on the Closing Date.

  
 (c) If for any reason the Closing does not
occur, the Escrow Agent shall deliver the Escrow Deposits and all interest earned thereon to Seller or Purchaser only upon receipt of a written demand therefor from such party, subject to the following provisions of this Section 12.1(c). If
for any reason the Closing does not occur and either party makes a written demand upon the Escrow Agent for payment of the Escrow Deposits and the interest earned thereon, the Escrow Agent shall give written notice to the other party of such demand.
If the Escrow Agent does not receive a written objection from the other party to the proposed payment within ten (10) days after the giving of such notice, the Escrow Agent is hereby authorized to make such payment. If the Escrow Agent does receive
such written objection within such period, the Escrow Agent shall continue to hold such amount until otherwise directed by written instructions signed by Seller and Purchaser or a final judgment of a court. 
  
 (d) The parties acknowledge that the Escrow Agent is acting
solely as a stakeholder at their request and for their convenience, that the Escrow Agent shall not be deemed to be the agent of either of the parties, and that the Escrow Agent shall not he liable to either of the parties for any action or omission
on its part taken or made in good faith, and not in disregard of this Agreement, but shall be liable for its negligent acts and for any loss, cost or expense incurred by Seller or Purchaser resulting from the Escrow 

  

 45 

 
Agent’s mistake of law respecting the Escrow Agent’s scope or nature of its duties. Seller and Purchaser shall jointly and severally indemnify and
hold the Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees, incurred in connection with the performance of the Escrow Agent’s duties hereunder, except with respect to actions or
omissions taken or made by the Escrow Agent in bad faith, in disregard of this Agreement or involving negligence on the part of the Escrow Agent. 
  
 (e) Purchaser shall pay any income taxes on any interest earned on the Deposit. Purchaser represents and warrants to the Escrow Agent that
its taxpayer identification number is 58-2368838. 
  
 (f) The Escrow Agent has executed this Agreement in the place indicated on the signature page hereof in order to confirm that the Escrow Agent has received and shall hold the Escrow Deposits and the interest earned thereon, in escrow, and
shall disburse the Escrow Deposits, and the interest earned thereon, pursuant to the provisions of this Article 12. 
  
 (g) The escrow fee, if any, charged by the Escrow Agent shall be shared equally by Seller and Purchaser. 
  
 ARTICLE 13 
  
 INDEMNIFICATION 
  
 13.1 Indemnification. Subject to Section 13.2, Seller hereby
agrees to indemnify, protect, defend, save and hold harmless Purchaser and its successors and assigns from and against any and all debts, duties, obligations, liabilities, suits, claims (including any claim for damage to property or injury to or
death of any persons), demands, liens, encumbrances, causes of action, damages, losses, fees and expenses (including, without limitation, attorneys’ fees and expenses and court costs) (all of the foregoing, collectively, “Claims”) in
any way relating to, or in connection with or arising out of: 
  
 (a) any breach by Seller of any of its representations, warranties or covenants contained in this Agreement or any document, certificate or instrument to be delivered at Closing; 
  
 (b) any act or omission of Seller, the Project Partnership,
or the Investor Partnership occurring prior to the Closing which constitutes a violation of any laws, statutes, ordinances, rules, regulations, orders, decrees or injunctions of any governmental or judicial authority, but excluding under this
subsection (b) any Claims that the Real Property is in violation of any applicable fire, health, building, use, occupancy or zoning laws or any claims relating to any work allegedly required to be done upon or in connection with the Real Property;

  
 (c) any personal or bodily injury or death or
property damage occurring prior to Closing at or in respect of the Property, or any portion thereof; 
  

 46 

 (d) any tortious act or omission of Seller, the Project Partnership, or the Investor
Partnership occurring prior to the Closing; 
  
 (e) any “Transfer Indemnification Amounts” that may be owed by the Project Partnership or the Investor Partnership to Leo (or any shareholder of Leo) pursuant to Section 25 of the Project Partnership Agreement (or the
corresponding provision of the Restated Project Partnership Agreement, as the case may be) arising as a result of (i) the transactions contemplated in that certain Purchase and Sale Agreement, dated April 14, 2000, by and between SOFI IV Arizona
Trust, as seller therein, and Seller, as purchaser therein, (“Seller’s Acquisition Contract”), (ii) any transactions occurring prior to the closing of the transaction contemplated in Seller’s Acquisition Contract, (iii)
any transactions occurring from and after the closing of the transaction contemplated in the Seller’s Acquisition Contract and before the Closing (the “Seller’s Ownership Period”), and (iv) the “Simple Transfer
Aspect” (as that term is hereafter defined); any “Conversion Indemnification Amount” that may be owed by the Project Partnership or the Investor Partnership to Leo (or any shareholder of Leo) pursuant to Section 25 of the Project
Partnership Agreement (or the corresponding provision of the Restated Project Partnership Agreement, as the case may be) whenever arising; the term “Simple Transfer Aspect” shall mean only the assignment of the VV City Interest by
Seller to Purchaser and not any other aspect or component of the Transaction, such as the modifications to the Project Partnership Agreement and Lease with Leo, to the Investor Partnership Agreement with Buck and to the Loan with the Lenders as
contemplated in this Agreement so that, if Leo asserts any Claim based upon other aspects or components of this Transaction that are not the Simple Transfer Aspect, Seller shall not be responsible to Purchaser under this Section 13.1 with respect to
that Claim; 
  
 (f) any breach of the “Debt
Maintenance Requirement” under Section 24 of the Project Partnership Agreement, the filing of amended income tax returns and other filings described in Section 9.1.15 or Exhibit Y hereto, or the circumstances giving rise to the
need to file such amended tax returns, in each case in connection with or arising from transactions, acts or omissions occurring during the period between April 27, 2000 and the day preceding the Closing Date; and/or 
  
 (g) any Claim based upon a claim under Section 9.2 of the
Seller’s Acquisition Contract made by SOFI IV Arizona Trust, or its permitted successor or assignee, based on facts and circumstances first occurring during Seller’s Ownership Period. 
  
 13.2 Indemnification Limitations. 
  
 (a) The following limitations shall apply to Seller’s
Indemnification Obligations under Section 13.1: 
  

	 	(i)	With respect to any Claims under Section 13.1(a) as to Seller’s Property Representation only, Purchaser must have notified Seller, in writing, of any such Claim within
twelve (12) months of the Closing Date or the indemnification obligation shall have lapsed with respect to that Claim, and the aggregate liability of Seller for all such Claims timely raised shall not exceed Seven Million Five Hundred Thousand
Dollars ($7,500,000). 

  

 47 

	 	(ii)	With respect to any Claims under Section 13.1(a) as to Seller’s Entity Representations only (excluding from this cause (ii) the Seller’s Entity Representations set
forth in Section 8.2.7 and Section 8.2.14 which are separately addressed in clauses (iii) and (iv), respectively, below), Purchaser must have notified Seller, in writing, of any such Claim within three (3) years following the Closing
Date or the indemnification obligation shall have lapsed with respect to that Claim and the aggregate liability of Seller for all such timely raised Claims, plus the aggregate liability for all timely raised Claims under clause (iv) below, shall not
exceed Thirty-Five Million Dollars ($35,000,000). 

  

	 	(iii)	With respect to any Claims under Section 13.1(a) (but only as to the Seller’s Entity Representation set forth in Section 8.2.7), under Section 13.1(b),
under Section 13.1(c), under Section 13.1(d), under Section 13.1(e), under Section 13.1(f), and under Section 13.1(g), there shall be no time limitation for asserting any such Claim except the applicable statute of
limitations and Seller’s liability shall not be subject to any dollar limitation. 

  

	 	(iv)	With respect to any Claims under section 13.1(a) as to the Seller’s Entity Representations set forth in Section 8.2.14, Purchaser must have notified Seller, in writing,
of any such Claim prior to the expiration of the applicable statute of limitation (after giving effect to any waiver or extension thereof) or the indemnification obligation shall have lapsed with respect to that Claim and the aggregate liability of
Seller for all such timely raised Claims, plus the aggregate liability for all timely raised Claims under clause (ii) above, shall not exceed Thirty Five Million Dollars ($35,000,000), provided that any Claims under subsections 8.2.14(e), (f) or (i)
shall not be subject to any dollar limitation. 

  
 (b) For a period of three (3) years from and after Closing, Seller covenants to maintain “Partner’s Equity” (calculated and defined in the manner shown on its most recent financial statement
provided to Purchaser prior to the date of this Agreement) of not less than Seventy Million Dollars ($70,000,000). During such three (3) year period, Seller agrees to furnish to Purchaser copies of its annual, audited financial statements prepared
and certified by KPMG (or other nationally recognized accounting firm) promptly after the receipt thereof by Seller. During such three (3) year period, Seller also agrees to provide to Purchaser a letter within sixty (60) days after the end of each
calendar quarter (except the last calendar quarter) certifying to Purchaser the Partner’s Equity at the end of the preceding calendar quarter. If at any time during such three (3) year period any such audited financial statement or quarterly
letter from Seller shall report Partner’s Equity less than $70,000,000, or the Partner’s Equity shall otherwise fall below $70,000,000 for any reason whatsoever, Seller shall give prompt written notice thereof to Purchaser, and within
sixty (60) days after the date the Partner’s Equity shall 

  

 48 

 
fall below $70,000,000 (or prior to the date the Partner’s Equity shall fall below $70,000,000 if the Partner’s Equity will be reduced below
$70,000,000 as a result of any principal payment on a Shareholder Loan as provided in Section 13.2.(c) below), Seller shall deliver to Purchaser a standby, irrevocable letter of credit, in the form set forth on Exhibit W attached
hereto, having an expiry date not earlier than such three (3) year period, plus thirty (30) days, issued by a national banking association reasonably acceptable to Purchaser, for the difference between $70,000,000 and the amount of Seller’s
then current Partner’s Equity (or the Partner’s Equity that will result from the principal payment on a Shareholder Loan, as the case may be), to secure Seller’s indemnification obligations under this Article 13. Seller further
agrees that if Seller shall fail to timely deliver to Purchaser its annual, audited financial statement within the ten (10) days after receipt thereof by Seller or if Seller shall fail to provide to Purchaser the quarterly letter from Seller
certifying to Purchaser the Partner’s Equity within sixty (60) days after the end of the preceding calendar quarter as provided above, and if in either such case the failure shall continue for ten (10) days after notice of such failure is given
to Seller, Seller will immediately deliver to Purchaser a standby, irrevocable letter of credit, in the form set forth on Exhibit W attached hereto, having an expiry date not earlier than such three (3) year period, plus thirty (30) days,
issued by a national banking association reasonably acceptable to Purchaser, in the amount of the greater of (i) $5,000,000, or (ii) the difference between $70,000,000 and the amount of Seller’s then current Partner’s Equity, to secure
Seller’s indemnification obligations under this Article 13. If at any time following the delivery to Purchaser of an irrevocable letter of credit as provided in this Section 13.2(b), (A) the Partner’s Equity shall be
reinstated to an amount equal to or greater than $70,000,000 (as evidenced by a written certification by Seller to Purchaser to such effect accompanied by current balance sheet of Seller, certified by Seller to be true and correct in all material
respects, reflecting the requisite Partner’s Equity), and (B) Seller is then current with respect to its obligation to deliver the financial statements and letter certifications required to be provided by Seller under this Section
13.2(b), Purchaser shall return to Seller any then outstanding letter of credit held by Purchaser. 
  
 (c) Reference is made to the Shareholder Loans described in Note (5) of the Consolidated Financial Statements of Seller and its
Subsidiaries as of December 31, 2002 and December 31, 2001 (a copy of which has been delivered to Purchaser) (each and any future shareholder loan, a “Shareholder Loan” and, collectively, the “Shareholder Loans”).
On or before Closing, Seller agrees to cause the maturity dates of each of the Shareholder Loans to be extended by the holder to a date not earlier than January 31, 2007 (one of the Shareholder Loans has a maturity date of December 31, 2008 and no
extension shall be required for that Shareholder Loan). At least three (3) business days before Closing, Seller shall furnish to Purchaser letters from the holders of such Shareholder Loans confirming such extensions. Provided that Seller shall be
current with respect to its obligation to deliver the financial statements and letter certifications required to be provided by Seller to Purchaser under Section 13.2(b), Seller may take any action with respect to the Shareholder Loans,
including, without limitation, prepayment in whole or in part, or amendment to the terms, and Seller may make additional shareholder loans, so long as Seller maintains a Partner’s Equity of at least $70,000,000 as required under Section
13.2(b) hereof. Prior to Seller making any principal payment 

  

 49 

 
on a Shareholder Loan the effect of which payment would reduce Partner’s Equity below $70,000,000, Seller agrees to give Purchaser prompt written notice
thereof and to deliver to Purchaser the letter of credit required under Section 13.2(b). 
  
 (d) Notwithstanding any provision of this Agreement to the contrary, Purchaser’s recourse to the General Partner of Seller for any
liability that the General Partner may have to Purchaser solely by virtue of its capacity as the general partner of Seller, shall be limited to only its general partnership interest in Seller and to the amount of the distributions made or to be made
to or for the benefit of such General Partner therefrom. Purchaser agrees not seek recourse to any other assets of the General Partner. 
  
 (e) In the event that Purchaser is holding a letter of credit pursuant to any of the foregoing provisions, Purchaser only shall be
entitled to draw against the letter of credit under the following circumstances: (i) pursuant to the provisions of this Article 13 it shall have been determined by Purchaser, in the exercise of its commercially reasonable judgment, that funds
are due and payable to Purchaser for a Claim; (ii) Purchaser shall have made written demand to Seller for payment of such Claim and Seller shall have failed to make such payment within thirty (30) days after such written demand; and (iii) as part of
the draw procedure under the letter of credit, Purchaser shall deliver to the issuer of the letter of credit a written certification that it is entitled under this Article 13 to draw against the letter of credit for the amount of the Claim.

  
 13.3 General Provisions Regarding Indemnities. All of
the indemnification obligations under this Agreement shall be subject to the following provisions: 
  
 (a) Should the indemnitor fail to discharge or undertake to defend the indemnitee against such Claim (with counsel approved by the
indemnitee), within ten (10) days after the indemnitee gives the indemnitor written notice of the same, then the indemnitee may settle such Claim, and the indemnitor’s liability to the indemnitee shall be conclusively established by such
settlement, the amount of such liability to include both the settlement consideration and the reasonable costs and expenses, including attorneys’ fees, incurred by the indemnitee in effecting such settlement. 
  
 (b) The indemnitor’s indemnification obligations under
this Agreement shall cover the costs and expenses of the indemnitee, including reasonable attorneys’ fees, related to any actions, suits or judgments incident to any of the matters covered by such indemnities. 
  
 (c) The indemnitor’s indemnification obligations under
this Agreement shall also extend to any present or future advisor, trustee, director, member, officer, partner, employee, beneficiary, shareholder, participant or agent of or in the indemnitee or any entity now or hereafter having a direct or
indirect ownership interest in the indemnitee. 
  
 (d) This Article 13 shall survive Closing. 
  

 50 

 ARTICLE 14 
  

MISCELLANEOUS 
  
 14.1 Assignment. Neither party shall assign this Agreement or its rights hereunder to any Person without the prior written consent of the other
party, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that no such consent shall be required with respect to Purchaser’s assignment to Wells Real Estate Investment Trust, Inc. or any affiliate of
Purchaser or Wells Real Estate Investment Trust, Inc. For purposes hereof, an “affiliate” shall mean an entity controlled by, controlling or under common control with Wells Real Estate Investment Trust, Inc. or Purchaser. Subject to the
foregoing, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. 
  
 14.2 Designation Agreement. Section 6045(e) of the United States Internal Revenue Code and the regulations promulgated thereunder (herein
collectively called the “Reporting Requirements”) require an information return to be made to the United States Internal Revenue Service, and a statement to be furnished to Seller, in connection with the Transaction. Title Company
(“Agent”) is either (i) the person responsible for closing the Transaction (as described in the Reporting Requirements) or (ii) the disbursing title or escrow company that is most significant in terms of gross proceeds disbursed in
connection with the Transaction (as described in the Reporting Requirements). Accordingly: 
  
 (a) Agent is hereby designated as the “Reporting Person” (as defined in the Reporting Requirements) for the Transaction.
Agent shall perform all duties that are required by the Reporting Requirements to be performed by the Reporting Person for the Transaction. 
  
 (b) Seller and Purchaser shall furnish to Agent, in a timely manner, any information requested by Agent and necessary for Agent to perform
its duties as Reporting Person for the Transaction. 
  
 (c) Agent hereby requests Seller to furnish to Agent Seller’s correct taxpayer identification number. Seller acknowledges that any failure by Seller to provide Agent with Seller’s correct taxpayer identification number may subject
Seller to civil or criminal penalties imposed by law. Accordingly, Seller hereby certifies to Agent, under penalties of perjury, that Seller’s correct taxpayer identification number is 52-2175771. 
  
 (d) Each of the parties hereto shall retain this Agreement
for a period of four (4) years following the calendar year during which Closing occurs. 
  
 14.3 Integration; Waiver. This Agreement, together with the Schedules and Exhibits hereto, embodies and constitutes the entire understanding between the parties with respect to the Transaction and all prior
agreements, understandings, representations and statements, oral or written, are merged into this Agreement. Neither this Agreement 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 is sought. 
  

 51 

 14.4 Amendment. Any amendment to this Agreement shall not be binding on Seller or Purchaser unless
such amendment is in writing and executed by Seller and Purchaser. 
  
 14.5 Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Illinois without giving effect to any choice or conflict of law provision or rule (whether of the State of
Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. 
  
 14.6 Consent to Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may be brought in the United States District Court for the Northern District of Illinois located in Chicago, Illinois, and each of the parties hereby
consents to the jurisdiction of such court (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party to its address as provided in Section 14.9
shall be deemed effective service of process on such party. 
  
 14.7 Third Party Beneficiaries. This Agreement is for the sole and exclusive use of Seller and Purchaser and may not be enforced, nor relied upon, by any person or entity other than Seller and Purchaser. 
  
 14.8 Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of the Agreement. 
  
 14.9 Notices. Wherever any notice or other communication is required or permitted hereunder, such notice or other communication shall be in writing and shall be delivered by overnight courier, hand delivery, or
confirmed facsimile transmission (with a confirming copy mailed on the same date) or sent by U.S. registered or certified mail, return receipt requested, postage prepaid, to the addresses or facsimile numbers set forth below or at such other
addresses as are specified by written notice delivered in accordance herewith: 
  
 IF TO PURCHASER: 
  
 Wells Operating Partnership, L.P. 
 6200 The Corners Parkway, Suite 250 
 Norcross, Georgia 3 0092-2295 
 Attention: L. Clay Adams, Jr., Director of Acquisitions 
 Fax: 770-243-8510 
  

 52 

 COPY TO: 
  
 Troutman Sanders LLP 
 Bank of America Plaza 
 600 Peachtree Street NE, Suite 5200 
 Atlanta, Georgia 30308 
 Attention: John W. Griffin, Esq. 
 Fax: 404-962-6577 
  
 IF TO SELLER: 
  
 VV USA CITY, L.P.

 c/o Lend Lease Real Estate Investments, Inc. 
 One North Wacker Drive, Suite 800 
 Chicago, Illinois 60606 
 Attention: John C. Schoser, Principal 
 Fax: (312) 396-5551 
  
 COPY TO: 
  
 King & Spalding LLP 
 191 Peachtree Street 
 Atlanta, Georgia 30303 
 Attention: William J. Armstrong, Esq. 
 Fax: (404) 572-5148 
  
 Any notice or other
communication (i) mailed as hereinabove provided shall be deemed effectively given or received on the third (3rd) business day following the postmark date of such notice or other communication, (ii) sent by overnight courier or by hand delivery
shall be deemed effectively given or received upon receipt and (iii) sent by facsimile transmission shall be deemed effectively given or received on the first business day after the day of the transmission of such notice and confirmation of such
transmission. 
  
 14.10 Counterparts. This Agreement may be
executed in counterparts, each of which shall be an original and all of which counterparts taken together shall constitute one and the same agreement. Any signature page of any such counterpart, or any electronic facsimile thereof, may be attached
or appended to any other counterpart to complete a fully executed counterpart of this Agreement, and any facsimile transmission of any signature shall be deemed an original and shall bind such party. 
  

 53 

 IN WITNESS WHEREOF, each party hereto has caused this Agreement to be duly executed on its behalf on the
day and year first above written. 
  

	 SELLER:

	
	 VV USA CITY, L.P.,

	 a Delaware limited partnership

		
	 By:
	 	 VV USA, LLC,

	 	 	 a Delaware limited liability company

	 	 	 its sole general partner

			
	 	 	 By:
	 	 /s/    Alfred Bartkiewicz

	 	 	 	 	 Alfred Bartkiewicz,

	 	 	 	 	 Managing Director

  
 [Signatures
Continued on Following Page] 
  

 54 

 [Signatures Continued from Previous Page] 
  

	 PURCHASER:

	
	 WELLS OPERATING PARTNERSHIP, L.P.,

	 a Delaware limited partnership

		
	 By:
	 	Wells Real Estate Investment Trust, Inc., a
Maryland corporation, its sole general partner
			
	 	 	 By:
	 	 /s/    Douglas P. Williams

	 	 	 	 	 Name:
	 	 Douglas P. Williams

	 	 	 	 	 Its:
	 	 Executive Vice President

  
 [Signatures
Continued on Following Page] 
  

 55 

 [Signatures Continued from Previous Page] 
  
 The undersigned has executed this Agreement solely to confirm its agreement to (i) hold the
Escrow Deposits in escrow in accordance with the provisions hereof and (ii) comply with the provisions of Article 12 with respect to the Escrow Deposits. 
  

	 ESCROW AGENT:

	
	 FIRST AMERICAN TITLE INSURANCE COMPANY,

	 a California corporation

		
	 By:
	 	  

	 	 	 Carolyn Neuert Grainger,

	 	 	 Illinois Commercial Counsel

  

 56Second Amended and Restated Limited Partnership Agreement

 EXHIBIT 10.106 
  
 SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 
 OF 35 W. WACKER VENTURE, L.P. 

 SECOND AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
  
 OF 
  
 35 W. Wacker Venture, L.P. 
  
 a Delaware limited partnership 
  
 Dated as of April 27, 2000 
  

 TABLE OF CONTENTS 
  

			
	 	  	 	  	Page

		
	SECTION 1.    Formation of Limited Partnership	  	2
		
	SECTION 2.    Name	  	2
		
	SECTION 3.    Definitions	  	2
		
	SECTION 4.    Business of the Partnership	  	7
		
	SECTION 5.    Term	  	7
		
	SECTION 6.    Principal Place of Business	  	7
		
	SECTION 7.    Registered Agent; Registered Office	  	7
		
	SECTION 8.    Capital Contributions; No Withdrawal or Resignation	  	7
		
	SECTION 9.    Distributions	  	8
		
	SECTION 10.  Allocation of Income and Losses	  	9
		
	SECTION 11.  Withholding	  	11
		
	SECTION 12.  Books, Records and Accounting	  	11
		
	SECTION 13.  Partnership Funds	  	12
		
	SECTION 14.  Management	  	12
		
	SECTION 15.  Meetings	  	14
		
	SECTION 16.  Voting	  	15
		
	SECTION 17.  Exculpation Limitation of Liability and Indemnification	  	15
		
	SECTION 18.  Sale of Partnership Interests and New Partners	  	17
		
	SECTION 19.  Dissolution	  	21

  

 i 

			
	 	  	 	  	Page

		
	SECTION 20.  Winding Up and Distribution of Assets	  	21
		
	SECTION 21.  Conflict of Interest	  	22
		
	SECTION 22.  Taxation	  	22
		
	SECTION 23.  Not a Publicly Traded Partnership	  	24
		
	SECTION 24.  Debt Maintenance, Transfer Prohibition	  	25
		
	SECTION 25.  Tax Indemnity	  	25
		
	SECTION 26.  LBC Tax Basis	  	27
		
	SECTION 27.  Securities Matters	  	27
		
	SECTION 28.  Representations and Warranties of Partners	  	27
		
	SECTION 29.  Miscellaneous	  	29

  
 SCHEDULES AND EXHIBITS 
 SCHEDULE I-A - CAPITAL CONTRIBUTIONS 
 SCHEDULE I-B - PARTNERS 
 SCHEDULE II - LBC TAX MATTERS 
 EXHIBIT A - LEGAL DESCRIPTION 
 EXHIBIT B-1 - CERTIFICATE OF CONVERSION 
 EXHIBIT B-2 - CERTIFICATE OF LIMITED PARTNERSHIP 
 EXHIBIT B-3 - CERTIFICATE OF CANCELLATION
OF CERTIFICATE OF FORMATION 
 EXHIBIT C - FORM OF GUARANTY 
 EXHIBIT D-1 MARCH 2, 1999 LETTER 
 EXHIBIT D-2 JULY 21, 1999 LETTER 
 EXHIBIT D-3 JULY 22, 1999 LETTER 
  

 ii 

 SECOND AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 OF 
 35 W. WACKER VENTURE, L.P. 
  
 This Second Amended and Restated Limited Partnership Agreement of 35 W. Wacker Venture, L.P. (the “Partnership”) is made and entered into
as of the              day of April, 2000 by and among Leo Burnett USA, Inc. (formerly known as Leo Burnett Company, Inc.) (“LBC”), and VV City-Buck Venture, L.P., a
Delaware limited partnership (“VV City-Buck”). 
  
 RECITALS 
  
 A. WHEREAS, LBC formed 35 W.
Wacker Venture L.L.C. (the “Original Company”) pursuant to the Delaware Limited Liability Company Act, Delaware Code Title 6, Section 18-101 et. seq., the Certificate of Formation and a certain Limited Liability Company Agreement
(the “Original Operating Agreement”), each dated as of November 13, 1997. At such time, LBC was the sole member and manager of the Original Company under the Original Operating Agreement. 
  
 B. WHEREAS, pursuant to a certain Amended and Restated Limited Liability
Company Agreement dated as of December 15, 1997 (the “First Amended and Restated Limited Liability Company Agreement”): (i) SOFI Arizona Trust, a Maryland real estate investment trust, and the successor by merger to SOFI IV Arizona,
Inc., a Maryland corporation (“SOFI IV”) replaced LBC as the sole manager of the Original Company and (ii) Buck 35 Wacker L.L.C., a Delaware limited liability company (“JBC”) and SOFI IV were admitted as Members of
the Original Company all on the terms and conditions set forth in the First Amended and Restated Operating Agreement; 
  
 C. WHEREAS, prior to the date hereof, the Original Company has been converted to a limited partnership in accordance with Section 17-217 of the Act
(hereinafter defined), and, in furtherance thereof, (i) the Original Company has filed a certain Certificate of Conversion and certain other documents described below with the Secretary and (ii) LBC, JBC and SOFI IV have executed that certain
Amended and Restated Limited Partnership Agreement of 35 W. Wacker Venture, L.P. (the “Original Limited Partnership Agreement”) pursuant to which, among other things SOFI IV became the Partnership’s sole General Partner and LBC
and JBC were its sole Limited Partners; 
  
 D. WHEREAS,
concurrently herewith, (i) SOFI IV has sold its Partnership Interest in and to the Partnership to VV City-Buck, and has withdrawn as General Partner, with the consent of the Limited Partners; and (ii) JBC has contributed its Partnership Interest in
the Partnership to VV City-Buck and has withdrawn as a Limited Partner; 
  
 E. WHEREAS, the parties desire to amend and restate the Original Limited Partnership Agreement to: (i) admit VV City-Buck as the sole General Partner of the Company; (ii) reflect SOFI IV’s and JBC’s withdrawal as Partners, and
(iii) reflect other agreements of the parties. 
  
 NOW, THEREFORE,
in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby amend and restate the Original Limited Partnership Agreement
as follows: 
  

 1 

 SECTION 1. Formation of Limited Partnership. The Partners agree to the formation of the
Partnership pursuant to the Act and the filing of (a) the Certificate of Conversion attached hereto as Exhibit B-1, (b) the Certificate of Limited Partnership attached hereto as Exhibit B-2, and (c) the Certificate of Cancellation of existing
Certificate of Formation for 35 W. Wacker Venture, L.L.C. attached hereto as Exhibit B-3, each filed with the Secretary on April     , 2000. The rights and duties of the Partners shall be as provided in the Act, except as
modified by this Agreement. For and in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Partners executing this Agreement hereby
agree to the terms and conditions of this Agreement, as it may from time to time be amended according to its terms. To the extent any provision of this Agreement is prohibited or ineffective under the Act, this Agreement shall be considered amended
to the smallest degree possible in order to make this Agreement effective under the Act. In the event the Act is subsequently amended or interpreted in such a way to make any provision of this Agreement that was formerly invalid valid, such
provision shall be considered to be valid from the effective date of such interpretation or amendment. 
  
 SECTION 2. Name. The business of the Partnership shall be conducted under the name “35 W. Wacker Venture, L.P.”.

  
 SECTION 3. Definitions. 
  
 For purposes of this Agreement, unless the context clearly indicates
otherwise, the following terms shall have the following meanings: 
  
 (a) “Act” means the Delaware Revised Uniform Limited Partnership Act, Delaware Code Title 6, Sections 17-101 et seq., as amended from time to time. 
  
 (b) “Affiliate” means with respect to a Person: (i) any general partner, director, manager (or Person
holding the equivalent position) or executive officer (or Person holding the equivalent position) of such Person or of any Person who bears a relationship to any such Person described in clause (ii) below, and (ii) any other Person which, directly
or indirectly, controls or is controlled by or is under common control with, such Person. A Person shall be deemed to be (without limiting any of the foregoing): 
  
 (1) “controlled by” any other Person if such other Person possesses, directly or indirectly, power

  
 (A) to vote 10% or more of the securities
having ordinary voting power for the election of managing general partners, directors or managers (or Persons holding equivalent positions) of such Person (or, at the time extraordinary voting powers are available, to vote 10% or more of the
securities having extraordinary voting power); or 
  

 2 

 (B) to direct or cause the direction of the management and policies of such Person
whether by contract or otherwise; or 
  
 (2)
“controlling” any other Person if such other Person is “controlled by” such Person within the meaning of clause (i) above; or 
  
 (3) “under common control” with any other Person if each of such Persons are “controlled by” (within the meaning of
clause (1) above) the same Person. 
  
 (c)
“Agreement” means this Second Amended and Restated Limited Partnership Agreement, as amended, modified or supplemented from time to time. 
  
 (d) “Capital Account” means, with respect to each Partner, the account established on the books and records of the Partnership for such
Partner. Each Partner’s Capital Account is, as of the date hereof, equal to the value of the Capital Contribution to the Partnership of such Partner as set forth on Schedule I-A attached hereto. From and after the date hereof, and during
the term of the Partnership, each Partner’s Capital Account shall be (i) increased by the amount of (w) income and gain allocated to the Partner and (x) any cash or property subsequently contributed by the Partner to the Partnership, and
(ii) decreased by the amount of (y) loss and deduction allocated to the Partner and (z) all cash and property distributed to the Partner, and shall otherwise be kept in accordance with applicable United States Treasury Regulations promulgated
under Section 704(b) of the Code. The Capital Account of each Partner as of the date hereof is set forth on Schedule I-A attached hereto. 
  
 (e) “Capital Contribution” means the total amount of cash or other property contributed to the Partnership by a Partner. Contributed
property shall be valued at fair market value, net of any liabilities assumed to which the contributed property is subject. 
  
 (f) “Code” means the United States Internal Revenue Code of 1986, as amended, modified or rescinded from time to time, or any similar
provision of succeeding law. 
  
 (g) “Debt Maintenance
Requirement” has the meaning given in Section 24. 
  
 (h)
“Drag Along Notice” has the meaning set forth in Section 18(b). 
  
 (i) “Drag Along Purchase Officer” has the meaning set forth in Section 18(b). 
  
 (j) “Excess Loss” means any losses that would cause or increase a deficit balance in a Partner’s Capital Account, after giving
effect to the following adjustments: (i) crediting to such Capital Account any amounts that such Partner is obligated to restore or is deemed to be obligated to restore pursuant to Treasury Regulations §§ 1.704-1(b)(2)(ii)(b)(3),
1.704-1(b)(2)(ii)(c), 1.704-2(g), and 1.704-1 (i)(5) and (ii) debiting to such Capital Account the items described in Treasury Regulation §1.704-1(b)(2)(ii)(d)(4), (5) and (6) to the extent such items are not otherwise reflected in such Capital
Account. 
  
 (k) “Guaranty” means that certain
Guaranty Agreement of even date herewith in the form attached hereto as Exhibit C, made by VV USA City, L.P., a Delaware limited partnership to and for the benefit of LBC. 
  

 3 

 (l) “General Partner” means the Person admitted as a general partner and identified on
Schedule I-B attached hereto as a general partner in the Partnership, as such Schedule may be amended from time to time. 
  
 (m) “IRS” means the United States Internal Revenue Service or any successor entity. 
  
 (n) “Indemnification Amount” shall have the meaning given in
Section 25. 
  
 (o) “LBC” means Leo Burnett USA,
inc. (formerly known as Leo Burnett Company, Inc.), a Delaware corporation. 
  
 (p) “LBC Lease” means that certain Amended and Restated Lease dated as of December 15, 1997 entered into between the Original Company, as landlord and LBC, as tenant, as amended. 
  
 (q) “Limited Partner” means any Person identified on
Schedule I-B attached hereto as a limited partner in the Partnership, as such Schedule may be amended from time to time. 
  
 (r) “Majority Interest” means more than 50% of all Partnership Interests. 
  
 (s) “Net Cash Flow” means for any period the amount, computed on a cash basis, equal to: 
  
 (i) the sum of (A) gross receipts from business operations,
all investment income and investment gain of the Partnership and all other cash received by the Partnership including, without limitation, all receipts of the Partnership from (1) proceeds from the sale or disposition of all or any portion of any
assets of the Partnership or the issuance or sale by the Partnership of any securities or additional interests in the Partnership, (2) rent (including additional rent and percentage rent) paid to the Partnership, (3) concessions, (4) expense
reimbursements, (5) condemnation or casualty proceeds related to the condemnation of or casualty loss with respect to all or any portion of the assets of the Partnership (including any and all insurance awards with regard thereto), (6) proceeds from
rent loss or business interruption insurance, if any, (7) proceeds from the financing, refinancing, monetization or securitization of the Partnership or any assets of the Partnership (or any interest therein) and (8) other revenues and receipts
realized by the Partnership, all without double counting; provided, however, that revenues and receipts shall not include any revenue or receipt realized by the Partnership incident to the liquidation of the Partnership or any Capital Contribution,
and (B) any amounts released from Reserves and deposited into the Partnership’s operating accounts (collectively, “Revenues”); 
  
 decreased by 
  
 (ii) the total gross cash expenditures of the Partnership during such period, including without limitation (1) all cash operating expenses
(including all fees, commissions, expenses and allowances paid to any third party or paid or reimbursed to any Partner or any of its Affiliates pursuant to any contract or otherwise as permitted hereunder), (2) all debt service payments (3) all
expenditures which are treated as capital 

  

 4 

 
expenditures under generally accepted accounting principles, (4) all real estate taxes, personal property taxes and sales taxes, (5) all deposits to the
Partnership’s Reserves and (6) all costs and expenditures related to any acquisition, sale, disposition, financing, refinancing, monetization or securitization of any Partnership asset, all without double counting; provided, however, that such
expenditures shall not include (a) any payment or [illegible] or expenditure are not included in Revenues or such payment or expenditure is paid out of Reserves, (b) any expenditure properly attributable to the liquidation of the
Partnership, or (c) non-cash expenses such as depreciation or amortization. 
  
 (t) “Partner” means any Person with a Partnership Interest in the Partnership. 
  
 (u) “Partnership” has the meaning set forth in the Preamble. 
  
 (v) “Partnership Interest” means the percentage interest in the Partnership of a Partner as set forth
opposite such Partner’s name on Schedule I-A attached hereto as amended, modified or supplemented from time to time, together with the right of such Partner to any and all benefits to which such Partner is entitled by virtue of its
partnership in the Partnership and all obligations to which such Partner is subject as a result of such partnership. 
  
 (w) “Person” means any individual, corporation, partnership, association, limited liability company, trust, estate or other enterprise or
entity. 
  
 (x) “Purchase Offer” has the meaning
set forth in Section 18(b). 
  
 (y) “Purchaser”
has the meaning set forth in Section 18(b). 
  
 (z)
“Remedial Method” means the remedial allocation method described in Section 1.704-3(d) of the Treasury Regulations. 
  
 (aa) “Reserves” means the reasonable reserves established and maintained from time to time in amounts reasonably determined by the
General Partner to be adequate and sufficient for current and future operating and working capital and to pay for taxes, insurance, service of indebtedness, amortization of indebtedness, repairs, replacements or renewals, management fees, leasing
fees or other costs and expenses incident to the Partnership’s business or otherwise to provide for the long-term goals of the Partnership or any other purpose, including reserves for unforeseen or contingent liabilities, debts or obligations.

  
 (bb) “Restrictive Period” means the period
beginning on December 15, 1997 and ending on December 14, 2004, unless sooner terminated pursuant to Section 24 herein. 
  
 (cc) “Sale” or “Sell” shall mean any offer for sale, assignment, exchange, contribution, contract of sale, disposition
of an interest in or transfer, grant of a participation in, pledge, or any other transfer or disposal of, the 35 W. Wacker Property or any Partnership Interests, including without limitation, a contribution of a Partnership Interest to a real estate
investment trust. 
  
 (dd) “Secretary” means the
Secretary of State of Delaware. 
  

 5 

 (ee) “Selling Partner” has the meaning set forth in Section 18(b). 
  
 (ff) “Tag-Along Notice” has the meaning set forth in Section
18(b). 
  
 (gg) “Tag-Along Portion” has the
meaning set forth in Section 18(b). 
  
 (hh) “Tag-Along
Purchase Offer” has the meaning set forth in Section 18(b). 
  
 (ii) “Tax Assurances” has the meaning set forth in Section 18. 
  
 (jj) “Taxable Year” means the Partnership’s annual accounting period for federal income tax purposes. 
  
 (kk) “Transfer Prohibition” has the meaning given in Section 24. 
  
 (ll) “Treasury Regulations” means the income tax regulations, including any temporary regulations, from
time to time promulgated under the Code. 
  
 (mm) “35 W.
Wacker Property” means that certain property commonly known as The Leo Burnett Building, 35 W. Wacker Drive, Chicago, Illinois as more particularly described on Exhibit A attached hereto and made a part hereof, together with all
rights and easements appurtenant thereto and all improvements now or hereafter thereon, and all tangible and intangible property contributed to the Original Company by LBC pursuant to the formation of the Original Company, or any property hereafter
acquired by the Partnership. 
  
 SECTION 4. Business of the
Partnership. 
  
 (a) The purpose of the Partnership is
(i) to directly or indirectly acquire, own, manage, develop, operate, finance, mortgage, encumber, lease, sell, and otherwise deal with and dispose of part or all of the 35 W. Wacker Property subject to the terms and limitations herein set forth;
and (ii) to conduct all activities reasonably necessary or desirable to accomplish or relating to the foregoing purposes. 
  
 (b) The Partnership shall not engage in any other business or activity without the unanimous approval of the Partners, including, without limitation, the
acquisition of any material assets other than as required for the continued operation of the 35 W. Wacker Property as herein set forth. 
  
 SECTION 5. Term. The term of the Partnership began upon the filing of the Certificate of Formation for the Original Company with the
Secretary and shall continue until the earlier of (a) September 30, 2027, or (b) the date as of which the Partnership is dissolved in accordance with this Agreement or by law. 
  
 SECTION 6. Principal Place of Business. The principal place of business of the Partnership shall be located at
HVB Capital Markets, Inc., 1150 East 42nd Street, 31st Floor, New York, New York 10017. VV City-Buck may, from time to time, change the principal place of business of the Partnership and/or establish additional places of business of the Partnership.

  

 6 

 SECTION 7. Registered Agent; Registered Office. The registered agent for the service of
process shall be The Corporation Trust Company. The registered office shall be 1209 Orange Street, Wilmington, County of New Castle, Delaware. The General Partner may, from time to time, change the registered agent or office through appropriate
filings with the Secretary. 
  
 SECTION 8. Capital
Contributions; No Withdrawal or Resignation. 
  
 (a)
Initial Capital; Contributions. Each Partner, or such Partner’s predecessor in interest, has made the Capital Contribution set forth opposite such Partner’s name on Schedule I-A attached hereto and shall receive the
Partnership Interest set forth opposite such Partner’s name on such schedule. 
  
 (b) Additional Contributions; Interest. No Partner shall be obligated to make any additional Capital Contribution. No Partner shall be permitted to make any additional Capital Contribution without the
consent of the General Partner. Upon any additional Capital Contribution made by any Partner, the Partnership Interests of the Partners shall be adjusted to reflect the ratio of such Partner’s Capital Contributions, including any additional
Capital Contributions, to the aggregate amount of all Partner’s Capital Contributions, including all additional Capital Contributions, and shall be set forth on an amendment to Schedule I-A. Any amounts paid by VV City-Buck to LBC under
the Guaranty shall be deemed to be an additional Capital Contribution by VV City-Buck to the Partnership, provided that any such additional Capital Contribution shall not reduce the Partnership Interest of LBC pursuant to this Section 8(b). Except
as otherwise expressly provided herein, no Partner has any obligation to restore a deficit balance in such Partner’s Capital Account or to make any contributions to the Partnership in order to restore such deficit balance. No Partner shall be
paid interest on any Capital Contribution. 
  
 (c) Mandatory
Additional Capital Contributions. Notwithstanding the first grammatical sentence of Section 8(b), the General Partner shall cause the Partnership to pay the amount of the transfer taxes, if any, required to be paid under applicable law in
connection with the prior contribution of the 35 W. Wacker Property to the Partnership, or prior admission of JBC and SOFI IV to the Partnership, and VV City-Buck shall contribute to the Partnership the amount of such taxes required if there are not
sufficient Reserves held by the Partnership or available cash flow to make such payments. In addition, notwithstanding the first grammatical sentence of Section 8(b), VV City-Buck shall directly pay the amount of the transfer taxes, if any, required
to be paid under applicable law in connection with the transfer of SOFI IV’s and JBC’s Partnership Interests to the General Partner and the admission of the General Partner to the Partnership, and VV City-Buck shall contribute to the
Partnership the amount of such taxes required regardless of whether or not there are sufficient Reserves held by the Partnership or available cash flow to make such payments. 
  
 (d) Withdrawal and Resignation; Return of Capital Contribution. No Partner shall be entitled to withdraw or resign as
a Partner or to receive any part of such Partner’s Capital Contribution or any distribution from the Partnership in connection therewith. 
  

 7 

 SECTION 9. Distributions. Net Cash Flow shall be distributed monthly among the
Partners in accordance with their respective Partnership Interests from time to time set forth on Schedule I-A, as amended from time to time. 
  
 The net proceeds from any sale, transfer, contribution, exchange or other disposition of the 35 W. Wacker Property or any refinancing of indebtedness
secured by a first mortgage on the 35 W. Wacker Property, shall first be applied to interest on existing first mortgage indebtedness on the 35 W. Wacker Property and any required amortization of the principal of such indebtedness and then shall be
distributed to the Partners in accordance with their Partnership Interests. In the event the Partnership is subject to any tax or other obligation (including, without limitation, the Illinois Personal Property Replacement Tax) which is attributable
to the interest of one or more Partners in the Partnership, but fewer than all the Partners, such tax or other obligation shall be specially allocated to, and charged against the Capital Account of, such Partner or Partners, and the amounts
otherwise distributable to such Partner or Partners pursuant to this Agreement shall be reduced by such amount. 
  
 SECTION 10. Allocation of Income and Losses. 
  
 (a) General. It is the intent of the Partners that the tax allocations of the Partnership will meet the requirements for “substantial economic
effect” of Section 704 of the Code, and the Treasury Regulations or similar authority promulgated thereunder. The tax allocations set forth herein shall be interpreted consistently with the foregoing intent. 
  
 (b) Subject to Section 10(h) and Section 10(j) hereof, all profits of the
Partnership shall be allocated for each Taxable Year as follows: 
  
 (i) first, to the Partners, up to the aggregate of, and in proportion to, any Excess Loss previously allocated to each Partner in accordance with Section 10(d) hereof, to the extent not previously offset by
allocations of profits pursuant to this Section 10(b)(i), in the reverse order in which such Excess Losses were allocated; and 
  
 (ii) [illegible] 
  
 (c) Subject to Section 10(d), Section 10(h) and Section 10(c) hereof, all losses of the Partnership, if any, shall be allocated for each Taxable Year to
the Partners in accordance with their Partnership Interests. 
  
 (d) The losses allocated pursuant to Section 10(c) shall not exceed the maximum amount of losses that can be so allocated without causing any Partner to be allocated an Excess Loss. If some but not all Partners would be allocated an Excess
Loss as a result of an allocation of losses under Section 10(c), the limitation contained in this Section 10(d) shall be applied on a Partner by Partner basis so as to allocate the maximum permissible losses to each Partner under Section
1.704-1(b)(2)(ii)(d) of the Treasury Regulations. 
  
 (e)
Notwithstanding Section 10(b), but subject to Section 10(h) and Section 10(j), the profits or losses of the Partnership for the taxable year of liquidation of the Partnership shall be allocated prior to the final liquidating distributions of the
Partnership and shall be allocated first to eliminate all negative balances in any Partner’s Capital Account and then, to the extent possible, in a manner such that the Capital Accounts of the Partners immediately prior to such final
liquidating distribution are equal to the amount which would have been distributable to the Partners under Section 9 if such distributions were to be governed by Section 9. 
  

 8 

 (f) Special Allocation. Notwithstanding anything to the contrary in this Section 10, if and to the
extent LBC receives any indemnification payments pursuant to Section 25, LBC shall be specially allocated gross profits of the Partnership in such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to such indemnification
payments. In the year in which the Partnership is liquidated, if the aggregate amount of gross profits allocated to LBC pursuant to the preceding sentence is less than the aggregate amount of indemnification payments received by LBC pursuant to
Section 25, LBC shall be specially allocated items of gross income of the Partnership in an amount equal to such deficit. 
  
 (g) Change in Partnership Interests. If there is a change in any Partner’s Partnership Interest during any year, allocations among the
Partners shall be made in accordance with their Partnership Interests in the Partnership from time to time during such year in accordance with Section 706 of the Code using the closing-of-the-books method, except that depreciation, amortization and
similar items shall be deemed to accrue ratably on a daily basis over the entire year during which the corresponding asset is owned by the Partnership for the entire year, and over the portion of a year after such asset is placed in service by the
Partnership if such asset is placed in service during the year. 
  
 (h) Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the
Treasury Regulations, and after giving effect to the allocations required under Sections 10(a) and 10(d) hereof, such Partner has a Capital Account Deficit (after taking into account the adjustments described in the definition of “Excess
Loss”), items of income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate to the extent required by the Treasury Regulations, its Capital Account deficit (as so adjusted) created by such
adjustments, allocations or distributions as quickly as possible. 
  
 (i) Special Rules. 
  
 (i) If any
Partnership asset has a book value different from its adjusted tax basis to the Partnership for federal income tax purposes (whether by reason of the contribution of such property to the Partnership, the revaluation of such property hereunder or
otherwise), allocations of income, gain, loss, deduction, credit and tax preference under this Section 10 with respect to such asset shall take account of any variation between the adjusted tax basis of such asset for federal income tax purposes and
its book value in the manner prescribed by Section 704(c) of the Code or the principles set forth in Section 1.704-l(b)(2)(iv)(g) of the Treasury Regulations, as the case may be, using the Remedial Method. 
  
 (ii) Items of income, gain, loss, deduction, credit and tax
preference for state and local income tax purpose shall be allocated to and among the Partners in a manner consistent with the allocation of such items for federal income tax purposes in accordance with the foregoing provisions of this Section 10.

  

 9 

 (j) Allocations of Non-Recourse Liabilities and Minimum Gain Chargeback. Allocations attributable
to non-recourse liabilities shall be made consistent with Section 1.704-2 of the Treasury Regulations including the minimum gain chargeback requirement of Section 1.704-2(f) of the Treasury Regulations. 
  
 SECTION 11. Withholding. The Partnership is authorized to
withhold from distributions to be made to a Partner, or with respect to allocations to a Partner, and to pay over to a federal, state or local government, any amounts required to be withheld pursuant to the Code or any provisions of any other
federal, state or local law. Any amounts so withheld shall be treated as distributed to such Partner pursuant to this Section 11 for all purposes of this Agreement and shall be offset against the net amounts otherwise distributable to such Partner.
The Partnership may also withhold from distributions that would otherwise be made to a Partner, and apply to the obligations of such Partner, any amounts that such Partner owes to the Partnership. 
  
 SECTION 12. Books, Records and Accounting. 
  
 (a) Books and Records. The Partnership shall maintain complete and
accurate books and records of the Partnership’s business and affairs in accordance with generally accepted accounting principles, consistently applied, with the exception that all financial statements shall be prepared on a full accrual basis
with appropriate adjustments to convert such financial statements to a cash basis with respect to revenues. The books and records shall be maintained at the principal place of business of the Partnership and shall be accessible to the Partners in
accordance with the Act. 
  
 (b) Fiscal Year: Accounting.
The Partnership’s fiscal year shall be the calendar year. The accounting methods and principles to be followed by the Partnership shall be selected from time to time by the General Partner consistent with customary real estate property
management practices and generally accepted accounting principles, consistently applied, with the exception that all financial statements shall be prepared on a full accrual basis with appropriate adjustments to convert such financial statements to
a cash basis with respect to revenues. 
  
 (c) Reports. The
Partnership shall provide to the Partners reports concerning the financial condition and results of operation of the Partnership and the Partners’ Capital Accounts within ninety (90) days after the end of each fiscal year. 
  
 SECTION 13. Partnership Funds. The funds of the
Partnership shall be deposited in such bank or other financial institution account or accounts, or invested in such interest-bearing or non-interest-bearing investments, as shall be designated by the General Partner. All withdrawals from any such
bank accounts shall be made only by the General Partner or by individuals duly appointed by the General Partner. 
  
 SECTION 14. Management. 
  
 (a) General Partner. The business of the Partnership shall be managed by or under the authority of the General Partner. Except as hereinafter
provided, the General Partner shall have full, exclusive and complete discretion, power, and authority, subject in all cases to the limitations and restrictions set forth in this Agreement, including, without limitation, the provisions of 

  

 10 

 
Sections 4, 24 and 25 hereof, and the requirements of applicable law, to manage, control, administer, and operate the business and affairs of the
Partnership, including without limitation, the discretion, power and authority to: 
  
 (i) acquire by purchase, lease, or otherwise, any fixtures or personal property, tangible or intangible; 
  
 (ii) reconstruct, operate, maintain, finance, improve, own,
sell, convey, assign, mortgage, or lease the 35 W. Wacker Property and any other personal property acquired by the Partnership pursuant to clause (i), subject, in each case, to the Debt Maintenance Requirement, Transfer Prohibition and Debt Limit;

  
 (iii) Sell, dispose, trade, or otherwise
dispose of any or all of the Partnership’s assets, including, without limitation, the contribution of the 35 W. Wacker Property to a real estate investment trust; 
  
 (iv) approve the conversion, consolidation, or merger of the Partnership, including, without limitation,
into or with a real estate investment trust; 
  
 (v) enter into leases, agreements and contracts and give receipts, releases, and discharges; 
  
 (vi) purchase liability and other insurance to protect the Partnership’s assets and business; 
  
 (vii) subject to the Debt Limit, borrow money for and on
behalf of the Partnership, and, in connection therewith, execute and deliver instruments evidencing or securing the same; 
  
 (viii) execute or modify leases with respect to any part or all of the assets of the Partnership; 
  
 (ix) subject to the Debt Maintenance Requirement and the
Debt Limit, prepay, in whole or in part, refinance, amend, modify, or extend any mortgages, trust deeds or security agreements which may affect any asset of the Partnership and in connection therewith execute for and on behalf of the Partnership any
extensions, renewals, or modifications of such mortgages, trust deeds or security agreements; 
  
 (x) execute any and all other instruments and documents which may be necessary or in the opinion of the General Partner desirable to carry
out the intent and purpose of this Agreement, including, but not limited to, documents whose operation and effect extend beyond the term of the Partnership; 
  
 (xi) make any and all expenditures which the General Partner, in its sole but reasonable discretion, deems necessary or appropriate in
connection with the management of the affairs of the Partnership and the carrying out of its obligations and responsibilities under this Agreement, including, without limitation, all reasonable legal, accounting, and other related out of pocket
expenses incurred in connection with the organization and financing and operating of the Partnership; 
  

 11 

 (xii) enter into any kind of activity necessary to, in connection with, or incidental to,
the accomplishment of the purposes of the Partnership; 
  
 (xiii) invest and reinvest Partnership reserves in short-term instruments or money market funds; 
  
 (xiv) appoint Persons to act on behalf of the Partnership and hire employees and agents and appoint officers to perform such functions as
from time to time shall be delegated to such employees, agents, and officers by the General Partner; and 
  
 (xv) determine the compensation of any employees, agents and officers of the Partnership or delegate some or all compensation decisions to
officers or employees of the Partnership. 
  
 The General Partner shall be VV
City-Buck which shall remain the General Partner until it withdraws or is removed by a Majority Interest. 
  
 (b) Withdrawal. The General Partner may withdraw at any time by giving written notice to all Partners. 
  
 (c) Removal The General Partner may be removed with or without cause
by the affirmative vote of the Majority Interest. 
  
 (d)
Limitations on Powers. Notwithstanding anything in this Agreement to the contrary, the General Partner shall not have any power, right or authority to take any action requiring Partner approval as set forth in Section 16(c) in the absence of
the requisite Partner approval. 
  
 (e) Compensation. The
General Partner shall receive no compensation for managing the business of the Partnership; provided, however, the General Partner shall be reimbursed by the Partnership for any reasonable out-of-pocket expenses incurred by the General Partner on
behalf of the Partnership on a monthly basis. 
  
 (f) Binding
Authority. Only the General Partner shall have the authority to bind the Partnership and no Limited Partner shall have the authority to bind the Partnership. 
  
 (g) Services and Fees. Concurrently herewith, the Partnership shall enter into an agreement with an entity comprised
of Affiliates of JBC, which provides for the management and leasing of the 35 W. Wacker Property (the “Management and Leasing Agreements”). The compensation paid under the Management and Leasing Agreements shall be reasonably
consistent with the rates charged by professional property managers and leasing agents in non-affiliated, arms-length transactions; provided, however, the Partners acknowledge and agree that as of the date hereof the market rate for property
management services is 3% of the annual gross revenues of the managed property. 
  

 12 

 (h) Notices to Partners. The General Partner shall promptly deliver to each Partner any written
notice of default sent by the lender of any indebtedness now, or at any time hereafter, encumbering all or any portion of the 35 W. Wacker Property. 
  
 (i) Meetings of Partners. Meetings of Partners for any proper purpose may be called at anytime by the General Partner. Partners may participate in
any meeting through the use of a conference telephone or similar communications equipment by means of which all individuals participating in the meeting can hear each other, and such participation shall constitute presence in person at the meeting.
The Partnership shall give written notice of the date, time, place and purpose of any meeting to all Partners at least ten (10) days and not more than sixty (60) days prior to the date fixed for the meeting. Notice may be waived by any Partner.

  
 (j) Consent of Partners. Any action required or
permitted to be taken at any meeting of Partners may be taken by a written consent without a meeting, without prior notice and without a vote. The written consent shall set forth the action so taken and shall be signed by Partners having not less
than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Partners entitled to vote thereon were present and voting. Prompt notice of the taking of action by written consent shall be given to
all Partners who did not sign the written consent. 
  
 SECTION
16. Voting. 
  
 (a) Partners. Except as
provided in paragraph 16(c) below, the affirmative vote or written consent of a Majority Interest shall decide all matters properly brought before the Partners. 
  

(b) Voting. A Partner may vote either in person or by written proxy or consent signed by the Partner or by his duly authorized attorney in fact.

  
 (c) Actions Requiring Partner Approval. Notwithstanding
any other provision of this Agreement, the written consent of LBC shall be required to approve the matters set forth in the following subparagraphs (i), (ii), (iii) and (iv). 
  
 (i) any Sale of all or any portion of the Property during the Restrictive Period which violates the Transfer
Prohibition; provided, however, that LBC shall not unreasonably withhold or delay its consent to any such Sale if: (1) the General Partner gives LBC not less than four (4) months prior notice of its intention to Sell or dispose of the Property; and
(2) the Partnership agrees to pay to LBC in cash, at the closing of the Sale, the amount, if any, of the tax indemnity payments then payable pursuant to Section 25 herein as a result of such transfer, which amount shall be reasonably calculated and
agreed to between the parties. 
  
 (ii) the
incurrence by the Partnership during the Restrictive Period of any indebtedness for borrowed money the amount of which indebtedness, when added to the outstanding balance, including principal and accrued but unpaid interest or other costs, of all
other indebtedness for borrowed money of the Partnership, would cause the total outstanding indebtedness of the Partnership for borrowed money to exceed the greater of (1) $160 million and (2) 70% of the then fair market value of the 35 W. Wacker
Property as reasonably determined by the General Partner (the “Debt Limit”) and 
  

 13 

 (iii) the acquisition of any material assets other than as required for the continued
operation of the 35 W. Wacker Property. 
  
 (iv)
the amendment of this Agreement which materially and adversely affects or dilutes the rights, powers and privileges granted to LBC under this Agreement or causes any material adverse economic effect on LBC. 
  
 SECTION 17. Exculpation, Limitation of Liability and
Indemnification. 
  
 (a) Exculpation.
Notwithstanding anything to the contrary set forth in this Agreement, neither the General Partner nor any Limited Partner shall be liable to the Partnership or to any other Partner for monetary damages for any losses, claims, damages or liabilities
arising from any act or omission of such General Partner or Limited Partner arising out of or in connection with this Agreement or the Partnership’s business or affairs, except to the extent that such act or omission (1) is attributable to such
General Partner’s or Limited Partner’s fraud, bad faith, willful misconduct or gross negligence or (2) was clearly outside the scope of authority granted to such General Partner or Limited Partner under this Agreement (such acts or
omissions being hereinafter referred to as “Matters”). 
  
 (b) Limitation of Liability. Except as provided in Sections 17-403(b) and (d) of the Act, the debts, obligations and liabilities of the Partnership whether arising in contract, tort or otherwise, shall be solely the debts,
obligations and liabilities of the Partnership, and no Limited Partner shall be obligated personally for any such debt, obligation or liability of the Partnership solely by reason of being a Limited Partner. 
  
 (c) Indemnification. Other than with respect to Excluded Matters, the
Partnership shall indemnify, in accordance with and to the full extent now or hereafter permitted by law, any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (including, without limitation, an action by or in the right of the Partnership) by reason of the fact that such Person is or was a Limited Partner, General Partner or officer of the
Partnership or an Affiliate thereof (and the Partnership may so indemnify a Person by reason of the fact that such Person is or was an employee or agent of the Partnership, or is or was serving at the request of the Partnership as a director,
trustee, member, manager, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise), against any liabilities, expenses (including, without limitation, attorneys’ fees
and expenses and any other costs and expenses incurred in connection with defending such action, suit or proceeding), judgments, fines and amounts paid in settlement actually and reasonably incurred by such Person in connection with such action,
suitor proceeding if such Person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Partnership, and, with respect to any criminal action or proceeding, had no reasonable cause to
believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contenders or its equivalent, shall not, of itself, create a presumption (a) that the
Person did not act in good faith or 

  

 14 

 
[illegible] reasonably believed to be opposed to the best interests of the Partnership, or (b) with respect to any criminal action or
proceeding, that the Person had reasonable cause to believe that his or her conduct was unlawful. “Other enterprise” shall include employee benefit plans; references to “fines” shall include any excise taxes
assessed on a Person with respect to an employee benefit plan; and references to serving at the request of the Partnership shall include, without limitation, any service as a member, manager, officer, employee or agent of the Partnership or any
other entities in which it has an ownership interest which imposes duties on, or involves services by, such member, manager, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries. 
  
 (d) Expenses. Reasonable expenses, (including, without limitation,
attorneys’ fees and expenses) incurred by a Limited Partner, General Partner or officer of the Partnership in defending a civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Partnership in advance of
the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Limited Partner, General Partner or officer to repay such amount if it shall ultimately be determined that such Limited Partner, General
Partner or officer is not entitled to be indemnified by the Partnership under this Section 17 or under any other contract or agreement between such Limited Partner, General Partner or officer and the Partnership. Such expenses (including
attorneys’ fees) incurred by employees or agents of the Partnership may be so paid upon the receipt of the aforesaid undertaking and such terms and conditions, if any, as the General Partner deems appropriate. 
  
 (e) Continuation. The indemnification and advancement of expenses
provided by this Section 17 shall continue as to a Person who has ceased to be a Limited Partner, General Partner, officer, employee or agent and shall inure to the benefit of the successors, assigns, heirs, executors and administrators of such a
Person. 
  
 (f) Insurance. The Partnership may purchase and
maintain insurance on behalf of any Person who is or was a Limited Partner, General Partner, officer, employee or agent of the Partnership, or is or was serving at the request of the Partnership as a director, trustee, member, manager, officer,
employee or agent of another limited liability company, corporation, partnership, joint venture, or other enterprise against any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such
Person’s status as such, whether or not such Person would be entitled to indemnity against such liability under the provisions of this Section 17. 
  
 SECTION 18. Sale of Partnership Interests and New Partners. 
  
 (a) Assignment. Except as otherwise permitted in Section 18(g) herein, any Sale of a Partnership Interest in whole or
in part, including, without limitation, pursuant to Section 18(b), shall be permitted only upon compliance with the provisions of Section 18(c) and (d) and, to the extent applicable, upon compliance with the provisions of Section 18(b), (f) and (g).
A Sale of a Partnership Interest shall not entitle the assignee to become or to exercise any rights or powers of a Partner until such assignee is admitted as a Partner in accordance with this Agreement. As a condition to any Sale of a Partnership
Interest, the Partner must notify the assignee and the Partnership in writing of all obligations of such Partner for liabilities relating to the Partnership and this Agreement, including any obligations to make contributions to the Partnership. Any

  

 15 

 
attempted Sale in contravention of this Section 18 shall be void and of no force or effect except that such Sale shall entitle the transferee only to receive
such distributions, to share in such profits and to receive such allocations of income, gain, loss, deduction, credit, tax preference and similar items to which the transferor was entitled to the extent assigned. The transferee of any Partnership
Interest shall be treated as having made all of the Capital Contributions made by, and received all of the distributions from the Partnership received by, the transferor of such Partnership Interest with respect to such Partnership Interest.

  
 (b) Tag-Along/Drag Along Rights. 
  
 (i) Tag-Along. If VV City-Buck (the “Selling
Partner” proposes to effect a Sale to a Person other than (i) a Partner or (ii) a Sale for no consideration to an Affiliate of the Selling Partner, of all or less than all Partnership Interests held by such Selling Partner, such Selling
Partner shall offer each and every other Partner the opportunity to sell (the “Tag-Along Purchase Offer”) to such Person (the “Purchaser”) the Tag-Along Portion of such Partner’s Partnership Interest for the
consideration per percentage of Partnership Interest set forth hereinbelow as the “Tag-Along Price” and otherwise on the same terms and conditions upon which the Selling Partner(s) sell(s) its Partnership Interest. The Tag-Along Portion
shall be the portion of a Partner’s Partnership Interest which is equal to (x) the total Partnership Interest of such Partner as of the date that the Tag-Along Notice is provided in accordance with clause (ii) below multiplied by (y) a
fraction the numerator of which is the Partnership Interest that the Selling Partner proposes to sell as set forth in such Tag-Along Notice and the denominator of which is the total Partnership Interest of the Selling Partner held by such Partner as
of such date (the “Tag-Along Portion”). The consideration per percentage Partnership Interest payable to a Tag-Along Partner will be equal to the amount which would be distributed to such Tag-Along Partner per percentage Partnership
Interest assuming the Partnership sold all of its assets for a price which would result in the Selling Partner receiving the consideration offered in the Purchase Offer to the Selling Partner upon a liquidation of the Partnership. 
  
 (ii) Drag-Along. If VV City-Buck proposes to effect a
Sale to a Purchaser of all of its Partnership Interests, other than (i) to a Partner or (ii) a Sale for no consideration to an Affiliate of VV City-Buck (the “Drag-Along Purchase Offer”; a Tag-Along Purchase Offer and a Drag-Along
Purchase Offer may each be referred to herein as a “Purchase Offer”). VV City-Buck may require each and every other Partner to sell to the Purchaser all Partnership Interests held by such Partners for the same consideration per
percentage of Partnership Interest and otherwise on the same terms and conditions upon which VV City-Buck sells its Partnership Interests. 
  
 (iii) Exercise of Right. In the Event of a Purchase Offer, the Selling Partner shall cause the Purchase Offer described in clause
(i) or (ii) above, as applicable, to be reduced to writing and shall provide a written notice (the “Tag-Along/Drag-Along Notice”) of the Purchase Offer to the other Partners. The Tag-Along/Drag-Along Notice shall contain written
notice, as applicable, of (A) the exercise by VV City-Buck of VV City-Buck’s drag-along rights pursuant to this Section 18(b)(ii) or (B) the Tag-Along rights of the other Partners to sell the Tag-Along Portion of their Partnership
Interest pursuant to Section 18(b)(i), as the case may be, and shall set forth the consideration per percentage of Partnership 

  

 16 

 
Interest to be paid by the Purchaser and the other terms and conditions of the Purchase Offer. No later than 20 days (subject to the expiration of any
waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976) after receipt of Tag-Along/Drag-Along Notice or in a subsequent notice from the Selling Partner (A) in the event of a Drag-Along Purchase Offer, each of such other
Partners shall, or (B) in the event of a Tag-Along Purchase Offer, each of the other Partners who elects to participate in such Sale shall, deliver into escrow with the Selling Partner all documents reasonably required to be executed in connection
with such Purchase Offer, to be held for delivery to the Purchaser upon delivery to such Partner of the consideration therefor. In the event that a Partner receives a Tag-Along/Drag-Along Notice pursuant to this Section 18(b), such Partner
agrees to use its best efforts, in good faith and in a timely manner, to take, or cause to be taken, all action and to do, or cause to be done, all things necessary, proper or advisable, under applicable laws and regulations (including, without
limitation, to ensure that all appropriate legal and other requirements are met and all consents of third Persons are obtained), to consummate the proposed transactions contemplated by this Section 18(b). Notwithstanding any other provisions
of this Section 18(b), in the event of a Drag Along Sale, no Partner other than the Partner initiating the Drag Along Sale shall be required to make any representation or warranty or incur any liability with respect to such Sale other than with
respect to (1) such Partner’s title to its Partnership Interest; (2) power and authority to complete such sale; and (3) customary accredited investor representations and warranties if securities are issued in connection with the Sale.

  
 (iv) Return of Documents. If, for any
reason, the Selling Partner determines that it cannot complete the Sale of the Partnership Interests, the Selling Partner shall cause to be returned to each Partner all documents delivered into escrow pursuant hereto by such Partners, and all the
restrictions on Sale or other disposition contained in this Agreement with respect to Partnership Interests shall again be in effect. 
  
 (v) Remittance of Consideration. At the closing of the Sale of Partnership Interest pursuant to this Section 18(b) the
consideration with respect to the Partnership Interests of any Partner sold pursuant hereto shall be paid directly to each Partner pursuant to written instructions of such Partner. 
  
 (vi) No Liability. Notwithstanding anything contained in this Section 18(b), there shall be no
liability on the part of the Selling Partner to any Partner in the event that the Sale of Partnership Interests pursuant to this Section 18(b) is not consummated for whatever reason. Whether to effect a Sale of Partnership interests held by
the Selling Partner (together with the Partnership Interests of the other Partners pursuant to this Section 18(b)) shall be in the sole and absolute discretion of the Selling Partner. 
  
 (c) Limitations on Assignment. No Partner may Sell any Partnership
Interest (or any portion thereof or interest therein) to any Person, including without limitation any Sale pursuant to Section 18(b), and no Person shall become a Partner, unless in the opinion of counsel selected by or acceptable to the General
Partner, such action will not: (i) subject the Partnership to federal income taxation as an association taxable as a corporation; (ii) or, violate applicable state or federal securities laws (such requirements, the “Assignment
Conditions”). Further, during the Restrictive Period, VV City-Buck shall not Sell its Partnership Interest or any part thereof, unless it shall 
  

 17 

 
have first provided to LBC an opinion of Mayer Brown & Platt or other counsel reasonably acceptable to LBC, to the effect that such Sale will not cause
LBC to incur any negative income tax effect, including, without limitation, the recognition of any Code §704(c) gain as a result of such Sale, for which LBC is not being paid by VV City-Buck (the “Tax Assurances”). 

 
 (d) New Partners. Except as provided in Paragraph (f) below, a
Person, including, without limitation, an assignee of a Partnership Interest, shall be admitted as a Partner only upon: (i) the written consent of the General Partner, which consent may be granted or withheld in the sole and absolute discretion of
the General Partner; unless such Person is (1) an assignee of all or a portion of the Partnership Interest of a Partner and (2) an Affiliate of the Partner assigning such Partnership Interest, an assignee of JBC, or an assignee of LBC (subject to
the limitation of Paragraph (f) below), in which event such consent shall be given unless the assignment giving rise to the admission of such Person was made in violation of the Assignment Conditions or Section 18(f); (ii) the execution by such
Person of this Agreement or a joinder to this Agreement; and (iii) during the Restrictive Period, receipt by LBC of the Tax Assurances. Until the assignee of a Partnership Interest is admitted as a Partner, the assignor, subject to the last sentence
of Section 18(a), shall continue to be a Partner. 
  
 (e)
Redemption. If requested by a Partner, the Partnership may redeem, but is not obligated to redeem, the Partnership Interest of any such Partner upon the approval of the General Partner. 
  
 (f) Restrictions on LBC Transfer or Redemption. If LBC desires to
sell its Partnership Interest to any party other than an Affiliate of LBC, LBC shall provide written notice thereof to the Partnership, and the Partnership shall have the right to cause LBC’s Partnership Interest to be redeemed for an
amount equal to the then fair market value of the 35 W. Wacker Property, less all liabilities of the Partnership, as reasonably agreed upon by LBC and VV City-Buck, multiplied by the percentage corresponding to LBC’s Partnership Interest. The
Partnership shall have forty-five (45) days following receipt of such notice from LBC to (i) indicate whether or not it desires to redeem LBC’s Partnership Interest and (ii) if it elects to redeem LBC’s Partnership Interest, the proposed
fair market value of the 35 W. Wacker Property for purposes of such redemption. If LBC objects to such fair market value, it shall notify VV City-Buck thereof in writing specifying in reasonable detail the nature of its objection and the parties
shall in good faith attempt to resolve such disagreement. If the parties are unable to resolve such agreement within thirty (30) days after LBC’s notice, the matter shall be settled by arbitration in a manner consistent with the procedure
specified in Section 30(g) of the LBC Lease with appropriate modification to take into account the differing nature of the valuation to be performed. If the Partnership elects not to redeem the LBC Partnership Interest, then LBC shall be permitted
to sell its Partnership Interest during the six (6) month period thereafter provided that the purchaser of such Partnership Interest shall be subject to the approval of the General Partner, which approval shall not be unreasonably withheld.

  
 (g) Pledge or Encumbrance Permitted. Without the
consent of any other Partner, from time to time, VV City-Buck may pledge its Partnership Interest to a lending institution to secure a loan, so long as a purpose of such loan is to acquire funds to make VV City-Buck’s Capital Contribution (or
refinance the amount outstanding on any such loan) and so long as such loan is from, and such pledge is to, an institutional lender. 
  

 18 

 SECTION 19. Dissolution. 
  
 The Partnership shall be dissolved and terminated upon the happening of the
first to occur of any of the following events: 
  
 (a) The
expiration of the term of the Partnership; 
  
 (b) Following the
expiration of the Restrictive Period, the approval or written consent of a Majority Interest of the Partners for the dissolution or winding up of the Partnership; 
  
 (c) The bankruptcy (as defined in Section 17-402 of the Act) of the General Partner, unless within ninety (90) days of such
occurrence the Partnership is continued by the written consent of a Majority Interest of the remaining Partners, which consent may be granted or withheld in the sole and absolute discretion of each Partner whose consent is required hereby. The
Partnership shall automatically continue upon the death, retirement, withdrawal, resignation, expulsion or dissolution of the General Partner or other event which terminates the continued partnership of the General Partner, upon compliance with the
requirements of Section 17-801 of the Act by the remaining Partners, until the Partnership is otherwise dissolved and terminated pursuant to the terms of this Agreement; and 
  
 (d) Judicial dissolution pursuant to the Act. 
  
 SECTION 20. Winding Up and Distribution of Assets. 
  
 (a) Winding Up. If the Partnership is dissolved, the General Partner
shall wind up the affairs of the Partnership. 
  
 (b)
Distribution of Assets. Upon the winding up of the Partnership, the General Partner shall pay or make reasonable provision to pay all claims and obligations of the Partnership, including all costs and expenses of the liquidation and all
contingent, conditional, or unmatured claims and obligations that are known to the General Partner but for which the identity of the claimant is unknown. If there are sufficient assets, such claims and obligations shall be paid in full and any such
provision shall be made in full, If there are insufficient assets, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available
therefor. Any remaining assets shall be distributed as follows: 
  
 (i) First, to creditors, including Partners in their capacities as creditors, in the order of priority as provided by law; and 
  

(ii) Second, to Partners in accordance with Section 9 herein. 
  
 SECTION 21. Conflict of Interest. No Partner shall be required to act hereunder as its sole and exclusive
business activity and any Partner may have other business interests and engage in other activities in addition to those relating to the Partnership (and whether or not competitive with that of the Partnership). Neither the Partnership nor any
Partner shall have any right by virtue of this Agreement in or to any other interests or activities or to the income or proceeds derived therefrom. A Partner may transact business with the Partnership and, subject to 

  

 19 

 
applicable laws, has the same rights and obligations with respect thereto as any other Person. No transaction between a Partner and the Partnership shall be
voidable solely because a Partner has a direct or indirect interest in the transaction if either the transaction is fair and reasonable to the Partnership or the percentage or number of disinterested Partners as required under this Agreement or
applicable law, authorize, approve or ratify the transaction. 
  
 SECTION 22. Taxation. 
  
 (a)
Status of the Partnership. The Partners acknowledge that this Agreement creates a partnership for federal and state income tax purposes, and hereby agree not to elect to be excluded from the application of Subchapter K of Chapter 1 of
Subtitle A of the Code or any similar state statute. 
  
 (b)
Tax Elections. The General Partner shall, upon the written request of any Partner benefitted thereby, cause the Partnership to file an election under Section 754 of the Code and the Treasury Regulations thereunder to adjust the basis of the
Partnership assets under Section 734(b) or 743(b) of the Code and a corresponding election under the applicable sections of state and local law. The General Partner shall have the authority to make all other Partnership elections permitted under the
Code, including elections of methods of depreciation. 
  
 (c)
Partnership Tax Returns. The General Partner shall cause the necessary federal income and other tax returns and information returns for the Partnership to be prepared. Each Partner shall provide such information, if any, as may be needed by
the Partnership for purposes of preparing such tax returns and information returns. The General Partner shall deliver to each Partner within ninety (90) days after the end of each year a copy of the federal income tax returns for the Partnership as
filed with the appropriate taxing authorities, and upon the written request of any Partner, a copy of any state and local income tax return as filed. 
  
 (d) Tax Audits. 
  
 (i) VV City-Buck shall be the Partnership’s tax matters Partner (the “Tax Matters Partner”) with respect to federal
income tax audits. If at any time the Tax Matters Partner cannot or elects not to serve as the Tax Matters Partner, is removed by the Partners as the Tax Matters Partner or ceases to be a Partner, a Majority Interest shall select another Partner to
be the Tax Matters Partner. The Tax Matters Partner, as an authorized representative of the Partnership, shall direct the defense of any claims made by the IRS to the extent that such claims relate to the adjustment of Partnership items at the
Partnership level. The Tax Matters Partner shall promptly deliver to each Partner a copy of any notice of beginning of administrative proceedings or any report of the reasons for a proposed adjustment received from the IRS relating to or potentially
resulting in an adjustment of Partnership items. The Tax Matters Partner shall, unless a Majority Interest consents to the contrary, diligently and in good faith contest any proposed adjustment of a Partnership item that principally affects the
Partners at the administrative and judicial levels, including, if appropriate or if requested by a Majority Interest, appealing any adverse judicial decision, and shall consider in good faith any suggestions made by any Partner or its counsel
regarding the conduct of such administrative or judicial proceedings. The Tax Matters Partner shall keep each Partner 

  

 20 

 
advised of all material developments with respect to any proposed adjustment that come to its attention, including, without limitation, the scheduling of all
conferences and substantive telephone calls with the IRS. Each Partner shall be entitled, at its own expense, to attend all meetings with the IRS and to review in advance any material written information (including, without limitation, any
pleadings, memoranda or similar items) to be submitted to the IRS. Without first obtaining the consent of a Majority Interest, the Tax Matters Partner shall not, with respect to any proposed adjustment of a Partnership item that materially and
adversely affects any Partner, (A) enter into a settlement agreement that purports to bind Partners other than the Tax Matters Partner (including, without limitation, any stipulation consenting to any entry of decision by an tax court), or (B) enter
into an agreement or stipulation extending the statute of limitations. The Tax Matters Partner shall receive no compensation for serving as the Tax Matters Partner; provided, however, the Tax Matters Partner shall be reimbursed by the Partnership
for any reasonable out-of-pocket expense incurred by the Tax Matters Partner on behalf of the Partnership on a monthly basis. 
  
 (ii) The Partnership shall promptly deliver to each Partner a copy of all notices, communications, reports or writings of any kind with
respect to income or similar taxes received from any state or local taxing authority relating to the Partnership that might materially and adversely affect each Partner, and shall keep such Partners advised of all material developments with respect
to any proposed adjustment of Partnership items that come to its attention. 
  
 (iii) Each Partner shall continue to have the rights described in this Section 22(d) with respect to tax matters relating to any period during which it was a Partner, whether or not it is a Partner at the time of the
tax audit or contest. 
  
 SECTION 22. Not a Publicly Traded
Partnership. 
  
 All interests in the Partnership have
been or will be issued in transaction(s) that were not required to be registered under the Securities Act of 1933 (the “1933 Act”), and to the extent such offerings or sales were not required to be registered under the 1933 Act by
reason of Regulation S (17 CFR 230.901 through 230.904) or any successor thereto, such offerings or sales would not have been required to be registered under the 1933 Act if the interests so offered or sold had been offered and sold within the
United States. 
  
 No admission (or purported admission) of a
Partner, and no transfer (or purported transfer) of all or any part of a Partner’s interest in the Partnership (or any economic interest therein) in the Partnership, whether to another Partner or to a person who is not a Partner, shall be
effective, and any such admission or transfer (or purported admission or transfer) shall be void ab initio and no person shall otherwise become a Partner if (i) at the time of such admission or transfer (or purported admission or
transfer) any interest in the Partnership (or economic interest therein) is traded on an established securities market or readily tradeable on a secondary market or the substantial equivalent thereof or (ii) after such admission or transfer (or
purported admission or transfer) the Partnership would have more than 100 Partners. For purposes of clause (i) of the preceding sentence, an established securities market is a national securities exchange that is either registered under Section 6 of
the Securities Exchange Act of 1934 (the 

  

 21 

 
“1934 Act” or exempt from registration because of the limited volume of transactions, a foreign securities exchange that, under the law of
the jurisdiction where it is organized, satisfies regulatory requirements that are analogous to the regulatory requirements of the 1934 Act, a regional or local exchange, or an interdealer quotation system that regularly disseminates firm buy or
sell quotations by identified brokers or dealers by electronic means or otherwise. For purposes of such clause (i), interests in the Partnership (or interests therein) are readily tradeable on a secondary market or the substantial equivalent thereof
if (i) interests in the Partnership (or interests therein) are regularly quoted by any person, such as a broker or dealer, making a market in the interests; (ii) any person regularly makes available to the public (including customers or subscribers)
bid or offer quotes with respect to interests in the Partnership (or interests therein) and stands ready to effect buy or sell transactions at the quoted prices for itself or on behalf of others; (iii) the holder of an interest in the Partnership
has a readily available, regular, and ongoing opportunity to sell or exchange such interest (or interests therein) through a public means of obtaining or providing information of offers to buy, sell, or exchange such interests; or (iv) prospective
buyers and sellers otherwise have the opportunity to buy, sell, or exchange interests in the Partnership (or interests therein) in a time frame and with the regularity and continuity that is comparable to that described in clauses (i), (ii) and
(iii) of this sentence. For purposes of determining whether the Partnership will have more than 100 Partners,, each person indirectly owning an interest in the Partnership through a partnership (including any entity treated as a partnership for
federal income tax purposes), a grantor trust or an S corporation (each such entity a “flow-through entity”) shall be treated as a Partner unless the General Partner determines in its sole and absolute discretion that less than
substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Partnership. For purposes of the immediately preceding sentence,
the General Partner hereby acknowledges that less than substantially all of the value of the beneficial owners’ interests in LBC is attributable to LBC’s Partnership Interest. 
  
 SECTION 23. Debt Maintenance, Transfer Prohibition. Notwithstanding any other provision of this Agreement, at
all times during the Restrictive Period, the Partnership shall maintain such level of non-recourse indebtedness secured by the 35 W. Wacker Property and cause such portion of such indebtedness to be allocated to LBC under Code §752 and the
regulations thereunder as is sufficient to protect LBC against recognizing gain pursuant to Code §731(a)(1) as a result of a deemed distribution of money to LBC pursuant to Code §752(b) (the “Debt Maintenance
Requirement”). During the Restrictive Period, the Partnership (and any successor thereto) shall not refinance, sell, transfer, or in any other manner alter the ownership structure or ownership entity of the 35 W. Wacker Property in any
manner that could cause adverse tax consequences to LBC in the reasonable opinion of LBC’s tax counsel, Kirkland & Ellis (or such other counsel as may be reasonably approved by the Partnership) (the “Transfer Prohibition”)
In addition, upon the expiration of the Restrictive Period and until the end of the initial term of the Lease, LBC shall have the option, to the extent of indebtedness available for such purpose, of guarantying on a “bottom dollar basis,”
an amount of indebtedness of the Partnership or any successor thereto, sufficient to provide an allocation of debt to LBC equal to the amount of debt then required to be allocated to LBC to enable LBC to avoid recognizing gain pursuant to Code
§731(a)(1) as a result of a deemed distribution of money to LBC pursuant to Code §752(b). Such rights shall terminate if the 35 W. Wacker Property is sold following the expiration of the Restrictive Period to a party that is not an
Affiliate of any of the Partners, or any Affiliate of any 

 
Partner. Notwithstanding the foregoing provisions of this Section 24, the Debt Maintenance Requirement and Transfer Prohibition shall cease to apply, and the
Restrictive Period shall terminate, if LBC has voluntarily and independently recognized its taxable gain resulting from the transfer of the 35 W. Wacker Property to the Partnership or has defaulted in the payment of rent or other material economic
obligations under the LBC Lease and such default has remained uncured for a period of sixty (60) days following written demand therefor. 
  
 SECTION 24. Tax Indemnity. The Partnership hereby agrees to indemnify, defend, and hold harmless LBC and its shareholders (the “LBC
Indemnitees”) on an after-tax basis, against the adverse tax impact to the LBC Indemnitees of the Partnership’s use of the Remedial Method during the Restrictive Period. The amount of such indemnification with respect to use of the
Remedial Method, which shall be calculated and adjusted annually, shall have a present value equal to the excess of (i) the sum of the present values of (x) the income taxes actually paid by the LBC Indemnitees with respect to LBC’s interest in
the Partnership during the Restrictive Period, plus (y) the taxes that would have been paid by the LBC Indemnitees if the 35 W. Wacker Property were sold at the end of the Restrictive Period, plus (z) the income taxes actually paid by the LBC
Indemnitees as a result of the receipt of indemnification payments (with any reduction in LBC’s tax basis in its Partnership Interest in the Partnership as a result of its receipt of such indemnification payments being deemed to result in gain
at the end of the Restrictive Period) over (ii) the present value of the income taxes that the LBC Indemnitees would have paid during the Restrictive Period if the traditional allocation method under Code Section 704(c) (without curative
allocations) had been used, the 35 W. Wacker Property were sold at the end of the Restrictive Period, and throughout the Restrictive Period, LBC had been allocated an amount of non-recourse debt at least equal to its negative basis in the 35 W.
Wacker Property (the amount of such excess, the “Remedial Indemnification Amount”). In addition, in the event that the Partnership shall fail to comply with the Transfer Prohibition, the Partnership hereby further agrees to
indemnify, defend and hold harmless the LBC Indemnitees from and against the after-tax present value of the detriment incurred by the LBC Indemnitees as a result of such failure, taking into account the timing and character of taxable income
recognized by the LBC Indemnitees as a result of such failure (the “Transfer Indemnification Amount”). Notwithstanding the letter dated July 21, 1999 attached hereto as Exhibit D-3, the Remedial Indemnification Amount
shall be payable on an annual basis by the Partnership to LBC not later than January 14th of the year following the year in question, subject to adjustment for audit or other amendments of the tax return for the Partnership for the year in question.
The annual amount payable in respect thereof shall be calculated as provided above assuming that no income tax impact will occur in subsequent years of the Restrictive Period under the Remedial Method relative to the traditional method. At the
election of VV City-Buck, the Remedial Indemnification Amount (as estimated from time to time) can be prepaid at any time during the Restrictive Period, subject to later adjustment. LBC and VV City-Buck’s predecessor in interest (JBC and SOFI
IV) have entered into the following letter agreements that describe the way in which the Remedial Indemnification Amount and Transfer Indemnification Amount are calculated: (i) letter dated March 2, 1999 attached hereto as Exhibit D-1; (ii)
letter dated July 21, 1999 attached hereto as Exhibit D-2; and (iii) letter dated July 22, 1999 attached hereto as Exhibit D-3 (collectively, the “Letter Agreements”). LBC and VV City-Buck hereby ratify and confirm the
validity of the foregoing Letter Agreements, and VV City-Buck, as the successor of JBC and SOFI IV, and LBC agree to be bound the terms of those letter agreements. Finally, VV City-Buck agrees to indemnify, defend and hold harmless the LBC
Indemnitees, on an after-tax basis, 

  

 23 

 
against the adverse tax impact to the LBC Indemnitees, if any, of the conversion of the Original Company from a limited liability company to a limited
partnership and the admission of VV City-Buck as the General Partner of the Partnership (the “Conversion Indemnification Amount”) Notwithstanding the foregoing provisions of this Section 25, all of the foregoing tax indemnities
shall terminate, if and when LBC has voluntarily and independently recognized its taxable gain resulting from the transfer of the 35 W. Wacker Property to the Partnership or has defaulted in the payment of rent or other material economic obligations
under the LBC Lease and such default has remained uncured for a period of sixty (60) days following written demand therefor. 
  
 SECTION 26. LBC Tax Basis. Attached hereto as Schedule II is a statement acceptable to the Partners of (i) LBC’s adjusted tax basis in
the 35 W. Wacker Property and the various components thereof; (ii) the 35 W. Wacker Property’s remaining depreciable life for federal income tax purposes and (iv) the initial recovery period and depreciation methods applicable to the various
components of the 35 W. Wacker Property. 
  
 SECTION 27.
Securities Matters. Each Partner hereby represents and warrants to the Partnership and each other Partner, as follows: (i) such Partner is receiving the Partnership Interest to be received pursuant hereto for its own account with the
present intention of holding such Partnership Interest for purposes of investment, such Partner will not sell its Partnership Interest in a distribution in violation of the federal securities laws or any applicable state securities laws; (ii) such
Partner is an accredited investor as defined in Rule 501 of the Securities Act (an “Accredited Investor”) and has sufficient knowledge and experience in financial and business matters and investing in entities similar to the
Partnership so as to be able to evaluate the risks and merits of its investment in the Partnership and such Partner has had an opportunity to discuss the business, management and financial affairs of the Partnership with the management of the
Partnership; (iii) such Partner understands that the Partnership Interests have not been registered under the Securities Act by reason of their issuance in a transaction exempt from the registration requirements of the Securities Act pursuant to
Section 4(2) thereof or Rule 505 or 506 promulgated under the Securities Act, and that its Partnership Interest must be held indefinitely unless a subsequent disposition thereof is registered under the Securities Act and applicable state securities
laws or is exempt from such registration, and (iv) such Partner has the ability to bear the economic risk of acquiring Partnership Interests. 
  
 SECTION 28. Representations and Warranties of Partners. 
  
 (a) Representations and Warranties of VV City - Buck. VV City - Buck represents and warrants to LBC as follows:

  

	 	(1)	It is duly organized, validly existing and in good standing under the laws of the state of its formation, and is duly qualified to transact business in the State of Illinois.

  

	 	(2)	It has the legal right, power and authority (y) to enter into this Agreement and (z) to consummate the transactions contemplated hereby. 

  

	 	(3)	 The execution of this Agreement and the consummation of the transactions contemplated herein will not result in a breach of any of the 

  

 24 

	 	 
terms of, or constitute a default under, any agreement or document to which it is a party or by which it is bound, or, to the best of its knowledge, any
order, rule or regulation of any court or any government agency or official. 

  
 (b) Representations and Warranties of LBC. LBC hereby represents and warrants to VV City - Buck as follows: 
  

	 	(1)	It is duly organized, validly existing and in good standing under the laws of the state of its formation, and is duly qualified to transact business in the State of Illinois.

  

	 	(2)	It has the legal right, power and authority (y) to enter into this Agreement and (z) to consummate the transactions contemplated hereby. 

  

	 	(3)	The execution of this Agreement and the consummation of the transactions contemplated herein will not result in a breach of any of the terms of, or constitute a default under, any
agreement or document to which it is a party or by which it is bound, to the best of its knowledge, any order, rule or regulation of any court or any government agency or official. 

  

	 	(4)	To LBC’s knowledge, neither SOFI IV nor JBC is in default in the performance of its respective obligations under the First Amended and Restated Limited Liability Company
Agreement. 

  

	 	(5)	The Letter Agreements as attached hereto as exhibits are unmodified and in full force and effect. 

  

	 	(6)	Except for the Remedial Indemnity Amounts attributable to 1999 which have not yet been paid, all Remedial Indemnity Amounts due and payable to LBC on or before the date of this
Agreement have been paid in full. 

  

	 	(7)	This Agreement, which restates and supersedes in its entirety the First Amended and Restated Limited Partnership Agreement, and the Letter Agreements constitute all of the
agreements, written or oral, that exist with the Partnership with regard to the obligations and rights of LBC as a Partner of the Partnership and there are no other agreements, written or oral. 

  

	 	(8)	With regard to the transaction described in the Recitals, set forth above in this Agreement, LBC has waived its rights to tag-along pursuant to Section 18(b)(1) of the First
Amended, and Restated Limited Partnership Agreement. 

  

 25 

 SECTION 29. Miscellaneous. 
  
 (a) Governing Law. This Agreement and any controversies, claims or arbitration hereunder shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to its conflict of law rules. 
  
 (b) Binding Effect. Except as otherwise specifically provided herein, this Agreement shall be binding upon and inure to the benefit of the parties
and their legal representatives, heirs, administrators, executors, successors and assigns. 
  
 (c) Pronouns and Number. Wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural, and pronouns stated in either the
masculine, the feminine or the neuter gender shall include the masculine, feminine and neuter. 
  
 (d) Captions. Captions or section headings contained in this Agreement are inserted only as a matter of convenience and in no way define, limit or extend the scope or intent of this Agreement or any provision
hereof. 
  
 (e) Enforceability. If any provision of this
Agreement, or the application of the provision to any Person or circumstance shall be held invalid, the remainder of this Agreement, or the application of that provision to Persons or circumstances other than those with respect to which it is held
invalid, shall not be affected thereby. 
  
 (f)
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. 
  
 (g) Notices. Any notices permitted or required under this Agreement shall be deemed to have been given when delivered
in Person or by courier or three (3) days after being deposited in the United States mail, postage prepaid, and addressed to the Partnership at its principal place of business and to any Partner at the address reflected on the books and records of
the Partnership. 
  
 (h) Entire Agreement; Amendment. This
Agreement constitutes the entire agreement between the parties hereto with respect to the matters set forth herein and supersedes all prior understandings or agreements between the parties with respect to such matters. This Agreement, including all
schedules hereto, may only be amended, modified or supplemented by written agreement of all parties to this Agreement. 
  
 (i) Further Assurances. The Partners shall execute and deliver such further instruments and do such further acts and things as may be required to
carry out the intent and purposes of this Agreement. Each Partner shall execute all such certificates and other documents and shall do all such filing, recording, publishing, and other acts as the General Partner deems appropriate to comply with the
requirements of law for the formation and operation of the Partnership and to comply with any laws, rules, and regulations relating to the acquisition, operation, or holding of the property of the Partnership. 
  

 26 

 (j) Third Parties. Nothing in this Agreement, whether express or implied, shall be construed to
give any Person other than a Partner or the Partnership any legal or beneficial or other equitable right, remedy or claim under or in respect of this Agreement, any covenant, condition, provision or agreement contained herein or the property of
Partnership. 
  
 (k) Facsimile Signatures. The facsimile
signature of any Partner may be used at all times and for all purposes in place of an original signature. 
  
 (l) Reliance upon Books, Reports and Records. Unless he has knowledge concerning the matter in question which makes his reliance unwarranted, each
General Partner and Partner shall, in the performance of his duties hereunder, be entitled to rely on information, opinions, reports or statements, including, without limitation, financial statements and other financial data, if prepared or
presented by one or more employees of the Partnership or by legal counsel, accountants or other Persons as to matters such General Partner or Partner reasonably believes to be within such Person’s professional or expert competence. 

 
 (m) Time Periods. In applying any provision of this Agreement which
requires that an act be done in or not done in a specified number of days prior to an event or that an act be done during a period of a specified number of days, calendar days shall be used, the day of the doing of the act shall be excluded, and the
day of the event shall be included. 
  
 (n) Waiver. No
failure by any Partner to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach or any other
covenant, duty, agreement or condition. 
  
 (o) Partner
Estoppel. Each Partner agrees at any time and from time to time upon not less than ten (10) business days prior written request by another Partner to execute, and acknowledge and deliver to such requesting Partner or such party as such
requesting Partner may direct, a statement in writing certifying that this Agreement is unmodified and in full force and effect (or if there have been any modifications that the same is in full force and effect as modified and stating the
modifications), that to the certifying Partner’s knowledge, no Partner is in default under the terms of this Agreement, or, if in default, the nature thereof in detail, and such other matters as the requesting Partner may reasonably request.

  

 27 

 IN WITNESS WHEREOF, the undersigned Partners have executed this Agreement as of the date first set forth
above. 
  

	 VV CITY-BUCK VENTURE, L.P.

		
	 By:
	 	VV USA City, L.P., a Delaware limited partnership, its sole general partner
			
	 	 	 By:
	 	VV USA, LLC, a Delaware limited liability company, its sole general partner
				
	 	 	 	 	 By:
	 	 /s/    Dietmar
Georg        

	 	 	 	 	 	 	 Name: Dietmar Georg

	 	 	 	 	 	 	 Its: Managing Director

	
	 LEO BURNETT USA, INC.

		
	 By:
	 	 /s/  Carla R.
[Illegible]        

	 Its:
	 	 EVP & General Counsel

  

 28 

 SCHEDULE I-A 
 PARTNERS 
  

	 NAME AND ADDRESS

	  	TAXPAYER
I.D. #

	  	CAPITAL
CONTRIBUTIONS

	  	CURRENT
CAPITAL
ACCOUNT
BALANCE

	  	PERCENTAGE
OF
PARTNERSHIP
INTEREST

	 
	 Leo Burnett USA, Inc.
 35 West Wacker Drive
 Chicago, IL 60601
	  	 	  	$	2,200,000.00	  	$	2,024,893.00	  	3.4993	%
					
	 VV City-Buck Venture, L.P.
 c/o Lend Lease Real Estate Investments, Inc.
 455 North Cityfront Plaza
 Drive, Suite 3200
 Chicago, Illinois 60611
	  	 	  	$	60,670,508.00	  	$	56,737,430.00	  	96.5007	%

 SCHEDULE I-B 
  

	 GENERAL PARTNER
	 	 VV CITY-BUCK, L.P.

		
	 LIMITED PARTNER:
	 	 LEO BURNETT USA, INC.

  

 2 

 SCHEDULE II 
 LBC TAX MATTERS 

 35 West Wacker Drive 
 Tax Basis Analysis 
  

	 	  	Life

	  	 Cost
 12/31/96

	  	 Accumulated
 Depreciation
 12/31/96

	  	 Actual
 Tax Basis
 12/31/96

	  	 Estimated
 Current Year
 Depreciation

	  	 Current Year
 Additions/Adj.

	 	 	 Estimated
 Tax Basis
 12/1/97

	  	 FMV
 Allocation

	 Tangible Assets
	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	  	 
	 Land
	  	 	  	7,115,550	  	 	  	7,115,550	  	 	  	 	 	 	7,115,550	  	25,000,000
	 Other Non-Depreciable
	  	 	  	430,767	  	 	  	430,767	  	 	  	 	 	 	430,767	  	430,767
	 Base Building
	  	31.5	  	175,129,339	  	42,803,083	  	132,326,256	  	5,324,153	  	(1,713,219	)	 	125,288,864	  	187,879,724
	 Base Building
	  	39	  	550,543	  	27,987	  	522,556	  	13,258	  	193,656	 	 	702,684	  	702,684
	 Site Prep
	  	15	  	476,087	  	264,965	  	211,122	  	14,168	  	 	 	 	196,954	  	196,954
	 Building 1245 Property
	  	7	  	6,795,342	  	6,565,754	  	229,588	  	105,822	  	 	 	 	123,766	  	123,766
	 Building 1245 Property
	  	5	  	1,042,714	  	1,042,714	  	0	  	0	  	 	 	 	0	  	0
	 Furniture
	  	7	  	230,315	  	205,047	  	25,268	  	11,121	  	 	 	 	14,147	  	14,147
	 Mechanical Equipment
	  	7	  	1,565,046	  	865,739	  	699,307	  	186,271	  	468,790	 	 	981,826	  	981,826
	 Rugs & Drapes
	  	7	  	26,312	  	23,172	  	3,140	  	1,514	  	43,000	 	 	44,626	  	44,626
	 Telecommunications
	  	7	  	117	  	117	  	0	  	0	  	 	 	 	0	  	0
	 	  	 	  	
	  	
	  	
	  	
	  	
	
	 	
	  	

	 Subtotal
	  	 	  	193,362,132	  	51,798,578	  	141,563,554	  	5,656,577	  	(1,007,773	)	 	134,899,204	  	215,374,494
									
	 Capitalized Costs
	  	 	  	 	  	 	  	 	  	 	  	 	 	 	 	  	 
	 Loan Fees
	  	 	  	1,516,598	  	1,188,002	  	328,596	  	328,596	  	 	 	 	0	  	0
	 Leasing Commissions
	  	 	  	2,784,748	  	1,052,685	  	1,732,063	  	127,634	  	 	 	 	1,604,429	  	1,604,429
	 Loan Extension Fee
	  	 	  	575,000	  	0	  	575,000	  	575,000	  	 	 	 	0	  	0
	 Development Fee
	  	 	  	3,700,000	  	979,413	  	2,720,587	  	199,510	  	 	 	 	2,521,077	  	2,521,077
	 Other Deferred Assets
	  	 	  	318,977	  	318,977	  	0	  	 	  	 	 	 	0	  	0
	 	  	 	  	
	  	
	  	
	  	
	  	
	
	 	
	  	

	 Subtotal
	  	 	  	8,895,323	  	3,539,077	  	5,356,246	  	1,230,740	  	0	 	 	4,125,506	  	4,125,506
	 	  	 	  	
	  	
	  	
	  	
	  	
	
	 	
	  	

	 Total
	  	 	  	202,257,455	  	55,337,655	  	146,919,800	  	6,887,317	  	(1,007,773	)	 	139,024,710	  	219,500,000
	 	  	 	  	
	  	
	  	
	  	
	  	
	
	 	
	  	

 EXHIBIT A 
  

[Legal Description of 35 W. Wacker Property] 

 LEGAL DESCRIPTION OF THE LAND 
  
 PARCEL 1: 
  
 LOTS 1, 3 AND 4 IN THE LEO BURNETT RESUBDIVISION OF A TRACT OF LAND IN THE EAST 1/2 OF THE SOUTHEAST 1/4 OF SECTION 9, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD
PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. 
  
 PARCEL 2: 
  
 A NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL 1 AS CREATED BY THE RECIPROCAL
CROSS-ACCESS EASEMENT AGREEMENT DATED DECEMBER 15, 1997 AND RECORDED FEBRUARY 3, 1998 AS DOCUMENT 98090502 BY AND AMONG 35 W. WACKER VENTURE L.L.C., A DELAWARE LIMITED LIABILITY COMPANY, COLE TAYLOR BANK, AS SUCCESSOR TRUSTEE TO HARRIS TRUST AND
SAVINGS BANK, AS TRUSTEE UNDER TRUST AGREEMENT DATED SEPTEMBER 24, 1986 AND KNOWN AS TRUST NUMBER 43770 AND LEO BURNETT COMPANY, INC. FOR THE PURPOSE OF AN EASEMENT TO PASS ON, OVER, OR THROUGH THE HOTEL EASEMENT AREA FOR THE PURPOSE OF PASSAGE
BETWEEN THE HOTEL PROPERTY AND THE OFFICE PROPERTY AS DEFINED IN SAID DOCUMENT.

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