Document:

exv10w10

Exhibit 10.10

SUMMARY OF COMPENSATION FOR NAMED EXECUTIVE OFFICERS AS OF MARCH 29, 2010

As of March 29, 2010, the Board of Directors established annual base salary for our named executive
officers as follows:

	 	 	 	 	 
	Name and Title	 	Compensation
	Thomas R. Johnson, President and Chief Executive Officer, Call Now, Inc.
	 	$	200,000	 
	Christopher J. Hall, Chairman, Call Now, Inc.
	 	$	200,000	 
	Bryan P. Brown, Chief Executive Officer, Retama Entertainment Group, Inc.
	 	$	200,000	 

Following the end of each fiscal year the Board may pay a bonus to our named executive officers.
Such Bonus is paid in the event the Board deems it appropriate and the employee is not promised
such bonus in advance and it is not payable for achievement of any established goals or targets.

47exv10w22

Exhibit 10.22

AGREEMENT OF PURCHASE AND SALE

AND JOINT ESCROW INSTRUCTIONS

 

By and Between

WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii Limited Liability Company

and

TNP ACQUISITIONS, LLC,

a Delaware Limited Liability Company

 

 

 

AGREEMENT OF PURCHASE AND SALE

AND JOINT ESCROW INSTRUCTIONS

SECTION 1

SUMMARY OF BASIC TERMS

     This Purchase and Sale Agreement and Joint Escrow Instructions (the “Agreement”),
dated as of the Effective Date set forth in Section 1.1, is made by and between WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company (“Seller”), and TNP ACQUISITIONS, LLC.,
a Delaware limited liability company (“Buyer”). The terms set forth below shall have the
meanings set forth below when used in this Agreement.

	 	 	 
	TERMS OF	 	 
	AGREEMENT	 	DESCRIPTION
	1.1 “Effective Date”:

	 	July 13, 2009.
	 
	 	 
	1.2 “Purchase Price”:

	 	Twenty-Five Million Six Hundred Eighty-Eight Thousand Dollars
($25,688,000.00), plus the GSA Reimbursement amount described in
Section 2.1.2.
	 
	 	 
	1.3 “Deposit”:

	 	“Initial Deposit”: Fifty Thousand Dollars ($50,000.00).
	 
	 	 
	 

	 	“Additional Deposit”: Two Hundred Thousand Dollars ($200,000.00).
	 
	 	 
	1.4 “Escrow Holder”:

	 	Title Guaranty Escrow Services, Inc.
235 Queen Street, 1st Floor
Honolulu, Hawaii 96813
Attention: Barbara Paulo
(808) 521-0209 (tel)
(808) 521-0280 (fax)
	 
	 	 
	1.5 “Contingency Date”:

	 	The thirtieth (30th) calendar day after the Effective Date.
	 
	 	 
	1.6 “Closing Date”:

	 	The forty-fifth (45th) calendar day after the Contingency
Date (so long as Buyer or Seller have not previously terminated this
Agreement in accordance with the terms of this Agreement); provided,
however, that if on such day Buyer is unable to assume the Conduit
Loan because Conduit Lender has not approved Buyer’s proposed
assumption, then the Closing Date shall be extended to the fifth
(5th) calendar day after Buyer’s receipt of: (i) written
notice that the Conduit Lender has approved Buyer’s proposed
assumption of the Conduit Loan and (ii) execution

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	TERMS OF	 	 
	AGREEMENT	 	DESCRIPTION
	 

	 	versions of the loan assumption documents, in form and substance acceptable to
Conduit Lender and to Buyer; but in no event shall the Closing Date
be later than September 15, 2009 (“Outside Closing Date”).
	 
	 	 
	1.7 “Property”:

	 	The Real Property, the Improvements, and all of the rights, title,
interests, privileges and appurtenances which are in any way related
to or used in connection with the Real Property and Improvements, and
all Personal Property, Intangible Property, Leases and Contracts.
	 
	 	 
	1.8 “Real Property”:

	 	That certain real property located in the City and County of
Honolulu (“County”), State of Hawaii (“State”), as more particularly
described on Exhibit A attached hereto, together with all right,
title and interest of the Seller in any appurtenant rights.
	 
	 	 
	1.9 “Improvements”:

	 	All buildings, fixtures, structures, parking areas, landscaping and
other improvements constructed and located on the Real Property,
together with all machinery and mechanical, electrical, HVAC and
plumbing systems (other than Personal Property) used in the operation
thereof, but excluding any such items owned by Tenants in possession
or public or private utilities or contractors or vendors under
contract.
	 
	 	 
	1.10 “Personal Property”:

	 	All equipment, appliances, tools, machinery, supplies, building
materials and other personal property of every kind and character
owned by Seller and attached to, appurtenant to, and located at and
used in connection with the operation of the Improvements located at
the Project including, without limitation, all attachments,
appliances, fittings, gas and oil burners, automatic stokers,
lighting fixtures, doors, cabinets, partitions, mantles, elevators,
electric motors, pumps, screens, flag poles, waste disposal or
storage equipment, all sprinklers, plumbing, heating, air
conditioning, electrical, ventilating, lighting, incinerating, vacuum
cleaning, refrigerating and cooling systems, each with its respective
furnaces, boilers, engines, motors, dynamos, radiators, pipe, wiring
and other apparatus, vaults, safes, fire prevention and extinguishing
equipment, carpets, floor covering, kitchen appliances and antenna.
	 
	 	 
	1.11 “Contracts”:

	 	(i) All contracts and agreements relating to the operation and
maintenance of the Project, described in Schedule 2 attached hereto,
and (ii) all contracts entered into by Seller after the Effective
Date and before the close of Escrow pursuant to Section 3.4.1.2.

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	TERMS OF	 	 
	AGREEMENT	 	DESCRIPTION
	1.12 “Intangible
Property”:

	 	All of Seller’s right, title and interest in and to the following to
the extent assignable by Seller: (i) any and all intellectual property (including licenses to use
same) used in connection with the ownership, use and/or operation of
the Real Property, the Improvements or the Personal Property; (ii)
all development rights, building, use or other permits, approvals,
authorizations, licenses and consents obtained from any governmental
authority in connection with the development, use, operation and
management of the Real Property and the Improvements; (iii) all
preliminary, final and “as-built” plans and specifications respecting
the Real Property and the Improvements; and (iv) all warranties and
guarantees relating to the Real Property and the Personal Property,
including its physical condition (excluding Leases and Contracts)
	 
	 	 
	1.13 “Leases”:

	 	(i) All leases, licenses or occupancy agreements (including all
amendments, modifications, addenda, and exhibits) affecting the Real
Property, described in Schedule 1 attached hereto, and (ii) all
leases entered into by Seller after the Effective Date and before the
close of Escrow pursuant to Section 3.4.1.2.
	 
	 	 
	1.14 “Excluded Assets”:

	 	All right, title and interest of Seller, if any, in and to any: (i)
cash or other funds, whether in petty cash or on deposit in bank
accounts or in transit for deposit; (ii) impounds or reserves held by
or on behalf of Seller’s lender(s) with respect to the Real Property,
Personal Property and Intangible Property, including but not limited
to those for taxes, insurance, replacement reserves, tenant
improvements and leasing commissions (unless Buyer reimburses Seller
for such impounds and reserves at Closing); (iii) receivables
attributable to the period prior to Closing; (iv) refunds, rebates or
other claims, or any interest thereon, for periods or events
occurring prior to the Closing; and (v) utility and similar deposits
except to the extent that Seller receives a credit on the closing
statement or as a proration.
	 
	 	 
	1.15 “Project”:

	 	That certain shopping mall located on the Real Property, located at
86-120 Farrington Highway, Honolulu, Hawaii and commonly known as
“Waianae Mall”.

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	TERMS OF	 	 
	AGREEMENT	 	DESCRIPTION
	1.16 “Title Company”:

	 	Title Guaranty of Hawaii, Inc. 

235 Queen Street 

Honolulu, Hawaii 96813

Attention: Cheryl Anzai

(808) 539-7720 (tel)

(808) 521-0287 (fax)
	 
	 	 
	1.17 “Brokers”:

	 	CB Richard Ellis 

1001 Bishop Street 

Pauahi Tower, Suite 1800

Honolulu, Hawaii 96813

Attention: Scott B. Gomes

(808) 521-1200 (tel)

(808) 541-5155 (fax)

SECTION 2

PURCHASE

     2.1 Purchase Price; Escrow Opening. Seller agrees to sell to Buyer, and Buyer agrees
to purchase from Seller, the Property (excluding Excluded Assets) for the sum of the Purchase
Price, which shall be paid as set forth below in this Section 2.1.

          2.1.1 Deposit. Within three (3) business days following the Effective Date, Buyer
shall deliver to Escrow Holder the Initial Deposit which Escrow Holder shall invest in a federally
insured interest-bearing account with a national banking association or federally chartered savings
and loan association. Until the Contingency Date, the Initial Deposit shall remain immediately
refundable to Buyer if this Agreement is terminated by Buyer for any reason or no reason. Within
one (1) business day following the Contingency Date, provided Buyer has not terminated this
Agreement on or before such date, as hereinafter provided, Buyer shall deliver to Escrow Holder the
Additional Deposit, which Escrow Holder shall invest in a federally-insured, interest bearing
account along with the Initial Deposit. The Initial Deposit and the Additional Deposit (if and
when made) shall be collectively referred to as the “Deposit” (which term includes any
interest which accrues thereon). Following the Contingency Date, the Deposit shall not be refunded
to Buyer unless the transaction contemplated by this Agreement is not consummated as the result of:
(a) Seller’s default under the terms of this Agreement; (b) the failure of a condition precedent to
Buyer’s obligations as set forth in Section 2.4.3.1 of this Agreement; or (c) under Section 6 of
this Agreement or any other provision of this Agreement which provides for the termination which
does not result from the default of Buyer. The Deposit shall be credited toward payment of the
Purchase Price at Closing.

          2.1.2 Purchase Price Balance. Provided that this Agreement has not previously
terminated, not later than by 12:00 noon, two (2) business days prior to the scheduled Closing Date
Buyer shall deliver the balance of the Purchase Price (i) adjusted for Buyer’s share of costs,
expenses and prorations, (ii) net of the principal balance owing under the Conduit Loan as of the
close of Escrow, and (iii) excluding the GSA Reimbursement to be paid after Closing. Buyer shall

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assume the Conduit Loan upon the close of Escrow. After Closing, Buyer shall pay the balance
of unpaid tenant improvement costs to be reimbursed by the Government Services Association (“GSA”)
with respect to Suite A-109 (“GSA Reimbursement”) to Seller immediately after receipt from GSA.
This Section shall survive the Closing.

          2.1.3 Escrow Opening. Buyer and Seller shall promptly (but in no less than three (3)
business days following the Effective Date) cause the opening of Escrow by delivering a fully
executed copy of this Agreement to Escrow Holder, together with any additional instructions as may
be necessary or convenient to implement the terms of this Agreement. The term “Escrow”
means the escrow opened with Escrow Holder for the consummation of the transaction described in
this Agreement.

          2.1.4 Conduit Loan Assumption.

               2.1.4.1 As used in this Agreement, the term “Conduit Loan” shall mean and refer to
that certain loan, in the original principal amount of Twenty-Two Million Two Hundred Thousand
Dollars ($22,200,000.00), made to West Oahu Mall Associates, LLC on or about September 19, 2005, by
IXIS Real Estate Capital Inc., a New York corporation, and secured by loan documents, including but
not limited to a Mortgage, Assignment of Leases and Rents and Security Agreement encumbering the
Real Property and Improvements, dated September 19, 2005, made by West Oahu Mall Associates, LLC to
IXIS Real Estate Capital Inc., which was recorded in the Office of the Assistant Registrar of the
Land Court of the State of Hawaii as Document No. 3328441 (“Mortgage”), which loan and loan
documents were subsequently assigned to Wells Fargo. The outstanding principal balance for the
Conduit Loan as of March 11, 2009, was approximately Twenty-One Million One Hundred Forty-Seven
Thousand Two Hundred Seventy-Eight Dollars ($21,147,278).

               2.1.4.2 As used in this Agreement, the term “Conduit Lender” shall mean and refer to
Wells Fargo and/or its current servicer for the Conduit Loan.

               2.1.4.3 Within three (3) business days following the Effective Date, Seller shall send a
letter to Conduit Lender: (a) notifying Conduit Lender of the existence of this Agreement; (b)
identifying Buyer by name, address and telephone number; (c) notifying Conduit Lender of Buyer’s
intention to assume the Conduit Loan as provided in this Agreement; (d) requesting that Conduit
Lender promptly send Buyer an application to assume the Conduit Loan and such other documents and
information as Buyer may need in connection with its proposed assumption of the Conduit Loan; and
(e) authorizing Conduit Lender to make available to Buyer such information with respect to the
Conduit Loan as Buyer shall reasonably request in connection with its proposed assumption of the
Conduit Loan.

               2.1.4.4 Within ten (10) business days following the Contingency Date, Buyer shall complete and
file with Conduit Lender an application to assume the Conduit Loan, together with a check in
payment of Conduit Lender’s deposit for considering such an application and all statements,
certificates and other documents required by Conduit Lender as part of a complete application
package. Concurrently with filing the aforesaid assumption application package with Conduit Lender,
Buyer hereby authorizes Conduit Lender to notify Seller as and when Conduit Lender has received
said package. After the filing of the assumption application package, Buyer shall diligently
prosecute such application to completion and Seller shall

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reasonably cooperate in connection therewith, including without limitation, the prompt
delivery to Conduit Lender of such information and documents as may be required from Seller by
Conduit Lender. Buyer shall give Seller written notice of Conduit Lender’s approval or disapproval
of Buyer’s application to assume the Conduit Loan within three (3) days after its receipt of
written notice of such approval or disapproval. Buyer shall be responsible for the payment of all
application fees for the assumption application and all assumption fees and costs for the
assumption of the Conduit Loan.

               2.1.4.5 In the event that the Conduit Lender does not approve Buyer’s application to assume
the Conduit Loan upon terms reasonably acceptable to Buyer, either party shall have the right, in
its sole discretion, to terminate this Agreement (in which event Escrow shall be canceled and the
rights and obligations of the parties thereafter shall be the same as if the Agreement was
terminated pursuant to the provisions of Section 2.2.2.)

               2.1.4.6 Impounds or reserves held by or on behalf of the Conduit Lender with respect to
Conduit Loan, including but not limited to those for taxes, insurance, replacement reserves, tenant
improvements and leasing commissions, (“Excluded Reserves”) shall be Excluded Assets and
shall not be included as Property being sold to Buyer unless the Conduit Lender requires that such
impounds or reserves be assigned to Buyer, in which case Buyer shall reimburse Seller for the cost
thereof at the close of Escrow.

     2.2 Inspections, Investigations and Approvals. Before the Contingency Date or such
earlier date as specified herein, Buyer shall have reviewed and approved, disapproved or waived, as
hereafter provided, all of the following matters.

          2.2.1 Physical and Record Inspections. From and after the opening of Escrow, Buyer and
Buyer’s representatives, agents and designees shall have the right to: (i) consult with any Tenants
or any governmental or quasi-governmental body or agency having jurisdiction over the Property
and/or the Project including, without limitation, the State and the County (the
“Authorities”) for any purpose relating to the Property (provided that Buyer shall give
Seller at least two (2) business day’s prior written notice of any proposed consultation, specify
the Tenant(s) or other entity(ies) that Buyer desires to contact, and give Seller an opportunity to
be present at such contacts or discussions (except Buyer may enter into discussions with
representatives of any governmental or quasi-governmental body or agency without Seller’s
participation), and in the case of contact with the Tenants, Seller (as opposed to Buyer) shall
arrange the consultation), (ii) enter upon the Property, at Buyer’s sole cost, for any purpose in
connection with its proposed purchase, development or operation of the Property, including, without
limitation, to make such inspections, investigations and tests as Buyer may elect to make or
obtain, including, without limitation, environmental Phase I and Phase II, seismic, hydrogeologic
and engineering tests, analyses and studies, provided that no invasive testing shall be done
without the prior written approval of Seller, which approval shall not be unreasonably withheld,
and (iii) enter upon the location(s) where the Property Manager Records, as hereinafter defined,
are located to inspect, review and copy same.

          In conducting any inspections, tests, investigations or studies of the Property, Buyer and
Buyer’s agents and representatives shall: (i) not unreasonably disturb the Tenants or interfere
with their use of the Property pursuant to their respective Leases; (ii) not unreasonably interfere
with the operation and maintenance of the Property; (iii) not damage any part of the Property or

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any personal property owned or held by any Tenant or any third party (other than non-material
damage caused by invasive testing, which will be repaired by Buyer as provided herein); (iv) not
injure or otherwise cause bodily harm to Seller, or its agents, guests, invitees, contractors and
employees or any Tenants or their guests or invitees; (v) comply with all applicable laws; (vi)
promptly pay when due the costs of all inspections, tests, investigations, and studies done with
regard to the Property; (vii) not permit any liens to attach to the Property by reason of the
exercise of Buyer’s rights hereunder; (viii) promptly repair any damage to the Property resulting
from the entry by Buyer or Buyer’s agents, employees, contractors and representatives or from any
such inspections, tests, investigations or studies; and (ix) not reveal or disclose any information
obtained concerning the Property and Due Diligence Materials, as hereinafter defined, to anyone
other than Permitted Outside Parties in accordance with the confidentiality standards set forth in
Section 8.15 below until after the close of Escrow. As used in this Agreement, “Permitted
Outside Parties” shall mean (w) Buyer’s directors, partners, joint venture partners, equity
partners, perspective investors in Buyer, members, managers, shareholders, officers, employees,
accountants, and attorneys, (x) potential financing sources, (y) parties to the
development/entitlement process and other representatives, in each case who have a need to know the
information set forth in the Due Diligence Materials for the purpose of conducting due diligence
analysis with respect to the Property and (z) any person to whom the Due Diligence Materials need
to be disclosed in connection with a legal, equitable or arbitration proceeding or as may be
otherwise required by law. Buyer shall obtain or cause its consultants to obtain, at Buyer’s sole
cost and expense before commencement of any investigative activities on the Property, a policy of
commercial general liability insurance in a form reasonably acceptable to Seller, covering any and
all liability of Buyer and Seller with respect to or arising out of any investigative activities.
Such policy of insurance shall be kept and maintained in force during the term of this Agreement
and so long thereafter as necessary to cover any claims of damages suffered by persons or property
resulting from any acts or omissions of Buyer, Buyer’s employees, agents, contractors, suppliers,
consultants or other related parties. Such policy of insurance shall have liability limits of not
less than One Million Dollars ($1,000,000.00) combined single limit per occurrence for bodily
injury, personal injury and property damage liability and shall name Seller as an additional
insured. To the fullest extent permitted by law and in addition to all other indemnities provided
for in law or at equity or in the documentation for the transactions described in this Agreement,
Buyer shall protect, indemnify, defend and hold the Property, Seller and Seller’s parents,
subsidiaries, partners, members, participants, and affiliates, and the officers, directors,
shareholders, employees, agents, representatives, contractors, and invitees of all of the
foregoing, and the heirs, executors, successors and assigns of all of the foregoing (collectively,
“Seller Parties”) free and harmless from and against any and all claims, damages, liens,
stop notices, liabilities, losses, costs and expenses, including, without limitation, reasonable
attorneys’ fees and court costs, resulting from Buyer’s inspection and testing of the Property,
including, without limitation, repairing any and all damages to any portion of the Property, caused
by Buyer’s conducting such physical inspections, surveys, tests, and studies, provided, however,
that Buyer shall have no obligation to indemnify Seller or any Seller Parties, nor be liable for
any cost, damage, loss or expense of Seller or any Seller Parties to the extent the same result
from or arise out of a condition existing on the Property prior to Buyer’s inspection and testing
(which includes, without limitation, the mere discovery of Hazardous Materials in, on or about the
Project). Buyer shall keep the Property free and clear of any mechanics’ liens or materialmen’s
liens related to Buyer’s right of inspection and the activities contemplated by this Section 2.2.1.
The Buyer’s indemnification obligations set forth herein shall

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survive the close of Escrow and shall not be merged with the Deed, and shall survive the
termination of this Agreement and Escrow.

          Within two (2) business days following the Effective Date, Seller shall deliver (or if
delivery is impractical or excessively costly, make available to Buyer at Seller’s corporate office
in Los Angeles, California), copies of the following documents or materials, to the extent such
documents and materials are in Seller’s possession or control: (i) a list of the Personal Property;
(ii) all architectural and engineering plans, specifications, and documentation respecting the
Improvements, certificates of occupancy, and surveys, including the existing ALTA Survey; (iii) all
engineering, soils, geotechnical, earthquake, seismic and environmental reports and audits
pertaining to the Property; (iv) all Leases of all tenants of the Project (“Tenants”) and
all amendments, addenda, modifications, exhibits, and supplements, thereto and all guarantees
thereof, relating to all or any portion of the Project, a list of all security deposits and advance
rentsand a current rent roll certified to Seller’s knowledge; (v) all Contracts relating
to the Property; (vi) all financial statements related to the Project from April 1, 2005 to the
present, including year-end financials, monthly operating statements, and a current rent roll
(including CAM reconciliations, if any) and year-to-date financial and monthly operating statements
(and CAM reconciliations, if any) for 2008; (vii) all licenses and permits in connection with the
Property; (viii) the real property tax assessment and/or bills from the year 2006 to the present
for the Property; (ix) utility bills; (x) the Conduit Loan documents and any other notes and
security agreements affecting the Property; (xi) insurance policies and certificates of insurance
from the year 2006 to the present for the Property, copies of insurance claims from the year 2006
to the present, and related correspondence; (xii) any roof, HVAC and structural reports for
the Property in Seller’s possession; (xiii) any environmental reports (i.e., Phase I and/or Phase
II reports) or other reports with respect Hazardous Materials with respect to the Real Property or
Improvements; (xiv) warranties and guarantees and related correspondence regarding the Project;
(xv) parking regulations and documentation regarding compliance with parking regulations; and (xvi)
business and operation records of the Property (excepting the Excluded Documents as defined below)
(“Property Manager Records”) (collectively “Due Diligence Materials”).
Notwithstanding anything in this Section to the contrary, Seller shall have no obligation to make
available to Buyer, and Buyer shall have no right to inspect or make copies of, any of the Excluded
Documents. As used herein, “Excluded Documents” shall mean any documents involving either
Seller’s financing (other than the Conduit Loan documents) or refinancing of the Property, any
purchase and escrow agreements and correspondence pertaining to Seller’s acquisition or sale of the
Property, any documents pertaining to the potential acquisition of the Property by any past or
prospective purchasers, any third party purchasing inquiries and correspondence, appraisals of the
Property, internal budgets or financial projections, documentation protected by the attorney client
privilege or which constitute work product of any of Seller’s attorneys, documents including
communications regarding the negotiation and documentation of the potential sale of the Property to
Buyer, documents related to the organization and financial affairs of the Seller and its members,
and any other internal proprietary documents which are not materially related to the maintenance
and operation of the Property. Buyer shall provide Seller with reasonable prior telephone or
written notice of Buyer’s intention to inspect and examine Seller’s Due Diligence Materials
following the Effective Date. Seller shall provide a copy of the Due Diligence Materials to Buyer
at Seller’s sole cost. Buyer shall bear the cost of all inspections and examinations of Seller’s
Due Diligence Materials.

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          Notwithstanding anything to the contrary in this Agreement, Buyer’s sole and exclusive remedy
for a failure or alleged failure by Seller of its obligations under this Section or under any other
provision requiring Seller to deliver or make available material or information, shall be to
disapprove the Due Diligence Materials and other materials and information and terminate this
Agreement, and in no event shall any failure or alleged failure of Seller to deliver Due Diligence
Materials or other materials and information or make them available, nor any delay or alleged delay
in delivering or making available Due Diligence Materials or other materials and information,
constitute a breach by Seller or extend the Contingency Date or the Closing Date or otherwise delay
the close of Escrow. It is understood that, except as otherwise provided in this Agreement, Seller
does not make any representation or warranty, express or implied, as to the accuracy or
completeness of any Due Diligence Materials or other materials or information produced by Seller,
including, without limitation, Property Manager Records and any environmental audit or report.
Except as otherwise provided in this Agreement, Buyer acknowledges that Seller and Seller’s
affiliates shall have no responsibility for the contents and accuracy of such disclosures, and
Buyer agrees that the obligations of Seller in connection with the purchase of the Property shall
be governed by this Agreement irrespective of the contents of any such disclosures or the timing or
delivery thereof. Buyer acknowledges that it is not relying on reports prepared by third parties,
including environmental reports, delivered as part of the Due Diligence Materials, as such reports
were prepared only for Seller’s benefit, and Buyer acknowledges that it needs to independently
confirm all information in any such reports.

          2.2.2 Election to Proceed. Buyer shall give Seller written notice of its election to
proceed with the purchase of the Property or to terminate this Agreement prior to 4:00 p.m. (Hawaii
Standard Time) on the Contingency Date. If Buyer fails to give Seller such written notice by 4:00
p.m. (Hawaii Standard Time) on the Contingency Date, Buyer shall be deemed to have elected to
terminate this Agreement. If Buyer timely terminates this Agreement or is deemed to have terminated
this Agreement as provided herein, upon such termination, (a) each party shall promptly execute and
deliver to Escrow Holder such documents as Escrow Holder may reasonably require to evidence such
termination, (b) Escrow Holder shall return all documents to the respective party who delivers such
documents to Escrow, (c) Escrow Holder shall immediately return the entire Deposit to Buyer and
shall return any other funds deposited into Escrow, together with any accrued interest on such
funds, to the party who deposited same, (d) the cancellation charges required to be paid by and to
Escrow Holder and the Title Company shall be borne one-half (1/2) by Seller and one-half (1/2) by
Buyer and all other charges shall be borne by the party incurring same, (e) Buyer shall return to
Seller all Due Diligence Materials relating to the Property, and (f) the respective obligations of
Buyer and Seller under this Agreement shall terminate; provided, however, notwithstanding the
foregoing, Buyer’s indemnity obligations under Section 2.2.1 above, shall survive any such
termination of the Agreement and the termination of this Agreement shall not release Buyer from any
other indemnity obligations. Escrow Holder is instructed to take the actions described in the
preceding sentence promptly upon such termination, and no instruction of Buyer or Seller shall be
required.

          2.2.3 Seller’s Right to Terminate. Seller shall have the right to terminate this
Agreement in the event that the president or a vice president of Buyer (or if Buyer does not have
officers such other individual approved by Seller prior to July 19, 2009) fails to physically
inspect the Real Property on or before July 19, 2009. On or before July 22, 2009, Buyer shall
provide Seller with proof that such an inspection occurred, and upon a failure to provide such
proof Seller

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shall have the right to terminate this Agreement as if the inspection did not occur even if it
is later determined that an inspection was conducted. Upon such termination, (a) each party shall
promptly execute and deliver to Escrow Holder such documents as Escrow Holder may reasonably
require to evidence such termination, (b) Escrow Holder shall return all documents to the
respective party who delivered such documents to Escrow, (c) Escrow Holder shall immediately return
the entire Deposit to Buyer and shall return any other funds deposited into Escrow, together with
any accrued interest on such funds, to the party who deposited the same, (d) the cancellation
charges required to be paid by and to Escrow Holder and the Title Company shall be borne one-half
(1/2) by Seller and one-half (1/2) by Buyer and all other charges shall be borne by the party
incurring same, (e) Buyer shall return to Seller all Due Diligence Materials relating to the
Property, and (f) the respective obligations of Buyer and Seller under this Agreement shall
terminate; provided, however, notwithstanding the foregoing, Buyer’s indemnity obligations under
Section 2.2.1 above, shall survive any such termination of the Agreement and the termination of
this Agreement shall not release Buyer from any other indemnity obligations.

     2.3 Title Approval.

          2.3.1 Within two (2) business days after the Effective Date, Seller shall deliver, or cause to
be delivered, to Buyer the following documents (collectively, the “Title Documents”): (A) a
preliminary title report (“PTR”) issued by the Title Company with respect to the Real
Property, together with legible copies of all recorded instruments reflected therein as exceptions
to title (and a copy of the draft Grant of Easement for Sanitary Sewer Purposes by and between
Seller, as Grantor, and Hawaii Housing Development Corporation, as Grantee, which Seller intends to
record in the Office of the Assistant Registrar of the Land Court of the State of Hawaii and/or the
Bureau of Conveyances of the State of Hawaii, as applicable, prior to the Contingency Date (“Sewer
Easement”)); and (B) any existing survey of the Real Property currently in Seller’s possession or
control (the “Survey”). Any update or revision of the Survey required by Buyer shall be
done at Buyer’s sole cost and expense. Within twenty (20) calendar days of Buyer’s receipt of the
last of the PTR or Survey, Buyer shall advise Seller and the Title Company of its approval or
disapproval of the condition of title reflected in the foregoing documents (the “Title
Notice”). Buyer’s failure to give Seller and the Title Company timely Title Notice shall be
deemed approval by Buyer of the condition of title. If Buyer notifies Seller of its disapproval of
the condition of title of the Property within the time specified, Seller shall have five (5)
business days following receipt of Buyer’s Title Notice to advise Buyer and the Title Company, in
writing, that Seller intends to cure, on or before the Closing Date (Seller having no obligation to
cure), and provide Buyer and Title Company with sufficient evidence of Seller’s ability to cure, on
or before the Closing Date, any matters disapproved by Buyer (“Title Cure Notice”). In the
event Seller fails to give Buyer and the Title Company the Title Cure Notice or notifies Buyer that
it is unable or unwilling to cure all matters disapproved by Buyer in its Title Notice, this
Agreement shall terminate (in which event Escrow shall be canceled, the cancellation charges
required to be paid by and to Escrow Holder and the Title Company shall be borne by Seller, and all
other charges shall be borne by the party incurring same and the Deposit shall be immediately
returned to Buyer), and the parties hereto shall be released and relieved of their respective
obligations and liabilities hereunder except for obligations and liabilities which expressly
survive termination, unless Buyer delivers written notice to Seller within five (5) business days
following receipt of, or expiration of time for receipt of, the Title Cure Notice electing to
continue this Agreement. Notwithstanding anything herein to the contrary, prior to or at the close
of Escrow, Seller shall be responsible to pay

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off or otherwise remove any exceptions to title which constitute mortgages or other monetary
liens of a liquidated amount (other than the instruments evidencing the Conduit Loan, including the
Mortgage) and Buyer need not object to same in its Title Notice.

          2.3.2 Any update or revision of the Survey required by Buyer shall be done at Buyer’s sole
cost and expense, and neither Buyer’s election to have the Survey updated or revised, nor Buyer’s
receipt of an update or revision of the Survey shall (a) extend the deadline for delivery of the
Title Notice or (b) the Contingency Date. Notwithstanding the preceding sentence, if Buyer elects
to have the Survey updated or revised, Buyer uses its good faith efforts to procure the update to
the Survey, and the update or revision of the Survey discloses new material matters or material
inaccuracies in the original Survey which adversely affect title or Buyer’s ability to operate the
Project in Buyer’s reasonable opinion, then Buyer may by written notice given within three (3)
business days after it has received the updated or revised Survey to Seller and the Title Company,
advise them of its disapproval of the update or revision of the Survey (the “Survey Disapproval
Notice”). Buyer’s failure to give Seller and the Title Company timely Survey Disapproval Notice
shall be deemed approval by Buyer of the update or revision of the Survey. If Buyer gives Seller
and the Title Company a timely Survey Disapproval Notice, Seller shall have five (5) business days
following receipt of Buyer’s Survey Disapproval Notice to advise Buyer and the Title Company, in
writing, that Seller intends to cure, on or before the Closing Date (Seller having no obligation to
cure), and provide Buyer and Title Company with sufficient evidence of Seller’s ability to cure, on
or before the Closing Date, any matters disapproved by Buyer in its Survey Disapproval Notice
(“Survey Cure Notice”). In the event Seller fails to give Buyer and the Title Company the
Survey Cure Notice or notifies Buyer that it is unable or unwilling to cure all matters disapproved
by Buyer in its Survey Disapproval Notice, this Agreement shall terminate (in which event Escrow
shall be canceled, the cancellation charges required to be paid to Escrow Holder and the Title
Company shall be borne by Seller and all other charges shall be borne by the party incurring same,
and the Deposit shall be immediately returned to Buyer), and the parties hereto shall be released
and relieved of their respective obligations and liabilities hereunder except for obligations and
liabilities which expressly survive termination, unless Buyer delivers written notice to Seller
within five (5) business days following receipt of, or expiration of time for receipt of, the
Survey Cure Notice electing to continue this Agreement.

          2.3.3 Upon the Closing Date, Seller shall convey fee simple title to the Property to Buyer by
the Deed (as defined below in Section 3.2.1.1), subject only to the following matters
(“Approved Title Conditions”): (A) a lien for general real property taxes not yet due and
payable (which shall be prorated in accordance with the provisions of this Agreement); (B) matters
of title respecting the Property approved by Buyer in accordance with this Section 2.3; (C) matters
affecting the condition of title to the Property created by or with the written consent of Buyer;
(D) the Sewer Easement upon recordation in the Office of the Assistant Registrar of the Land Court
of the State of Hawaii and/or the Bureau of Conveyances of the State of Hawaii, as applicable; and
(E) the liens of the Mortgage and any other security instrument related to the Conduit Loan. The
commitment by Title Company to issue to Buyer an ALTA Extended Coverage Owner’s Policy of Title
Insurance (2006 form) with liability in the amount of the Purchase Price and with such endorsements
reasonably requested by Buyer, showing fee title to the Property vested in Buyer subject only to
the Approved Title Conditions, shall be a condition precedent to closing (“Title Policy”).

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     2.4 Conditions Precedent.

          2.4.1 Conditions Precedent to Buyer’s Obligations. The obligations of Buyer to
consummate the transactions provided for herein are subject to and contingent upon the satisfaction
of the following conditions or the waiver of same by Buyer in writing:

               2.4.1.1 Representations, Warranties and Covenants of Seller. Seller shall have duly
performed all covenants and agreements to be performed by Seller before the close of Escrow,
Seller’s representations and warranties shall be true and correct as of the date hereof and as of
the Closing Date with the same force and effect as if remade by Seller in a separate certificate at
that time, and Seller has not caused the failure of a condition precedent in favor of Buyer by its
willful misconduct.

               2.4.1.2 Estoppels. Seller shall use commercially reasonable efforts to deliver to
Buyer, not later than ten (10) business days before the Closing Date, tenant estoppel certificates
(dated no earlier than sixty (60) days prior to Closing) in substantially the form attached hereto
as Exhibit B and incorporated herein by reference (the “Approved Estoppel Form”) or in the
form required in the applicable Lease, if any Lease restricts the form of estoppel certificate that
the applicable Tenant is required to give (or the approved government form for the estoppel
certificate for the GSA and the State of Hawaii), from Tenants occupying at least eighty percent
(80%) of the remaining rentable area, after excluding the rentable area of the leases to the State
of Hawaii, in the Project (“Required Estoppels”), which shall include an estoppel
certificate from Longs Drug Store and all tenants (excluding the State of Hawaii) leasing rentable
area of 3,000 square feet or more. Buyer’s approval of the Required Estoppels on the Approved
Estoppel Form(s) shall not be withheld so long as no material defaults of Seller as landlord or the
applicable tenant are disclosed thereby and the information contained therein is in conformity with
the terms contained in the applicable Lease. Seller shall request estoppel certificates from the
State of Hawaii on a standard government form prepared by Buyer and delivered to Seller within two
(2) days after the Effective Date, but receipt of an estoppel certificate from the State of Hawaii
shall not be required and shall not be a condition to Closing. If an estoppel certificate is not
received from the State of Hawaii prior to the Contingency Date, Seller shall provide an estoppel
certificate executed by the Seller for the State of Hawaii lease in substitution of such estoppel
certificate. If Seller is unable to provide the Required Estoppels, such failure shall not
constitute a default by Seller but shall be a failure of a condition precedent giving Buyer the
right to terminate under Section 2.4.3.1. Notwithstanding anything to the contrary in this
Agreement, Buyer’s sole and exclusive remedy for a failure or alleged failure by Seller to fulfill
its obligations under this Section, including a failure to deliver any of the Required Estoppels or
substitute estoppel certificates, shall be to terminate this Agreement as set forth above or
proceed to Closing, and in no event shall any such failure or alleged failure of Seller constitute
a breach by Seller or extend the Contingency Date or the Closing Date.

               2.4.1.3 Title Policy Commitment. Title Company shall be unconditionally committed to
issue the Title Policy to Buyer at Closing.

               2.4.1.4 Approval of Assumption of Conduit Loan. Conduit Lender shall have approved
Buyer’s proposed assumption of the Conduit Loan by the Outside Closing Date.

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               2.4.1.5 Delivery of Updated Rent Roll. Seller shall deliver an updated rent roll,
prepared by the property manager for the Project and certified by Seller to Seller’s knowledge as
true and correct, current as of the Closing Date as provided in Section 3.4.1.1 below.

               2.4.1.6 Physical Condition. The physical condition of the Property at Closing shall be
substantially the same as the physical condition Property on the Contingency Date, reasonable wear
and tear and minor, non-material changes and any changes approved in writing by Buyer excepted, and
further subject to any changes resulting from events described in Section 6 (Damage, Destruction
and Condemnation) or otherwise permitted by the terms of this Agreement.

               2.4.1.7 City Mill Lease. Seller and City Mill Company, Ltd. shall execute a new
lease for a five (5) year term for premises consisting of at least approximately 30,000 square
feet, with one (1) option to extend the term for a five (5) year period and base rent of not less
than $0.50 per square feet of leasable area (without consideration of free rent periods). Such
lease upon execution shall be deemed a Pre-Contingency Lease Transaction and shall be assumed by
Buyer upon Closing. Notwithstanding anything to the contrary in this Agreement, Buyer’s sole and
exclusive remedy for a failure or alleged failure by Seller or City Mill Company, Ltd. to execute
such a lease or a failure to otherwise fulfill its obligations under this Section 2.4.1.7 shall be
to terminate this Agreement under Section 2.4.3.1 or proceed to Closing, and in no event shall any
such failure or alleged failure of Seller constitute a breach by Seller or extend the Contingency
Date or the Closing Date.

          2.4.2 Conditions Precedent to Seller’s Obligations. The obligations of Seller to
consummate the transactions provided for herein are subject to and contingent upon the satisfaction
of the following conditions or the waiver of same by Seller in writing:

               2.4.2.1 Buyer’s Deliveries to Escrow. Buyer shall have delivered the balance of the
Purchase Price to Escrow Holder not later than by 12:00 noon, two (2) business days prior to the
scheduled Closing Date and shall have made the other deliveries in the form, manner and at the
times specified in this Agreement.

               2.4.2.2 Representations and Warranties. All representations and warranties of Buyer
contained in this Agreement shall be true and correct as of the date made and as of the close of
Escrow with the same effect as though such representations and warranties were made at and as of
the close of Escrow.

               2.4.2.3 Covenants. Buyer shall have performed and satisfied all agreements and
covenants required hereby to be performed by Buyer before or at the close of Escrow.

               2.4.2.4 Approval of Assumption of Conduit Loan. Conduit Lender shall have approved
Buyer’s proposed assumption of the Conduit Loan by the Outside Closing Date.

          2.4.3 Failure of Conditions Precedent.

               2.4.3.1 Failure of Buyer’s Conditions Precedent. If the condition precedent set forth
in Section 2.4.1.1 is not satisfied on or prior to the Closing Date and Seller has not exercised a
right to terminate this Agreement under its terms, Buyer may elect, at its option, (a)

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to waive the unsatisfied condition in writing and proceed to close of Escrow or (b) pursue its
remedies for breach as set forth in Section 7. If any of the conditions precedent set forth in
Sections 2.4.1.2, 2.4.1.3, 2.4.1.5, 2.4.1.6 and/or 2.4.1.7 are not satisfied on or prior to the
Closing Date, Buyer may elect, at its option, (a) to terminate this Agreement (in which case Escrow
Holder shall immediately return the Deposit to Buyer, and return to Seller and Buyer documents and
funds deposited by them, respectively, into Escrow and the cancellation charges required to be paid
by and to Escrow Holder and the Title Company shall be borne by Seller, and the parties hereto
shall be released from all further obligations and liabilities under this Agreement except with
respect to the covenants and indemnifications which shall expressly survive termination, or (b) to
waive the unsatisfied condition(s) in writing and proceed to close of Escrow. the

               If the Condition Precedent set forth in Section 2.4.1.4 above is not satisfied on or prior to
the fifth (5th) calendar day prior to the Closing Date, this Agreement shall terminate
(unless the parties agree otherwise in writing) and the Deposit shall be immediately returned to
Buyer, Seller shall pay any escrow cancellation fees, and the parties hereto shall be released from
all further obligations and liabilities under this Agreement except with respect to the covenants
and indemnifications which shall expressly survive termination.

               2.4.3.2 Failure of Seller’s Conditions Precedent. If the conditions precedent set
forth in Sections 2.4.2.1, 2.4.2.2 and/or 2.4.2.3 are not satisfied on or prior to the Closing Date
and Buyer has not exercised a right to terminate this Agreement under its terms, Seller may elect,
at its option, (a) to waive the unsatisfied condition(s) in writing and proceed to close of Escrow
or (b) pursue its remedies for breach as set forth in Section 7.

               If the Condition Precedent set forth in Section 2.4.2.4 above is not satisfied on or prior to
the fifth (5th) calendar day prior to the Closing Date, this Agreement shall terminate
(unless the parties agree otherwise in writing) and the Deposit shall be immediately returned to
Buyer, Seller shall pay any escrow cancellation fees, and the parties hereto shall be released from
all further obligations and liabilities under this Agreement except with respect to the covenants
and indemnifications which shall expressly survive termination.

SECTION 3

CLOSE OF ESCROW/ESCROW

     3.1 Closing; Escrow.

          3.1.1 Closing. The closing shall occur on or before Closing Date. Possession of the
Property shall be delivered to Buyer upon the Closing.

          3.1.2 Escrow. Upon the execution of this Agreement by Buyer and Seller, and the
acceptance of this Agreement by Escrow Holder in writing, this Agreement shall constitute the joint
escrow instructions of Buyer and Seller to Escrow Holder to open Escrow for the consummation of the
sale of the Property to Buyer pursuant to the terms of this Agreement. Upon Escrow Holder’s receipt
of the Deposit and Escrow Holder’s written acceptance of this Agreement, Escrow Holder is
authorized and agrees to act in accordance with the terms of this Agreement. Buyer and Seller shall
execute Escrow Holder’s reasonable general Escrow instructions upon request; provided, however,
that if there is any conflict or inconsistency between

15

 

such general escrow instructions and this Agreement, this Agreement shall control. Upon the
close of Escrow, Escrow Holder shall pay any sum owed to Seller with immediately available federal
funds.

     3.2 Deliveries to Escrow Holder.

          3.2.1 Seller’s Deliveries to Escrow Holder. By the Closing Date, Seller shall deliver
to Escrow Holder:

               3.2.1.1 A limited warranty deed (“Deed”), duly executed by Seller and acknowledged in
the form of, and upon the terms contained in, Exhibit C attached hereto;

               3.2.1.2 Two (2) original copies of the State of Hawaii Conveyance Tax Certificate (Form P64A)
(“Conveyance Tax Certificate”) with respect to the Deed, duly executed by Seller;

               3.2.1.3 Two (2) counterparts of a bill of sale and general assignment, duly executed by
Seller, substantially in the form of Exhibit D attached hereto (“Bill of Sale”);

               3.2.1.4 Two (2) counterparts of an assignment and assumption, duly executed by Seller,
assigning to Buyer all of Seller’s right, title and interest in and to all Leases, in the form of
Exhibit E attached hereto (“Assignment and Assumption of Leases”);

               3.2.1.5 A transferor’s certification of non-foreign status (“FIRPTA Certificate”) duly
executed by Seller in the form of, and upon the terms contained in, Exhibit F attached hereto;

               3.2.1.6 A transferor’s certification that Seller is not an out-of-state resident in the form
required by Section 235-68 of the Hawaii Revised Statutes, as amended, duly executed by Seller
(“HARPTA Certificate”);

               3.2.1.7 A Report of Bulk Sales or Transfer as required by Section 247-43 of the Hawaii Revised
Statutes, as amended, duly executed by Seller;

               3.2.1.8 A notice to all Tenants (advising the Tenants of the sale of the Project and the
assignment of their Lease, and advising Tenants where to pay rent), in a form mutually acceptable
to Seller and Buyer, which will be delivered by Buyer to all Tenants promptly upon close of Escrow;

               3.2.1.9 Such proof of Seller’s authority and authorization to enter into this Agreement and
consummate the transaction contemplated hereby, and such proof of the power and authority of the
individual(s) executing and/or delivering any instruments, documents or certificates on behalf of
Seller to act for and bind Seller as may be reasonably required by Buyer or the Title Company;

               3.2.1.10 Any owner’s statements or affidavits as may be reasonably requested by the Title
Company to issue the Title Policy;

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               3.2.1.11 Immediately available funds in an amount sufficient to pay for all closing costs and
expenses, including prorations, which are to be paid by Seller on the scheduled Closing Date, as
reflected on the Seller’s approved closing statement (“Seller’s Closing Costs”). In the
alternative, Seller may deliver to Escrow a written authorization which authorizes Escrow to use a
portion of the Purchase Price due Seller at Closing to pay Seller’s Closing Costs; and

               3.2.1.12 Any other documents reasonably required to consummate the transactions contemplated
herein.

          3.2.2 Buyer’s Deliveries to Escrow Holder. On or before three (3) business days prior
to the scheduled Closing Date or such other date required by the terms of this Agreement, Buyer
shall deliver to Escrow Holder the following instruments and documents:

               3.2.2.1 Not later than by 12:00 noon, two (2) business days prior to the scheduled Closing
Date, by wire transfer of immediately available funds the balance of the Purchase Price in
accordance with Section 2.1.2, and all closing costs and expenses, including prorations, which are
to be paid by Buyer on the scheduled Closing Date, as reflected on Buyer’s approved closing
statement;

               3.2.2.2 Two (2) counterparts of the Bill of Sale, duly executed by Buyer;

               3.2.2.3 Two (2) original copies of the Conveyance Tax Certificate duly executed by Buyer;

               3.2.2.4 Two (2) counterparts of the Assignment and Assumption of Leases, duly executed by
Buyer;

               3.2.2.5 Such proof of Buyer’s authority and authorization to enter into this Agreement and
consummate the transaction contemplated hereby, and such proof of the power and authority of the
individual(s) executing and/or delivering any instruments, documents or certificates on behalf of
Buyer to act for and bind Buyer as may be reasonably required by Seller or the Title Company; and

               3.2.2.6 Any other documents reasonably required to consummate the transactions contemplated
herein.

     3.3 Costs and Expenses/Disbursements.

          3.3.1 Costs and Expenses. If the transaction contemplated by this Agreement is
consummated, then upon the close of Escrow: (i) Seller shall pay (A) conveyance taxes, (B) Seller’s
share of prorations, (C) the premium for the standard owner’s title policy charges for the Title
Policy, (D) transfer taxes and recording fees, and (E) one-half (1/2) of all Escrow fees and costs;
(ii) Buyer shall pay (A) all charges for the extended coverage portion of the Title Policy and the
cost of any endorsements, (B) one-half (1/2) of all Escrow fees and costs, (C) Buyer’s share of
prorations, (D) the cost of any new survey, and (E) assumption fees and costs required to be paid
for the assumption of the Conduit Loan; and (iii) Buyer and Seller shall each pay their own legal
and professional fees and fees of other consultants. All other costs and expenses shall be
allocated

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between Buyer and Seller in accordance with the customary practice for a closing of a
commercial real estate transaction in the State of Hawaii.

          3.3.2 Disbursements and Other Actions by Escrow Holder. On the Closing Date, Escrow
Holder shall (A) cause the Deed, and any other documents which the parties may mutually direct, to
be recorded in the Office of the Assistant Registrar of the Land Court of the State of Hawaii
and/or the Bureau of Conveyances of the State of Hawaii, as applicable, and obtain conformed copies
thereof for distribution to Buyer and Seller, (B) direct the Title Company to issue the Title
Policy to Buyer, (C) disburse the Purchase Price, after adjustment pursuant to the terms of this
Agreement for expenses and prorations, to Seller and deliver the balance of the funds, if any, to
Buyer, (D) deliver to Buyer a conformed copy of the Deed, the FIRPTA Certificate, the HARPTA
Certificate, and any other documents (or copies thereof) deposited into Escrow by Seller pursuant
hereto, and (E) deliver to Seller a conformed copy of the Deed.

     3.4 Prorations.

          3.4.1 Adjustments and Prorations. The following matters and items pertaining to the
Property shall be prorated as of 12:01 a.m. (Hawaii Standard Time) on the Closing Date (“Cutoff Time”). Net credits in favor of Buyer shall be deducted from the balance of the Purchase Price
at the close of Escrow and net credits in favor of Seller shall be paid in cash at the close of
Escrow. Except as otherwise provided herein, all such allocations and/or prorations shall be made
in accordance with generally accepted accounting principles and practices and local custom and
practice. Estimated prorations shall be adjusted after the close of Escrow as set forth herein.

               3.4.1.1 Rents. All fixed rent, percentage rent (“Percentage Rent”), common
area maintenance (“CAM Charges”) and other reimbursement payments, and additional rent paid
or payable by Tenants under the Leases (collectively, “Rent”) shall be prorated as of the
Cutoff Time, except as otherwise provided herein. Seller will provide Buyer and Escrow Holder with
a current rent roll as of the Closing Date to facilitate the computation of prorations. Any Rent
received by Buyer or Seller after the Cutoff Time from any Tenant who owes Rent for periods prior
to the Cutoff Time (“Delinquent Rent”), shall be applied, except as otherwise provided
herein, (1) first, to Buyer, in an amount equal to the Rent currently due and payable post Closing
by such Tenant to Buyer (2) second, to Seller and Buyer for the Rent for the month in which the
Cutoff Time occurs, prorated as of the Cutoff Time, (3) third, to Seller in an amount equal to Rent
owed by such Tenant for all periods prior to the Cutoff Time, and (4) the balance, if any, to
Buyer. Delinquent Rent, less any costs of collection (including reasonable counsel fees and
customary disbursements) reasonably allocable thereto, shall be prorated as provided above, and the
party who receives such amount shall promptly pay over to the other party the portion thereof to
which it is so entitled. In furtherance and not in limitation of the preceding sentence, with
respect to any Tenant which has paid all Rent for periods through the Closing, if, prior to the
Closing, Seller shall receive any prepaid Rent from such Tenant attributable to a period following
the Closing, at the Closing Seller shall pay over to Buyer the amount of such prepaid Rent.
Notwithstanding the foregoing, Seller shall have the right, upon notice to Buyer, to pursue Tenants
to collect such Delinquent Rent (including, without limitation, the prosecution of one or more
lawsuits), but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such
Tenants.

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               CAM Charges shall be prorated upon the close of Escrow and again subsequent to the close of
Escrow on a lease-by-lease basis. Each party shall be entitled to receive a portion of the CAM
Charges payable under each Lease equal to the actual CAM Charges incurred during each party’s
respective period of ownership of the Property for the CAM Lease Year in which Closing occurs. The
term “CAM Lease Year” means the twelve (12) month period for which CAM Charges are owed
under each Lease. Five (5) days prior to Closing Seller shall submit to Buyer an itemization of
its actual CAM Charges for the CAM Lease Year through such date and the amount of CAM Charges
received by Seller under each Lease as of such date, together with an estimate of CAM Charges to be
incurred by the Cutoff Time. If Seller has received CAM Charges payments in excess of its actual
CAM Charges, Buyer shall be entitled to receive a credit against the Purchase Price for the excess.
If Seller has received CAM Charges payments less than its actual CAM Charges, Seller shall be
entitled to receive any deficit but only after Buyer has received any true up payment, if any, from
a Tenant. Upon receipt by either party of any CAM Charges true up payment from a Tenant, the party
receiving the same shall provide to the other party its allocable share of the “true up” payment
within five (5) days of the receipt thereof. To assist Buyer in preparing “true up” reconciliation
at the end of the CAM Lease Year, Seller shall deliver to Buyer at the close of Escrow records of
all of Seller’s CAM Charges.

               Percentage Rent shall be prorated upon the close of Escrow and again subsequent to the close
of Escrow on a lease-by-lease basis. Each party shall be entitled to receive a portion of the
Percentage Rent payable under each Lease equal to the actual Percentage Rent accrued during each
party’s respective period of ownership of the Property for the Percentage Rent Lease Year in which
Closing occurs. The term “Percentage Rent Lease Year” means the twelve (12) month period
for which Percentage Rent is calculated under each Lease. At the end of the Percentage Rent Lease
Year in which Closing occurs, Buyer shall calculate the Percentage Rent due from each Tenant and
the allocation of Percentage Rent owed to Buyer and Seller. If Seller has received Percentage Rent
payments in excess of its prorata share of Percentage Rent, Seller shall pay the excess to Buyer
within five (5) days after such determination. If Seller has received Percentage Rent payments less
than its prorata share of Percentage Rent, Buyer shall pay the shortfall to Seller within five (5)
days after such determination.

               3.4.1.2 Post-Effective Date Agreements and Leasing Costs.

                    (i) Prior to the Contingency Date, Seller shall not enter into any new lease affecting the
Property, modify or terminate any existing Lease or any lease guaranty (except upon default by a
Tenant), or waive or release any material obligation of a Tenant, lease guarantor or other party
(“Pre-Contingency Lease Transaction”), without first obtaining Buyer’s written approval
thereof (provided Buyer is not in default of Buyer’s obligations hereunder and has delivered the
Deposit to Escrow), which approval shall not be unreasonably withheld or delayed. Prior to the
Contingency Date, Seller shall not enter into any new Contract or modify or terminate any existing
Contract affecting the Property (except that Seller shall at its expense terminate the Property
management contract and the leasing commission agreement with respect to the Property effective as
of the Closing Date), without first obtaining Buyer’s written approval thereof (provided Buyer is
not in default of Buyer’s obligations hereunder and has delivered the Deposit to Escrow), which
approval shall not be unreasonably withheld or delayed (except that, notwithstanding the foregoing,
Seller may terminate any Contract upon thirty (30) days notice to Buyer, may enter into a new
Contract without the consent of Buyer if the new Contract is

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terminable without cause upon thirty (30) days notice, and may modify any Contract if the
Contract is terminable without cause upon thirty (30) days notice) (“Pre-Contingency Contract
Transaction”).

                    From and after the Contingency Date, Seller shall not enter into any new lease affecting the
Property, modify or terminate any existing Lease or any lease guaranty, or waive or release any
material obligation of a Tenant, lease guarantor or other party (“Post-Contingency Lease
Transaction”), without first obtaining Buyer’s written approval thereof (provided Buyer is not
in default of Buyer’s obligations hereunder and has delivered the Deposit to Escrow), which
approval may be granted or withheld in Buyer’s sole and absolute discretion, without regard to
reasonableness or other standard. From and after the Contingency Date, Seller shall not enter into
any new Contract affecting the Property or modify or terminate any existing Contract (except upon
default by the other contracting party) (“Post-Contingency Contract Transaction”)
(collectively, “Post-Contingency Transaction”), without first obtaining Buyer’s written
approval thereof (provided Buyer is not in default of Buyer’s obligations hereunder and has
delivered the Deposit to Escrow), which approval may be granted or withheld in Buyer’s sole and
absolute discretion, without regard to reasonableness or other standard (except that,
notwithstanding the foregoing, Seller may terminate any Contract upon thirty (30) days notice to
Buyer, may enter into a new Contract without the consent of Buyer if the new Contract is terminable
without cause upon thirty (30) days notice, and may modify any Contract if the Contract is
terminable without cause upon thirty (30) days notice).

                    (ii) Seller shall deliver to Buyer any proposed Contract or material Contract modification
which is a Pre-Contingency Contract Transaction or a Post-Contingency Contract Transaction,
together with such supporting documentation as Buyer may reasonably require in order to make an
informed business decision with respect to the matter for which Buyer’s consent is being requested.

                    (iii) Seller shall deliver to Buyer any proposed lease or material lease modification which is
a Pre-Contingency Lease Transaction or a Post-Contingency Lease Transaction, together with such
supporting documentation as Buyer may reasonably require in order to make an informed business
decision with respect to the matter for which Buyer’s consent is being requested, which supporting
documentation shall include, without limitation, a reasonably detailed budget setting forth all
tenant improvement costs, leasing commissions, free rent and other concessions and inducements
(collectively, the “Leasing Costs”) which are to be borne by the landlord in connection
with such proposed Pre-Contingency Lease Transaction or Post-Contingency Lease Transaction (such
agreements and supporting documentation being referred to as the “Lease Package”). With
respect to any proposed Pre-Contingency Lease Transaction or Post-Contingency Lease Transaction,
Buyer shall be deemed to have disapproved such proposed Pre-Contingency Lease Transaction or
Post-Contingency Lease Transaction unless Buyer shall have given Seller written notice of approval
within five (5) business days after actual receipt by Buyer of the complete Lease Package.

                    Leasing Costs for Pre-Contingency Lease Transactions and Post-Contingency Lease Transactions
approved by Buyer shall be amortized on a straight-line basis over the term of the lease (without
consideration of options to extend). Seller shall be responsible for the payment of the portion of
Leasing Costs allocated to the period prior to the Cutoff Time,

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and Buyer shall be responsible for the payment of the portion of Leasing Costs allocated to
the period from and after the Cutoff Time.

               3.4.1.3 Operating Expenses. Except to the extent passed through to Tenants under
Leases, Seller shall be responsible for all expenses and costs incurred or accrued in the ordinary
course of the management and operation of the Property, including but not limited to general excise
taxes, incurred prior to the Cutoff Time, and Buyer shall be responsible for all such expenses and
costs incurred after the Cutoff Time.

               3.4.1.4 Utility Charges. Seller shall provide written notice to the utility companies
of the pending change of ownership of the Property not less five (5) calendar days prior to the
Closing Date and shall concurrently therewith deliver copies of such notices to Buyer. To the
extent reasonably practicable, Seller shall cause all the utility meters to be read on the Closing
Date. Except to the extent passed through to Tenants under Leases, Seller will be responsible for
the cost of all utilities used prior to the Cutoff Time and Buyer shall be responsible for such
cost after the Cutoff Time.

               3.4.1.5 Real Estate Taxes and Special Assessments. All real property taxes and
assessments for the fiscal year in which the Closing shall occur shall be prorated as of the Cutoff
Time. If the amount of any such item is not ascertainable on the Closing Date, proration shall be
based on the most recent available bill and shall be adjusted (notwithstanding that Escrow has
closed) when the final tax bills have been received.

               3.4.1.6 Prepaid Expenses. Any prepaid expenses which have been paid by Seller and
which are allocable to any period after the Cutoff Time will be prorated as of the Cutoff Time.

               3.4.1.7 Security Deposits. Buyer shall be credited and Seller shall be debited with
an amount equal to all unapplied Tenant security deposits or other refundable deposits actually
being held by Seller under the Leases, including any accrued interest thereon which is required to
be paid pursuant to the Leases or applicable law.

               3.4.1.8 Utility Deposits. Seller shall be entitled to the return of all refundable
deposits, retentions, and holdbacks being held by any governmental entity, any utility company or
other third party, together with all interest then accrued thereon. Buyer shall be responsible for
making any deposits required by any governmental entity, any utility company or other third party.

               3.4.1.9 Conduit Loan Interest and Deposits. Interest on the Conduit Loan for the
month in which the Closing occurs shall be prorated as of the close of Escrow. Interest for any
period before the month in which the close of Escrow occurs, and any penalties, late fees or the
like payable or accrued under the Conduit Loan before the close of Escrow, will be paid by Seller
at the close of Escrow or credited towards Buyer’s obligation to pay the Purchase Price. In
accordance with Section 2.1.4.6, Seller shall be credited and Buyer shall be debited with an amount
equal to all reserves and other deposits made by Seller in connection with the Conduit Loan and
held by Conduit Lender as of the close of Escrow.

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               3.4.1.10 Insurance. Buyer will not assume any of the existing insurance policies
maintained by Seller in connection with the Property. Seller shall be entitled to cancel its
policies at the close of Escrow and to receive any refunds due for existing policies. Subject to
the provisions of Section 6, Seller shall bear the risk of condemnation of or casualty to the
Property prior to Closing.

               3.4.1.11 Other Apportionments. Other items shall be prorated as are provided for in
this Agreement or as are normally prorated and adjusted in the sale of commercial real property in
the State of Hawaii.

          3.4.2. Proration Statement.

               3.4.2.1 Estimated Proration Statement. Seller and Buyer shall cooperate with each
other and will provide Escrow Holder with all required information (including an updated rent roll)
such that Escrow Holder shall be able to prepare, no later than five (5) business days prior to the
Closing Date, a settlement statement, which will include all proration estimates. Such proration
estimates shall contain the parties’ reasonable estimate of the amounts of the items requiring the
prorations and adjustments in this Agreement, and shall be subject to a final proration (as
provided herein) as soon as the amount of each item can be ascertained with reasonable certainty.

               3.4.2.2 Final Proration. Seller and Buyer agree to make a final accounting of the
adjustments and prorations within one hundred eighty (180) days after the close of Escrow. If the
parties cannot agree on such final accounting then the parties shall submit such dispute to a CPA
firm mutually agreed to by the parties (“Outside Accountant”). The Outside Accountant shall
be furnished all records relevant to such determination. The determination of the Outside
Accountant, which shall be made within a period of thirty (30) days after such submittal by the
parties and receipt of such records, shall be conclusive in the absence of manifest error and each
party may enter judgment thereon. The foregoing limitation shall not apply to any item which, by
its nature, cannot be finally determined within the period specified. However, no further
adjustments shall be made beyond six (6) months after the close of Escrow. The fees and expenses
of the Outside Accountant shall be paid equally by Buyer and Seller. Either party owing the other
party a sum of money based on adjustments or prorations after the close of Escrow made pursuant to
the final proration shall promptly pay that sum to the other party within ten (10) business days.
This Section shall survive the close of Escrow. In the event the parties cannot agree upon an
Outside Accountant within seven (7) days of written request by either party, either party may
petition a Judge of the Circuit Court of the First Circuit, State of Hawaii or the United States
District Court for the District of Hawaii for appointment of an Outside Accountant, whose decision
thereon shall be binding on the parties.

SECTION 4

REPRESENTATIONS, WARRANTIES

AND COVENANTS

     4.1 Seller’s Representations and Warranties. In addition to any other express
representations or warranties of Seller contained in this Agreement, the following constitute
representations and warranties of Seller to Buyer which shall be true and correct as of the date

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hereof and the close of Escrow as if remade in a separate certificate at that time. "To
Seller’s knowledge” shall mean only the actual knowledge of Faraz Daneshgar and Edward
Sulliban, property manager of the Real Property, without the duty of inquiry or
investigation.

          4.1.1 Authority. Seller has the legal power, right and authority to enter into this
Agreement and the instruments referenced herein, and to consummate the transaction contemplated
hereby. All requisite action (corporate, trust, partnership, limited liability company or
otherwise) has been taken by Seller in connection with the entering into this Agreement and the
instruments referenced herein, and the consummation of the transaction contemplated hereby. No
consent of any partner, shareholder, member, manager, creditor, investor, judicial or
administrative body, governmental authority or other party is required. The individuals executing
this Agreement and the instruments referenced herein on behalf of Seller have the legal power,
right, and actual authority to bind Seller to the terms and conditions hereof and thereof. This
Agreement and all documents required hereby to be executed by Seller are and shall be valid,
legally binding obligations of and enforceable against Seller in accordance with their terms,
subject only to applicable bankruptcy, insolvency, reorganization, moratorium laws or similar laws
or equitable principals affecting or limiting the rights of contracting parties generally.
Additionally, Faraz Daneshgar is the principal who is most knowledgeable about the Property and is
the principal to whom the asset manager responsible for the Property reports, and Edward
Sulliban is the property manager most knowledgeable about the Property.

          4.1.2 No Conflicts. The execution and delivery of this Agreement, the consummation of
the transactions contemplated by this Agreement, and compliance with the terms of this Agreement
will not conflict with, result in a material breach of the terms of, or constitute a material
default under, Seller’s organizational documents, or any Contract, Lease, judgment or other
restriction of any kind to which Seller is a party or by which Seller or the Property is bound.

          4.1.3 Adverse Claims. Seller has not received written notice of any actions, suits,
arbitrations, claims or proceedings, at law or in equity, affecting the Property or in which Seller
is, or will be, a party by reason of Seller’s ownership of the Property. To Seller’s knowledge, no
litigation is threatened or pending against the Property. To Seller’s knowledge, no condemnation
is threatened or pending against the Property, or any part thereof.

          4.1.4 Insolvency. Seller has not (i) made a general assignment for the benefit of
creditors, (ii) filed any voluntary petition in bankruptcy or, to the Seller’s knowledge, suffered
the filing of any involuntary petition by Seller’s creditors, (iii) suffered the appointment of a
receiver to take possession of all, or substantially all, of Seller’s assets, (iv) suffered the
attachment or other judicial seizure of all, or substantially all, of Seller’s assets, or (v)
admitted in writing its inability to pay its debts as they become due. Seller has not ceased
operation of the Property nor has Seller notified third parties of an intention to cease operation
of the Property.

          No attachments, execution proceedings, assignments for the benefit of creditors, insolvency,
bankruptcy, reorganization or other proceedings are pending or, to Seller’s knowledge, threatened
against Seller, nor are any of such proceedings contemplated by Seller.

          4.1.5 Default Notices and Governmental Regulations. Seller has not received any
written notice of, nor is Seller, to Seller’s knowledge, aware of, any violations of laws,

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ordinances or regulations of any governmental authority (collectively, “Laws”) bearing
on the construction, alteration, rehabilitation, maintenance, use, operation or sale of the
Property.

               4.1.6 Leases and Contracts. There are and will be no Leases or Contracts in effect
and binding the Property and/or the Buyer after the close of Escrow other than: (i) the Leases and
Contracts set forth in Schedule 1 and Schedule 2; (ii) Pre-Contingency Transactions; and (iii)
Post-Contingency Transactions approved, or deemed approved, by Buyer as set forth in Section
3.4.1.2. To Seller’s knowledge, the Leases set forth in Schedule 1 are all leases and amendments
in effect as to the Property as of the Execution Date. To Seller’s knowledge, the Contracts set
forth in Schedule 2 are all contracts as to the Property in effect as of the Execution Date.

          4.1.7 Foreign Person. Seller is not a “foreign person” as defined in Internal Revenue
Code Section 1445 and any related regulations. At the Closing, Buyer will have no duty to collect
withholding Taxes for Seller pursuant to the Foreign Investment in U.S. Real Property Tax Act of
1980, as amended.

          4.1.8 Permits. To Seller’s knowledge, all building permits, certificates of occupancy,
business licenses and, without limitation, all other licenses and permits required in connection
with the construction, use or occupancy of the Property have been obtained, are in effect and in
good standing, and have been complied with.

          4.1.9 Tenant Rent Roll. To Seller’s knowledge, the tenant rent roll attached hereto
as Schedule 3 is a true and accurate tenant rent roll as of the date of such tenant rent roll.

          4.1.10 Operating Statements. The operating statements attached hereto as Schedule 4
are operating statements maintained by Seller in the ordinary course of business and upon which
Seller relies in the operation of the Property.

          4.1.11 Tenant Operations. To Seller’s knowledge, as of the Effective Date only
(notwithstanding Section 4.1 or anything else to the contrary herein) no Tenant has filed a
petition for bankruptcy or has ceased or threated to cease its operations at the Real Property.

     4.2 Buyer’s Representations, Warranties and Covenants. In addition to any express
agreements of Buyer contained herein, the following constitute representations, warranties and
covenants of Buyer to Seller. The representations and warranties shall be true and correct as of
the date hereof and the close of Escrow as if remade in a separate certificate at that time. “To
the Buyer’s Knowledge” shall mean only the actual knowledge of Steve Corea, without duty of inquiry
or investigation.

          4.2.1 Organization. Buyer is a limited liability company, duly organized, validly
existing and in good standing under the laws of Delaware and Buyer, or Buyer’s permitted assignee,
is (or will be prior to the close of Escrow ) authorized to do business in the State of Hawaii.

          4.2.2 Authority. Buyer has the legal power, right and authority to enter into this
Agreement and the instruments referenced herein, and to consummate the transaction contemplated
hereby. All requisite action (corporate, trust, partnership, limited liability company

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or otherwise) has been taken by Buyer in connection with the entering into this Agreement and
the instruments referenced herein, and the consummation of the transaction contemplated hereby. No
consent of any partner, shareholder, member, manager, creditor, investor, judicial or
administrative body, governmental authority or other party is required. The individuals executing
this Agreement and the instruments referenced herein on behalf of Buyer have the legal power, right
and actual authority to bind Buyer to the terms and conditions hereof and thereof. This Agreement
and all documents required hereby to be executed by Buyer are and shall be valid, legally binding
obligations of and enforceable against Buyer in accordance with their terms, subject only to
applicable bankruptcy, insolvency, reorganization, moratorium laws or similar laws or equitable
principals affecting or limiting the rights of contracting parties generally.

          4.2.3 No Conflicts. The execution and delivery of this Agreement, the consummation of
the transactions contemplated by this Agreement, and compliance with the terms of this Agreement
will not conflict with, result in a material breach of the terms of, or constitute a material
default under, Buyer’s organizational documents, or any contract, judgment or other restriction of
any kind to which Buyer is a party or by which Buyer or its properties are bound.

          4.2.4 Condition of Property. Buyer acknowledges that the Property requires extensive
renovation and capital expenditures, including but not limited to the condition of roofs and the
parking lot.

     4.3 OFAC. To the best of Buyer’s knowledge, neither Buyer nor any partner, member or
stockholder of Buyer is, and no legal or beneficial interest in any partner, member or stockholder
of Buyer is held directly or indirectly by, any person or entity that appears on a list of
individuals and/or entities for which transactions are prohibited by the U.S. Treasury Office of
Foreign Assets Control or any similar list maintained by any other governmental authority, with
respect to which entering into transactions with such a person or entity would violate the U.S.
Patriot Act or regulations or any Presidential Executive Order or any other similar applicable law,
ordinance, rule or regulation. At any time during or after the term of this Agreement, Buyer agrees
to furnish Seller such evidence as may be reasonably requested by Seller to confirm the foregoing;
provided however, that if and to the extent Buyer discloses any Investor lists or similar
information to Seller, Seller shall maintain such information in strict confidence, and shall use
such information solely for the purpose of confirming that Buyer is OFAC compliant.

     4.4 Covenants of Seller. From the Effective Date and until the close of Escrow:

          (a) Seller shall continue to operate and maintain the Project in a manner generally consistent
with the manner in which Seller has historically operated and maintained the Project.

          (b) Seller will maintain all existing insurance covering the Project, consistent with Seller’s
historical insurance program.

          (c) Seller will comply with all terms and conditions of the Mortgage and all other Conduit
Loan documents.

          (d) Seller will perform all of the obligations of landlord under the Leases and will not
terminate any Lease except for default by the Tenant under the terms of a Lease.

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          (e) Seller will perform all of its obligations under the Contracts and will not terminate any
Contract except for default by the other party to the Contract under the terms of the Contract.

          (f) Except for the Sewer Easement, Seller will not further encumber the Property or enter into
any agreement to sell or transfer all or any part of the Project except upon termination of this
Agreement in accordance with the terms of this Agreement or except for back up offers contingent on
the termination of this Agreement (but no such back up offers may be obtained after the Contingency
Date, provided that Buyer has elected to proceed with the transaction).

          (g) Seller will not enter into any new Leases or Contracts, or modify any Leases or Contracts,
except in accordance with Section 3.4.1.2.

SECTION 5

DISCLAIMERS; “AS IS” CONVEYANCE;

INDEMNIFICATION; DISCHARGE;

LIMITATION ON CLAIMS

     5.1 Disclaimers. Except for the express provisions of this Agreement, Seller hereby
disclaims and shall not be liable for any oral and/or written statements, conversations,
representations and information, if any, made or given by Seller, any of the Seller Parties, any
Broker or any other person to Buyer, to any agent or employee of Buyer or to any other person with
respect to any aspect or feature of the Property (including, without limitation, any information
related to the Property’s value, condition, or compliance with laws, the status of permits or
approvals, or the existence of any Hazardous Materials on the Property). All such statements,
conversations, representations and information, if any, are merged into and superseded by this
Agreement, and Buyer hereby agrees that Buyer shall not be entitled to rely upon any such
statements, conversations, representations or information. The provisions of this Section shall
survive the termination of this Agreement and/or the close of Escrow and the recordation of the
Deed.

     5.2 As-Is Conveyance. Buyer hereby agrees that, upon the Closing Date, Buyer shall
conclusively be deemed to have accepted the Property in its then existing condition, “AS IS, WHERE
IS AND WITH ALL FAULTS” without representation or warranty of any kind or nature whatsoever except
as expressly set forth in this Agreement, and with all faults and problems of any kind and/or
nature whatsoever that may then exist, whether the same are of a legal nature, a physical nature,
or otherwise. Buyer further acknowledges that except as expressly set forth in this Agreement such
existing conditions, faults, and problems include or may include (by way of illustration only, and
without in any way limiting the generality of the foregoing) the following: (a) any possibility
that the construction and/or use of the Property may not be in accordance with applicable statutes,
ordinances, rules, regulations, building codes, zoning restrictions, master plan restrictions, or
administrative or judicial orders or holdings, whether or not appearing in the public records or in
material supplied to Buyer by Seller, if any, or otherwise; (b) any possibility that construction
defects may exist in the Property; and (c) any possibility that the Property is contaminated with
any toxic, hazardous or radioactive substances, materials, or waste, including but not limited to,
any radioactive, hazardous or toxic substance, material or waste which is regulated by any local
governmental authority, the State or the United States Government, any

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material or substance which is defined as a “hazardous waste,” “extremely hazardous waste” or
“restricted hazardous waste” or “hazardous substance” under any state or federal law, asbestos,
lead, and/or petroleum (the “Hazardous Materials”). Except as expressly set forth in this
Agreement, Buyer shall, at Buyer’s sole cost and expense, conduct and rely exclusively upon its own
independent investigation and evaluation of the Property and the transaction contemplated by this
Agreement. The provisions of this Section shall survive the termination of this Agreement and/or
the close of Escrow and the recordation of the Deed.

     5.3 Indemnification.

          5.3.1 Seller’s Indemnification. Seller’s obligations pursuant to this Section 5.3.1
shall survive the close of Escrow for a period of one hundred eighty (180) days. Seller at its sole
cost and expense hereby agrees to indemnify, defend (with counsel reasonably acceptable to Buyer),
protect and hold harmless Buyer, any successors to Buyer’s interest in the Property and their
respective parents, subsidiaries, partners, members, managers, participants and affiliates, and its
and their respective shareholders, directors, officers, employees, agents and representatives, and
the heirs, successors and assigns of all of the foregoing (collectively, the “Buyer
Parties”) from and against any and all claims, demands, losses, damages, liabilities, fines,
penalties, charges, taxes, administrative and judicial proceedings and orders, judgments, and all
costs and expenses incurred in connection therewith, including, without limitation, reasonable
attorneys’ fees and costs of defense and reasonable costs and expenses of all experts and
consultants (collectively, the “Losses”), arising out of any one or more of the following:
(i) subject to Section 7.3, the breach of any covenant of Seller contained in this Agreement or the
inaccuracy of any representation or warranty of Seller contained in this Agreement; or (ii) claims,
lawsuits, actions or proceedings, brought by a third party against Buyer arising from Seller’s
ownership or operation of the Property before the close of Escrow (including lawsuits, actions or
proceedings brought by a third party against Buyer relating to Hazardous Materials located on the
Property on or before the close of Escrow and/or released from the Property on or before the close
of Escrow but excluding obligations assumed by Buyer under the terms of this Agreement).

          5.3.2 Buyer’s Indemnification. Buyer’s obligations pursuant to this Section 5.3.2
shall survive the close of Escrow for a period of one hundred eighty (180) days. Buyer, at its sole
cost and expense, hereby agrees to indemnify, defend (with counsel reasonably acceptable to
Seller), protect and hold harmless Seller Parties and any successors to Seller’s interest in the
Property and their parents, subsidiaries, partners, members, managers, participants, and
affiliates, officers, directors, shareholders, employees, agents, representatives, contractors, and
invitees, from and against any and all Losses arising out of any one or more of the following: (i)
subject to Section 7.2, the breach of any covenant of Buyer contained in this Agreement, or the
inaccuracy of any representation or warranty of Buyer contained in this Agreement; or (ii) Buyer’s
ownership of the Property or the operation of the Property on or after the close of Escrow
(including lawsuits, actions or proceedings relating to Hazardous Materials brought to the Property
after the close of Escrow or released from the Property after the close of Escrow and any other
physical aspect of the Property).

     5.4 Limitation on Claims. Notwithstanding any provision of this Agreement to the
contrary, Seller shall not have any liability with respect to any of the representations and
warranties set forth in this Agreement if, before the close of Escrow, Seller provides Buyer with
written notice of information, or Buyer otherwise obtains actual knowledge of information (from

27

 

whatever source, including, without limitation, as a result of Buyer’s due diligence tests,
investigations and inspections of the Property), that contradicts any of such representations and
warranties, or renders any of such representations and warranties untrue or incorrect, and Buyer
with such knowledge nevertheless consummates the transaction contemplated by this Agreement.
Notwithstanding any provision of this Agreement to the contrary, in no event shall either party be
liable to the other for indirect, special, consequential (including lost profits) or punitive
damages arising out of or in connection with this Agreement. For purposes of this Section, Buyer’s
actual knowledge of information shall mean the actual knowledge of Steve Corea. The provisions of
this Section shall survive the termination of this Agreement and/or the close of Escrow and the
recordation of the Deed.

SECTION 6

DAMAGE, DESTRUCTION AND CONDEMNATION

     6.1 Buyer’s Right to Terminate. In the event of the occurrence of any of the
following after the Effective Date and before the close of Escrow: (i) the commencement of any
eminent domain or condemnation proceedings with respect to any material portion of the Project or
which would materially restrict access to the Project, as determined in Buyer’s reasonable
discretion; or (ii) any casualty which shall cost in excess of Two Hundred Thousand Dollars
($200,000.00) or which would take more than six (6) months to repair or which would allow any
Tenant to terminate its Lease, Buyer shall have the right to terminate this Agreement within the
twenty (20) day period after the date Buyer receives written notice of such damage, taking or
condemnation (during which time period Seller will cooperate with Buyer so that Buyer can determine
the scope of such condemnation or damage, the estimated cost and time to repair, and the
availability of insurance proceeds). If Buyer elects to terminate this Agreement, the Deposit,
together with any accrued interest thereon, then held by Escrow Holder shall be immediately
returned to Buyer, and both parties shall be relieved of any further obligations hereunder, except
those which expressly survive the termination hereof. In such event, Seller shall be responsible
for the payment of all Escrow costs and cancellation fees.

     6.2 If No Termination. In the event Buyer does not terminate this Agreement pursuant
to Section 6.1 above or in the event of the occurrence of any casualty to the Property after the
Effective Date and before the close of Escrow which shall cost Two Hundred Thousand Dollars
($200,000.00) or less, will take less than six (6) months to repair and will not allow any Tenant
to terminate its Lease, or the commencement of any eminent domain or condemnation proceedings with
respect to any non-material portion of the Property, the obligations of the parties hereunder shall
be unaffected and the parties shall proceed to close of Escrow without reduction of the Purchase
Price. In such case, Seller shall deliver to Buyer, on the Closing Date, as applicable (i) the
proceeds, if any, of all insurance coverage applicable to such damage previously received by Seller
and an assignment of all insurance proceeds, if any, applicable thereto, plus an amount equal to
the lesser of (1) the deductible amount under Seller’s casualty insurance policy, or (2) the
difference obtained by subtracting the insurance proceeds available on account of such damage from
the reasonable cost to repair or restore the damaged property, or (ii) the condemnation proceeds,
if any, previously received by Seller and an assignment of all condemnation proceeds, if any,
applicable thereto. Seller shall not settle any insurance or condemnation claim without the prior
written consent of Buyer which shall not be unreasonably withheld or delayed.

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SECTION 7

DEFAULT, TERMINATION AND REMEDIES

     7.1 Seller’s Default/Buyer’s Remedies. If Seller is in default in the performance of
any obligation or covenant under this Agreement, and Buyer is not in default, Buyer shall elect as
its sole remedy one of the following: (i) to terminate this Agreement, and upon such termination:
(a) Buyer shall be entitled to the immediate return of the Deposit, together with any accrued
interest thereon; (b) Seller shall pay all escrow cancellation charges; and (c) only in the event
that Seller’s default is a refusal to close the purchase and convey the Property in accordance with
the terms of this Agreement after written demand by Buyer to do so or a refusal to cause the
removal of a monetary lien on the Real Property which is not one of the Approved Title Conditions
on or before Closing after written demand by Buyer to do so, Seller shall reimburse Buyer for
Buyer’s documented, reasonable out-of-pocket costs incurred to third parties in connection with its
due diligence review up to a maximum amount of Seventy-Five Thousand Dollars ($75,000.00), or (ii)
to bring a suit for specific performance; provided that Buyer shall retain the right to assert a
damage claim arising under Sections 3.4.2.2, 4.1, 4.4, 5.3.1, 8.15 and convenants contained in any
conveyance document executed and delivered at Closing, subject to the limitations set forth in such
Sections, Section 5.4 and Section 7.3. Unless otherwise expressly stated herein, the remedies
provided for in this Section are Buyer’s sole and exclusive remedies in the event of any default by
Seller, and Buyer waives the right to any and other remedies not specifically provided for under
this Section including, without limitation, damages, as to any default by Seller; provided that
Buyer shall retain the right to assert a damage claim arising under Sections 3.4.2.2, 4.1, 4.4,
5.3.1, 8.15 and convenants contained in any conveyance document executed and delivered at Closing,
subject to the limitations set forth in such Sections, Section 5.4 and Section 7.3. Buyer shall be
deemed to have elected to terminate this Agreement pursuant to clause (i) above, and have waived,
released and forever relinquished any right Buyer may now have or may later acquire to seek
specific performance or to place any liens or encumbrances including a notice of lis pendens on the
Property if Buyer fails to deliver to Seller written notice of its intent to assert a cause of
action for specific performance within ninety (90) days after the Closing Date or, having given
such notice, fails to file a lawsuit asserting such cause of action in the proper court within
ninety (90) days after the date of such notice. If Seller is in default and Buyer is not in
default, Buyer shall not be required to deposit the balance of the Purchase Price into Escrow as a
condition to seeking specific performance.

     7.2 Buyer’s Default/Seller’s Remedies. If Buyer is in default in the performance of
any obligation or covenant under this Agreement, and Seller is not in default, then Seller’s sole
and exclusive remedy, except for reasonable attorneys’ fees incurred by Seller to collect the
Deposit if contested by Buyer without a legal basis for doing so, indemnifications by Buyer and
remedies in connection with provisions of this Agreement which expressly survive the termination of
this Agreement, shall be to terminate this Agreement in which event Seller shall be entitled to the
Deposit as full and complete liquidated damages (“Liquidated Damages”) for Buyer’s default
of its obligations under this Agreement. The parties have determined that if Buyer breaches this
Agreement and fails to purchase the Project as contemplated herein, the damages to Seller will be
extremely difficult and impractical to ascertain, and that under the circumstances existing as of
the date of this Agreement, the Liquidated Damages provided for in this Section represent a
reasonable estimate of the damages which Seller will incur as a result of such failure; provided,

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however, that this provision shall not waive or affect Seller’s right to reasonable attorneys’
fees incurred to collect the Liquidated Damages if contested by Buyer, Seller’s rights to
indemnification as set forth in this Agreement and remedies in connection with provisions of this
Agreement which expressly survive the termination of this Agreement. Buyer wishes to limit its
liability in the event of its breach of this Agreement and failure to purchase the Property, and
Seller has agreed to a limitation. Upon receipt of the Liquidated Damages Seller shall be deemed to
have absolutely waived all other remedies at law or in equity which it may have related to such
refusal or failure of Buyer to close (including, without limitation, the remedies of specific
performance and damages) except for Seller’s right to reasonable attorneys’ fees incurred to
collect the Liquidated Damages if contested by Buyer, Seller’s rights to indemnification as set
forth in this Agreement and remedies in connection with provisions of this Agreement which
expressly survive the termination of this Agreement.

     The parties have set forth their initials below to indicate their agreement with the
Liquidated Damages provision contained in this Section.

	 	 	 
	 
	 	 
	Seller’s Initials
	 	Buyer’s Initials

     7.3 Limitation on Liability. Notwithstanding any provision to the contrary contained
in this Agreement or any documents executed by Seller or Buyer in connection herewith: (i) Seller
and Buyer shall have no liability for any breach of this Agreement, including Sections 3.4.2.2,
4.1, 4.2, 4.4, 5.3.1, 5.3.2 and 8.15, unless all losses resulting therefrom shall exceed, in the
aggregate, the amount of Twenty-Five Thousand Dollars ($25,000.00); (ii) the maximum aggregate
liability of Seller or Buyer for all breaches of this Agreement by them, respectively (including,
without limitation, the breach of any representations and warranties contained herein) shall not
exceed Six Hundred Thousand Dollars ($600,000.00); and (iii) all claims of Seller and Buyer are
waived if not made within ninety (90) days after the Closing Date; provided that the provisions of
this Section 7.3 shall not amend or limit the provisions of Section 7.2 and as to claims by Seller
against Buyer shall only apply to claims in addition to liquidated damages, and in the event of
conflict between the provisions of Section 7.2 and this Section 7.3 the provisions of Section 7.2
shall prevail. The foregoing limitations shall not apply to claims made in connection with any
substituted estoppel certificates provided by Seller pursuant to Section 2.4.1.2 hereof. The
provisions of this Section 7.3 shall survive the close of Escrow and shall not be merged with the
Deed. In addition, Buyer and Seller agrees to look solely to the assets of the other party for the
enforcement of any claims against such other party and that none of the officers, directors,
employees, partners, shareholders, managers, or members of or in such other party shall have any
personal liability for any obligations under this Agreement or with respect to the Property.

     7.4 Notice and Cure. Notwithstanding anything to the contrary contained in this
Agreement, neither party shall be charged with default hereunder unless the party asserting such
default first delivers written notice of such default to the party charged with default and Escrow
Holder and the party charged with default fails to cure the default within seven (7) days of such
notice.

30

 

     7.5 Guaranty. Seller will cause 3D Investments, LLC to execute a guaranty of
liability arising from the breach of this Agreement by Seller up to a maximum guaranty amount of
Six Hundred Thousand Dollars and No/100 Dollars ($600,000.00); provided that if the Seller, Buyer
and 3D Investsments, LLC do not agree in their sole discretion on the form of the guaranty on or
before the third (3rd) business day before the Contingency Date, Seller or Buyer may
terminate this Agreement. Upon such termination the Deposit shall be returned to Buyer, Buyer shall
return all Due Diligence Documents to Seller, the cancellation charges required to be paid by and
to Escrow Holder and the Title Company shall be borne one-half (1/2) by Seller and one-half (1/2)
by Buyer and all other charges shall be borne by the party incurring same, and both parties shall
be relieved of any further obligations hereunder, except those which expressly survive the
termination hereof.

SECTION 8

MISCELLANEOUS

     8.1 Notices. Any notice, consent or approval required or permitted to be given under
this Agreement shall be in writing and shall be deemed to have been given (i) upon hand delivery,
(ii) upon actual receipt if delivered by Federal Express or other reliable overnight courier
service, as evidenced by such courier’s delivery certificate or delivery logs, (iii) upon
electronic mail or facsimile transmission with confirmation (except that if the date of such
transmission is not a business day or if such transmission is made after 4:00 p.m. (California
Time) on a business day, then such notice shall be deemed to be given on the first (1st)
business day following such transmission), or (iv) on the date of actual delivery if deposited in
the United States mail, registered or certified mail, postage prepaid, return receipt required, as
evidenced by the carrier’s delivery receipt or delivery logs, and addressed as follows (or such
other address as either party may from time to time specify in writing to the other):

          If to Seller:

West Oahu Mall Associates, LLC

1880 Century Park East, Suite 810

Los Angeles, California 90067

Attention: Faraz Daneshgar

Fax: (310) 276-1590

Phone No.: (310) 276-1290

Email: faraz@3dinvestments.com

          with a duplicate copy to:

Rush Moore LLP

737 Bishop Street, Suite 2400

Honolulu, Hawaii 96813

Attention: David Shibata, Esq.

Fax: (808) 521-0497

Phone No.: (808) 521-0436

Email: dshibata@rmhawaii.com

31

 

          If to Buyer:

TNP Acquisitions, LLC

c/o Thompson National Properties, LLC

1901 Main Street, Suite 108

Irvine, CA 92614

Attention: Stephen Corea

Phone No.: (949) 833-UCLA (8252)

Fax: (949) 252-0208

Email: S.Corea@tnpre.com

          with a duplicate copy to:

Gregory Kaplan, PLC

7 East Second Street

Richmond, Virginia 23224

Attention: Joseph J. McQuade

Phone No.: (804) 916-9027

Fax: (804) 916-9127

jmcquade@gregkaplaw.com

          If to Escrow Holder:

Title Guaranty Escrow Services, Inc.

235 Queen Street, First Floor

Honolulu, Hawaii 96813

Attention: Barbara Paulo

Fax No: (808) 521-0280

Phone No.: (808) 521-0209

Email: bpaulo@tghawaii.com

     8.2 Broker. At the close of Escrow, Seller shall pay from funds accruing to Seller
through Escrow, any brokerage commission and fees owed to the Brokers in connection with the
transactions contemplated by this Agreement. Seller represents and warrants to Buyer, and Buyer
represents and warrants to Seller, that no other broker or finder has been engaged by it,
respectively, in connection with any of the transactions contemplated by this Agreement, or to its
knowledge is in any way connected with any of such transactions. If any such claims for additional
brokers’ or finders’ fees or commissions in connection with the negotiation, execution or
consummation of this Agreement, then Buyer shall indemnify, save harmless and defend Seller from
and against such claims if they shall be based upon any statement, representation or agreement made
by Buyer, and Seller shall indemnify, save harmless and defend Buyer if such claims shall be based
upon any statement, representation or agreement made by Seller.

     8.3 Assignment. Buyer is permitted to assign this Agreement to a new special purpose
entity, provided that (i) such new entity is an Affiliate of Buyer, (ii) the assignment shall not
release Buyer from its obligations under this Agreement, (iii) the assignment does not delay the
close of Escrow, (iv) the permitted assignee assumes all duties and obligations of Buyer under this

32

 

     Agreement, including but not limited to the prohibitions on assignment contained in this
Section, (v) Seller is provided with a copy of the assignment which includes such assumption by the
assignee, and (vi) Seller is given copies of any formation document confirming the above matters.
This Agreement shall not otherwise be assignable or transferable in whole or in part, or by
operation of law, by either party and nothing in this Agreement is intended to confer upon any
person, other than the parties hereto and permitted assignees of Buyer, any rights, remedies or
obligations under, or by reason of, this Agreement. The term “Affiliate” means an entity
directly or indirectly, through one or more intermediaries, controlled by or under common control
with the Buyer.

     8.4 Rule 3-14 Audit and SEC Filing Requirements. Buyer’s auditor may conduct an
audit, as may be required of Buyer pursuant to Rule 3-14 of Securities and Exchange Commission
Regulation S-X (the “Audit”), of the income statements of the Property for the last
complete fiscal year immediately preceding the Closing Date and the stub period through the Closing
Date (the “Audit Period”). Seller shall reasonably cooperate (at no cost to Seller) with
Buyer’s auditor in the conduct of the Audit. Without limiting the foregoing, (a) Buyer or its
designated independent or other auditor may audit the operating statements of the Property, at
Buyer’s expense and, upon Buyer’s prior written request, Seller shall allow Buyer’s auditors
reasonable access to such books and records maintained by Seller in respect to the Property and
pertaining to the Audit Period as necessary to conduct the Audit; and (b) Seller shall use
reasonable efforts to provide to Buyer such existing financial information as may be reasonably
required by Buyer and required for Buyer’s auditors to conduct the Audit; provided, however, that
the ongoing obligations of Seller shall be limited to providing such information or documentation
as may be in the possession or control of Seller, the Seller’s accountants or the applicable
property or asset manager, at no cost to any of such parties, and in the format that Seller has
maintained such information.

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

     8.6 Waivers. No waiver of any breach of any covenant or provision herein contained
shall be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or
provision herein contained. No extension of time for performance of any obligation or act shall be
deemed an extension of the time for performance of any other obligation or act.

     8.7 Government Approvals. Nothing contained in this Agreement shall be construed as
authorizing Buyer to apply for a zoning change, variance, subdivision maps, lot line adjustment or
other discretionary governmental act, approval or permit with respect to the Property before the
close of Escrow, and Buyer agrees not to do so without Seller’s prior written approval, which
approval may be withheld in Seller’s sole and absolute discretion. Buyer agrees not to submit any
reports, studies or other documents, including, without limitation, plans and specifications,
impact statements for water, sewage, drainage or traffic, environmental review forms, or energy
conservation checklists to any governmental agency, or any amendment or modification to any such
instruments or documents before the close of Escrow unless first approved by Seller, which approval
Seller may withhold in Seller’s sole discretion. Buyer’s obligation to purchase the

33

 

     Property shall not be subject to or conditioned upon Buyer’s obtaining any variances, zoning
amendments, subdivision maps, lot line adjustment, or other discretionary governmental act,
approval or permit.

     8.8 Successors and Assigns. This Agreement shall be binding upon and shall inure to
the benefit of the permitted successors and assigns of the parties hereto.

     8.9 Attorneys’ Fees. In the event of the bringing of any action or suit by a party
hereto against another party hereunder by reason of any breach of any of the covenants, agreements
or provisions on the part of the other party arising out of this Agreement, then in that event the
prevailing party shall be entitled to have and recover from the other party all costs and expenses
of the action, suit or arbitration proceeding, including reasonable attorneys’ fees and costs
resulting therefrom.

     8.10 Entire Agreement. This Agreement (including all exhibits attached hereto) is the
final expression of, and contains the entire agreement between, the parties with respect to the
subject matter hereof and supersedes all prior understandings with respect thereto. This Agreement
may not be modified, changed, supplemented or terminated, nor may any obligations hereunder be
waived, except by written instrument signed by the parties. The parties do not intend to confer
any benefit hereunder on any person, entity, firm or corporation other than the parties hereto.

     8.11 Time of Essence. Seller and Buyer hereby acknowledge and agree that time is
strictly of the essence with respect to each and every term, condition, obligation and provision
hereof and that failure to timely perform any of the terms, conditions, obligations or provisions
hereof by either party shall constitute a material breach under this Agreement by the party so
failing to perform.

     8.12 Construction. Headings at the beginning of each Section and subparagraph are
solely for the convenience of the parties and are not a part of the Agreement. Whenever required by
the context of this Agreement, the singular shall include the plural and the masculine shall
include the feminine and vice versa. This Agreement shall not be construed as if it had been
prepared by one of the parties, but rather as if both parties had prepared the same. Unless
otherwise indicated, all references to Sections and subparagraphs are to this Agreement. All
exhibits referred to in this Agreement are attached and incorporated by this reference. As used
herein, the term “business day” means a day other than a Saturday, Sunday or federal or
Hawaii state holiday. If Buyer or Seller is required to take any action under the terms of this
Agreement on a Saturday, Sunday or federal or Hawaii state holiday, then the action may be taken on
the next succeeding business day.

     8.13 Applicable Law and Forum. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Hawaii, excluding its choice of law rules that may
otherwise require the application of the law of another jurisdiction (provided however that the
laws of the State of California shall apply as to any claim by Buyer after Closing if Seller has
distributed assets and there are insufficient funds or assets owned or held by Seller to pay
potential claims made by Buyer). Any legal action or any other proceeding, including an action for
declaratory relief or any proceeding in bankruptcy, brought to enforce the Agreement or because of
or relating to any dispute, breach, default, or misrepresentation in connection with the Agreement,
shall be brought and maintained solely in the Circuit Court of the First Circuit, State

34

 

of Hawaii, or the United States District Court for the District of Hawaii, as appropriate.
Buyer and Seller by execution of this Agreement consent to exclusive personal jurisdiction and
venue in such courts, and waive any right to object to such forum or seek any transfer or change of
venue to any other forum.

     8.14 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, and all of which, together, shall constitute one and the same
instrument.

     8.15 No Joint Venture. This Agreement shall not create a partnership or joint venture
relationship between Buyer and Seller.

     8.16 Confidentiality and Publicity. The parties shall at all times keep this
transaction and any documents received from each other confidential, except as expressly set forth
herein and except to the extent necessary to (a) comply with applicable law and regulations, or (b)
carry out the obligations set forth in this Agreement. Any such disclosure to third parties shall
indicate that the information is confidential and should be so treated by the third party. Prior to
the Closing Date, no press release or other public disclosure may be made by Seller or Buyer or any
of their respective agents concerning this transaction without the prior written consent of the
other.

     8.17 Required Actions of Buyer and Seller. Buyer and Seller agree to execute all such
instruments and documents and to take all actions pursuant to the provisions hereof in order to
consummate the purchase and sale herein contemplated and shall use their commercially reasonable
best efforts to consummate the transaction contemplated by this Agreement in accordance with the
provisions hereof.

     8.18 Waiver Of Jury Trial. Seller and Buyer, to the extent they may legally do so,
hereby expressly waive any right to trial by jury of any claim, demand, action, cause of action, or
proceeding arising under or with respect to this Agreement, or in any way connected with, or
related to, or incidental to, the dealings of the parties hereto with respect to this Agreement or
the transactions related hereto or thereto, in each case whether now existing or hereafter arising,
and irrespective of whether sounding in contract, tort, or otherwise. To the extent they may
legally do so, Seller and Buyer hereby agree that any such claim, demand, action, cause of action,
or proceeding shall be decided by a court trial without a jury and that any party hereto may file
an original counterpart or a copy of this Section with any court as written evidence of the consent
of the other party or parties hereto to waiver of its or their right to trial by jury.

     8.19 Section 1031 Exchange. Buyer and Seller may consummate the purchase and or sale
of the Property as part of a so-called like kind exchange (the “Exchange”) pursuant to
Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), provided that:
(i) the close of Escrow shall not be delayed or adversely affected by reason of the Exchange, nor
shall the consummation or accomplishment of the Exchange be a condition precedent or condition
subsequent to any obligations under this Agreement, (ii) the Exchange shall be effected through a
qualified intermediary, and neither Buyer nor Seller shall be required to take an assignment of
this Agreement or hold title to any real property for purposes of consummation the Exchange, and
(iii) the party making the Exchange shall pay any additional costs that would not otherwise have
been incurred by the other had the Exchange not been made. The terms of this Section 8.18 shall not

35

 

affect or diminish the rights of either party hereto, and neither party shall be deemed to
have warranted that the Exchange complies with Section 1031 of the Code.

     8.20 ERISA.

          8.19.1 As of the close of Escrow, (1) Buyer will not be an employee benefit plan as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
which is subject to Title I of ERISA, nor a plan as defined in Section 4975(e)(1) of the Internal
Revenue Code of 1986, as amended (each of the foregoing hereinafter referred to collectively as
"Plan”), and (2) the assets of the Buyer will not constitute “plan assets” of one or more
such Plans within the meaning of Department of Labor (“DOL”) Regulation Section 2510.3 101.

          8.20.2 As of the close of Escrow, if Buyer is a “governmental plan” as defined in Section
3(32) of ERISA, the close of Escrow of the sale of the Property will not constitute or result in a
violation of state or local statutes regulating investments of and fiduciary obligations with
respect to governmental plans.

          8.20.3 As of the close of Escrow, Buyer will be acting on its own behalf and not on account of
or for the benefit of any Plan.

          8.20.4 Buyer has no present intent to transfer the Property to any entity, person or Plan
which will cause a violation of ERISA.

          8.20.5 Buyer shall not assign its interest under this Agreement to any entity, person, or Plan
which will cause a violation of ERISA.

36

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year
hereinabove written.

	 	 	 	 	 
	 	WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii limited liability company

By: West Oahu Mall, Inc.

 	 
	 	 	By 	      /s/ Joseph Daneshgar
 	 
	 	 	 	Joseph Daneshgar 	 
	 	 	 	Its President 	 
	 

“Seller”

	 	 	 	 	 
	 	TNP ACQUISITIONS, LLC,

a Delaware limited liability company

 	 
	 	 	By:  	/s/ Stephen Corea
 	 
	 	 	 	Stephen Corea 	 
	 	 	 	 
	 

“Buyer”

37

 

EXHIBIT A

LEGAL DESCRIPTION

PARCEL FIRST:

All of those certain parcels of land situate at Waianae and Lualualei, District of Waianae, City
and County of Honolulu, State of Hawaii, described as follows:

LOTS 672-A, area 10.000 acres, more or less, as shown on Map 75, and

     514-C-2, area 1.000 acre, more or less, as shown on Map 59,

the maps referred to herein by numbers are filed in the Office of the Assistant Registrar of the
Land Court of the State of Hawaii with Land Court Application No. 1102 (amended) of Waianae
Company;

Being land(s) described in Transfer Certificate of Title No. 739,839 issued to WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company.

PARCEL SECOND:

All of that certain parcel of land situate at Waianae and Lualualei, District of Waianae, City and
County of Honolulu, State of Hawaii, described as follows:

LOT 514-B-2, area 83,908 square feet, more or less, as shown on Map 276, filed in the Office of the
Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 1102
(amended) of Waianae Company;

Being land(s) described in Transfer Certificate of Title No. 739,839 issued to WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company.

PARCEL THIRD:

All of that certain parcel of land situate at Waianae and Lualualei, District of Waianae, City and
County of Honolulu, State of Hawaii, described as follows:

LOT 672-B-1, area 2.689 acres, more or less, as shown on Map 386, filed in the Office of the
Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 1102
(amended) of Waianae Company;

Being land(s) described in Transfer Certificate of Title No. 739,840 issued to WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company.

END OF EXHIBIT A

Exhibit A-1

 

 

EXHIBIT B

TENANT ESTOPPEL FORM

	 	 	 	 	 	 	 	 	 
	TO:

	 	 	 	 	 	(“Buyer”)	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Attention:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 
	TO:

	 	 	 	 	 	(“Seller”)	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 
	 

	 	Attention:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

1. The undersigned, as Tenant of premises (the “Premises”) under that certain Lease dated
                        
                       ,                      (the “Lease”) made            
         with                                         , (“Landlord”), covering
space in Landlord’s building (the “Building”) located at                                         ,                         
                , hereby
certifies to Buyer and Seller as follows:

     (a) That attached hereto as Exhibit “A” is a true, correct and complete copy of the Lease,
together with all amendments, modifications, supplements, assignments or other agreements related
thereto;

     (b) That the Lease is in full force and effect and has not been assigned, modified,
supplemented or amended in any way except as set forth in Exhibit “A”;

     (c) That the Lease, as indicated in Exhibit “A,” represents the entire agreement between the
parties as to said Lease;

     (d) That the Premises consists of                                          rentable square feet. Tenant’s pro rata share
of operating, maintenance and repair expenses, and taxes, is                     %. Pursuant to the Lease, Tenant
is entitled to rent                      unreserved parking spaces and                      reserved parking spaces.

     (e) Tenant has not entered into any sublease or assignment with respect to any portion of the
Premises, except [List or, if none, state “None”];

     (f) Tenant has no rights to renew, extend or cancel the Lease or to lease additional space in
the Building, except [List or, if none, state “None”];

Exhibit B-1

 

 

     (g) That, to the best of Tenant’s knowledge, there are no defaults by either Tenant or
Landlord under the Lease, and no event has occurred or situation exists which, with the passage of
time, the giving of notice, or both, would constitute a default under the Lease.

     (h) That the annual minimum rent currently payable under the Lease is $                                         and such
rent has been paid through                                                   . No rents have been prepaid more than one (1) month in
advance and full rental, including basic minimum rent, if any, has commenced to accrue;

     (i) That, to the best of Tenant’s knowledge, there are no existing defenses, offsets, claims
or credits which the undersigned has against the enforcement of the Lease;

     (j) The undersigned has paid to Landlord a security deposit in the amount of $                                        ;
and

     2. The undersigned acknowledges the rights of Buyer, Buyer’s lender(s), and Seller, as
applicable, to rely upon the certifications and agreements in this Estoppel in connection with the
proposed purchase of the Building by Buyer and/or its designee(s), successor(s) and/or assign(s)
from Seller.

     EXECUTED this                      day of                                         , 200
   
.

[SIGNATURE BLOCK TO BE PROVIDED]

Exhibit B-2

 

 

EXHIBIT C

FORM OF LIMITED WARRANTY DEED

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AFTER RECORDATION, RETURN BY MAIL ( ) PICK-UP ( )

Total Pages:                     

 

TITLE OF DOCUMENT:

LIMITED WARRANTY DEED

 

PARTIES TO DOCUMENT:

GRANTOR: WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii limited liability company

GRANTEE:

	 	 	 
	 
	PROPERTY DESCRIPTION:

	 	| LIBER/PAGE/DOCUMENT NO.: N/A
	 
	 	|  
	 

	 	| LAND COURT DOCUMENT NO.:
	 
	 	|  
	 

	 	| TRANSFER CERTIFICATE OF
TITLE NO(S).:
	 

Tax Map Key Nos. (1)                                        

Exhibit C-1

 

 

LIMITED WARRANTY DEED

     THIS LIMITED WARRANTY DEED is made this                      day of                                      
   , 200      , by WEST OAHU MALL
ASSOCIATES, LLC, a Hawaii limited liability company, whose mailing address is 1880 Century Park
East, Suite 810, Los Angeles, California 90067 (hereinafter referred to as “Grantor”), in favor
of                                         , whose mailing address is                                  
                            (hereinafter referred to
as “Grantee”).

W I T N E S S E T H:

     Grantor, for and in consideration of the sum of TEN DOLLARS ($10.00) and other good and
valuable consideration to Grantor paid by Grantee, receipt whereof is hereby acknowledged, does by
these presents grant, bargain, sell and convey the real property described in Exhibit “A” hereto
attached and expressly made a part hereof, unto Grantee;

     And the reversions, remainders, rents, issues and profits thereof and all of the estate,
right, title and interest of Grantor, both at law and in equity, therein and thereto;

     TO HAVE AND TO HOLD the same, as to said real property, together with all buildings,
improvements, tenements, hereditaments, rights, easements, privileges and appurtenances thereunto
belonging or appertaining or held and enjoyed therewith unto Grantee as aforesaid, as tenant in
severalty, absolutely and in fee simple forever (collectively referred to as “Property”).

     Grantor for itself and its successors and assigns, does hereby covenant and agree with Grantee
that it has good right to convey such Property, that the interest of Grantor is free and clear from
all encumbrances made by, through or under the Grantor, except as herein mentioned and current real
property taxes, if any, which are to be prorated as of the date of recording of this instrument,
and Grantor will WARRANT and DEFEND the same unto Grantee against the lawful claims and demands of
all persons claiming by, through or under Grantor, except as aforesaid. The Property is conveyed
to Grantee in As-Is physical condition.

     The terms “Grantor” and “Grantee”, as and when used herein, or any pronouns used in place
thereof, shall mean and include the masculine or feminine, the singular or plural number,
individuals, associations, trustees, limited liability companies, partnerships or corporations, and
their and each of their respective successors in interest, heirs, personal representatives and
permitted assigns, according to the context thereof. If these presents shall be signed by two or
more Grantors or by two or more Grantees, all covenants of such parties shall for all purposes be
joint and several.

     This document may be executed in counterparts. Each counterpart shall be executed by one or
more of the parties to this document and the several counterparts shall constitute one document to
the same effect as though the signatures of all of the parties were upon the same document.

Exhibit C-2

 

 

     IN WITNESS WHEREOF, Grantor and Grantee have executed these presents effective on the day and
year first above written.

	 	 	 	 	 
	 	WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii limited liability company

By: West Oahu Mall, Inc.

	 	 	 
	 	By  	
 	 
	 	 	Joseph Daneshgar
	 	 	Its President
	 

“Grantor”

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

“Grantee”

Exhibit C-3

 

 

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	 	 	 	 	) 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	) SS.

	COUNTY OF

	 	 	 	 	 	) 
	 

	 	 	 	 	 	 	 	 

     On this                      day of                                         , before me
personally appeared
                                                            , to me personally known, who, being by me duly sworn or affirmed, did say
that such person(s) executed the foregoing instrument as the free act and deed of such person(s),
and if applicable in the capacity shown, having been duly authorized to execute such instrument in
such capacity.

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	 	 
	 	 	Type or print name:                                          

Notary Public, in and for said County and State.

My commission expires:                                          	 
	 

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	 	 	 	 	) 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	) SS.

	COUNTY OF

	 	 	 	 	 	) 
	 

	 	 	 	 	 	 	 	 

     On this                      day of                                         , before me
personally appeared
                                                            , to me personally known, who, being by me duly sworn or affirmed, did say
that such person(s) executed the foregoing instrument as the free act and deed of such person(s),
and if applicable in the capacity shown, having been duly authorized to execute such instrument in
such capacity.

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	 	 
	 	 	Type or print name:                                         

Notary Public, in and for said County and State.

My commission expires:                                          	 
	 

Exhibit C-4

 

 

EXHIBIT “A”

PROPERTY DESCRIPTION

Exhibit “A”-1

 

 

EXHIBIT D

FORM OF BILL OF SALE

BILL OF SALE AND GENERAL ASSIGNMENT

     THIS BILL OF SALE AND GENERAL ASSIGNMENT (“Bill of Sale”) is executed and delivered on
                    , 200      , by WEST OAHU MALL ASSOCIATES, LLC (“Seller”), and
                                                             (“Buyer”).

     Pursuant to that Agreement of Purchase and Sale and Joint Escrow Instructions by and between
Seller and Buyer, dated as of                      (“Purchase Agreement”), for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Seller hereby grants,
sells, conveys, assigns and transfers to Buyer, its successors and assigns, without warranty
(except that Seller warrants that it is the lawful owner of the Personal Property, free and clear
of all liens, security interests and encumbrances, other than liens of the Conduit Loan, as defined
in the Purchase Agreement), absolutely, and not as security, all of Seller’s right, title and
interest in and to (i) all Personal Property (as defined in the Purchase Agreement) owned by Seller
and located on or used in connection with the Real Property (as defined in the Purchase Agreement)
and any Improvements (as defined in the Purchase Agreement) located thereon (collectively, the
”Real Estate”), and (ii) any Intangible Property (as defined in the Purchase Agreement)
related to the development, operation, management and use of the Real Estate, including (A) all
development rights, building, use or other permits, approvals, authorizations, licenses and
consents obtained from any governmental authority in connection with the development, use,
operation and management of the Real Estate, (B) all property operating books and records
maintained in connection with the ownership, development, construction, maintenance or operation of
the Real Estate and those cntracts described on Exhibit “1” attached hereto (“Contracts”),
(C) all preliminary, final and “as-built” plans and specifications respecting the Real Estate, (D)
all physical, structural and environmental reviews, architectural drawings, and engineering, soil,
seismic, geologic and architectural reports, studies and certificates and other documents
pertaining to the Real Estate (including those which include comments by any building or safety
engineer, inspector or other person who regularly makes such inspections), and (E) all warranties
relating to the Real Estate or Personal Property, including its physical condition.

     Buyer hereby assumes all obligations of any nature whatsoever under the Contracts arising or
accruing from and after the date hereof.

     In the event any party hereto institutes any action or proceeding against the other party with
regard to this Assignment, the prevailing party in such action shall be entitled to recover, in
addition to the cost of the suit, its reasonable attorneys’ fees and costs.

     This Assignment and the indemnities and obligations of the parties hereunder shall survive the
Closing Date referred to in the Purchase Agreement and shall not be merged with the Limited
Warranty Deed recorded at Closing Date, shall be binding upon and inure to the benefit of the
parties hereto, their respective legal representatives, successors and assigns, shall be governed
by and construed in accordance with the laws of the State of Hawaii without regard to

Exhibit D-1

 

 

principles of conflicts of laws, and may not be modified or amended in any manner other than
by a written agreement signed by the party to be charged therewith. Notwithstanding anything to the
contrary herein, Seller shall have no liability whatsoever for any obligations under any of the
Contracts that arise after the date of this Bill of Sale.

     This Assignment 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.

     IN WITNESS WHEREOF, this Bill of Sale is executed as of the date first above written.

	 	 	 	 	 
	 	WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii limited liability company

By: West Oahu Mall, Inc.

	 	 	 
	 	 	By  	
 	 
	 	 	 	Joseph Daneshgar  	 
	 	 	 	Its President  	 
	 

“Seller”

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	       By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

“Buyer”

Exhibit D-2

 

 

EXHIBIT E

FORM OF ASSIGNMENT AND ASSUMPTION OF LEASES

     THIS ASSIGNMENT AND ASSUMPTION (“Assignment”) is made this                      day of                               
          ,
200___, by and between WEST OAHU MALL ASSOCIATES, LLC (“Assignor”), and
                                                             (“Assignee”).

WITNESSETH:

     WHEREAS, Assignor and Assignee are parties to that certain Agreement of Purchase and Sale and
Joint Escrow Instructions (the “Purchase Agreement”) dated as of                     , respecting
the sale of certain “Property” (as described in the Purchase Agreement). Capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to them in the Purchase
Agreement.

     WHEREAS, under the Purchase Agreement, Assignor shall assign to Assignee and Assignee shall
assume, to the extent transferable by Assignor, all of Assignor’s right, title and interest in and
to all Leases.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, except as set forth in the Purchase Agreement, Assignor hereby assigns, sells,
transfers, sets over and delivers unto Assignee all of Assignor’s estate, right, title and
interest, accruing from and after the date hereof, in and to the leases set forth on Exhibit “1”
attached hereto (“Leases”), and Assignee hereby accepts such assignment.

     Assignee hereby assumes all obligations of the landlord under the Leases arising or accruing
from and after the date hereof.

     In the event any party hereto institutes any action or proceeding against the other party with
regard to this Assignment, the prevailing party in such action shall be entitled to recover, in
addition to the cost of the suit, its actual attorneys’ fees and costs.

     Assignor agrees to defend and indemnify Assignee and Assignee’s partners or members, and the
respective trusts, trustees, beneficiaries, partners, members, officers, directors, shareholders,
managers, employees, attorneys, agents and representatives of all such parties (collectively
“Assignee Parties”) against and hold Assignee and the Assignee Parties harmless from any and all
demands, claims, causes of action, legal or administrative proceedings, losses, liabilities,
damages, penalties, fines, judgments, costs or expenses whatsoever (including, without limitation,
attorneys’ fees and costs and expert witness fees and costs) (collectively “Assignor Liabilities”)
arising prior to the Close of Escrow and relating in any manner to the Leases, including, without
limitation, all of Assignor’s obligations and liabilities under the Leases, arising or accruing
prior to the Close of Escrow, including any actual or alleged breaches

Exhibit E-1

 

 

or defaults of Assignor under the Leases or any other Assignor Liabilities that may be now or
hereafter pursued or asserted by any Lessee under a Lease (or any successor or assign of Lessee)
against Assignee or any Assignee Parties.

     Assignee agrees to defend and indemnify Assignor and Assignor’s partners or members, and the
respective trusts, trustees, beneficiaries, partners, members, officers, directors, shareholders,
managers, employees, attorneys, agents and representatives of all such parties (collectively
“Assignor Parties”) against and hold Assignor and the Assignor Parties harmless from any and all
demands, claims, causes of action, legal or administrative proceedings, losses, liabilities,
damages, penalties, fines, judgments, costs or expenses whatsoever (including, without limitation,
attorneys’ fees and costs and expert witness fees and costs) (collectively “Assignee Liabilities”)
arising on or after the Close of Escrow and relating in any manner to the Leases, including,
without limitation, all of Assignee’s obligations and liabilities under the Leases, arising or
accruing on or after the Close of Escrow, including any actual or alleged breaches or defaults of
Assignee under the Leases or any other Assignee Liabilities that may be pursued or asserted by any
Lessee under a Lease (or any successor or assign of Lessee) against Assignor or any Assignor
Parties

     This Assignment and the indemnities and obligations of the parties hereunder shall survive the
Closing Date referred to in the Purchase Agreement and shall not be merged with the Limited
Warranty Deed recorded on the Closing Date, shall be binding upon and inure to the benefit of the
parties hereto, their respective legal representatives, successors and assigns, shall be governed
by and construed in accordance with the laws of the State of Hawaii without regard to principles of
conflicts of laws, and may not be modified or amended in any manner other than by a written
agreement signed by the party to be charged therewith. Notwithstanding anything to the contrary
herein, Assignor shall have no liability whatsoever for any obligations under any of the Leases
that arise after the Closing Date referred to in the Purchase Agreement.

     This Assignment shall be binding on and inure to the benefit of the parties hereto, their
heirs, executors, administrators, successors in interest and assigns. This Assignment 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.

Exhibit E-2

 

 

     IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered this Assignment as of
the day and year first above written.

	 	 	 	 	 
	 	WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii limited liability company

 	 
	 	By:  	West Oahu Mall, Inc.
 	 
	 	 	 
	 	 	By:  	
 	 
	 	 	 	Joseph Daneshgar 	 
	 	 	 	Its President 	 
	 

“Assignor”

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	       By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

     “Assignee”

Exhibit E-3

 

 

EXHIBIT F

TRANSFEROR’S CERTIFICATION OF NON-FOREIGN STATUS

     WEST OAHU MALL ASSOCIATES, LLC (“Seller”) is the transferor of certain real property
more particularly described on Exhibit A attached hereto (the “Property”).

     Section 1445 of the Internal Revenue Code of 1986 (the “Code”) provides that a
transferee of a U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform the transferee that withholding of tax will not be required in connection with
the disposition of the Property pursuant to that certain Agreement of Purchase and Sale and Joint
Escrow Instructions dated as of                     , 2005 between Seller and                      (the “Sale
Agreement”), the undersigned hereby certifies to Buyer the following:

     1. Seller is not a foreign corporation, foreign company, foreign trust or foreign estate, as
those terms are defined in the Code and the regulations promulgated thereunder;

     2. Seller is not a disregarded entity as defined in §1.1445-2(b)(2)(iii),

     3. Seller’s U.S. employer identification number is                     , and

     4. Seller’s address is: c/o 3D Investments LLC, 433 N. Camden Dr. #900, Beverly Hills, CA
90210.

     It is understood that this Certification may be disclosed to the Internal Revenue Service and
that any false statement contained herein could be punished by fine, imprisonment, or both.

     Seller understands that Buyer is relying on this Certification in determining whether
withholding is required upon said transfer.

     Date:                                          , 200                    

	 	 	 	 	 
	 	WEST OAHU MALL ASSOCIATES, LLC,

a Hawaii limited liability company

By: West Oahu Mall, Inc.

 	 
	 	By  	 	 
	 	 	Joseph Daneshgar 	 
	 	 	Its President 	 
	 

Exhibit F-1

 

 

SCHEDULE 1

SCHEDULE OF LEASES

	•	 	Lease to State Of Hawaii Department Of Accounting And General Services dated January 5,
2007, lease agreement number 92-33-0549.
	 
	•	 	Lease to Kelsi, Inc. dba Sun’s Laundromat, Dated April 4, 2008
	 
	•	 	Lease to APS Healthcare Bethesda, Inc., Dated March 26, 2009.
	 
	•	 	Lease to Fil Manuel Tolete, Evangeline Tolete and Meleiton Collado, dba Fantastic Sam’s,
Dated June 30, 2000 and Assigned to JT Maui, LLC August 8, 2003
	 
	•	 	Lease to United States of America, Dated March 13, 2009 and as amended.
	 
	•	 	Lease to The International City Of Refuge Christian Church Ministries, Dated December
22, 2005
	 
	•	 	Lease to Hai Thanh Tran and Minh-Huyen T. Nguyen dba Gold Plus, Dated April 1, 2005
	 
	•	 	Lease to Tel-West Companies dba Hassel Free Phone and Hassel Free Taxes, Dated October
15, 2007
	 
	•	 	Lease to Parents & Children Together, Dated August 6, 2003 and as amended
	 
	•	 	Lease to LC Southseas, LLC dba Little Caesar’s, Dated August 18, 2008
	 
	•	 	Lease to West Oahu Community Federal Credit Union, Dated November 19, 2004 and as
amended
	 
	•	 	Lease to Radioshack Corporation, Dated June 4, 1992 and as amended
	 
	•	 	Lease to Blockbuster Corporation, Dated November 25, 1990 and as amended
	 
	•	 	Lease to State Of Hawaii by its Department Of Accounting And General Services dated
January 5, 2007, lease agreement number 92-33-0550 and as amended.
	 
	•	 	Lease to Roger Christian Ede, O.D., Inc. Dated October 11, 1994 and as amended
	 
	•	 	Lease to Money Service Centers of Hawaii dba Pay Day Hawaii, Dated June 2, 2005
	 
	•	 	Lease to Island Wear Incorporated, Thanh Diep and Mui Diep, Dated November 19, 2004 and
as amended
	 
	•	 	Lease to Bank of Hawaii, Dated January 11, 1999
	 
	•	 	Lease to Waianae District Comprehensive Health and Hospital Board, Inc., Dated January
24, 2003 (Units C-304b, C-305a, C-307, C-309, C-311 and C-300 and as amended
	 
	•	 	Lease to Waianae District Comprehensive Health and Hospital Board, Inc., Dated November
7, 2007 (Unit B202b)
	 
	•	 	Lease to Ocean Sports With Barry Kanaiaupuni, Barry Kanaiaupuni and Leslee Kanaiaupuni,
Dated May 1, 2004 and as amended
	 
	•	 	Lease to Mi Ja Incorporated dba Hello Sushi, Dated August 12, 2008
	 
	•	 	Lease to Richard Craft dba Blazin Steaks, Dated May 13, 2009.
	 
	•	 	Lease to Hui on Fast Food, Dated January 26, 1996 and as amended
	 
	•	 	Lease to Longs Drugs California, Inc., Dated August 10, 2005
	 
	•	 	Lease to Jeans Warehouse, Inc., Dated May 26, 2005 and as amended.
	 
	•	 	Lease to Sugar Kane Realty, Inc., Dated April 1, 2005 and as amended.

Schedule 1 - 1

 

 

	•	 	Lease to Savage Body 4 The BZ-U dba Curves for Women, LLC, Dated February 1, 2006 and as
amended.
	 
	•	 	Lease to Waianae Chop Suey, Dated March 15, 1991 and as amended
	 
	•	 	Lease to Canyon Television and Appliance Rental, Inc lease dated June 14, 2005 and
assigned to DPR Hawaii dba Aaron’s Sales and Lease on dated March 6, 2007
	 
	•	 	Lease to Si V. Nguyen dba Lovely Nails, dated April 10, 2006
	 
	•	 	Lease to Subway Real Estate Corp., Dated April 9, 2003 and as amended
	 
	•	 	Lease to American Savings Bank, Dated August 24, 1990 and as amended
	 
	•	 	Lease to Kazi Restaurants of Hawaii, Inc., Dated July 3, 2002
	 
	•	 	Lease to The Goodyear Tire and Rubber Company, Dated November 2, 1999 and as amended
	 
	•	 	Lease to City Mill Company, Ltd., Dated July 22, 1999
	 
	•	 	Lease to Coffee Partners Hawaii dba Starbucks Coffee, Dated January 19, 2006 and letter
agreement re: security deposit
	 
	•	 	Lease to JJC Hawaii, LLC dba Jamba Juice, dated January 19, 2006 and letter agreement
re: security deposit
	 
	•	 	Lease to Hawaii Pizza Hut, Inc., Dated July 21, 1989 and as amended.

Schedule 1 - 2

 

 

SCHEDULE 2

SCHEDULE OF CONTRACTS

Janitorial — Armstrong Building Maintenance

Landscape & Tree Trimming — Tony’s Landscape & Trees

Refuse Removal — Oahu Refuse, Honolulu Disposal Service, Inc.

Security — Securitas, Safeguard Services, Inc.

Air Conditioning (Mgmt Office) — Cornerstone Air Conditioning Service

Muzak — Hawaii Sound System

Pest Control — Terminix

Schedule 2 - 1

 

 

SCHEDULE 3

TENANT RENT ROLL

Schedule 3 - 1

 

 

SCHEDULE 4

OPERATING STATEMENTS

Schedule 4 - 1

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