Document:

Exhibit 10.15

 

4700 River Road, Riverdale, MD

 

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HUB REALTY
COLLEGE PARK I, LLC,

 

as
Seller,

 

and

 

GOVERNMENT
PROPERTIES INCOME TRUST,

 

as
Purchaser

 

 

June 14,
2010

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Agreement

  	
  1

  
	
  1.2

  	
  Business Day

  	
  1

  
	
  1.3

  	
  Closing

  	
  1

  
	
  1.4

  	
  Closing Date

  	
  1

  
	
  1.5

  	
  Existing Survey

  	
  1

  
	
  1.6

  	
  Existing Title
  Policy

  	
  2

  
	
  1.7

  	
  Improvements

  	
  2

  
	
  1.8

  	
  Land

  	
  2

  
	
  1.9

  	
  Leases

  	
  2

  
	
  1.10

  	
  Other Property

  	
  2

  
	
  1.11

  	
  Permitted
  Exceptions

  	
  2

  
	
  1.12

  	
  Property

  	
  2

  
	
  1.13

  	
  Purchase Price

  	
  2

  
	
  1.14

  	
  Purchaser

  	
  3

  
	
  1.15

  	
  Rent Roll

  	
  3

  
	
  1.16

  	
  Seller

  	
  3

  
	
  1.17

  	
  Title Company

  	
  3

  
	
  1.18

  	
  Update

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  PURCHASE AND
  SALE; CLOSING

  	
  3

  
	
  2.1

  	
  Purchase and
  Sale

  	
  3

  
	
  2.2

  	
  Closing

  	
  3

  
	
  2.3

  	
  Purchase Price

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  TITLE, DILIGENCE
  MATERIALS, ETC.

  	
  4

  
	
  3.1

  	
  Title

  	
  4

  
	
  3.2

  	
  No Other
  Diligence

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  CONDITIONS TO
  THE PURCHASER’S OBLIGATION TO CLOSE

  	
  6

  
	
  4.1

  	
  Closing
  Documents

  	
  6

  
	
  4.2

  	
  Title Policy

  	
  7

  
	
  4.3

  	
  Environmental
  Reliance Letters

  	
  7

  
	
  4.4

  	
  Condition of
  Property

  	
  7

  
	
  4.5

  	
  Other Conditions

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  CONDITIONS TO
  SELLER’ OBLIGATION TO CLOSE

  	
  8

  
	
  5.1

  	
  Purchase Price

  	
  8

  
	
  5.2

  	
  Closing
  Documents

  	
  8

  
	
  5.3

  	
  Other Conditions

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  REPRESENTATIONS
  AND WARRANTIES OF SELLER

  	
  8

  
	
  6.1

  	
  Status and
  Authority of the Seller, Etc.

  	
  8

  
	
  6.2

  	
  Action of the Seller, Etc.

  	
  8

  
	
  6.3

  	
  No Violations of
  Agreements

  	
  8

  
	
  6.4

  	
  Litigation

  	
  9

  

 

i

 

	
  6.5

  	
  Existing
  Leases, Etc.

  	
  9

  
	
  6.6

  	
  Agreements, Etc.

  	
  10

  
	
  6.7

  	
  Not a Foreign
  Person

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  REPRESENTATIONS
  AND WARRANTIES OF PURCHASER

  	
  11

  
	
  7.1

  	
  Status and
  Authority of the Purchaser

  	
  12

  
	
  7.2

  	
  Action of the
  Purchaser

  	
  12

  
	
  7.3

  	
  No Violations of
  Agreements

  	
  12

  
	
  7.4

  	
  Litigation

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  COVENANTS OF THE
  SELLER

  	
  13

  
	
  8.1

  	
  Approval of
  Agreements

  	
  13

  
	
  8.2

  	
  Operation of
  Property

  	
  13

  
	
  8.3

  	
  Compliance with
  Laws, Etc.

  	
  13

  
	
  8.4

  	
  Compliance with
  Agreements

  	
  13

  
	
  8.5 

  	
  Notice of
  Material Changes or Untrue Representations

  	
  13

  
	
  8.6

  	
  Insurance

  	
  13

  
	
  8.7

  	
  Cooperation

  	
  13

  
	
  8.8

  	
  Approval of 2011
  Capital Expenditure Budget

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  APPORTIONMENTS

  	
  14

  
	
  9.1

  	
  Real Property
  Apportionments

  	
  14

  
	
  9.2

  	
  Closing Costs

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  DAMAGE TO OR
  CONDEMNATION OF PROPERTY

  	
  17

  
	
  10.1

  	
  Casualty

  	
  17

  
	
  10.2

  	
  Condemnation

  	
  17

  
	
  10.3

  	
  Survival

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  DEFAULT

  	
  18

  
	
  11.1

  	
  Default by the
  Seller

  	
  18

  
	
  11.2

  	
  Default by the
  Purchaser

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
  18

  
	
  12.1

  	
  Allocation of
  Liability

  	
  18

  
	
  12.2

  	
  Brokers

  	
  19

  
	
  12.3

  	
  Publicity

  	
  19

  
	
  12.4

  	
  Notices

  	
  19

  
	
  12.5

  	
  Waivers, Etc.

  	
  21

  
	
  12.6

  	
  Assignment;
  Successors and Assigns

  	
  21

  
	
  12.7

  	
  Severability

  	
  21

  
	
  12.8

  	
  Counterparts, Etc.

  	
  22

  
	
  12.9

  	
  Performance on
  Business Days

  	
  22

  
	
  12.10

  	
  Attorneys’ Fees

  	
  22

  
	
  12.11

  	
  Section and
  Other Headings

  	
  22

  
	
  12.12

  	
  Time of Essence

  	
  22

  
	
  12.13

  	
  Governing Law

  	
  23

  
	
  12.14

  	
  Arbitration

  	
  23

  
	
  12.15

  	
  Like Kind
  Exchange

  	
  24

  
	
  12.16

  	
  Recording

  	
  24

  

 

ii

 

	
  12.17

  	
  Non-liability of
  Trustees of Purchaser

  	
  24

  
	
  12.18

  	
  Waiver

  	
  25

  
	
  12.19

  	
  Further
  Assurances

  	
  25

  
	
  12.20

  	
  Financials

  	
  25

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HUB
REALTY COLLEGE PARK I, LLC, a Delaware limited liability company
(the “Seller”), and GOVERNMENT PROPERTIES INCOME TRUST, a
Maryland real estate investment trust (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Seller is the owner of the Property (this and
other capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in Section 1); and

 

WHEREAS, the Seller wishes to sell to the Purchaser, and the
Purchaser desires to purchase from the Seller, the Property, subject to and
upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, the Seller and the
Purchaser hereby agree as follows:

 

SECTION 1.                 DEFINITIONS.

 

Capitalized terms used in this
Agreement shall have the meanings set forth below or in the section of this
Agreement referred to below:

 

1.1                   “Agreement”  shall mean this Purchase and Sale Agreement,
together with any exhibits and schedules attached hereto, as it and they may be
amended from time to time as herein provided.

 

1.2                   “Business Day”  shall mean any day other than a Saturday,
Sunday or any other day on which banking institutions in The Commonwealth of
Massachusetts are authorized by law or executive action to close.

 

1.3                   “Closing”  shall have the meaning given such term in Section 2.2.

 

1.4                   “Closing Date”  shall have the meaning given such term in Section 2.2.

 

1.5                   “Existing Survey”  shall
mean the existing ALTA survey of the Property.

 

 

1.6                   “Existing Title Policy”  shall mean the existing title
insurance policy for the Property.

 

1.7                   “Improvements”  shall mean, the Seller’s
entire right, title and interest in and to the existing office buildings,
fixtures and other structures and improvements situated on, or affixed to, the
Land.

 

1.8                   “Land” 
shall mean, the Seller’s entire right, title and interest in and to (a) the
parcel(s) of land described in Schedule A hereto, together with (b) all
easements, rights of way, privileges, licenses and appurtenances which the
Seller may own with respect thereto.

 

1.9                   “Leases” 
shall mean the leases identified in the Rent Roll and any other leases
hereafter entered into in accordance with the terms of this Agreement.

 

1.10                 “Other Property”  shall
mean the Seller’s entire right, title and interest in and to (a) all
fixtures, machinery, systems, equipment and items of personal property owned by
the Seller and attached or appurtenant to, located on and used in connection
with the ownership, use, operation or maintenance of the Land or Improvements,
if any, and (b) all intangible property owned by the Seller arising from
or used in connection with the ownership, use, operation or maintenance of the
Land or Improvements, if any.

 

1.11                 “Permitted Exceptions”  shall mean, collectively, (a) liens for
taxes, assessments and governmental charges not yet due and payable or due and
payable but not yet delinquent; (b) the Leases; (c) the exceptions to
title set forth in the Existing Title Policy (other than those mortgages, deeds
of trust and other documents and instruments executed and delivered in
connection with the CMBS financing which is to be prepaid on or prior to
Closing); (d) all matters shown on the Existing Survey, and (e) such
other nonmonetary encumbrances with respect to the Property as may be shown on
the Update which are not objected to by the Purchaser (or which are objected
to, and subsequently waived, by the Purchaser) in accordance with Section 3.1.

 

1.12                 “Property” 
shall mean, collectively, all of the Land, the Improvements and the
Other Property.

 

1.13                 “Purchase Price”  shall mean Forty-One Million Seven Hundred
Thirty-One Thousand Three Hundred Five Dollars ($41,731,305).

 

2

 

1.14                 “Purchaser”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.

 

1.15                 “Rent Roll”  shall mean Schedule B to this Agreement.

 

1.16                 “Seller” 
shall have the meaning given such term in the preambles to this
Agreement, together with any permitted successors and assigns.

 

1.17                 “Title Company”  shall mean Stewart Title Guaranty Company.

 

1.18                 “Update”  shall have the meaning given such
term in Section 3.1.

 

SECTION 2.                 PURCHASE AND SALE; CLOSING.

 

2.1                   Purchase and Sale.  In consideration of the payment of the
Purchase Price by the Purchaser to the Seller and for other good and valuable
consideration, the Seller hereby agrees to sell to the Purchaser, and the
Purchaser hereby agrees to purchase from the Seller, the Property for the
Purchase Price, subject to and in accordance with the terms and conditions of
this Agreement.

 

2.2                   Closing.  The purchase and sale of the Property shall
be consummated at a closing (the “Closing”) to be held at the offices of
Sullivan & Worcester LLP, One Post Office Square, Boston,
Massachusetts, or at such other location as the Seller and the Purchaser may
agree, at 10:00 a.m., local time, on September 17, 2010, as the same
may be accelerated or extended pursuant to this Section 2.2 (the “Closing Date”).

 

Notwithstanding the foregoing,
either party may accelerate the Closing Date, by giving not less than ten (10) Business
Days prior written notice (an “Acceleration Notice”) to the other, in
which event the Closing Date shall be the date set forth in such Acceleration
Notice, unless the party receiving the Acceleration Notice gives written notice
(a “Rejection Notice”) to the other within five (5) Business Days
after its receipt of the Acceleration Notice, which Rejection Notice either
objects to the accelerated date set forth in the Acceleration Notice or
proposes an alternative accelerated date acceptable to the other party.  In the event that any party shall give a
Rejection Notice, the Closing Date shall either be not accelerated and shall
occur as set forth in the first paragraph of this Section

 

3

 

2.2 or accelerated to such proposed alternative accelerated
Closing Date; provided, however, that the Seller shall have the
right to give a Rejection Notice only if the acceleration of the Closing Date
will adversely effect the Seller’s ability to conclude a like kind exchange
pursuant to Section 12.15, and the Purchaser shall have the right
to give a Rejection Notice only if the acceleration of the Closing Date will
adversely effect any financing of the acquisition.

 

In addition, the Purchaser may
extend the Closing Date for up to one hundred eighty (180) days (but no later
than March 31, 2011), by giving not less than ten (10) Business Days
prior written notice (an “Extension Notice”) to the Seller, in which
event the Closing Date shall be the date set forth in such Extension Notice
unless the Seller gives written notice (an “Extension Rejection Notice”)
to the Purchaser within five (5) Business Days after its receipt of the
Extension Notice which Extension Rejection Notice either objects to the
extended date set forth in the Extension Notice or proposes an alternative
extended date acceptable to the Purchaser, in which event, the Closing Date
shall either be not extended and shall occur as set forth in the first
paragraph of this Section 2.2 or extended to such proposed
alternative extended Closing Date; provided, however, that the
Seller shall have the right to give an Extension Rejection Notice only if the
extension of the Closing Date will adversely effect the Seller’s ability to
conclude a like kind exchange pursuant to Section 12.15, and the
Purchaser shall have the right to give an Extension Notice only if the
extension of the Closing Date will adversely affect any financing of the
acquisition.

 

2.3                   Purchase Price.

 

(a)           At Closing, the Purchaser shall pay
the Purchase Price, subject to adjustment as provided in Article 9, to the
Seller.

 

(b)           The Purchase Price, as
adjusted as provided herein, shall be payable by wire transfer of immediately
available funds on the Closing Date to an account or accounts to be designated
by the Seller.

 

SECTION 3.                 TITLE, DILIGENCE MATERIALS, ETC.

 

3.1                   Title.  Prior to the execution of this Agreement, the
Seller has delivered the Existing Title Policy and the Existing Survey to the
Purchaser.

 

4

 

Within five (5) days after the
execution hereof, the Purchaser shall order an update to the Existing Title
Policy (an “Update”) from the Title Company.  The Purchaser shall deliver to the Seller a
copy of the Update promptly upon receipt thereof.  Promptly after receipt of the Update, but, in
any event, prior to the Closing Date, the Purchaser shall give the Seller
written notice of any title exceptions (other than Permitted Exceptions) set
forth on the Update as to which the Purchaser objects.  The Seller shall have the right, but not the
obligation, to attempt to remove, satisfy or otherwise cure any exceptions to
title to which the Purchaser so objects. 
If, for any reason, in its sole discretion, the Seller is unable or
unwilling to take such actions as may be required to cause such exceptions to
be removed from the Update, the Seller shall give the Purchaser notice thereof;
it being understood and agreed that the failure of the Seller to give prompt
notice of objection shall be deemed an election by the Seller not to remedy
such matters.  If the Seller shall be
unable or unwilling to remove any title defects to which the Purchaser has so
objected, the Purchaser may elect (i) to terminate this Agreement or (ii) to
consummate the transactions contemplated hereby, notwithstanding such title
defect, without any abatement or reduction in the Purchase Price on account
thereof (whereupon such objected to exceptions or matters shall be deemed to be
Permitted Exceptions).  The Purchaser
shall make any such election by written notice to the  Seller given on or prior to the fifth (5th)
Business Day after the Seller’s notice of its unwillingness or inability to
cure (or deemed election not to cure) such defect and time shall be of the
essence with respect to the giving of such notice.  Failure of the Purchaser to give such notice
shall be deemed an election by the Purchaser to proceed in accordance with
clause (ii) above.

 

3.2                   No Other Diligence.  The
Purchaser acknowledges that, except as provided in Section 3.1,
(i) the Purchaser has had the opportunity to fully investigate and inspect
the physical and environmental condition of the Property, and to review and
analyze all title examinations, surveys, environmental assessment reports,
building evaluations, financial data and other investigations and materials
pertaining to the Property which the Purchaser deems necessary to determine the
feasibility of the Property and its decision to acquire the Property, (ii) the
Purchaser shall not be conducting any further title examinations, surveys,
environmental assessments, building evaluations, financial analyses or other
investigations with respect to the Property, and (iii) the Purchaser shall
not have any right to terminate this Agreement as a result of any title 

 

5

 

examinations,
surveys, environmental assessments, building valuations, financial analyses or
other investigations with respect to the Property.

 

SECTION 4.                 CONDITIONS TO THE PURCHASER’S
OBLIGATION TO CLOSE.

 

The obligation of the Purchaser to
acquire the Property shall be subject to the satisfaction of the following
conditions precedent on and as of the Closing Date:

 

4.1                   Closing Documents.  The Seller shall have delivered, or cause to
have been delivered, to the Purchaser the following:

 

(a)           A good and sufficient deed in the
form attached as Schedule C hereto, with respect to the Property, in
proper statutory form for recording, duly executed and acknowledged by the
Seller, conveying title to the Property, free from all liens and encumbrances
other than the Permitted Exceptions;

 

(b)           An assignment by the Seller and an
assumption by the Purchaser, in form and substance reasonably satisfactory to
the Seller and the Purchaser, duly executed and acknowledged by the Seller and
the Purchaser, of all of the Seller’s right, title and interest in, to and
under the Leases and including, without limitation, (i) the Seller’s agreement to request the tenants thereunder to
provide novation or other agreements as may be required under the Leases in
connection with the assignment thereof to the Purchaser, and (ii) the
Seller’s agreement to, within one (1) Business Day of receipt thereof,
transfer to the Purchaser all rent and other payments made by the tenants under
the Leases with respect to the period from and after the Closing Date, and to
hold all such rent and other payments in trust for the benefit of the Purchaser
pending transfer;

 

(c)           An assignment by the Seller and an
assumption by the Purchaser, in form and substance reasonably satisfactory to
the Seller and the Purchaser, duly executed and acknowledged by the Seller and
the Purchaser, of all of the Seller’s right, title and interest, if any, in, to
and under all transferable licenses, contracts, permits and agreements affecting
the Property;

 

(d)           A bill of sale by the Seller, without
warranty of any kind, in form and substance reasonably satisfactory to the
Seller and the Purchaser, with respect to any personal property owned by the
Seller, situated at the Property and used exclusively by the Seller in
connection with the Property (it 

 

6

 

being understood and agreed that no
portion of the Purchase Price is allocated to personal property);

 

(e)           To the extent the same are in the
Seller’s possession, original, fully executed copies of all material documents
and agreements, plans and specifications and contracts, licenses and permits
pertaining to the Property;

 

(f)            To the extent the same are in the
Seller’s possession, duly executed original copies of the Leases;

 

(g)           A closing statement showing the
Purchase Price, apportionments and fees, and costs and expenses paid in
connection with the Closing; and

 

(h)           Such other conveyance documents,
certificates, deeds and other instruments as the Purchaser, the Seller or the
Title Company may reasonably require and as are customary in like transactions
in sales of property in similar transactions.

 

4.2                   Title Policy.  The Title Company shall be prepared to
issue, upon payment of the title premium at its regular rates, a title policy
in the amount of the Purchase Price, insuring title to the Property is vested
in the Purchaser or its designee or assignee, subject only to the Permitted
Exceptions, with such endorsements as shall be reasonably required by the
Purchaser.

 

4.3                   Environmental Reliance Letters.  The
Purchaser shall have received a reliance
letter, authorizing the Purchaser and its designees and assignees to rely on
the most recent environmental assessment report prepared for the Property, in
form and substance reasonably acceptable to the Purchaser.

 

4.4                   Condition of Property.  The Property shall be in substantially
the same physical condition as on the date of this Agreement, ordinary wear and
tear and, subject to Section 10.1, casualty excepted.

 

4.5                   Other Conditions.  All representations and warranties of the
Seller herein shall be true, correct and complete in all material respects on
and as of the Closing Date and the Seller shall have performed in all material
respects all covenants and obligations required to be performed by the Seller
on or before the Closing Date.

 

7

 

SECTION 5.                 CONDITIONS TO SELLER’ OBLIGATION TO
CLOSE.

 

The obligation of the Seller to
convey the Property to the Purchaser is subject to the satisfaction of the
following conditions precedent on and as of the Closing Date:

 

5.1                   Purchase Price.  The Purchaser shall deliver to the Seller the
Purchase Price payable hereunder, subject to the adjustments set forth in Section 2.3,
together with any closing costs to be paid by the Purchaser under Section 9.2.

 

5.2                   Closing Documents.  The Purchaser shall have
delivered to the Seller duly executed and acknowledged counterparts of the
documents described in Section 4.1, where applicable.

 

5.3                   Other Conditions.  All representations and warranties of the
Purchaser herein shall be true, correct and complete in all material respects
on and as of the Closing Date and the Purchaser shall have performed in all
material respects all covenants and obligations required to be performed by the
Purchaser on or before the Closing Date.

 

SECTION 6.                 REPRESENTATIONS AND WARRANTIES OF
SELLER.

 

To induce the Purchaser to enter
into this Agreement, the Seller represents and warrants to the Purchaser as
follows:

 

6.1                   Status and
Authority of the Seller, Etc.  The Seller is
duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.

 

6.2                   Action of the Seller, Etc.  The Seller has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, and upon
the execution and delivery of any document to be delivered by the Seller on or
prior to the Closing Date, this Agreement and such document shall constitute
the valid and binding obligation and agreement of the Seller, enforceable
against the Seller in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws of general application affecting the rights and remedies of creditors.

 

6.3                   No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Seller, nor compliance with the terms and
provisions hereof, will result in 

 

8

 

any breach of the terms, conditions or provisions of, or
conflict with or constitute a default under, or result in the creation of any
lien, charge or encumbrance upon the Property pursuant to the terms of any
indenture, mortgage, deed of trust, note, evidence of indebtedness or any other
agreement or instrument by which the Seller is bound.

 

6.4                   Litigation.  To the Seller’s actual knowledge, it has not
received written notice that any investigation, action or proceeding is pending
or threatened, which (i) questions
the validity of this Agreement or any action taken or to be taken pursuant
hereto, or (ii) involves
condemnation or eminent domain proceedings against the Property or any portion
thereof.

 

6.5                   Existing Leases, Etc.  Subject to Section 8.1, other than the Leases listed in the Rent Roll,
the Seller has not entered into a contract or agreement with respect to the
occupancy of the Property that will be binding on the Purchaser after the
Closing.  To the Seller’s actual
knowledge: (a) the copies of the Leases heretofore delivered by the Seller
to the Purchaser are true, correct and complete copies thereof; and
(b) such Leases have not been amended except as evidenced by amendments
similarly delivered and constitute the entire agreement between the Seller and
the tenants thereunder.  Except as
otherwise set forth in the Rent Roll or the Leases: (i) to the Seller’
actual knowledge, each of its Leases is in full force and effect on the terms
set forth therein; (ii) to the Seller’s actual knowledge, there are no
uncured defaults or circumstances which with the giving of notice, the passage
of time or both would constitute a default thereunder which would have a
material adverse effect on the business or operations of the Property; (iii) to
the Seller’s actual knowledge, each of its tenants is legally required to pay
all sums and perform all material obligations set forth therein without any
ongoing concessions, abatements, offsets, defenses or other basis for relief or
adjustment; (iv) to the Seller’s actual knowledge, none of its tenants has
asserted in writing or has any defense to, offsets or claims against, rent
payable by it or the performance of its other obligations under its Lease which
would have a material adverse effect on the on-going business or operations of
the Property; (v) the Seller has no outstanding obligation to provide any
of its tenants with an allowance to perform, or to perform at its own expense,
any tenant improvements; (vi) none of its tenants has prepaid any rent or
other charges relating to the post-Closing period; (vii) to the Seller’s
actual knowledge, none of its tenants has filed a petition in bankruptcy or for
the approval of a plan of 

 

9

 

reorganization
or management under the Federal Bankruptcy Code or under any other similar
state law, or made an admission in writing as to the relief therein provided,
or otherwise become the subject of any proceeding under any federal or state
bankruptcy or insolvency law, or has admitted in writing its inability to pay
its debts as they become due or made an assignment for the benefit of
creditors, or has petitioned for the appointment of or has had appointed a
receiver, trustee or custodian for any of its property, in any case that would
have a material adverse effect on the business or operations of the Property; (viii) to
the Seller’s actual knowledge, none of its tenants has requested in writing a
modification of its Lease, or a release of its obligations under its Lease in
any material respect or has given written notice terminating its Lease, or has
been released of its obligations thereunder in any material respect prior to
the normal expiration of the term thereof, in any case that would have a
material adverse effect on the on-going business or operations of the Property;
(ix) to the Seller’s actual knowledge, except as set forth in the Leases,
no guarantor has been released or discharged, voluntarily or involuntarily, or
by operation of law, from any obligation under or in connection with any of its
Leases or any transaction related thereto; and (x) all brokerage
commissions currently due and payable with respect to each of its Leases have
been paid.  To the Seller’s actual
knowledge, the other information set forth in the Rent Roll is true, correct
and complete in all material respects.

 

6.6                   Agreements, Etc.  Other than the Leases, the Seller has not
entered into any contract or agreement with respect to the Property which will
be binding on the Purchaser after the Closing other than contracts and
agreements being assumed by the Purchaser or which are terminable upon thirty
(30) days notice without payment of premium or penalty.

 

6.7                   Not a Foreign Person.  The Seller is not a “foreign person” within
the meaning of Section 1445 of the United States Revenue Code of 1986, as
amended, and the regulations promulgated thereunder.

 

The representations and warranties
made in this Agreement by the Seller shall be continuing and shall be deemed
remade by the Seller as of the Closing Date, with the same force and effect as
if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Seller shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged 

 

10

 

breach, the Purchaser gives the
Seller written notice prior to the expiration of said three hundred sixty (360)
day period of such alleged breach with reasonable detail as to the nature of
such breach.

 

Except as otherwise expressly
provided in this Agreement or in any documents to be delivered to the Purchaser
at the Closing, the Seller has not made, and the Purchaser has not relied on,
any information, promise, representation or warranty, express or implied,
regarding the Property, whether made by the Seller, on the Seller’s behalf or
otherwise, including, without limitation, the physical condition of the
Property, the financial condition of the tenants under the Leases, title to or
the boundaries of the Property, pest control matters, soil conditions, the
presence, existence or absence of hazardous wastes, toxic substances or other
environmental matters, compliance with building, health, safety, land use and
zoning laws, regulations and orders, structural and other engineering
characteristics, traffic patterns, market data, economic conditions or
projections, and any other information pertaining to the Property or the market
and physical environments in which they are located.  The Purchaser acknowledges that (i) the
Purchaser has entered into this Agreement with the intention of relying upon
its own investigation or that of third parties with respect to the physical,
environmental, economic and legal condition of the Property and (ii) the
Purchaser is not relying upon any statements, representations or warranties of
any kind, other than those specifically set forth in this Agreement or in any
document to be delivered to the Purchaser at the Closing, made (or purported to
be made) by the Seller or anyone acting or claiming to act on the Seller’s
behalf.  The Purchaser has inspected the
Property and is fully familiar with the physical condition thereof and, subject
to the representations and warranties made in this Agreement, shall purchase the
Property in its “as is”, “where is” and “with all faults” condition on the
Closing Date.  Notwithstanding anything
to the contrary contained herein, in the event that any party hereto has actual
knowledge of the default of any other party (a “Known Default”), but
nonetheless elects to consummate the transactions contemplated hereby and
proceeds to Closing, then the rights and remedies of such non-defaulting party
shall be waived with respect to such Known Default upon the Closing and the
defaulting party shall have no liability with respect thereto.

 

SECTION 7.                 REPRESENTATIONS AND WARRANTIES OF
PURCHASER.

 

To induce the Seller to enter into
this Agreement, the Purchaser represents and warrants to the Seller as follows:

 

11

 

7.1                   Status and Authority of the Purchaser.  The Purchaser is duly organized, validly
existing and in good standing under the laws of its state of organization or
formation, and has all requisite power and authority under its charter documents
to enter into and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby.

 

7.2                   Action of the Purchaser.  The Purchaser has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, and
upon the execution and delivery of any document to be delivered by the
Purchaser on or prior to the Closing Date, this Agreement and such document
shall constitute the valid and binding obligation and agreement of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws of general application affecting the
rights and remedies of creditors.

 

7.3                   No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Purchaser, nor compliance with the terms
and provisions hereof, will result in any breach of the terms, conditions or
provisions of, or conflict with or constitute a default under, or result in the
creation of any lien, charge or encumbrance upon any property or assets of the
Purchaser pursuant to the terms of any indenture, mortgage, deed of trust,
note, evidence of indebtedness or any other agreement or instrument by which
the Purchaser is bound.

 

7.4                   Litigation.  The Purchaser has received no written notice
that any investigation, action or proceeding is pending or threatened which
questions the validity of this Agreement or any action taken or to be taken
pursuant hereto.

 

The representations and warranties
made in this Agreement by the Purchaser shall be continuing and shall be deemed
remade by the Purchaser as of the Closing Date with the same force and effect
as if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Purchaser shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged breach, the Seller gives the Purchaser
written notice prior to the expiration of said three hundred sixty (360) period
of such alleged breach with reasonable detail as to the nature of such breach.

 

12

 

SECTION 8.                 COVENANTS OF THE SELLER.

 

The Seller hereby covenants with
the Purchaser between the date of this Agreement and the Closing Date as
follows:

 

8.1                   Approval of Agreements.  Not to enter into, modify, amend or terminate
any Lease or any other material agreement with respect to the Property, which
would encumber or be binding upon the Property from and after the Closing Date,
without in each instance obtaining the prior written consent of the Purchaser.

 

8.2                   Operation of Property.  To continue to operate the Property
consistent with past practices.

 

8.3                   Compliance with Laws, Etc.  To comply in all material respects with (i) all
laws, regulations and other requirements from time to time applicable of every
governmental body having jurisdiction of the Property, or the use or occupancy
thereof, and (ii) all material terms, covenants and conditions of all
agreements affecting the Property.

 

8.4                   Compliance with Agreements.  To comply with each and every material term,
covenant and condition contained in the Leases and any other material document
or agreement affecting the Property and to monitor compliance thereunder
consistent with past practices.

 

8.5                   Notice of Material Changes or Untrue
Representations.  Upon
learning of any material change in any condition with respect to the Property
or of any event or circumstance which makes any representation or warranty of
the Seller to the Purchaser under this Agreement untrue or misleading, promptly
to notify the Purchaser thereof.

 

8.6                   Insurance.  To maintain, or cause to be maintained, all
existing property insurance relating to the Property.

 

8.7                   Cooperation.  The Purchaser and the Seller shall reasonably
cooperate in complying with the requirements under the Leases in connection
with the transfer and assignment of the Property and the Leases to the
Purchaser.  The provisions of this Section 8.7
shall survive the Closing hereunder.

 

8.8                   Approval of 2011 Capital Expenditure Budget.  In the event that the Closing Date shall be
extended to a date on or after January 1, 2011 pursuant to the provisions
of Section 2.2, the Seller shall prepare for the Purchaser’s review
and approval 

 

13

 

a 2011
capital expenditure budget, which budget shall include, without limitation,
budgeted items for “building improvements” and “development and redevelopment”.

 

SECTION 9.                 APPORTIONMENTS.

 

9.1                   Real Property Apportionments.  (a)  The following items shall be
apportioned at the Closing as of the close of business on the day immediately
preceding the Closing Date:

 

	
  (i)

  	
   

  	
  annual rents, operating
  costs, taxes and other fixed charges payable under the Leases;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  percentage rents and other
  unfixed charges payable under the Leases;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  fuel, electric, water and
  other utility costs;

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  municipal assessments and
  governmental license and permit fees;

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  Real estate taxes and
  assessments other than special assessments, based on the rates and assessed
  valuation applicable in the fiscal year for which assessed;

  
	
   

  	
   

  	
   

  
	
  (vi)

  	
   

  	
  water rates and charges;

  
	
   

  	
   

  	
   

  
	
  (vii)

  	
   

  	
  sewer and vault taxes and
  rents; and

  
	
   

  	
   

  	
   

  
	
  (viii)

  	
   

  	
  all other items of income
  and expense normally apportioned in sales of property in similar situations
  in the jurisdiction where the Property is located.

  

 

If any of the foregoing cannot be
apportioned at the Closing because of the unavailability of the amounts which
are to be apportioned, such items shall be apportioned on the basis of a good
faith estimate by the parties and reconciled as soon as practicable after the
Closing Date but, in any event, no later than one (1) year after the
Closing Date.

 

(b)           If there are water, gas or electric
meters located at the Property, the Seller shall obtain readings thereof to a
date not more than thirty (30) days prior to the Closing Date and the unfixed
water rates and charges, sewer taxes and rents and gas and electricity charges,
if any, based thereon for the intervening time shall be apportioned on the
basis of such last readings.  If such
readings are not obtainable by the Closing 

 

14

 

Date, then, at the Closing, any
water rates and charges, sewer taxes and rents and gas and electricity charges
which are based on such readings shall be prorated based upon the per diem
charges obtained by using the most recent period for which such readings shall
then be available.  Upon the taking of
subsequent actual readings, the apportionment of such charges shall be
recalculated and the Seller or the Purchaser, as the case may be, promptly shall
make a payment to the other based upon such recalculations.  The parties agree to make such final
recalculations within sixty (60) days after the Closing Date.

 

(c)           If any refunds of real property taxes
or assessments, water rates and charges or sewer taxes and rents shall be made
after the Closing, the same shall be held in trust by the Seller or the
Purchaser, as the case may be, and shall first be applied to the unreimbursed
costs incurred in obtaining the same, then to any required refunds to tenants
under the Leases, and the balance, if any, shall be paid to the Seller (for the
period prior to the Closing Date) and to the Purchaser (for the period
commencing with the Closing Date).

 

(d)           If, on the Closing Date, the Property
shall be or shall have been affected by any special or general assessment or
assessments or real property taxes payable in a lump sum or which are or may
become payable in installments of which the first installment is then a charge
or lien and has become payable, the Seller shall pay or cause to be paid at the
Closing the unpaid installments of such assessments due and as of the Closing
Date.

 

(e)           No insurance policies of the Seller
are to be transferred to the Purchaser, and no apportionment of the premiums
therefor shall be made.

 

(f)            At the Closing, the Seller shall
transfer to the Purchaser the amount of all unapplied security deposits held
pursuant to the terms of the Leases.

 

(g)           Brokerage commissions, tenant
improvement expenses and other amounts payable by the Seller as landlord under
Leases entered into by the Seller after the date hereof, or in connection with
the renewal or extension of any existing Lease, shall be the responsibility of
the Purchaser, and the Purchaser shall reimburse the Seller at the Closing for
all such brokerage commissions, tenant improvement expenses and other amounts
paid by the Seller prior to the Closing. 
The Purchaser shall receive a credit at Closing for all unpaid brokerage
commissions, tenant improvement expenses and other amounts payable by the
Seller as 

 

15

 

landlord under Leases entered into
by the Seller prior to the date hereof.

 

(h)           Amounts payable after the date hereof
on account of capital expenditures under the 2010 capital expenditure budget
prepared as of March 31, 2010 (the “CapEx Budget”) (including,
without limitation, budgeted items for “building improvements” and “development
and redevelopment”), shall be the responsibility of the Purchaser, and the
Purchaser shall reimburse the Seller at the Closing for all amounts paid by the
Seller prior to the Closing on account of capital expenditures under the CapEx
Budget payable after the date hereof. 
The Purchaser shall receive a credit at Closing for all unpaid amounts
payable on account of capital expenditures under the CapEx Budget prior to the
date hereof.  A copy of the CapEx Budget
has been previously provided to the Purchaser.

 

(i)            If a net amount is owed by the
Seller to the Purchaser pursuant to this Section 9.1, such amount
shall be credited against the Purchase Price. 
If a net amount is owed by the Purchaser to the Seller pursuant to this Section 9.1,
such amount shall be added to the Purchase Price paid to the Seller.

 

(j)            If, on the Closing Date, there are
past due rents with respect to any Lease, amounts received by the Purchaser
with respect to such Lease after the Closing Date shall be applied, first,
to rents due or to become due during the calendar month in which the Closing
occurs, and then, to all other rents due or past due in inverse order to
the order in which they became due (i.e., first to arrearages most
recently occurring, then to older arrearages). 
In no event shall the Seller have any right to take any action to
collect any past due rents or other amounts following the Closing; provided,
however, the Purchaser shall use commercially reasonable efforts to
collect such past due rents and other amounts, except that the Purchaser shall
have no obligation to institute any legal action or proceeding or otherwise
enforce any of its rights and remedies under any Lease in connection with such
commercially reasonable efforts.

 

The provisions of this Section 9.1
shall survive the Closing.

 

9.2                   Closing Costs.

 

(a)           The Purchaser shall pay (i) the
costs of closing and diligence in connection with the transactions contemplated
hereby (including, without limitation, all premiums, charges and fees of the
Title Company in connection with the title 

 

16

 

examination and insurance policies
to be obtained by the Purchaser, including affirmative endorsements), (ii) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (iii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.

 

(b)           The Seller shall pay (i) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (ii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.

 

(c)           Each party shall pay the fees and
expenses of its attorneys and other consultants.

 

SECTION 10.               DAMAGE TO OR CONDEMNATION OF PROPERTY.

 

10.1                 Casualty.  If, prior to the Closing, the Property is
materially destroyed or damaged by fire or other casualty, the Seller shall
promptly notify the Purchaser of such fact. 
In such event, the Purchaser shall have the right to terminate this
Agreement by giving notice to the Seller not later than ten (10) days
after the giving the Seller’s notice (and, if necessary, the Closing Date shall
be extended until one day after the expiration of such ten-day period).  If the Purchaser elects to terminate this
Agreement as aforesaid, this Agreement shall terminate and be of no further
force and effect and no party shall have any liability to the other
hereunder.  If less than a material part
of the Property shall be affected by fire or other casualty or if the Purchaser
shall not elect to terminate this Agreement as aforesaid, there shall be no
abatement of the Purchase Price and the Seller shall assign to the Purchaser at
the Closing the rights of the Seller to the proceeds, if any, under the Seller’s
insurance policies covering the Property with respect to such damage or
destruction and there shall be credited against the Purchase Price the amount
of any deductible, any proceeds previously received by Seller on account
thereof and any deficiency in proceeds.

 

10.2                 Condemnation.  If, prior to the Closing, a material part of
the Property (including access or parking thereto), is taken by eminent domain
(or is the subject of a pending taking which has not yet been consummated), the
Seller shall notify the Purchaser of such fact promptly after obtaining
knowledge thereof and the Purchaser shall have the right to terminate this 

 

17

 

Agreement by giving notice to the Seller not later than
ten (10) days after the giving of the Seller’s notice (and, if necessary,
the Closing Date shall be extended until one day after the expiration of such
ten-day period).  If the Purchaser elects
to terminate this Agreement as aforesaid, this Agreement shall terminate and be
of no further force and effect and no party shall have any liability to the
other hereunder.  If less than a material
part of the Property shall be affected or if the Purchaser shall not elect to
terminate this Agreement as aforesaid, the sale of the Property shall be
consummated as herein provided without any adjustment to the Purchase Price
(except to the extent of any condemnation award received by the Seller prior to
the Closing) and the Seller shall assign to the Purchaser at the Closing all of
the Seller’s right, title and interest in and to all awards, if any, for the
taking, and the Purchaser shall be entitled to receive and keep all awards for
the taking of the Property or portion thereof.

 

10.3                 Survival.  The parties’ obligations, if any, under this Section 10
shall survive the Closing.

 

SECTION 11.               DEFAULT.

 

11.1                 Default by the Seller.  If the transaction herein contemplated fails
to close as a result of the default of the Seller hereunder, or the Seller
having made any representation or warranty herein which shall be untrue or
misleading in any material respect, or the Seller having failed to perform any
of the covenants and agreements contained herein to be performed by the Seller,
the Purchaser may, as its sole remedy, either (x) terminate this Agreement
or (y) pursue a suit for specific performance.

 

11.2                 Default by the Purchaser.  If the transaction herein contemplated fails
to close as a result of the default of the Purchaser hereunder, or the
Purchaser having made any representation or warranty herein which shall be
untrue or misleading in any material respect, or the Purchaser having failed to
perform any of the covenants and agreements contained herein to be performed by
it, the Seller may terminate this Agreement (in which case, the Purchaser shall
reimburse the Seller for all of the fees, charges, disbursements and expenses
of the Seller’s attorneys).

 

SECTION 12.               MISCELLANEOUS.

 

12.1                 Allocation of Liability.  It is expressly understood and agreed that
the Seller shall be liable to third parties for 

 

18

 

any and
all obligations, claims, losses, damages, liabilities, and expenses to the
extent arising out of events, contractual obligations, acts, or omissions of
the Seller that occurred in connection with the ownership or operation of the
Property during the period in which the Seller owned the Property prior to the
Closing and the Purchaser shall be liable to third parties for any and all
obligations, claims, losses, damages, liabilities and expenses to the extent
arising out of events, contractual obligations, acts, or omissions of the
Purchaser that occur in connection with the ownership or operation of the
Property during the period in which the Purchaser owns the Property after the
Closing.  The provisions of this Section 12.1
shall survive the Closing.

 

12.2                 Brokers.  Each of the parties hereto represents to the
other parties that it dealt with no broker, finder or like agent in connection
with this Agreement or the transactions contemplated hereby.  Each party shall indemnify and hold harmless
the other party and its respective legal representatives, heirs, successors and
assigns from and against any loss, liability or expense, including reasonable
attorneys’ fees, charges and disbursements arising out of any claim or claims
for commissions or other compensation for bringing about this Agreement or the
transactions contemplated hereby made by any other broker, finder or like
agent, if such claim or claims are based in whole or in part on dealings with
the indemnifying party.  The provisions
of this Section 12.2 shall survive the Closing.

 

12.3                 Publicity.  The parties agree that, except as otherwise
required by law and except for the exercise of any remedy hereunder, no party
shall, with respect to this Agreement and the transactions contemplated hereby,
contact or conduct negotiations with public officials, make any public
pronouncements, issue press releases or otherwise furnish information regarding
this Agreement or the transactions contemplated to any third party without the
consent of the other party, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

12.4                 Notices.  (a)  Any and all notices, demands,
consents, approvals, offers, elections and other communications required or
permitted under this Agreement shall be deemed adequately given if in writing
and the same shall be delivered either in hand, by telecopier with confirmed
receipt, or by mail or Federal Express or similar expedited commercial carrier,
addressed to the recipient of the notice, postpaid and registered or certified
with return receipt requested (if by 

 

19

 

mail), or with all freight charges prepaid (if by
Federal Express or similar carrier).

 

(b)           All notices required or permitted to
be sent hereunder shall be deemed to have been given for all purposes of this
Agreement upon the date of acknowledged receipt, in the case of a notice by
telecopier, and, in all other cases, upon the date of receipt or refusal,
except that whenever under this Agreement a notice is either received on a day
which is not a Business Day or is required to be delivered on or before a
specific day which is not a Business Day, the day of receipt or required
delivery shall automatically be extended to the next Business Day.

 

(c)           All such notices shall be addressed,

 

if to the Seller, to:

 

c/o HRPT Properties Trust

400 Centre Street

Newton, Massachusetts  02458

Attn:  Mr. John C. Popeo

[Telecopier No. (617) 928-1305]

 

with a copy to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

300 South Grand Avenue, 34th Floor

Los Angeles, California 90071

Attn:  Meryl K. Chae, Esq.

[Telecopier No. (213) 621-5035]

 

if to the Purchaser, to:

 

Government Properties Income Trust

400 Centre Street

Newton, Massachusetts 02458

Attn:  Mr. David M. Blackman

[Telecopier No. (617) 796-8267]

 

with a copy to:

 

Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts  02109

Attn:  Nancy S. Grodberg, Esq.

[Telecopier No. (617) 338-2880]

 

20

 

(d)           By notice given as herein provided,
the parties hereto and their respective successor and assigns shall have the
right from time to time and at any time during the term of this Agreement to
change their respective addresses effective upon receipt by the other parties
of such notice and each shall have the right to specify as its address any
other address within the United States of America.

 

12.5                 Waivers, Etc.  Subject to the terms of the last paragraph of
Section  6, any waiver of any term or condition of this Agreement,
or of the breach of any covenant, representation or warranty contained herein,
in any one instance, shall not operate as or be deemed to be or construed as a
further or continuing waiver of any other breach of such term, condition, covenant,
representation or warranty or any other term, condition, covenant,
representation or warranty, nor shall any failure at any time or times to
enforce or require performance of any provision hereof operate as a waiver of
or affect in any manner such party’s right at a later time to enforce or
require performance of such provision or any other provision hereof.  This Agreement may not be amended, nor shall
any waiver, change, modification, consent or discharge be effected, except by
an instrument in writing executed by or on behalf of the party against whom
enforcement of any amendment, waiver, change, modification, consent or
discharge is sought.

 

12.6                 Assignment; Successors and Assigns.  Subject to Section 12.15, this
Agreement and all rights and obligations hereunder shall not be assignable,
directly or indirectly, by any party without the written consent of the other,
except that the Purchaser may assign this Agreement to any entity wholly owned,
directly or indirectly, by the Purchaser; provided, however,
that, in the event this Agreement shall be assigned to any one or more entities
wholly owned, directly or indirectly, by the Purchaser, the Purchaser named
herein shall remain liable for the obligations of the “Purchaser”
hereunder.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, successors and permitted assigns.  This Agreement is not intended and shall not
be construed to create any rights in or to be enforceable in any part by any
other persons.

 

12.7                 Severability.  If any provision of this Agreement shall be
held or deemed to be, or shall in fact be, invalid, inoperative or
unenforceable as applied to any particular case in any jurisdiction or
jurisdictions, or in all jurisdictions or in all cases, because of the conflict
of any provision with any 

 

21

 

constitution or statute or rule of public policy or for
any other reason, such circumstance shall not have the effect of rendering the
provision or provisions in question invalid, inoperative or unenforceable in
any other jurisdiction or in any other case or circumstance or of rendering any
other provision or provisions herein contained invalid, inoperative or unenforceable
to the extent that such other provisions are not themselves actually in
conflict with such constitution, statute or rule of public policy, but this
Agreement shall be reformed and construed in any such jurisdiction or case as
if such invalid, inoperative or unenforceable provision had never been
contained herein and such provision reformed so that it would be valid,
operative and enforceable to the maximum extent permitted in such jurisdiction
or in such case.

 

12.8                 Counterparts, Etc.  This Agreement may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.  This Agreement constitutes
the entire agreement of the parties hereto with respect to the subject matter
hereof and shall supersede and take the place of any other instruments
purporting to be an agreement of the parties hereto relating to the subject
matter hereof.

 

12.9                 Performance on Business Days.  In the event the date on which performance or
payment of any obligation of a party required hereunder is other than a
Business Day, the time for payment or performance shall automatically be
extended to the first Business Day following such date.

 

12.10               Attorneys’ Fees.  If any lawsuit or arbitration or other legal
proceeding arises in connection with the interpretation or enforcement of this
Agreement, the prevailing party therein shall be entitled to receive from the
other party the prevailing party’s costs and expenses, including reasonable
attorneys’ fees incurred in connection therewith, in preparation therefor and
on appeal therefrom, which amounts shall be included in any judgment therein.

 

12.11               Section and Other Headings.  The headings contained in this Agreement are
for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

 

12.12               Time of Essence.  Time shall be of the essence with respect to
the performance of each and every covenant and obligation, and the giving of
all notices, under this Agreement.

 

22

 

12.13               Governing Law.  This Agreement shall be interpreted,
construed, applied and enforced in accordance with the laws of The Commonwealth
of Massachusetts.

 

12.14               Arbitration.  Any party hereto may elect to submit any
dispute hereunder that has an amount in controversy in excess of $250,000 to
arbitration hereunder.  Any such
arbitration shall be conducted in Boston, Massachusetts in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then
pertaining and the decision of the arbitrators with respect to such dispute
shall be binding, final and conclusive on the parties.

 

In the event any party hereto shall
elect to submit any such dispute to arbitration hereunder, the Seller and the
Purchaser shall each appoint and pay all fees of a fit and impartial person as
arbitrator with at least ten (10) years’ recent professional experience in the
general subject matter of the dispute. 
Notice of such appointment shall be sent in writing by each party to the
other, and the arbitrators so appointed, in the event of their failure to agree
within thirty (30) days after the appointment of the second arbitrator upon the
matter so submitted, shall appoint a third arbitrator.  If either the Seller or the Purchaser shall
fail to appoint an arbitrator, as aforesaid, for a period of ten (10) days
after written notice from the other party to make such appointment, then the
arbitrator appointed by the party having made such appointment shall appoint a
second arbitrator and the two (2) so appointed shall, in the event of their
failure to agree upon any decision within thirty (30) days thereafter, appoint
a third arbitrator.  If such arbitrators
fail to agree upon a third arbitrator within forty five (45) days after the
appointment of the second arbitrator, then such third arbitrator shall be
appointed by the American Arbitration Association from its qualified panel of
arbitrators, and shall be a person having at least ten (10) years’ recent
professional experience as to the subject matter in question.  The fees of the third arbitrator and the
expenses incident to the proceedings shall be borne equally between the Seller
and the Purchaser, unless the arbitrators decide otherwise.  The fees of respective counsel engaged by the
parties, and the fees of expert witnesses and other witnesses called for by the
parties, shall be paid by the respective party engaging such counsel or calling
or engaging such witnesses.

 

The decision of the arbitrators
shall be rendered within thirty (30) days after appointment of the third
arbitrator.  Such decision shall be in
writing and in duplicate, one 

 

23

 

counterpart thereof to be delivered
to the Seller and one to the Purchaser. 
A judgment of a court of competent jurisdiction may be entered upon the
award of the arbitrators in accordance with the rules and statutes applicable
thereto then obtaining.

 

12.15               Like Kind Exchange. 
At either party’s request, the non-requesting party will take all
actions reasonably requested by the requesting party in order to effectuate all
or any part of the transactions contemplated by this Agreement as a forward or
reverse like-kind exchange for the benefit of the requesting party in
accordance with Section 1031 of the Internal Revenue Code and, in the case of a
reverse exchange, Rev. Proc. 2000-37, including executing an instrument
acknowledging and consenting to any assignment by the requesting party of its
rights hereunder to a qualified intermediary or an exchange accommodation
titleholder.  In furtherance of the
foregoing and notwithstanding anything contained in this Agreement to the
contrary, the requesting party may assign its rights under this Agreement to a “qualified intermediary” or an “exchange accommodation titleholder” in order to facilitate, at no cost or expense to the other, a
forward or reverse like-kind exchange under Section 1031 of the Internal
Revenue Code; provided, however, that such assignment will not
relieve the requesting party of any of its obligations hereunder.  The non-requesting party will also agree to
issue all closing documents, including the deed, to the applicable qualified
intermediary or exchange accommodation titleholder if so directed by the requesting
party prior to Closing.  Notwithstanding
the foregoing, in no event shall the non-requesting party incur or be subject
to any liability that is not otherwise provided for in this Agreement.

 

12.16               Recording.  This Agreement may not be recorded without
the prior written consent of both parties.

 

12.17               Non-liability of Trustees of Purchaser.  The Amended and Restated Declaration of Trust
establishing Government Properties Income Trust, dated June 8, 2009, as amended
and supplemented, as filed with the State Department of Assessments and
Taxation of Maryland, provides that no trustee, officer, shareholder, employee
or agent of Government Properties Income Trust shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against,
Government Properties Income Trust.  All
persons dealing with Government Properties Income Trust in any way shall look
only to the assets of Government Properties Income Trust for the payment of any
sum or the performance of any obligation.

 

24

 

12.18               Waiver. 
The Purchaser hereby acknowledges that it is a sophisticated purchaser
of real properties and that it is aware of all disclosures the Seller is or may
be required to provide to the Purchaser in connection with the transactions
contemplated hereby pursuant to any law, rule or regulation (including those of
Massachusetts and those of the state in which the Property is located).   The Purchaser hereby acknowledges that,
prior to the execution of this Agreement, the Purchaser has had access to all
information necessary to acquire the Property and the Purchaser acknowledges
that the Seller has fully and completely fulfilled any and all disclosure
obligations with respect thereto.  The
Purchaser hereby fully and completely discharges the Seller from any further
disclosure obligations whatsoever relating to the Property.

 

12.19               Further Assurances.  In addition to the actions recited herein and
contemplated to be performed, executed, and/or delivered by the Seller and the
Purchaser, the Seller and the Purchaser agree to perform, execute and/or
deliver or cause to be performed, executed and/or delivered at the Closing or
after the Closing any and all such further acts, instruments, deeds and
assurances as may be reasonably required to establish, confirm or otherwise
evidence the Seller’s satisfaction of any disclosure obligations or to
otherwise consummate the transactions contemplated hereby.

 

12.20               Financials.  The Seller shall provide
the Purchaser with access to the books and records of the Seller for the
purpose of preparing audited financial statements for the Property with respect
to the 2007, 2008, 2009 calendar years and stub 2010 period, such financial
statements to be prepared at the Purchaser’s sole cost and expense.  The provisions of this Section 12.20
shall survive the Closing.

 

[Signature page follows.]

 

25

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as a sealed instrument as of the date first above written.

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  HUB REALTY COLLEGE PARK I, LLC, a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Mannix

  
	
   

  	
  Name:

  	
  John A. Mannix

  
	
   

  	
  Its:  

  	
  President & Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  GOVERNMENT PROPERTIES INCOME
  TRUST, a Maryland real estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Blackman

  
	
   

  	
  Name: 

  	
  David M. Blackman

  
	
   

  	
  Its:

  	
  Treasurer & CFO

  

 

26

 

SCHEDULE A

 

Land

 

[See attached legal description.]

 

 

College
Park

4700 River Road 

College Park, MD

 

Legal Description

 

PARCEL 1

 

All
that piece or parcel of land lying and situate in the 19th Election District of
Prince George’s County, Maryland and being more particularly described as
follows:

 

Lot
numbered One (1), in Block lettered “C”, in the subdivision known as “LOT ONE, BLOCK C - RIVERSIDE”, as
per plat thereof recorded in Plat Book NLP VJ 167 at plat 88 among the Land
Records of Prince George’s County, Maryland.

Being
in the 19th Election District of said County.

 

PARCEL 2

 

Together
with a non-exclusive easement more particularly described in Storm Drainage
easement to Prince George’s County, Maryland dated November 22, 1993 and
recorded in Liber 9224 at Folio 718 among the Land Records of Prince George’s
County, Maryland.

 

Together
with a non-exclusive easement more particularly described in Declaration of
Easement by Marlborough C.L., Inc. dated December 14, 1993 and
recorded in Liber 9233 at Folio 463 among the Land Records of Prince George’s’
County, Maryland.

 

ii

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                       Office Building Lease, dated May 1, 2006, by and between Hub
Acquisition Trust (“Landlord”) and NEXTEL Communications of the Mid-Atlantic, Inc.
(“Tenant”).

 

ii

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-11B-30138), dated July 14, 1993, by and between Daniel I.
Cotton, President, Marlborough C.L., Inc. (“Owner/Lessor”) and the United
States of America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1, dated February 17, 1994, by and between
Riverside USDA Associates, LLC (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2, dated March 1, 1994, by and between Riverside
USDA Associates, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 3, dated March 15, 1995, by and between
Marlborough C.L., Inc. /Riverside USDA Associates, LLC (“Owner/Lessor”)
and the United States of America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 4, dated April 21, 1995, by and between Riverside
USDA Associates, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

6.                                       Supplemental Lease Agreement No. 5, dated April 26, 1995, by and between Riverside
USDA Associates, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

7.                                       Supplemental Lease Agreement No. 6, dated July 11, 1995, by and between Marlborough
C.L., Inc. /Riverside USDA Associates, LLC (“Owner/Lessor”) and the United
States of America (“Government/Lessee”).

 

8.                                       Supplemental Lease Agreement No. 7, dated July 25, 1995, by and between Riverside
USDA Associates, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

9.                                       Supplemental Lease Agreement No. 8, dated July 25, 1995, by and between Marlborough
C.L., Inc. /Riverside USDA Associates, LLC (“Owner/Lessor”) and the United
States of America (“Government/Lessee”).

 

iii

 

10.                                 Supplemental Lease Agreement No. 9, dated July 25, 1995, by and between Riverside
USDA Associates, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

11.                                 Supplemental Lease Agreement No. 10, dated April 4, 1996, by and between Riverside
USDA Associates, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).  Note: Novation Agreement changing name from
Riverside USDA Associates, LLC to Rosecliffe Realty College Park I, LLC.

 

12.                                 Supplemental Lease Agreement No. 11, dated May 23, 1996, by and between Rosecliff
Realty College Park I, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

13.                                 Supplemental Lease Agreement No. 12, dated October 24, 1996, by and between
Rosecliff Realty College Park I, LLC (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

14.                                 Supplemental Lease Agreement No. 13, effective February 15, 1997, by and between
Rosecliff Realty College Park I, LLC (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

15.                                 Supplemental Lease Agreement No. 14, dated April 4, 1997, by and between Rosecliff
Realty College Park I, LLC (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

16.                                 Supplemental Lease Agreement No. 15, dated December 30, 1998, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

17.                                 Supplemental Lease Agreement No. 16, dated August 26, 1998, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

18.                                 Supplemental Lease Agreement No. 17 &
17A, dated October 14,
1999 & January 4, 2000, respectively, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

19.                                 Supplemental Lease Agreement No. 18,  dated November 8, 1999, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

iv

 

20.                                 Supplemental Lease Agreement No. 19, dated March 2, 2000, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

21.                                 Settlement Agreement, dated March 31, 2000, by and between Hub Realty
College Park I, LLC and the General Services Administration.

 

22.                                 Supplemental Lease Agreement No. 20, dated April 4, 2001, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

23.                                 Supplemental Lease Agreement No. 21, effective February 15, 2002, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

24.                                 Supplemental Lease Agreement No. 22, dated July 8, 2002, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

25.                                 Supplemental Lease Agreement No. 23, dated February 5, 2003, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
Not executed by Landlord

 

26.                                 Supplemental Lease Agreement No. 24, dated June 8, 2003, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”). Note: Signed by Lessee only

 

27.                                 Supplemental Lease Agreement No. 25 &
25 (Revised), dated June 18,
2003 & July 20, 2004, by and between Hub Acquisition Trust (“Owner/Lessor”)
and the United States of America (“Government/Lessee”). Note: Signed
by Lessee only

 

28.                                 Supplemental Lease Agreement No. 26 &
No. 26 (Revised), dated January 23, 2004 & July 21,
2004, by and between Hub Acquisition Trust (“Owner/Lessor”) and the United
States of America (“Government/Lessee”). Note: Signed by Lessee
only

 

29.                                 Memorandum of Understanding
Agreement, dated May 19,
2003, between REIT Management & Research LLC (RMR) and the United
States Department of Agriculture (USDA) Animal And Plant Health Inspection
Services (APHIS) Re: management of secure rooms

 

v

 

30.                                 Supplemental Lease Agreement No. 27, dated March 8, 2004, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

31.                                 Lease Renewal Notice Letter, dated July 20, 2004, from Lisa Richmond,
Contracting Officer, DC Servicing Center, GSA to Hub Acquisition Trust.  Ten year renewal; expiring 2/13/2015.

 

32.                                 Supplemental Lease Agreement No. 28, dated January 11, 2005, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

33.                                 Letter, dated March 18, 2005, from Jennifer B. Clark,
HRPT Properties Trust to Earl L. Segal. 
Esq., Akin Gump Strauss Hauer & Feld LLP.                       Re: Alternative Purchase
Price

 

34.                                 Supplemental Lease Agreement No. 29, dated June 2, 2005, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

35.                                 Supplemental Lease Agreement No. 30, dated June 2, 2005, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

36.                                 Letter, dated July 25, 2005, from Timothy C. Hutchens,
CBRE to Tom Cicotello, REIT Management & Research LLC. Re: Renewal
Option Increase

 

37.                                 Supplemental Lease Agreement No. 30
(misnamed should be SLA No. 31), dated December 23, 2005, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

38.                                 Supplemental Lease Agreement No. 32, dated March 24, 2006, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).
Note: Signed by Lessee only

 

39.                                 Supplemental Lease Agreement No. 33, dated March 8, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”). Note: Signed by Lessee only

 

40.                                 Supplemental Lease Agreement No. 34
(LMD30138), dated July 1,
2009, by and between Hub Acquisition Trust 

 

vi

 

(“Owner/Lessor”) and the United
States of America (“Government/Lessee”).

 

41.                                 Supplemental Lease Agreement No. 35
(LMD30138), dated July 1,
2009, by and between Hub Acquisition Trust (“Owner/Lessor”) and the United
States of America (“Government/Lessee”).

 

42.                                 Supplemental Lease Agreement No. 36
(LMD30138), dated September 9,
2009, by and between Hub Acquisition Trust (“Owner/Lessor”) and the United
States of America (“Government/Lessee”).

 

vii

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

31468
185                  [ILLEGIBLE]

 

TAX
ID NUMBERS: 13-3269586 AND 13-1440379

 

	
  AFTER RECORDATION, PLEASE RETURN TO:

  Chicago
  Title Insurance Company

  2000
  M Street, N.W., Suite 610

  Washington,
  DC 20036

  Attn:
  R. Eric Taylor, Esq.

  	
   

  	
  [ILLEGIBLE]

  

 

SPECIAL WARRANTY DEED

 

THIS SPECIAL WARRANTY DEED, made and entered into as of this 26 day of
February 2010, by ACP/3300 75th AVENUE ASSOCIATES LLC, a Delaware
limited liability company, having an address at 2350 Corporate Park Drive, Suite 110,
Herndon, Virginia 20171, and qualified to do business in the State of Maryland
(“Grantor”), to 3300 75th AVENUE LLC, a Delaware limited liability
company, having an address at 400 Centre Street, Newton, Massachusetts 02458
(“Grantee”).

 

W I T N E S S E T H:

 

That
for and in consideration of the sum of FORTY-THREE MILLION SIX HUNDRED FIFTY
THOUSAND and 00/l00ths U.S. DOLLARS ($43,650,000.00), receipt of which is
hereby acknowledged, Grantor does hereby grant, bargain and sell, convey,
transfer and confirm, unto Grantee, its successors and assigns, fee simple
absolute title to all of those parcels of land situate, lying and being in the
County of Prince George’s, State of Maryland, being more particularly described
in Exhibit A attached hereto and by this
reference made a part hereof.

 

TOGETHER
with all improvements thereupon and all and singular the tenements,
hereditaments, rights-of-way, easements privileges, appurtenances, advantages
and interests in leases to the same belonging or in any way appertaining; and 

 

TOGETHER
WITH all right, title and interest of Grantor in and to the land lying in the
bed of any street, road or avenue, opened or proposed, in front of, abutting or
adjoining the above-described real estate.

 

THIS
CONVEYANCE is made and accepted subject to and with the benefit of [ILLEGIBLE]  conditions and
restrictions of record and affecting the above-described real estate.

 

TO
HAVE AND TO HOLD the said described land and premises unto and
[ILLEGIBLE] the  use of Grantee, its successors and assigns, in
fee simple absolute.

 

AND said Grantor covenants that it will warrant specially the premises
hereby granted and conveyed; that it has done no act to encumber the said land;
and that it will execute such further assurances of the said land as may be
requisite.

 

AND
GRANTEE, by its acceptance hereof, hereby assumes payment of all ad valorem
real estate taxes attributable to the Property from and after the
date hereof.

 

Grantor
hereby certifies, under penalties of perjury, that the consideration paid or to
be paid for this conveyance is $43,650,000.00.

 

#9122837_v2

Holland
& Knight LLP

 

2

 

31468
186

 

IN
WITNESS WHEREOF, Grantor has caused this Special Warranty Deed to be executed
under seal as of the day and year first above written.

 

	
   

  	
  ACP/3300
  75th AVENUE ASSOCIATES LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  ACP/Bay
  Mid-Atlantic Investment Fund I LLC,

  
	
   

  	
   

  	
  a
  Delaware limited liability company,

  
	
   

  	
   

  	
  its
  Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ACP/Bay
  Mid-Atlantic I LLC,

  
	
   

  	
   

  	
   

  	
  a
  Delaware limited liability company,

  
	
   

  	
   

  	
   

  	
  its
  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
   

  	
  By:

  	
  ACP/Bay
  Mid-Atlantic I Manager LLC,

  
	
   

  	
   

  	
   

  	
   

  	
  a
  Delaware limited liability company,

  
	
   

  	
   

  	
   

  	
   

  	
  its
  Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/
  [ILLEGIBLE]

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Douglas E. Fleit

  	
  (Seal)

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Douglas
  E. Fleit

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  COMMONWEALTH
  OF VIRGINIA

  	
   

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
  ss:

  	
   

  
	
  COUNTY
  OF FAIRFAX

  	
   

  	
  )

  	
   

  	
   

  

 

BEFORE ME, a Notary Public in and for the jurisdiction
aforesaid, personally appeared this date Douglas E. Fleit, personally well
known (or satisfactorily proven) to me to be the person whose name is
subscribed to the foregoing and annexed Instrument, who, being by me first duly
sworn, did depose and state that he is a Manager of ACP/Bay Mid-Atlantic I
Manager LLC, which is the Manager of ACP/Bay Mid-Atlantic I LLC, which is the
Manager of ACP/Bay Mid-Atlantic Investment Fund I LLC, which is the Sole Member
of ACP/3300 75th AVENUE ASSOCIATES LLC, a Delaware limited
liability company, which entity is a party to the foregoing and annexed
Instrument; that the consideration recited in the foregoing and annexed
Instrument is true and bona fide as set forth therein; and that he, being duly
authorized so to do, executed said Instrument on behalf of said entity and
acknowledged the same as its free act and deed for the uses and purposes
therein contained.

 

WITNESS
my hand and official seal this 26 day of February 2010.

 

	
   

  	
  /s/
  [ILLEGIBLE]

  
	
   

  	
  Notary
  Public [ILLEGIBLE]

  
	
   

  	
   

  	
   

  
	
  [
  Notarial Seal ]

  	
  My
  Commission Expires: 

  	
  My Commission Expires

  October 31, 2011

  

 

#9122837_v2

Holland
& Knight LLP

 

3

 

31468 187

 

ATTORNEY CERTIFICATION

 

This
is to certify that the within instrument was prepared by or under the
supervision of the undersigned, an attorney duly admitted to
practice before the Court of Appeals of Maryland.

 

 

	
   

  	
  /s/
  Robert L. Gorham

  
	
   

  	
  Name:
  Robert L. Gorham

  

 

#9122837_v2

Holland
& Knight LLP

 

4

 

31468
188

 

EXHIBIT A

 

PROPERTY DESCRIPTION

 

All
that certain lot or parcel of land situate and lying in the 13th District of Prince George’s County, Maryland,
and being more particularly described as follows:

 

Parcel
“0-9” as shown on plat of subdivision entitled “Parcels ‘0-8’ and ‘0-9’, (Being
a resubdivision of Parcels ‘0-5’ and ‘0-6’, Ardwick Industrial District)
Ardwick Industrial District” recorded in Plat Book VJ188 at Plat No. 3
among the Land Records of Prince George’s County, Maryland, containing 8.9005
acres, more or less.

 

Tax
ID Number 13-3269586 

 

AND

 

All
that certain lot or parcel of land situate and lying in the 13th District of Prince George’s County, Maryland,
and being more particularly described as follows:

 

Parcel
“0-7” in a subdivision known as “Parcels ‘0-5’, ‘0-6’ and ‘0-7’ (Being a
resubdivision of Parcel ‘0-2’, Ardwick Industrial District and Parcels ‘C’ and
‘D’, Landover Gardens) Ardwick Industrial District”, as per plat thereof
recorded in Plat Book NLP 133 at Plat No. 100 among the Land Records of
Prince George’s County, Maryland.

 

Tax
ID Number 13-1440379

 

#9122837_v2

Holland & Knight LLP

 

5Exhibit 4.1

 

Execution Version

 

AMENDMENT

TO

RIGHTS AGREEMENT

 

This
Amendment (this “Amendment”),
to the Rights Agreement (the “Rights Agreement”),
dated as of February 13, 2009, by and between CLST Holdings, Inc.
(the “Company”) and Mellon Investor
Services LLC, a New Jersey limited liability company, as rights agent (the “Rights Agent”), is entered into by
and between the Company and the Rights Agent and amends the Rights Agreement.
Capitalized terms used herein but not defined herein shall have the meanings
given to such terms in the Rights Agreement.

 

RECITALS

 

WHEREAS,
pursuant to Section 26 of the Rights Agreement the Company may, and the
Rights Agent shall, if the Company so directs, amend the Rights Agreement prior
to a Distribution Date without the approval of any holders of Rights;

 

WHEREAS,
to the knowledge of the Board of Directors of the Company, there has been no
occurrence of a Distribution Date; and

 

WHEREAS,
the Board of Directors of the Company has approved this Amendment.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained and other good and valuable consideration, the receipt, adequacy and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby amend the Rights Agreement as follows:

 

Section 1.
Amendments. Section 23 of the Rights Agreement is amended by adding
the following language to the end of the section:

 

“(d) Notwithstanding
anything in this Agreement to the contrary, in the event that any Person shall
have become an Acquiring Person and the Board shall (i) not conduct an
exchange of the Rights pursuant to this Section 23, and (ii) determine
that the Rights are not exercisable, or are not conveniently exercisable, for
any reason including the closing of the Company’s stock transfer records
pursuant to Section 5 of the Plan of Dissolution of Cellstar Corporation,
adopted as of March 28, 2007 (the “Plan of Dissolution”) or the
expense of compliance with Section 9(g) of this Agreement or
any law applicable to the distribution or exercise of the Rights, then the
Board may in full satisfaction of the Company’s obligations under Sections
11 and 23 of this Agreement, and in its sole discretion, in connection with
authorizing and making distributions in respect of the Company’s equity
securities pursuant to Section 5(d) of the Plan of Dissolution, make
such adjustments to the amounts distributable and distributed to holders of the
Company’s Common Stock and Preferred Stock as would have been appropriate had
an exchange of

 

1

 

the
Rights under Section 23 of this Agreement been previously
consummated by all parties entitled to participate, for the purpose of
permitting the Board to provide to holders of the Rights in connection with the
dissolution of the Company the benefits and payments such Persons could have
received had an exchange contemplated in this Section 23 been
consummated.  No distribution to holders
of the Company’s Common Stock or Preferred Stock shall be made under Section 5
of the Plan of Dissolution until such time as the Board shall have determined
to exercise or refrain from exercising the rights set forth in this Section 23(d).  A determination by the Board to refrain from
exercising its rights under this Section 23(d), with prompt written
notice to the Rights Agent, shall not prejudice the rights, if any, of a holder
of Rights under Sections 7 or 11 of this Agreement to a claim subject to
Section 5(b) of the Plan of Dissolution.  The Company hereby confirms that this Section 23(d) does
not modify or in any way alter the rights, duties, obligations or liabilities
of the Rights Agent as set forth in this Agreement including but not limited to
those provided for in Section 19 and nothing in this Section 23(d) shall
impose on the Rights Agent any obligation under, or to interpret, administer or
assure the performance of any other person with respect to the Plan of
Dissolution.”

 

Section 2.
Effectiveness. The Amendment shall be effective as of June 17, 2010.  Except as set forth in Section 1 hereof,
the terms and provisions of the Rights Agreement remain in full force and
effect and are hereby ratified and confirmed.

 

Section 3.
Authority. Each party represents that such party has full power and
authority to enter into this Amendment and that this Amendment constitutes a
legal, valid and binding obligation of such party, enforceable against such
party in accordance with its terms.

 

Section 4.
Governing Law. This Amendment shall be deemed to be a contract made
under the laws of the State of Delaware and for all purposes shall be governed
by and construed in accordance with the laws of such State applicable to
contracts made and to be performed entirely within such State; provided,
however, that all provisions, regarding the rights, duties, obligations
and liabilities of the Rights Agent shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made
and to be performed entirely within such State.

 

Section 5.
Counterparts. This Amendment may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

2

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed, all as of the day and year first above written.

 

	
   

  	
  CLST
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert A. Kaiser

  
	
   

  	
   

  	
  Robert
  A. Kaiser

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MELLON
  INVESTOR SERVICES LLC,

  
	
   

  	
  as
  Rights Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ann Peters

  
	
   

  	
  Name:

  	
  Ann
  Peters

  
	
   

  	
  Its:

  	
  Vice
  President and Relationship Manager

  

 

3

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