Document:

EX-10.4

 Exhibit 10.4 
  

 
  

PURCHASE AND SALE AGREEMENT 

BETWEEN 
 PT ASSOCIATES
L.P., 
 a Delaware limited partnership, 

AS SELLER 
 AND 

CITY OFFICE DEVELOPMENT, LLC, 

a Delaware limited liability company, 

AS PURCHASER 
 PARK TOWER

 Tampa, Florida 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 SECTION 1. PURCHASE AND SALE
	  	 	1  	  
			
	 1.1
	 	 Purchase and Sale
	  	 	1  	  
		
	 SECTION 2. PURCHASE PRICE
	  	 	1  	  
		
	 SECTION 3. DELIVERIES; INSPECTION PERIOD; TITLE AND SURVEY; REPRESENTATIONS
	  	 	2  	  
			
	 3.1
	 	 Delivery Obligations
	  	 	2  	  
			
	 3.2
	 	 Inspection Period
	  	 	2  	  
			
	 3.3
	 	 Title and Survey
	  	 	5  	  
			
	 3.4
	 	 Purchaser’s Representations and Warranties
	  	 	7  	  
			
	 3.5
	 	 Seller’s Representations and Warranties
	  	 	8  	  
			
	 3.6
	 	 Tenant Estoppel Certificates
	  	 	11  	  
		
	 SECTION 4. ACCEPTANCE OF PROPERTY
	  	 	12  	  
			
	 4.1
	 	 “As Is”
	  	 	12  	  
		
	 SECTION 5. CLOSING
	  	 	13  	  
			
	 5.1
	 	 Closing
	  	 	13  	  
			
	 5.2
	 	 Possession
	  	 	13  	  
			
	 5.3
	 	 Proration
	  	 	13  	  
			
	 5.4
	 	 Closing Costs
	  	 	16  	  
			
	 5.5
	 	 Seller’s Obligations at the Closing
	  	 	16  	  
			
	 5.6
	 	 Purchaser’s Obligations at the Closing
	  	 	17  	  
			
	 5.7
	 	 Property Management Agreement
	  	 	18  	  
			
	 5.8
	 	 GSA Leases
	  	 	18  	  
		
	 SECTION 6. RISK OF LOSS
	  	 	18  	  
			
	 6.1
	 	 Casualty Loss and Condemnation
	  	 	18  	  
			
	 6.2
	 	 Uniform Vendor and Purchaser Risk Act
	  	 	19  	  
		
	 SECTION 7. DEFAULT
	  	 	19  	  
			
	 7.1
	 	 Breach by Seller
	  	 	19  	  
			
	 7.2
	 	 Breach by Purchaser
	  	 	19  	  
		
	 SECTION 8. FUTURE OPERATIONS
	  	 	20  	  
			
	 8.1
	 	 Maintenance and Contracts
	  	 	20  	  
			
	 8.2
	 	 Leasing
	  	 	20  	  

  
 -i- 

							
		
	 SECTION 9. MISCELLANEOUS
	  	 	21  	  
			
	 9.1
	 	 Notices
	  	 	21  	  
			
	 9.2
	 	 Real Estate Commissions
	  	 	22  	  
			
	 9.3
	 	 Entire Agreement
	  	 	22  	  
			
	 9.4
	 	 Amendment
	  	 	23  	  
			
	 9.5
	 	 Headings
	  	 	23  	  
			
	 9.6
	 	 Time of Essence
	  	 	23  	  
			
	 9.7
	 	 Successors and Assigns; Assignment
	  	 	23  	  
			
	 9.8
	 	 Invalid Provision
	  	 	23  	  
			
	 9.9
	 	 Attorneys’ Fees
	  	 	23  	  
			
	 9.10
	 	 Multiple Counterparts
	  	 	23  	  
			
	 9.11
	 	 Exhibits
	  	 	24  	  
			
	 9.12
	 	 Construction
	  	 	24  	  
			
	 9.13
	 	 No Recordation
	  	 	24  	  
			
	 9.14
	 	 Merger Provision
	  	 	24  	  
			
	 9.15
	 	 Jury Waiver
	  	 	24  	  
			
	 9.16
	 	 No Personal Liability of Officers, Directors, Etc.
	  	 	24  	  
			
	 9.17
	 	 Choice of Law; Submission to Jurisdiction
	  	 	24  	  
			
	 9.18
	 	 Non-Solicitation of Employees
	  	 	25  	  
			
	 9.19
	 	 Access
	  	 	25  	  
			
	 9.20
	 	 Further Assurances
	  	 	25  	  
			
	 9.21
	 	 RADON GAS
	  	 	25  	  
			
	 9.22
	 	 Information and Audit Cooperation
	  	 	25  	  
			
	 9.23
	 	 Public Disclosures
	  	 	26  	  
			
	 9.24
	 	 Mortgage Assignment
	  	 	26  	  

  
 -ii- 

							
		
	 SECTION 10. ESCROW PROVISIONS
	  	 	26  	  
		
	 SCHEDULE 1 ITEMS TO BE DELIVERED TO THE EXTENT IN SELLER’S
POSSESSION
	  	 	30  	  
		
	 SCHEDULE 2 SERVICE CONTRACTS FOR PARK TOWER
	  	 	31  	  
		
	 EXHIBIT A LEGAL DESCRIPTION OF LAND
	  	 	32  	  
		
	 EXHIBIT B SPECIAL WARRANTY DEED
	  	 	33  	  
		
	 EXHIBIT C ASSIGNMENT AND ASSUMPTION OF SERVICE AGREEMENTS, WARRANTIES AND
LEASES
	  	 	35  	  
		
	 EXHIBIT C-1 BILL OF SALE
	  	 	37  	  
		
	 EXHIBIT D FIRPTA AFFIDAVIT
	  	 	38  	  
		
	 EXHIBIT E TENANT NOTICE
	  	 	39  	  
		
	 EXHIBIT F TENANT’S ESTOPPEL CERTIFICATE
	  	 	40  	  
		
	 EXHIBIT G IRS FORM 1099-S
	  	 	42  	  
		
	 EXHIBIT H NOVATION AGREEMENT
	  	 	43  	  

  
 -iii- 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”), dated as of September 9, 2016 (the “Effective Date”), is made
by and between PT ASSOCIATES L.P., a Delaware limited partnership (“Seller”), and CITY OFFICE DEVELOPMENT, LLC, a Delaware limited liability company (“Purchaser”). 

In consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
 SECTION 1. 

PURCHASE AND SALE 

1.1         Purchase and Sale. Subject to the terms and conditions of this
Agreement, Seller hereby agrees to sell, transfer and convey to Purchaser, and Purchaser hereby agrees to purchase from Seller, all of Seller’s right, title and interest in and to that certain parcel of land (the “Land”) located at
400 North Tampa Street, Tampa, Florida 33602, being more particularly described on Exhibit A attached hereto and made a part hereof, together with all buildings, structures and improvements thereon (the “Improvements”), and
all personal property and, to the extent assignable, intangible property (including but not limited to all governmental permits, licenses, approvals and entitlements) owned by Seller and used in connection with Seller’s ownership and operation
of the Land and Improvements (the “Personal Property”; the Land, the Improvements and the Personal Property, herein collectively called the “Property”). Notwithstanding the foregoing, the parties hereby agree that the following
are excluded from the sale: (w) all proprietary information of Seller and its managing agent including, without limitation, computer software, related licenses and appraisals, (x) (A) records that relate to internal matters of Seller (such as income
tax returns, financial statements, intercorporate debt and equity, corporate governance, investment advisory services and other professional relationships), and (B) the work papers, memoranda, analyses, appraisals, correspondence and similar
materials prepared by or for Seller, (y) all claims and causes of action arising out of or in connection with the Property and occurring prior to the Closing, and (z) except as expressly to the contrary set forth in this Agreement, any rights or
interests of Seller as owner of the Property arising prior to the Closing (including, without limitation, tax refunds, casualty and condemnation proceeds, tenant security deposits applied in accordance with the terms of the applicable Leases,
utility deposits and rental arrearages attributable to periods prior to the Closing). 
 SECTION 2. 

PURCHASE PRICE 

2.1         The purchase price for the Property shall be EIGHTY MILLION FIVE
HUNDRED THOUSAND ($80,500,000) DOLLARS (the “Purchase Price”), which shall be paid as follows: 

(a)        Within one (1) business day following the execution and delivery of this
Agreement by Seller and Purchaser, Purchaser shall deposit with Fidelity National Title Insurance Company (the “Escrow Agent” or the “Title Company”), the amount of One Million ($1,000,000) Dollars, and within one (1)
business day following the expiration of the Inspection 

  
 1 

 
Period, Purchaser shall pay to the Escrow Agent an additional deposit in the amount of One Million ($1,000,000) Dollars, all of which shall be held by the Escrow Agent in an interest bearing
account. Such amount(s) as shall have been deposited with the Escrow Agent pursuant to this Section 2.1, and all interest earned thereon are referred to herein collectively as the “Deposit”. The Deposit will be held
pursuant to the provisions of this Agreement and subject thereto shall be paid to the Seller at Closing.

(b)        The balance of the Purchase Price (i.e. the Purchase Price less the
Deposit, plus or minus other adjustments required under this Agreement), shall be paid at Closing by wire transfer of funds in such amount in accordance with the written instructions delivered by Seller to Purchaser. 

SECTION 3. 
 DELIVERIES; INSPECTION
PERIOD; TITLE AND SURVEY; REPRESENTATIONS 
 3.1         Delivery Obligations.

 (a)        To the extent not previously delivered to Purchaser, Seller shall
either deliver to Purchaser or post on a dedicated website, promptly after the Effective Date, copies of the items more particularly described on Schedule 1 hereto, to the extent, if any, in Seller’s Possession; as used in this
Agreement, the term “Seller’s Possession” or “Possession of Seller” shall mean and include documents maintained in Seller’s files, wherever located, or with Seller’s managing agent for the Property. 

(b)        Seller’s failure to deliver to Purchaser or post any of the above
items within the period provided shall not result in the extension of the Inspection Period, and Purchaser’s sole remedy therefor shall be Purchaser’s right to terminate this Agreement by delivering written notice thereof to Seller on or
prior to the expiration of the Inspection Period and to receive a return of the Deposit, in which event neither party shall have any obligation hereunder except for such obligations which are expressly stated herein to survive the Closing or the
termination of this Agreement ( the “Surviving Obligations”). 

3.2         Inspection Period. 

(a)        Notwithstanding any provision of this Agreement to the contrary, this
Agreement and the obligations of Purchaser hereunder are contingent upon Purchaser determining the suitability of the Property in Purchaser’s sole discretion. Purchaser shall have until October 10, 2016 (the “Inspection Period”)
to examine the Property with respect to all matters of the Property. Any testing, examinations, inspections or investigations shall be conducted on at least one (1) business day prior notice to Seller, during business hours, from time to time,
and subject to the rights of tenants, and shall not under any circumstances compromise or affect the structural integrity of the Property. Purchaser must obtain Seller’s prior written approval of the scope and method of any physically
intrusive inspection, testing or investigation of the Property (other than a Phase I environmental inspection) including, but without limitation, any inspection which would involve taking subsurface borings or related investigations, and any
inspection which would alter the physical condition of the Property. Seller and its representatives, agents, and/or contractors shall have the right to be present during 

  
 2 

 
any testing, investigation, or inspection of the Property. In no event shall Purchaser or any Purchaser Representatives (as hereinafter defined) contact any tenant at the Property, any
governmental agencies having jurisdiction over the Property (except for a status of notices of violations, if any, and a confirmation of the zoning status of the Property and the existence of the certificates of occupancy or their equivalent), or
Seller’s vendors directly without Seller’s prior written approval, which shall not be unreasonably withheld, delayed or conditioned. If prior to the expiration of the Inspection Period, Purchaser determines that the Property is not
suitable to Purchaser for any reason, then Purchaser shall give written notice thereof (the “Termination Notice”) to Seller and the Escrow Agent prior to 5:00 p.m. Eastern time on the last day of the Inspection Period. If Purchaser
timely advises Seller and the Escrow Agent that it elects not to proceed with this transaction, the Escrow Agent shall return to Purchaser the Deposit, and thereafter this Agreement shall be terminated and neither party shall have any further rights
or obligations hereunder except for Surviving Obligations. TIME SHALL BE OF THE ESSENCE with respect to this Section 3.2(a), and if the Termination Notice shall not be timely given to the Seller and the Escrow Agent by the expiration of
the Inspection Period, this Agreement shall remain in full force and effect in accordance with its terms. Purchaser agrees to deliver to Seller copies of all Reports (hereinafter defined) at the time a Termination Notice is given by
Purchaser. The obligations to deliver the Reports shall survive the termination of this Agreement. 

(b)        On or before the expiration of the Inspection Period, Purchaser may
deliver written notice to Seller (the “Service Contracts Notice”) specifying any third party contracts and service agreements, including parking agreements, if any (the “Service Contracts”) with respect to which Purchaser desires
to have the Seller deliver notices of termination at the Closing (the “Terminated Contracts”); provided that (i) the effective date of such termination after Closing shall be subject to the express terms of such Terminated Contracts, and
(ii) if any such Service Contract cannot by its terms be terminated, it shall be assumed by Purchaser and not be a Terminated Contract. To the extent that any such Terminated Contract requires payment of a penalty or premium for cancellation,
Seller shall pay any cancellation fees or penalties. If Purchaser fails to deliver the Service Contracts Notice on or before the expiration of the Inspection Period, there shall be no Terminated Contracts and Purchaser shall assume all Service
Contracts at the Closing. 
 (c)        Purchaser agrees that, prior to undertaking
any right of access to the Property, Purchaser and Purchaser’s agents accessing the Property will obtain with a company licensed to do business in the state where the Property is located Statutory Workers Compensation and Employers Liability
insurance for all of Purchaser’s employees (if and to the extent required by law) and not less than Three Million and 00/100 ($3,000,000.00) Dollars comprehensive general liability insurance with a contractual liability endorsement which
insures Purchaser’s indemnity obligations hereunder and which names Seller and, if applicable, Seller’s property manager at the Property, as insureds thereunder, insuring all activity and conduct of Purchaser and Purchaser’s
Representatives (as hereinafter defined) while exercising any right of access to the Property. A copy of such policy or certificate evidencing same (any such certificate to provide detailed information as to the coverages provided by the
underlying policy[ies]) shall be provided by Purchaser to Seller prior to undertaking any inspections under this Agreement. Such insurance coverage shall be maintained by Purchaser for a period of no less than one (1) year after the Closing or any
termination of this Agreement for any reason. Purchaser represents and warrants that it carries not less than Three Million ($3,000,000) Dollars commercial general liability insurance with contractual liability endorsement which insures
Purchaser’s indemnity obligations. 

  
 3 

 (d)        Except as may be specifically
provided elsewhere in this Agreement, all information provided by Seller to Purchaser or obtained by Purchaser relating to the Property in the course of Purchaser’s review, including, without limitation, any environmental assessment or audit,
if any (collectively, the “Reports”) shall be treated as confidential information by Purchaser and Purchaser shall instruct all of its employees, agents, representatives, contractors, equity investors, Purchaser Related Parties (as
hereinafter defined) and lenders (collectively, “Purchaser Representatives”) as to the confidentiality of all such information. In the event that this transaction is not closed for any reason, then Purchaser shall maintain the
confidentiality of such information, and shall instruct Purchaser Representatives not to disclose any such information to any other party. Purchaser hereby agrees that money damages would not be a sufficient remedy for any breach or threatened
breach of this paragraph by Purchaser or Purchaser Representatives and that the Seller shall be entitled, without the requirement of posting a bond or other security, to specific performance and injunctive or other equitable relief in the event of
any such breach or threatened breach, in addition to all other remedies available to the Seller at law or in equity. Purchaser, on behalf of itself and the Purchaser Representatives agrees to indemnify and hold Seller and each of Seller Related
Party (as hereinafter defined) harmless from any claim, loss, injury, liability, damage or expense, including reasonable attorneys’ fees and costs, arising out of: (a) a breach by Purchaser or Purchaser Representatives of any applicable laws,
rules, regulations or ordinances, or the agreements set forth in this Agreement, relating to the activities of Purchaser or Purchaser Representatives on the Property, including the failure of Purchaser or Purchaser Representatives to restore the
Property; (b) any access to, entry upon or activity conducted by Purchaser or Purchaser Representatives with respect to or on the Property, whether or not such access, entry or activity is permitted by, in compliance with or in violation of any
applicable laws, rules, regulations or ordinances, or this Agreement; (c) any lien, claim or levy, including construction, mechanic’s, materialmen’s and judgment liens, filed or pending against any portion of the Property, or title
thereto, by any contractor, sub-contractor or other party having a claim against or through Purchaser or any Purchaser Representative (without limiting the foregoing indemnity, Purchaser hereby acknowledges and agrees that Purchaser’s failure
to cause any such lien to be released or bonded to the reasonable satisfaction of Seller within ten (10) business days after Purchaser’s receipt of written notice thereof shall constitute a default hereunder); and (d) any claims, suits, actions
or the assertion of any other rights by or on behalf of any tenant, invitee, guest or other party alleging personal injury, property damage, interruption of business, nuisance or any other allegation of negligence or wrongdoing, and including any
and all damages, losses, obligations, liabilities, costs and expenses incurred by or asserted or claimed against Seller or any Seller Related Party, as a result of, caused by, or arising out of any matters set forth in subsections (a), (b) and/or
(c), above. This indemnity agreement shall be in addition to any other liabilities that Purchaser or Purchaser Representatives may have to any Seller Related Party. 

(e)        Except as may be specifically provided elsewhere in this Agreement, Seller
makes no representations or warranties as to the truth, accuracy, completeness, methodology of preparation or otherwise concerning any engineering or environmental reports or audits or any other materials, data or other information supplied to
Purchaser in connection with Purchaser’s inspection of the Property (e.g., that such materials are complete, accurate or the 

  
 4 

 
final version thereof, or that such materials are all of such materials as are in Seller’s Possession). Subject to the preceding sentence, it is the parties’ express understanding
and agreement that such materials are provided only for Purchaser’s convenience in making its own examination and determination prior to the expiration of the Inspection Period as to whether it wishes to purchase the Property, and, in doing so,
Purchaser shall rely exclusively on its own independent investigation and evaluation of every aspect of the Property and not on any materials supplied by Seller. Subject to the first sentence of this Section 3.2(e), Purchaser
expressly disclaims any intent to rely on any such materials provided to it by Seller in connection with its inspection and agrees that it shall rely solely on its own independently developed or verified information. Subject to the first
sentence of this Section 3.2(e), and except with respect to the Surviving Obligations, Purchaser hereby releases Seller and its agents, representatives, and employees from any and all claims, demands, and causes of action, past, present,
and future that Purchaser may have relating to (i) the condition of the Property at any time, before or after the Closing, including without limitation, the presence of any hazardous materials, including but not limited to mold, or (ii) any other
matter pertaining to the Property. This release shall survive the Closing or the termination of this Agreement, as applicable. 

(f)        Purchaser shall restore the Property to substantially the same condition
existing immediately prior to Purchaser’s inspection, testing, investigation and survey thereof. Purchaser shall be liable for all damage or injury to any person or property resulting from, relating to or arising out of any such
inspection, testing, investigation or survey, whether occasioned by the acts of Purchaser or any of its employees, agents, representatives or contractors and Purchaser shall satisfy or bond in accordance with Section 3.2(d) above any
lien which may arise or be filed against Seller or the Property in connection with any such inspection, testing, investigation or survey. Purchaser shall indemnify, defend and hold harmless Seller and its agents, employees, officers, directors,
affiliates, advisors and asset managers from any loss, liability or damage resulting from any such inspection, testing, investigation, survey or lien filed against Seller or the Property in connection therewith. This indemnification by
Purchaser shall survive the Closing or the termination of this Agreement, as applicable. 

3.3         Title and Survey. 

(a)        Seller has ordered from the Title Company an owner’s title insurance
report and provided it to Purchaser (the “Title Commitment”). Seller has provided Purchaser with a copy of a survey for the Property dated January 20, 2015, prepared by AFN Consulting, Inc. (the “2015 Survey”). Purchaser at its
option and its cost and expense may obtain an update of the 2015 Survey (the “Survey”). In the event (i) the Survey obtained by Purchaser shows any matter affecting the Property that is unacceptable to Purchaser, or (ii) any
exceptions, appear in the Title Commitment that are unacceptable to Purchaser, Purchaser shall by 5 p.m. Eastern time no later than the third (3rd) business day prior to the expiration of the
Inspection Period (time being of the essence) (the “Title Approval Period”), notify Seller in writing of such facts, the reasons therefor and the curative steps that would remove the basis for Purchaser’s objection
(“Purchaser’s Title Objections”). Upon the expiration of the Title Approval Period, except for Purchaser’s Title Objections, Purchaser shall be deemed to have accepted the form and substance of the Survey, all matters shown
or addressed thereon, and all items shown or addressed in the Title Commitment (collectively, the “Approved Title Matters”). 

  
 5 

 (b)        Seller shall have no
obligation to take any steps or bring any action or proceeding or otherwise to incur any effort or expense whatsoever to eliminate or modify any of Purchaser’s Title Objections, but Seller is required to (x) pay off at Closing all mortgages and
related mortgage documents on the Property of which Seller has actual knowledge, (y) pay off or bond all mechanic’s and materialmen liens for work requested by Seller (as opposed to tenants), and (z) pay off or bond all judgment liens, code
enforcement liens and tax liens, in the aggregate not to exceed 2% of the Purchase Price (“Maximum Expense,” excluding the lien of real estate taxes which are to be paid and prorated as provided in Section 5.3(c))
(collectively, the “Monetary Encumbrances”). Seller shall be obligated to cure such Monetary Encumbrances regardless of whether Purchaser raises them in Purchaser’s Title Objections. Other than with respect to the Monetary
Encumbrances, Seller, however, at its sole option, may attempt to eliminate or modify all or a portion of Purchaser’s Title Objections to Purchaser’s reasonable satisfaction prior to the Closing Date or within such additional period
of time (up to thirty (30) days in the aggregate thereafter), for which Seller shall have the right to adjourn the Closing. In the event Seller is unable or unwilling to attempt to eliminate or modify all of Purchaser’s Title Objections to
the reasonable satisfaction of Purchaser, Seller shall provide written notice to Purchaser of those objections Seller will not attempt or be able to cure (“Seller’s Notice”). Thereafter, Purchaser shall have the option (as its
sole and exclusive remedy) to (x) terminate this Agreement by delivering written notice thereof to Seller by the earlier to occur of (i) the Closing Date (as the same may be adjourned as provided in this Agreement), or (ii) five (5) business days
after Seller’s Notice, time being of the essence to the giving of Purchaser’s notice or (y) proceed to Closing without adjustment to the Purchase Price. If Purchaser shall duly give such termination notice, then this Agreement shall
thereupon terminate, and upon such termination, Purchaser shall be entitled to the return of the Deposit, and neither party shall have any obligation hereunder other than the Surviving Obligations, provided however, if the Monetary Encumbrances
identified in subsection (z) above were created by Seller, exceed the Maximum Expense and the Seller is not willing to cure the same, and Purchaser is not in material breach or default in the performance of its obligations under this Agreement,
Purchaser shall be entitled to reimbursement of its documented third party out of pocket due diligence expenses not to exceed $50,000 (the “Expense Reimbursement”). 

(c)        The term “Permitted Encumbrances” as used herein includes: (i)
all of the Approved Title Matters, (ii) any Purchaser’s Title Objection (other than Monetary Encumbrances) that remains uncured, for whatever reason, at the earlier to occur of (A) Closing (as the same may be adjourned as provided in this
Agreement) or (B) five (5) business days after Seller’s provision of the Seller’s Notice, (iii) the rights and interests of parties claiming under the Leases, (iv) liens for real property taxes, assessments, and water and sewer meter
charges which are not due and payable as of the Closing Date and/or which are apportioned pursuant to this Agreement, and (v) any liens or encumbrances caused or created by acts or omissions of Purchaser or Purchaser Representatives. Any Notices of
Commencement for work requested by Seller (as opposed to tenants) shall be handled as follows at Closing: (a) with respect to the improvements completed by Seller prior to Closing, such notices of commencement will be terminated or insured over
at Seller’s expense at or prior to Closing and (b) with respect to improvements not completed by Seller prior to Closing, such notices of commencement shall be deemed to be “Permitted Encumbrances,” with the Purchaser receiving a
credit at Closing for the unpaid amounts due with respect to the work being performed. Any notices of commencement for the work requested by tenants (as opposed to Seller) shall be deemed to be Permitted Encumbrances.

(d)        Purchaser may, at or prior to Closing, notify Seller in writing of any
objection to title (i) raised by the Title Company between the expiration of the Title Approval Period and the Closing and (ii) not disclosed by the Title Company or otherwise known to Purchaser prior to the expiration of the Title Approval Period;
provided that Purchaser must notify Seller of such new objection to title within two (2) business days of being made aware of the existence of such matter. If Purchaser sends such notice to Seller, Purchaser and Seller shall have the same
rights and obligations with respect to such notice as apply to Purchaser’s Title Objections under Sections 3.3(b) and (c) hereof. 

  
 6 

 3.4         Purchaser’s
Representations and Warranties. Purchaser represents and warrants to Seller that: 

(a)        Purchaser is a limited liability company, duly organized and in good
standing under the laws of the State of Delaware, and has the power to enter into this Agreement and to execute and deliver this Agreement and to perform all duties and obligations imposed upon it hereunder, and Purchaser has obtained all necessary
corporate, partnership or other organizational authorizations required in connection with the execution, delivery and performance of this Agreement and the transaction contemplated herein and has obtained the consent of all entities and parties
(whether private or governmental) necessary to bind Purchaser to this Agreement; 

(b)        neither the execution nor the delivery of this Agreement, nor the
consummation of the purchase and sale transaction contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions or provisions of
any agreement or instrument to which Purchaser, or any shareholder, partner or related entity or affiliate of Purchaser, is a party or by which Purchaser, any shareholder, partner or related entity or affiliate of Purchaser, or any of
Purchaser’s assets is bound; 
 (c)        Purchaser has access to the
financial resources to timely consummate the purchase and sale transaction contemplated by this Agreement; with respect to each source of funds to be used by Purchaser to purchase the Property (respectively, the “Source”), at least one of
the following statements shall be accurate as of the Closing Date: (i) the Source does not include the assets of (A) 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, or (B) a “plan” as defined in Section 4975(a) of the Internal Revenue Code of 1986, as amended (“Code”), or (ii) the Source includes the assets of (A) an
“employee benefit plan” as defined in Section 3(3) of ERISA or (B) a “plan” as defined in Section 4975 of the Code (each of which has been identified to the Seller in writing pursuant to this Section 3.4 at least ten (10)
business days prior to the Closing Date), but the use of such Source to purchase the Property will not result in a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code. The Source is in compliance with the
Orders (as hereinafter defined); 

  
 7 

 (d)        Purchaser and each of its
affiliates and beneficial owners (collectively, the “Purchaser Parties”) have at all applicable times been, are now and will in the future be, in compliance with the requirements of Executive Order No. 133224, 66 Fed Reg. 49079 (September
25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control, Department of the Treasury (“OFAC”) and in any enabling legislation in respect thereof (the
Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”). Purchaser has no knowledge or notice of any fact, event, circumstance, situation or condition which could reasonably be expected to
result in (i) any action, proceeding, investigation, charge, claim, report or notice being filed, commenced or threatened against any of them alleging any failure to comply with the Orders, or (ii) the imposition of any civil or criminal penalty
against any of them for any failure to so comply. None of the Purchaser Parties are owned or controlled by, nor acts for or on behalf of, any person or entity on the Specially Designated Nationals and Blocked Persons List maintained by OFAC
pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders or any other person or entity who has been determined
by competent authority to be subject to the prohibitions contained in the Orders. 
 The Purchaser’s representations and warranties set
forth in this Section 3.4 shall survive the Closing or termination of this Agreement. As a condition precedent to Seller’s obligation to close the purchase and sale transaction contemplated in this Agreement, Purchaser’s
representations and warranties contained herein must remain and be true and correct in all material respects as of the Closing Date. Prior to the Closing Date, Purchaser shall notify Seller in writing of any facts, conditions or circumstances
which render any of the representations and warranties set forth in this Section 3.4 in any way inaccurate, incomplete, incorrect or misleading in any material respect. 

3.5         Seller’s Representations and Warranties. Seller
represents and warrants to Purchaser that: 
 (a)        Seller is a limited
partnership formed and at the Closing shall be in good standing under the laws of the State of Delaware, and has the full right, power, and authority to enter into, execute and deliver this Agreement, and to perform all duties and obligations
imposed on it under this Agreement, without the need for governmental approval, consent or filing, and any approval required from any partner of Seller to the Seller’s entry into and performance of this Agreement has been obtained; 

(b)        neither the execution nor the delivery of this Agreement, nor the
consummation of the purchase and sale contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions, or provisions of any
agreement or instrument to which it is a party or by which it, or any of its assets is bound; 

(c)        to Seller’s knowledge, the Rent Roll delivered to Purchaser in
accordance with Schedule 1 is accurate in all material respects as of the date thereon, is the Rent Roll being used by Seller in connection with the operation of the Property, and discloses all Leases and other tenancies at the Property;

  
 8 

 (d)        to Seller’s knowledge,
no tenant has been given free rent, any concession in the payment of rent or any abatement in the payment of rent, except as set forth in the Rent Roll and/or the Leases; 

(e)        the Service Contracts delivered to Purchaser in accordance with
Schedule 1 and listed on Schedule 2 are all of the Service Contracts with respect to the operation of the Property which may be binding on Purchaser or the Property after the Closing;

(f)        All employees at the Property are employees of Seller’s property
manager or employees of the service providers under the Service Contracts; 

(g)        to Seller’s knowledge, Seller did not withhold any information with
respect to the materials listed on Schedule 1 that would make the materials delivered to Purchaser materially inaccurate or misleading, and the materials listed on Schedule 1 are those used by Seller in connection with the operation of
the Property; 
 (h)        to Seller’s knowledge, except as set forth on
Schedule 3, there is not now pending any action, suit, or proceeding (including, but not limited to, condemnation or similar proceedings) before any court or governmental agency; 

(i)        to Seller’s knowledge, except as set forth on Schedule 4,
Seller has not received written notice and has no knowledge that the Property or the use thereof violates any governmental law or regulation that remains uncured; 

(j)        Seller and each of its affiliates (collectively, the “Seller
Parties”) have at all applicable times been, are now and will in the future be, in compliance with the requirements of the Orders and other similar requirements contained in the rules and regulations of OFAC. Seller has no knowledge or
notice of any fact, event, circumstance, situation or condition which could reasonably be expected to result in (i) any action, proceeding, investigation, charge, claim, report or notice being filed, commenced or threatened against any of them
alleging any failure to comply with the Orders, or (ii) the imposition of any civil or criminal penalty against any of them for any failure to so comply. None of the Seller Parties are owned or controlled by, nor acts for or on behalf of, any
person or entity on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules and regulations of
OFAC or pursuant to any other applicable Orders or any other person or entity who has been determined by competent authority to be subject to the prohibitions contained in the Orders; and 

(k)        To Seller’s knowledge, the Leases, or copies thereof, provided or
otherwise made available to Purchaser are true and complete in all material respects.
 The Seller’s representations and warranties set
forth in Section 3.5 shall survive the Closing for a period of one hundred eighty (180) days. If any Leases which have been exhibited to Purchaser or its representatives contain provisions that are inconsistent with the representations
set forth in Section 3.5(c) and (d) above, such representations and warranties shall be deemed modified to the extent necessary to eliminate such inconsistency and to conform such representations and warranties to the provisions of the
Leases. In addition to the foregoing, any due diligence review, audit (such as an environmental audit of the Property) or other investigation or inquiry 

  
 9 

 
undertaken or performed by or on behalf of Purchaser to the extent of knowledge of Purchaser shall limit, qualify, modify, and amend the representations, warranties and covenants of Seller made
or undertaken pursuant to this Agreement to the extent necessary to eliminate any inconsistency and to conform such covenants, representations and warranties to the findings. As a condition precedent to Purchaser’s obligation to close the
purchase and sale transaction contemplated in this Agreement, Seller’s representations and warranties contained herein must remain and be true and correct in all material respects as of the Closing Date, unless such representations and
warranties have changed by reason of facts or circumstances which pursuant to the terms of this Agreement are permitted to have occurred (e.g., the Seller entering into a new Service Contract in accordance with this Agreement, Seller terminating or
entering into a new Lease in accordance with this Agreement, tenant defaults, vacancies, etc.) or because of matters outside of Seller’s control (e.g., litigation). Prior to the Closing Date, Seller shall notify Purchaser in writing of any
facts, conditions or circumstances which render any of the representations and warranties set forth in this Section 3.5 no longer true and correct in all material respects. The parties agree that if following the expiration of the Inspection
Period and prior to Closing Purchaser becomes aware (either by way of Seller’s notice or otherwise) that any representation or warranty of Seller is no longer true and correct in all material respects, Purchaser may either (i) terminate this
Agreement by written notice to Seller if Seller fails to correct such inaccuracy within ten (10) days after receipt of Purchaser’s notice, whereupon the Deposit shall be refunded to Purchaser and neither party shall have any obligation
under this Agreement other than the Surviving Obligations, and provided Purchaser is not in material breach or default in the performance of its obligations under this Agreement, Purchaser shall be entitled to receive the Expense Reimbursement,
or (ii) waive the breach by Seller and elect to close the transaction, in which case, Purchaser shall have no claim against Seller in connection with a breach of such representation or warranty and shall not look to Seller and/or Seller Related
Parties for any redress or relief thereof. Purchaser and Seller hereby agree that (A) Purchaser’s sole right and remedy (x) in the event of a breach of Section 3.5(e) as it relates to Service Contracts will be Purchaser’s right not
to assume the Service Contract in question, and (y) in the event of a breach of Section 3.5(i) as it relates to violations, will be as set forth in Section 4.1, and (B) (x) it shall not be a breach of Section 3.5(h) unless
such action, suit or proceeding would materially adversely affect the Property, or the operation thereof or is an action or proceeding that is covered by Seller’s liability insurance coverage and or landlord/tenant matters is the ordinary
course of business and (y) it shall not be deemed a breach of Section 3.5(i) unless such violations would have a materially adverse effect on the use and operation of the Property. The Purchaser may not assert a claim against
the Seller and/or Seller Related Parties if at the time of the Closing the Purchaser had knowledge of such breach and nonetheless proceeded with the Closing. Purchaser and Seller agree that if subsequent to the Closing Purchaser first becomes
aware that any representation or warranty of Seller was not true and correct in all material respects as of the Closing Date, Purchaser shall have no claim against Seller and/or Seller Related Parties in connection with a breach of such
representation or warranty and shall not look to Seller and/or Seller Related Parties for any redress or relief thereof unless (i) a claim is made by Purchaser against Seller for breach of such representation or warranty before the expiration of the
survival period and (ii) Purchaser’s damages as a result of such breach are reasonably estimated to aggregate at least $25,000. Anything in this Agreement to the contrary notwithstanding, the maximum aggregate liability of the Seller under
the Seller Estoppel Certificates (as hereinafter defined) and for breaches of the representations, warranties 

  
 10 

 
and covenants herein shall not exceed $400,000.00 (the “Liability Cap”). Purchaser and Seller agree that the words “Seller’s knowledge” and words of similar import
shall mean the actual knowledge of Robert Bergman or Thomas Dolan (the asset manager) without any independent investigation on his part to determine the existence or absence of such facts. 

3.6         Tenant Estoppel Certificates. 

(a)        Seller agrees to deliver to (i) all tenants of the Property, other than
tenants under the GSA leases (the “GSA Leases”), a request for an estoppel certificate in the form of Exhibit F attached hereto, and (ii) all tenants under the GSA Leases, a request for a statement of lease as provided under
the GSA Leases. The parties agree that, subject to the provisions of subparagraph (b) below, it shall be a condition to Purchaser’s obligation to close title under this Agreement that an estoppel certificate either substantially in the form of
Exhibit F or in the form required by a tenant’s Lease, and with respect to the tenants under the GSA Leases, a statement of lease, be delivered to Purchaser, from not less than tenants under the Leases covering at least 75% of the
leased square footage at the Property (the “Required Tenant Estoppels”), no later than five (5) days before Closing. Seller agrees to use good faith efforts to obtain such Required Tenant Estoppels, provided however, Seller shall not be
obligated to expend any funds in order to do so. Notwithstanding the foregoing, if at Closing Seller is unable or fails to deliver such Required Tenant Estoppels, Seller may execute and deliver to Purchaser, at Closing, its own certificate with
respect to tenants from whom estoppel certificates were not received and whose Leases are in full force and effect, substantially in the form of Exhibit F or in the form required by a tenant’s Lease, appropriately modified to
reflect that they are certificates of Seller and made to Seller’s knowledge (hereinafter, the “Seller’s Estoppel Certificate”), but in no event from any of the following tenants (hereinafter, the “Critical Tenants”), to
wit: 
  

					
	 US Atty - DOJ
	  	 108,007 sf
	  	
	 Federal Public

Defender:
	  	 14,715 sf
	  	
	 BB&T:
	  	 47,180 sf
	  	
	 ATF:
	  	 20,481 sf
	  	
	 Lykes:
	  	 14,275 sf
	  	
	 Nestle:
	  	 42,825 sf
	  	

 The statements of Seller contained therein shall survive the Closing until the earlier of (a) 90 days after
Closing, and (b) thirty (30) days after the date Purchaser obtains an estoppel certificate from a tenant for whom Seller delivered a Seller’s Estoppel Certificate. Without limiting the foregoing, if at Closing Seller is unable or fails to
deliver the Required Tenant Estoppels, Seller shall have the right (unless Purchaser desires to close) to adjourn the Closing Date for up to thirty (30) days upon not less than three (3) business days’ prior notice to Purchaser, in order to
obtain the Required Tenant Estoppels. In the event that any representation or warranty of Seller set forth in Section 3.5 was confirmed in a tenant estoppel or a statement of lease, notwithstanding anything to the contrary set forth in
this Agreement, such Seller’s representation and warranty shall not survive Closing. 

(b)        The parties agree that each tenant estoppel containing non-material
exceptions, qualifications or modifications, including without limitation qualifications by the 

  
 11 

 
tenant of any statement regarding landlord defaults, tenant claims or tenant defaults as being to its knowledge or any similar qualification, shall be deemed to be an acceptable estoppel
certificate for purposes of this Section 3.6.
 SECTION 4. 

ACCEPTANCE OF PROPERTY 

4.1         “As Is”. Purchaser agrees that as of the
expiration of the Inspection Period, subject to Section 3.6, Purchaser or its duly authorized agent will have examined and investigated to Purchaser’s full satisfaction the physical, economic and legal condition of the Property, and
made all other inquiries Purchaser deemed necessary in connection with the transaction herein contemplated. By not delivering the Termination Notice, Purchaser is satisfied to purchase the Property in its “as is” condition as of the
Effective Date, reasonable wear and tear from the Effective Date excepted. Any information, data, schedules, photographs, surveys, set-ups, representations or other materials furnished to or obtained by Purchaser were for preliminary purposes only
and are superseded by this Agreement. Purchaser has not relied thereon in executing this Agreement. Except as expressly set forth in this Agreement, no representations, warranties or agreements of any kind whatsoever have been made by
Seller in regard to the physical or operating condition of the Property, the condition of Seller’s title thereto, freedom from defects, latent or patent, the income or profit to be derived from the Property, the expenses of operation and
maintenance thereof, the present or prospective rental income therefrom, or any other matter or thing affecting or relating to the whole or any part of the Property, and no representation, covenant or warranty shall survive the Closing, other than
the Surviving Obligations. In arriving at its decision to purchase the Property, Purchaser did not rely upon any statements by Seller, Seller’s agents or employees or anyone else acting or purporting to act on Seller’s behalf, except
as expressly set forth in this Agreement. Purchaser acknowledges and agrees that the Property is to be acquired subject to all notes or notices of violations of law or municipal ordinances, orders or requirements noted in or issued by any
governmental authority having jurisdiction thereof against or affecting the Property, provided however, if at Closing the Property is subject to notes or notices of violations of law or municipal ordinances, orders or requirements noted in or issued
by a governmental authority after the expiration of the Inspection Period and relating to a physical condition first arising after the expiration of the Inspection Period (and such physical condition(s) were not caused or created by Purchaser or
Purchaser Representatives), Seller shall be responsible for up to $100,000.00 of the costs and expenses to cure such violations, and if the amount to cure such violations exceeds $100,000.00 and Seller is not willing to expend such extra amount,
Purchaser may terminate this Agreement by notice to Seller given at or prior to Closing, in which case Purchaser shall be entitled to the return of the Deposit, and thereafter neither party shall have any obligations under this Agreement other than
the Surviving Obligations, provided however, if Purchaser is not in material breach or default in the performance of its obligations under this Agreement, Purchaser shall be entitled to receive the Expense Reimbursement. Notwithstanding
the foregoing, nothing set forth in this subsection shall be deemed to obligate Seller to expend in excess of $100,000.00, unless Seller elects to do so in its sole discretion. 

4.2         Except as expressly set forth in this Agreement, Purchaser shall rely
solely upon Purchaser’s own knowledge of the Property based on its investigation of the Property and its own inspection of the Property in determining the Property’s physical condition. Except as

  
 12 

 
expressly set forth in this Agreement to the contrary, Purchaser releases Seller, any person, entity or party related to or affiliated with Seller (the “Seller Related Parties”) and
their respective successors and assigns from and against any and all claims which Purchaser or any person, entity or any party related to or affiliated with Purchaser (each, a “Purchaser Related Party”) has or may have arising from or
related to any matter or thing related to or in connection with the Property, including the documents and information referred to herein, the leases and the tenants thereunder, any construction defects, errors or omissions in the design or
construction and any environmental conditions, including but not limited to mold, and, except as expressly set forth in this Agreement to the contrary, neither Purchaser nor any Purchaser Related Party shall look to Seller, the Seller Related
Parties or their respective successors and assigns in connection with the foregoing for any redress or relief. This release shall be given full force and effect according to each of its express terms and provisions, including those relating to
unknown and unsuspected claims, damages and causes of action. The provisions of this Section 4.2 shall survive the termination of this Agreement or the Closing Date and shall not be deemed to have merged into any of the documents
executed or delivered at the Closing. To the extent required to be operative, the disclaimers and warranties contained herein are “conspicuous” disclaimers for purposes of any applicable law, rule, regulation or order. 

SECTION 5. 
 CLOSING 

5.1         Closing. The closing of the purchase and sale transaction
contemplated herein (the “Closing) shall take place through an escrow established with the Title Company on the Closing Date. The Closing Date (as it may be adjourned in accordance with this Agreement) shall be the date which is fifteen (15)
days after the expiration of the Inspection Period, provided however, Purchaser shall have the right to adjourn the Closing for a period of up to fifteen (15) days by giving Seller written notice of its intention to do so no later than two (2)
business days prior to the initial Closing Date (such written notice to set forth as the adjourned Closing Date), and in order to be effective, such notice must be accompanied by an additional Deposit of Five Hundred Thousand ($500,000) Dollars
payable to the order of the Escrow Agent. Except as expressly provided in this Section 5.1, Purchaser shall have no other right to adjourn the Closing. 

5.2         Possession. Possession of the Property shall be delivered to
Purchaser at the Closing, subject to the Permitted Encumbrances. 

5.3         Proration. All rents, other income and revenues, amounts
payable by the tenants under the Leases, utilities, water and sewer meter charges and all other operating expenses with respect to the Property for the month in which the Closing occurs, and real estate taxes and other assessments with respect to
the Property for the tax year in which the Closing occurs, shall be prorated as of 11:59 p.m. Eastern time on the day before the Closing Date with Purchaser receiving the benefits and burdens of ownership on the Closing Date, provided however, if
the funds representing the balance of the Purchase Price have not been received by the Title Company by 2:00 p.m. Eastern time on the Closing Date, all prorations shall be recalculated as of the next business day. 

(a)        If the Closing shall occur before rents and all other amounts payable by
the tenants under the Leases and all other income and revenues from the Property have actually 

  
 13 

 
been received through the month in which the Closing occurs (it being agreed that Seller is entitled to all arrears in rent), the apportionment of such rents and other amounts and other income
shall be upon the basis of such rents, other amounts and other income and revenues actually received by Seller. Subsequent to the Closing, any rents, other amounts and other income that are actually received by either Seller or Purchaser shall
be applied first to amounts due to Purchaser with respect to the period after Closing, and then to amounts due to Seller with respect to the period prior to Closing. Purchaser shall make a good faith effort and attempt to collect any such rents
and other amounts and other income not apportioned at the Closing for the benefit of Seller; however, Purchaser shall not be required to expend any substantial funds or institute any litigation in its collection efforts. Nothing in this
Agreement shall restrict Seller’s right to collect delinquent rents directly from a tenant by any legal means (except that Seller shall not be entitled to institute eviction proceedings), and Seller shall be entitled to keep any such rents or
other damages so collected that are attributable to the period prior to Closing. At Closing, prepaid rents and refundable cash security deposits in the possession or control of Seller on Closing (together with any interest accrued thereon only
if interest is specifically required to be paid thereon under applicable law or under the terms of a specific Lease) at Seller’s sole option shall either be (i) transferred to Purchaser at Closing and not subject to adjustment, or (ii) adjusted
by way of a credit in favor of Purchaser. 
 (b)        With respect to any
security deposits held by Seller on the Closing Date in the form of letters of credit that are transferable by Seller, same shall be transferred to Purchaser at Closing with any transfer fees paid by Purchaser (unless such fees are payable to by the
tenant). With respect to any letters of credit that are not transferable by Seller as landlord, Seller shall request that the applicable tenants deliver new letters of credit (“New Letters of Credit”), issued in favor of Purchaser by a
date not later than the Closing Date, but Seller shall not have any liability for the failure of such tenants to so furnish New Letters of Credit, and the failure of such tenants to furnish New Letters of Credit shall not affect the obligations of
Purchaser to proceed with the Closing. With respect to any letters of credit not transferable by Seller as landlord and for which New Letters of Credit are not issued as of the Closing Date, Seller shall, until a New Letter of Credit is issued in
favor of Purchaser, take all reasonable action, as directed by Purchaser and without obligation to incur any out-of-pocket expenses which are not advanced by Purchaser, in connection with the presentment of such letters of credit for payment as
permitted under the terms of the applicable Lease and in consideration of Seller’s agreement as aforesaid, Purchaser shall indemnify and hold harmless Seller for liability arising out of or resulting from Seller’s actions relating to such
letters of credit after the Closing Date. 

(c)          (1)        If the
Closing shall occur before the tax rate or the assessed valuation of the Property is fixed for the then current year, the apportionment of taxes and assessments shall be upon the basis of the tax rate for the preceding year applied to the latest
assessed valuation, with a further reconciliation to be made when the final rate or valuation rate is received. 

(2)        If any certiorari or other proceedings for the reduction of real estate
taxes or assessments are pending at the Closing Date with respect to the tax year in which the Closing occurs or any tax year prior thereto, Seller shall continue the prosecution of such action. Any tax refund resulting from such proceeding,
net of Seller’s actual, documented, out-of-pocket costs of prosecuting the same, and after deducting any refunds required to be made to tenants pursuant to Leases, shall be apportioned between Seller and Purchaser in the same proportion that
real estate taxes and assessments for such tax year are apportioned. 

  
 14 

 (d)        If the Closing shall occur
before the actual amount of utilities, water or sewer meter charges or other operating expenses with respect to the Property for the month in which the Closing occurs are determined, the apportionment of such utilities, water or sewer meter charges
or other operating expenses shall be upon the basis of a reasonable estimate by Seller of such utilities, water or sewer meter charges or other operating expenses for such month. Subsequent to the Closing, when the actual amount of such
utilities, water or sewer meter charges or other operating expenses with respect to the Property for the month in which the Closing occurs are determined, the parties agree to adjust the proration of such utilities, water or sewer meter charges or
other operating expenses and, if necessary, to refund or repay such sums as shall be necessary to effect such adjustment. 

(e)        If Leases contain obligations (“ Lease Obligations”) on the part
of the tenants for: (i) CPI or similar adjustments, (ii) percentage rents, (iii) escalation payments for taxes, labor or operations, and/or (iv) other expenses including, without limitation, common area maintenance or any other operating cost
pass-throughs or retroactive charges payable by tenants which have accrued as of the Closing Date but are not then due and payable, the amount of such Lease Obligations shall be prorated as of the Closing Date and paid and adjusted between Seller
and Purchaser when the actual amount of such Lease Obligations with respect to the Property is determined and such Lease Obligations have been received by Purchaser from such tenant or tenants. 

(f)        Purchaser acknowledges that rent is paid monthly in arrears by GSA under
the GSA Leases. Purchaser and Seller agree that to the extent there are rent payments (including all tax and operating expense pass-throughs, if any) under the GSA Leases for the month immediately prior to the month in which the Closing occurs
that are accrued but have not yet been paid as of the Closing Date, such amounts shall be adjusted between Purchaser and Seller and credited to Seller as of the Closing Date, and Purchaser shall remit to Seller any pro-rated amounts due to Seller
for the month of Closing within two (2) Business Days of Purchaser’s actual receipt thereof (or, in the event that Seller receives such payment after Closing, Seller shall be reimbursed for such pro-rated amounts due to Seller and shall remit
the balance to Purchaser within two (2) Business Days of Seller’s receipt thereof). Within two (2) Business Days after Purchaser’s receipt thereof, Purchaser shall remit to Seller any rental payments (including all tax and operating
expense pass-throughs, if any) received by Purchaser subsequent to Closing that are attributable to periods prior to Closing, to the extent such rental payments (including all tax and operating expense pass-throughs, if any) were not credited to
Seller at Closing. Within two (2) Business Days after Seller’s receipt thereof, Seller shall remit to Purchaser any rental payments (including all tax and operating expense pass-throughs, if any) received by Seller subsequent to Closing
that are attributable to periods after Closing, to the extent such payments were not credited to Purchaser at Closing. 

(g)        New Tenant Costs in accordance with
Section 8.2 hereof. 

  
 15 

 The agreements of Seller and Purchaser set forth in this Section 5.3 shall survive
the Closing. All prorations shall be completed and finalized no later than twelve (12) months following the Closing Date. 

5.4         Closing Costs. Purchaser shall pay, on the Closing Date,
the title insurance premium for any lender’s policy (for a simultaneous issue premium not to exceed $250) and any endorsements to the lender’s or owner’s policy (at the rates promulgated by the Florida Insurance Commission), all
survey charges, all recording and filing charges and fees to record the documents evidencing the conveyance of the Property, and all other costs and charges of the closing and consummation of the purchase and sale transaction contemplated in this
Agreement as customarily charged to and payable by a purchaser in such transactions in the location in which the Land is situate (including one-half of the escrow charges of the Title Company, said one-half not to exceed $750). Seller shall
pay, on the Closing Date, any documentary stamps, title search fees, the base cost for any owner’s title insurance policy, and any other costs and charges of the closing and consummation of the purchase and sale transaction contemplated in this
Agreement as customarily charged to and payable by a seller in such transactions in the location in which the Land is situate (including one-half of the escrow charges of the Title Company). Notwithstanding the foregoing, each party shall pay
its own attorneys’ fees and the fees of any accountants and/or advisors incurred in connection with the transaction contemplated in this Agreement. 

5.5         Seller’s Obligations at the Closing. At the Closing,
Seller shall deliver or cause to be delivered to Purchaser the following: 

(a)        Evidence of Authority. Such organizational and authorizing
documents of Seller as shall be reasonably required by the Title Company to evidence Seller’s authority to consummate the transactions contemplated by this Agreement. 

(b)        Deed. A duly executed and acknowledged special warranty deed
conveying to Purchaser the Land and Improvements subject only to the Permitted Encumbrances, in the form of Exhibit B attached hereto, sufficient to enable the Title Company to issue its standard form owner’s policy to Purchaser,
insuring fee simple title to the Land and Improvements, subject only to the Permitted Encumbrances. Purchaser shall be entitled to request that the Title Company provide such endorsements (or amendments) to the title policy as Purchaser may
reasonably require, provided that (i) such endorsements shall be issued at no cost to, and shall not impose any additional liability on, Seller, (ii) Purchaser’s obligations under this Agreement shall not be conditioned upon Purchaser’s
ability to obtain such endorsements and, if Purchaser is unable to obtain such endorsements, Purchaser shall nevertheless be obligated to proceed to close the transaction contemplated by this Agreement without reduction of or set off against the
Purchase Price, and (iii) the Closing shall not be delayed as a result of Purchaser’s request. 

(c)        Assignment. A duly executed counterpart Assignment and
Assumption of Service Agreements, Warranties and Leases in the form attached to this Agreement as Exhibit C (the “Assignment”), and a Bill of Sale in the form attached hereto as Exhibit C-1 (the “Bill of
Sale”). 

  
 16 

 (d)        FIRPTA
Affidavit. A duly executed affidavit of Seller in form attached hereto as Exhibit D certifying that Seller is not a “foreign person,” as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and
in any applicable state laws for the state in which the Property is located. 

(e)        Tenant Notices. Duly executed notice to tenants or lessees
under the Leases in form attached hereto as Exhibit E. 

(f)        Original Documents. The originals of all Leases and Service
Contracts in Seller’s Possession. 
 (g)        Transfer Tax
Forms. All transfer tax and other similar tax returns which Seller is required by law to execute and acknowledge and to deliver, either individually or together with Purchaser, to any governmental authority as a result of the sale, and if
Seller is responsible for payment of such taxes in accordance with this Agreement, checks made payable to the appropriate governmental authority in the required amounts (unless Seller authorizes the Title Company to deduct and pay such expenses out
of monies payable to Seller). 
 (h)        Rent Roll. An updated Rent
Roll for the Property, certified by Seller to be true, correct and complete in all material respects, which certification shall be a Surviving Obligation, subject to the limitations of Section 3.5. 

(i)        Escrow Direction. A confirmation to Escrow Agent confirming
the prorations and the Closing and directing that the Deposit and Purchase Price is to be delivered to Seller. 

(j)        Records and Files. Records and files which are in
Seller’s Possession relating to the current operation and maintenance of the Property, including, without limitation, current tax bills, current water, sewer, utility and fuel bills, billing records for tenants, repair and maintenance records
and the like which affect or relate to the Property. The parties agree to cooperate so that, to the extent practical, deliveries of background records at or prior to the Closing which Purchaser desires to have delivered to it will be identified
to the satisfaction of the parties at the Closing without actual delivery at Closing, provided satisfactory arrangements for post-closing delivery are made. 

(k)        Form 1099-S. Information for 1099-S Report Filing in the form of
Exhibit G annexed hereto in accordance with Section 6045 of the Code. Pursuant to Section 6045 of the Code, Purchaser’s counsel is hereby designated to be the person responsible for complying with such reporting requirements. 

5.6         Purchaser’s Obligations at the Closing. At the
Closing, Purchaser shall deliver or cause to be delivered to Seller the following: 

(a)        Purchase Price. The balance of the Purchase Price, plus or
minus other adjustments required under this Agreement, by wire transfer of immediately available funds to Seller. 

  
 17 

 (b)        Evidence of
Authority. Such organizational and authorizing documents of Purchaser as shall be reasonably required by Seller and/or the Title Company authorizing Purchaser’s acquisition of the Property pursuant to this Agreement and the execution
of this Agreement and any documents to be executed by Purchaser at the Closing. 

(c)        Assignment. A duly executed counterpart of the Assignment.

 (d)        Transfer Tax Forms. Duly executed and acknowledged
transfer tax forms described in Section 5.5(g). 

5.7         Property Management Agreement. At Closing, Seller will
terminate its management agreement for the Property. 
 5.8         GSA
Leases. From and after the Effective Date, Seller shall cooperate with GSA and Purchaser to obtain the execution by GSA for the tenants under the GSA Leases of a novation agreement by and among GSA, Seller and Purchaser with regard to the
GSA Leases substantially in the form attached hereto as Exhibit H (the “Novation Agreement”) or on GSA’s then-current standard form. If GSA requires modifications to be made to the Novation Agreement prior to
execution by GSA, then such modifications shall be reasonably accommodated by Purchaser and Seller. Purchaser and Seller agree to provide all reasonable and customary documentation and signatures required for the novation of the GSA
Leases. For the period of time between the Closing Date and the GSA’s execution of a Novation Agreement recognizing Purchaser as the new “Lessor” under the GSA Leases (the “Pre-novation Period”), Purchaser acknowledges
that Seller will continue to be the GSA’s named “Lessor” under the GSA Leases. Seller agrees to keep open during the Pre-novation Period any bank accounts used for the receipt of payments under the GSA Leases and to forward any
payments received after Closing under the GSA Leases to Purchaser reasonably promptly after Seller’s receipt thereof, subject to Section 5.3 hereof. Upon Purchaser’s written request, Seller agrees to cooperate during the
Pre-novation Period with respect to the submission of any invoices, claims, or other customary documents to the GSA relating to tax escalations and other payments required by the GSA Leases. Purchaser and Seller agree to exercise commercially
reasonable efforts to obtain the approval of GSA to make the effective date of the Novation Agreement the same as the Closing Date by submitting the form thereof to the respective GSA contracting officers promptly following the expiration of the
Inspection Period. Seller and Purchaser shall execute and deliver such documents as may be reasonably required by the GSA to effectuate such assignment. The provisions of this Section 5.8 shall survive Closing. 

SECTION 6. 
 RISK OF LOSS 

6.1         Casualty Loss and Condemnation. If, prior to Closing, the
Property, or any part thereof shall be condemned, destroyed or damaged by fire or other casualty or other cause, Seller shall promptly so notify Purchaser. In the event of a Material Loss (hereinafter defined), Purchaser shall have the option
to terminate this Agreement by giving notice to the Seller within five (5) days after receipt of Seller’s notice (but no later than the Closing). If the condemnation, destruction or damage does not result in a Material Loss, then Seller
and Purchaser shall consummate the transaction contemplated by this Agreement notwithstanding such 

  
 18 

 
condemnation, destruction or damage. If the transaction contemplated by this Agreement is consummated, Purchaser shall be entitled to receive any condemnation proceeds or proceeds of
insurance under all policies of insurance applicable to the destruction or damage of the Property, and shall receive a credit against the Purchase Price equal to the amount of any applicable insurance deductible, and Seller shall, at Closing,
execute and deliver to Purchaser all customary proofs of loss and other similar items. If Purchaser elects to terminate this Agreement in accordance with this Section 6.1, the Deposit shall be
returned to Purchaser and this Agreement shall, without further action of the parties, become null and void and neither party shall have any further rights or obligations under this Agreement for Surviving Obligations. For purposes of this
Section 6.1, a “Material Loss” means condemnation, damage or destruction that is reasonably estimated to cost or be valued at (as the case may be) more than 1% percent of the Purchase Price, or is reasonably likely to require
more than 270 days to restore, or gives any Tenant of the Property occupying more than 14,200 square feet the right to terminate its respective Lease because of such loss. 

6.2       Uniform Vendor and Purchaser Risk Act.  Purchaser and Seller
each hereby waives the Uniform Vendor and Purchaser Risk Act and agree that the provisions of this Section 6 shall govern the respective rights and obligations of Purchaser and Seller with respect to the subject matter of this
Section 6. 
 SECTION 7. 

DEFAULT 

7.1       Breach by Seller.  In the event that Seller shall fail to close
this transaction because of Seller’s default in the performance of Seller’s obligations under this Agreement, Purchaser, as Purchaser’s sole and exclusive right and remedy, shall either: (1) terminate this Agreement and receive a
refund of the Deposit and if Purchaser is not in material breach or default in the performance of its obligations under this Agreement, Purchaser shall be entitled to receive the Expense Reimbursement, or (2) pursue the remedy of specific
performance of Seller’s obligations under this Agreement, provided that (i) any such suit for specific performance must be filed within sixty (60) days after Purchaser first becomes aware of the breach or default by Seller, and (ii) Purchaser
is not in material breach or default in the performance of its obligations under this Agreement; except that if the Seller made the remedy of specific performance unavailable by its own affirmative intentional acts (e.g., sale or further mortgaging
of the Property which is not satisfied at Closing), Purchaser may sue Seller for its actual damages not to exceed 1% of the Purchase Price. 

7.2       Breach by Purchaser.  In the event that Purchaser fails to
consummate the transaction contemplated by this Agreement (including delivery of the additional deposit if and when required), this Agreement shall terminate and Seller shall receive and retain the Deposit as liquidated damages (and not as a penalty
or forfeiture) and as Seller’s sole remedy and relief hereunder (except for the Surviving Obligations). Seller and Purchaser acknowledge that the actual damages to Seller which would result from such failure would be extremely difficult to
calculate or establish on the date hereof. In addition, Purchaser desires to have a limitation put upon its potential liability to Seller in the event of such failure by Purchaser. Seller and Purchaser specifically acknowledge and agree, after
negotiation between Seller and Purchaser, that the amount of the Deposit constitutes reasonable compensation to Seller for such failure by 

  
 19 

 
Purchaser and shall be disbursed to and retained by Seller as liquidated damages in the event of such failure by Purchaser. None of the provisions of this Section 7.2 shall
limit, impair or affect any of Purchaser’s indemnities of Seller or other Surviving Obligations as provided for elsewhere in this Agreement. 

SECTION 8. 
 FUTURE OPERATIONS 

8.1         Maintenance and Contracts.  From the Effective Date
of this Agreement until the Closing or earlier termination of this Agreement: 

(a)        Seller will continue to operate the Property in the customary and ordinary
manner consistent with Seller’s current practices in effect as of the Effective Date, ordinary wear and tear and casualties excepted. 

(b)        Seller shall not remove or transfer to a third party any Personal Property
to be conveyed to Purchaser hereunder unless it is replaced with a substantially similar item. 

(c)        Seller will perform all of Seller’s material obligations under the
Service Contracts. Seller will not, without the prior written consent of Purchaser (which consent will not be unreasonably withheld or delayed), modify, enter into, or renew any Service Contract which cannot be canceled upon thirty (30) days
prior written notice. 
 8.2         Leasing. 

(a)        From the Effective Date until the Closing or earlier termination of this
Agreement, Seller will endeavor to lease the Property in the customary and ordinary manner consistent with Seller’s current practices in effect as of the Effective Date and in accordance with Section 8.2(b) below; 

(b)        Seller, at Purchaser’s request, shall keep Purchaser informed in
writing as to the status of leasing activities prior to the Closing Date. Seller shall not enter into any new lease or modify or terminate (except in the event of default) any existing lease without the prior written consent of Purchaser, which
consent shall not be unreasonably withheld, conditioned or delayed during the Inspection Period, but such consent as to any new lease or modification or termination (except in the event of default) entered into after the Inspection Period (provided
this Agreement is not terminated) shall be in Purchaser’s sole and absolute discretion. If subsequent to the Effective Date, Seller incurs any costs or expenses of entering into and/or performing obligations and/or work under or in
connection with any new Leases or renewal or modification of existing Leases including, tenant improvement and/or leasing commission costs (collectively, “New Tenant Costs”) that Purchaser has approved pursuant to this paragraph, then,
such costs shall be credited in favor of Seller at Closing and Seller shall supply to Purchaser invoices and/or other evidence reasonably satisfactory to Purchaser for all New Tenant Costs at or prior to Closing. If any space is vacant at the
time of Closing, Purchaser shall accept the Property subject to such vacancy. Seller does not warrant that any particular Lease or tenancy will be in force or effect at the Closing or that the tenants will have performed their obligations
thereunder. Notwithstanding the foregoing, the termination of any Lease or tenancy prior to the Closing by reason of the tenant’s default shall not affect the obligations of Purchaser under this Agreement in any manner or entitle Purchaser
to an abatement of or credit against the Purchase Price or give rise to any other claim on the part of Purchaser. 

  
 20 

 SECTION 9. 

MISCELLANEOUS 

9.1         Notices.   All notices, demands and requests
which may be given or which are required to be given by either party to the other, and any exercise of a right of termination provided by this Agreement, shall be in writing and shall be deemed effective either: (a) on the date personally
delivered to the address below, as evidenced by written receipt therefor, whether or not actually received by the person to whom addressed; (b) on the third (3rd) business day after being sent, by certified or registered mail, postage prepaid,
return receipt requested, addressed to the intended recipient at the address specified below; (c) on the first (1st) business day after being deposited into the custody of a nationally recognized overnight delivery service such as Federal Express
Corporation, Airborne Express, or United Parcel Service, addressed to such party at the address specified below; or (d) at the time of electronic confirmation of receipt after being sent by facsimile to the following numbers. For purposes of
this Section 9.1, the addresses of the parties for all notices are as follows (unless changed by similar notice in writing given by the particular person whose address is to be changed): 

 

			
	       If to Seller:
	  	 c/o Sterling American Property, Inc.

111 Great Neck Road, Suite 408

Great Neck, NY 11021

Attn:  Gregory P. Nero, Esq.

Telephone:  (516) 504-2164

Facsimile:  (516) 773-3849

		
		  	 Schiff Hardin LLP

666 Fifth Avenue
 New York, NY
10103
 Attn:  Marina Rabinovich, Esq.

Telephone:  (212) 753-5000

Facsimile:  (212) 753-5044

		
	       If to Purchaser:
	  	 City Office Development, LLC

Suite 2010
 1075 West Georgia
Street
 Vancouver, British Columbia, Canada V6E 3C9

Attention: Tony Maretic, CFO

Facsimile: (604) 687-0769

		
	       with a copy to:
	  	 City Office Development, LLC

c/o City Office REIT
 8150 North
Central Expressway
 Suite 1255

Dallas, Texas 75206

		  	 Attention: Merrick Egan, Executive Vice-President

Facsimile: N/A

  
 21 

			
	       with a copy to:
	  	 Lowndes, Drosdick, Doster, Kantor &

Reed, P.A.
 215 North Eola
Drive
 Orlando, Florida 32801

Attention: Aaron J. Gorovitz, Esq., with a

concurrent copy to Gary M. Kaleita, Esq.

Facsimile: (407) 843-4444

		
	       If to Escrow Agent:
	  	 Fidelity National Title Insurance Company

485 Lexington Avenue, 18th Floor

New York, NY 10017

Attn:  Nicholas DeMartini, Esq.

Telephone:  (212) 845-3132

Facsimile:  (646) 481-5607

 The attorneys are authorized to give any notice specified in this Agreement on behalf of their respective clients. 

9.2         Real Estate Commissions.   Seller shall pay to
Colliers International (hereinafter called “Agent”) a commission in the amount agreed on, if and when payable in accordance with the terms of a separate agreement between Seller and Agent. Except for Agent, neither Seller nor
Purchaser has authorized any broker or finder to act on Purchaser’s or Seller’s behalf in connection with the sale and purchase hereunder and neither Seller nor Purchaser has dealt with any broker or finder purporting to act on behalf of
any other party. Purchaser agrees to indemnify, defend, protect and hold harmless Seller from and against any and all demands, claims, losses, damages, liabilities, costs or expenses of any kind or character (including reasonable
attorneys’ fees and charges) arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Purchaser or on Purchaser’s behalf with any broker or finder in connection with this Agreement or the
transaction contemplated hereby, other than claims of Agent based on Agent’s agreement with the Seller. Seller agrees to indemnify, defend, protect and hold harmless Purchaser from and against any and all claims, losses, damages,
liabilities, costs or expenses of any kind or character, including reasonable attorneys’ fees and expenses, arising out of or resulting from any agreement, arrangement or understanding alleged to have been made by Seller or on Seller’s
behalf with any broker or finder in connection with this Agreement or the transaction contemplated hereby. Notwithstanding anything to the contrary contained herein, this Section 9.2 shall survive the Closing or any earlier
termination of this Agreement. 
 9.3         Entire
Agreement.   This Agreement embodies the entire agreement between the parties relative to the subject matter hereof, and there are no oral or written agreements between the parties, nor any representations made by either party
relative to the subject matter hereof, which are not expressly set forth herein. 

  
 22 

9.4       Amendment.    This Agreement may be amended only by a
written instrument executed by the party or parties to be bound thereby. 

9.5       Headings.  The captions and headings used in this Agreement are
for convenience only and do not in any way limit, amplify, or otherwise modify the provisions of this Agreement. 

9.6       Time of Essence.  Time is of the essence of this Agreement
(other than for Seller’s rights to adjourn the Closing as expressly provided in this Agreement); however, if the final date of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday
under the laws of the United States, the State of New York, or the State in which the Property is located, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday. As used
in this Agreement, the term “business day” means every day other than Saturdays, Sundays, or other holidays on which banking institutions in New York or the State in which the Property is located are closed. 

9.7       Successors and Assigns; Assignment.  This Agreement shall bind
and inure to the benefit of Seller and Purchaser and their respective heirs, executors, administrators, personal and legal representatives, successors and permitted assigns. Purchaser shall not assign this Agreement or Purchaser’s rights
under this Agreement without the prior written consent of Seller, which consent may be withheld in its sole and absolute discretion, except that Purchaser may assign this Agreement following the expiration of the Inspection Period without the
consent of Seller to an affiliate, corporation, partnership or other entity in which City Office REIT Operating Partnership, L.P. owns and controls a greater than 50% economic and managerial interest. No assignment of this Agreement or
Purchaser’s rights hereunder shall relieve Purchaser of its liabilities under this Agreement. This Agreement is solely for the benefit of Seller and Purchaser; there are no third party beneficiaries hereof. Any assignment of this
Agreement in violation of the foregoing provisions shall at Seller’s option be null and void. 

9.8       Invalid Provision.  If any provision of this Agreement is held
to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this
Agreement; and, the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid, or unenforceable provision or by its severance from this Agreement. 

9.9       Attorneys’ Fees.  In the event it becomes necessary for
either party hereto to file suit to enforce this Agreement or any provision contained herein, the party prevailing in such suit shall be entitled to recover, in addition to all other remedies or damages as provided herein, reasonable attorneys’
and paralegals’ fees incurred in such suit. 
 9.10     Multiple
Counterparts.  This Agreement may be executed in a number of identical counterparts which, taken together, shall constitute collectively one (1) agreement; in making proof of this Agreement, it shall not be necessary to produce or
account for more than one such counterpart with each party’s signature. An electronically transmitted copy of any executed signature page of a party to this Agreement shall be as valid as an original. 

  
 23 

 9.11       Exhibits.  The
exhibits and schedules attached to this Agreement and referred to herein are hereby incorporated into this Agreement by this reference and made a part hereof for all purposes. 

9.12       Construction.  Seller and Purchaser acknowledge that each party
and its counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any
amendments or exhibits hereto. 
 9.13       No Recordation.  Seller and
Purchaser hereby acknowledge that neither this Agreement nor any memorandum or affidavit thereof shall be recorded of public record in the county in which the Property is located or any other county. Should Purchaser ever record or attempt to
record this Agreement, or a memorandum or affidavit thereof, or any other similar document, then, notwithstanding anything herein to the contrary, said recordation or attempt at recordation shall constitute a default by Purchaser hereunder, and, in
addition to the other remedies provided for herein, Seller shall have the express right to terminate this Agreement by filing a notice of said termination in the county in which the Land is located. 

9.14       Merger Provision.  Except as otherwise expressly provided
herein, any and all rights of action of Purchaser for any breach by Seller of any representation, warranty or covenant contained in this Agreement shall merge with the Deed and other instruments executed at Closing, shall terminate at Closing, and
shall not survive Closing. 

9.15       Jury  Waiver.  PURCHASER AND SELLER DO HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THEIR RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, OR UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE DOCUMENTS DELIVERED BY PURCHASER OR BY SELLER AT CLOSING,
OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ANY ACTIONS OF EITHER PARTY ARISING OUT OF OR RELATED IN ANY MANNER WITH THIS AGREEMENT OR THE PROPERTY (INCLUDING WITHOUT LIMITATION, ANY ACTION TO RESCIND OR
CANCEL THIS AGREEMENT AND ANY CLAIMS OR DEFENSES ASSERTING THAT THIS AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR SELLER TO ENTER INTO AND ACCEPT THIS AGREEMENT AND THE DOCUMENTS
DELIVERED BY PURCHASER AT CLOSING AND SHALL SURVIVE THE CLOSING OR TERMINATION OF THIS AGREEMENT. 

9.16       No Personal Liability of Officers, Directors, Etc..  Each party
agrees that no shareholder, officer, partner, manager, director, trustee, asset manager, employee, member, agent or other representative of Seller or Purchaser shall have any personal liability under this Agreement or any document executed in
connection with the transactions contemplated by this Agreement. 
 9.17       Choice
of Law; Submission to Jurisdiction.  This Agreement is made and delivered in New York, New York and shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. Any legal action, suit
or proceeding in 

  
 24 

 
connection with this Agreement or for enforcement of any judgment rendered in any such action, suit or proceeding may be brought in the federal or state courts of the State of New York, and
Purchaser hereby irrevocably accepts and submits to the jurisdiction of the aforesaid courts in personam, generally and unconditionally with respect to any such action, suit, or proceeding for itself and in respect of its property. Notwithstanding
the foregoing, any action for specific performance under this Agreement shall be governed by the laws of the State of Florida and shall be brought in the federal or state courts of the State of Florida. 

9.18         Non-Solicitation of Employees.  Purchaser
acknowledges and agrees that, without the express prior consent of Seller, neither Purchaser nor any of Purchaser’s employees, affiliates or agents shall solicit any of Seller’s employees or any employees located at the Property. This
Section 9.18 shall constitute a Surviving Obligation. 

9.19         Access.  Purchaser hereby agrees to retain all
leases and lease related documents (the “Lease Documents”) with respect to the Property and in effect on or after the Seller’s acquisition of the Property; provided however, Purchaser shall have no obligation to retain any Lease
Documents entered into after Closing. Purchaser shall cooperate fully, as and to the extent reasonably requested by Seller and Seller Related Parties, in delivering and/or granting access to Seller and/or Seller Related Parties of any of the
Lease Documents that Seller and/or Seller Related Parties may require in connection with any accounting and/or tax audit with respect to Seller’s ownership and management of the Property. Notwithstanding anything to the contrary herein,
Purchaser shall have no obligation to retain any of the Lease Documents after the date that is five (5) years from the last day of the fiscal year to which such Lease Document relates. In addition to the foregoing, after the Closing, Purchaser
agrees to allow Seller and its designated representatives, on prior notice and during business hours, access to the documents, instruments, books and records for the Property dated prior to the date of Closing (the “Records”). Seller
and its designated representatives shall have the right to make copies of the Records and the Lease Documents at Seller’s expense. 

9.20         Further Assurances.  Seller and Purchaser agree to
execute such other documents and perform such other acts as may be reasonably necessary or proper and usual to effect this Agreement. This Section 9.20 shall constitute a Surviving Obligation. 

9.21         RADON GAS.    RADON IS A NATURALLY
OCCURRING RADIOACTIVE GAS THAT, WHEN IT HAS ACCUMULATED IN A BUILDING IN SUFFICIENT QUANTITIES, MAY PRESENT HEALTH RISKS TO PERSONS WHO ARE EXPOSED TO IT OVER TIME. LEVELS OF RADON THAT EXCEED FEDERAL AND STATE GUIDELINES HAVE BEEN FOUND IN
BUILDINGS IN FLORIDA. ADDITIONAL INFORMATION REGARDING RADON AND RADON TESTING MAY BE OBTAINED FROM YOUR COUNTY HEALTH UNIT [NOTE: THIS PARAGRAPH IS PROVIDED FOR INFORMATIONAL PURPOSES PURSUANT TO SECTION 404.056(5), FLORIDA STATUTES, (2016).

 9.22         Information and Audit Cooperation.  Purchaser
has advised Seller that Purchaser may be required to file, in compliance with certain laws and regulations (including, without limitation, Regulation S-X of the Securities and Exchange Commission), audited financial statements, pro forma financial
statements and other financial information related to the Property 

  
 25 

 
for up to three (3) fiscal years prior to Closing and any interim period during the fiscal year in which the Closing occurs (the “Financial Information”). Following the Closing, if
requested by Purchaser, Seller agrees to use its commercially reasonable efforts to cooperate with Purchaser and its representatives and agents in the preparation of the Financial Information to the extent such information is in Seller’s
Possession; provided, however, Seller shall not be required to incur any material expenses or costs unless Purchaser reimburses Seller for the same. Seller shall maintain and, upon reasonable prior written notice, allow access to, during normal
business hours, such books and records of Seller and Seller’s manager of the Property reasonably related to the Property, including but not limited to Seller’s bank statements commencing with the month of January, 2016. Notwithstanding the
foregoing, Seller shall not be required to provide any information concerning (a) Seller’s capital structure or debt, (b) Seller’s financial analyses or projections, investment analyses, account summaries or other documents prepared for
Seller’s internal purposes and not directly related to the operation of the Property, (c) Seller’s tax returns or (d) financial statements of Seller or any affiliate of Seller (other than Property-level financial statements). 

9.23      Public Disclosures.  Purchaser or Purchaser’s beneficial owner
may at the end of the Inspection Period issue a press release, subject to Seller’s approval which shall not be unreasonably withheld, conditioned or delayed, setting forth the purchase price, the location of the Property and the identity of
Purchaser, and/or at Closing issue a press release without Seller’s consent provided the press release does not provide the information necessary to determine how the Purchase Price was calculated; i.e., the capitalization rate and/or net
operating income before debt service. 
 9.24      Mortgage
Assignment.    Purchaser acknowledges and agrees that Purchaser’s obligations under this Agreement are not contingent on Purchaser securing financing in connection for the acquisition of the Property. In addition to the
foregoing, the Purchase Price assumes that there will not be an assignment by the existing lender of the existing mortgage(s) encumbering the Property to Purchaser’s mortgage lender. Seller and Purchaser shall cooperate (without obligation
to pay any money) to endeavor to cause such an assignment to occur. If such assignment does occur, Purchaser shall be entitled to all of the mortgage recording tax savings resulting therefrom and will pay Seller’s lender’s legal fees
in connection with such assignment. 
 SECTION 10. 

ESCROW PROVISIONS 

10.1      The Deposit shall be held in escrow by the Escrow Agent until the earliest of (a) the
Closing, on which date the Deposit shall be released to Seller; (b) ten (10) days after the Escrow Agent shall have delivered to the non-sending party a copy of the notice sent by Seller or Purchaser stating
that this Agreement has been terminated and that the party so notifying the Escrow Agent is entitled to the Deposit, following which period the Deposit shall be (i) delivered to Seller, in the case of a notice from Seller stating that Seller is
entitled to the Deposit, or (ii) delivered to Purchaser, in the case of a notice from Purchaser stating that Purchaser is entitled to the Deposit; provided, in each case, however, that within such ten (10) day period the Escrow Agent does not
receive either a notice containing contrary instructions from the other party hereto or a court order restraining the release of all or any portion of the Deposit; or (c) a joint notice executed by Seller and Purchaser is received by the Escrow
Agent, in which event the 

  
 26 

 
Escrow Agent shall release the Deposit in accordance with the instructions therein contained. The Escrow Agent shall reasonably promptly deliver a duplicate copy of any notice received by it
in its capacity as Escrow Agent to Seller and Purchaser. Notwithstanding anything to the contrary set forth herein, if Purchaser advises Seller and the Escrow Agent in accordance with Section 3.1 or 3.2(a) that Purchaser has
elected to terminate this Agreement, then Escrow Agent shall promptly return the Deposit to Purchaser. 

10.2      The Deposit shall be held by the Escrow Agent in a separate interest-bearing money
market or bank account at Citibank. The Deposit shall be invested on behalf of Purchaser and interest earned thereon shall belong to Purchaser irrespective of the disposition of the Deposit; provided that any direction to the Escrow Agent for such
investment shall be in writing and a completed, signed W-9 Form accompanies it. The Escrow Agent is not to be held responsible for the loss of principal or interest on any investment made pursuant to the aforesaid instruction or in the redemption
thereof, or for levies by taxing authorities based upon the taxpayer identification number used to establish this interest bearing account. If the Closing occurs, the Deposit shall be paid to Seller and applied to the Purchase Price. In
the event that there is no Closing hereunder and the Deposit is to be paid to Seller pursuant to the terms of this Agreement, such payment shall be made to Seller, otherwise, the Deposit shall be paid to Purchaser. 

10.3      In the event that (i) the Escrow Agent shall have received a notice containing
contrary instructions or a court order as provided for in Section 10.1 hereof and within the time therein prescribed, or (ii) any other disagreement or dispute shall arise between the parties hereto resulting in adverse claims or
demands being made for the Deposit, whether or not litigation has been instituted, then and in any such event the Escrow Agent shall refuse to comply with any claims or demands on it and continue to hold the Deposit until the Escrow Agent receives
either (a) a written notice signed by both Seller and Purchaser directing the disposition of the Deposit, or (b) a final order of a court of competent jurisdiction, entered in a proceeding in which Seller, Purchaser and the Escrow Agent are named as
parties, directing the disposition of the Deposit, in either of which events the Escrow Agent shall then dispose of the Deposit in accordance with said direction. The Escrow Agent shall not be or become liable in any way to any person or entity
for its refusal to comply with any such claims or demands until and unless it has received a direction of the nature described in (a) or (b) above. Upon the taking by the Escrow Agent of any of the actions described in (a) and (b) above, the
Escrow Agent shall be released of and from all liability hereunder. Notwithstanding the foregoing provisions of this Section 10.3, the Escrow Agent shall have the following right in the circumstances described in subdivision (i) or (ii) above:
(y) if the Escrow Agent shall have received a written notice signed by either Seller or Purchaser advising that litigation between Seller and Purchaser over entitlement to the Deposit or any portion thereof has been commenced, the Escrow Agent may,
on written notice to Seller and Purchaser, deposit the Deposit with the clerk of the court in which such litigation is pending, or (z) the Escrow Agent may, on written notice to Seller and Purchaser, take such affirmative steps as it may, at its
option, elect in order to terminate its duties as escrow agent hereunder, including, but not limited to, the deposit of the Deposit with a court of competent jurisdiction and the commencement of an action in interpleader. Upon the taking by
Escrow Agent of either of the actions described in (y) or (z) above, the Escrow Agent shall be released of and from all liability hereunder except for any previous willful misconduct or gross negligence. 

  
 27 

 10.4      The Escrow Agent shall not be liable for
any error in judgment or act done or omitted by it in good faith, or for any mistake of fact or law and shall not incur any liability in acting upon any signature, notice, request, waiver, consent, receipt or other paper or document in good faith
believed by the Escrow Agent to be genuine, and is released and exculpated from all liability hereunder except as aforesaid or for willful misconduct or gross negligence. The sole responsibility of the Escrow Agent hereunder shall be to hold
and release the Deposit in accordance with the provisions of this Agreement. The Escrow Agent shall be entitled to consult with counsel in connection with its duties hereunder. The Escrow Agent has executed this Agreement solely to confirm
that it is holding and will hold the Deposit in escrow pursuant to the provisions of this Section 10 and for no other purpose. 

  
 28 

 IN WITNESS WHEREOF, the parties have signed and delivered this Agreement as of
the day and year first above written. 
 SELLER: 
  

					
	 PT ASSOCIATES L.P.,
	 	
	 a Delaware limited partnership
	 	
		
	 By:
	 	       SAP IV Park Tower NF GP L.L.C., its general partner

		
	 By:
	 	       SAP IV Manager Inc., its
manager

					
			
	 By:
	 	  /s/ Michael Katz
	 	

					
	 Name:
	 	  Michael Katz
	 	

					
	 Its:
	 	  Co-President
	 	

  
 PURCHASER: : 

 

					
	 CITY OFFICE DEVELOPMENT, LLC,

	 a Delaware limited liability company
	 	

					
			
	 By:
	 	  /s/ James Farrar
	 	

					
	 Name:
	 	  James Farrar
	 	

					
	 Its:
	 	  President
	 	

 The undersigned Escrow Agent hereby acknowledges receipt of the Deposit and a copy of this Agreement, and agrees to hold and
disburse the Deposit in accordance with the provisions of this Agreement. 
  

							
	ESCROW AGENT:	 		 	Fidelity National Title Insurance Company        
			
		 		 	By:   /s/ Darnella Ward
		 		 	Its:     VP Underwriter
			
		 		 	Date of execution
		 		 	by Escrow Agent:
		 		 	_September 12__, 2016

  
 29EX-10.5

 Exhibit 10.5 

Execution Copy 
  

PURCHASE AGREEMENT 
 By and
Between 
 SCCP Boise, Limited Partnership, 

a Delaware limited partnership, 

as seller, 
 and 

St. Luke’s Health System, Ltd., 

an Idaho nonprofit corporation, 

as purchaser 
  

Washington Group Plaza, 
 Boise,
Idaho 
  
  

DATED AS OF SEPTEMBER 29, 2016 

 PURCHASE AGREEMENT 

THIS PURCHASE AGREEMENT (this “Agreement”) is made as of September 29, 2016 the “Effective
Date”), by and between SCCP Boise, Limited Partnership, a Delaware limited partnership (“Seller”), and St. Luke’s Health System, Ltd., an Idaho nonprofit corporation (“Purchaser”). 

R E C I T A L S: 

A.            Seller is the owner of the Subject Property. 

B.            Purchaser desires to purchase the Subject Property
from Seller, and Seller desires to sell its interest in the Subject Property to Purchaser, upon and subject to the terms and conditions set forth in this Agreement. 

C.            Unless otherwise defined herein, all capitalized
words and terms used in this Agreement shall have the meanings ascribed to such words and terms in Exhibit W attached hereto and made a part hereof. 

AGREEMENT 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 
  

	 	1.	 Sale of Subject Property.

Seller agrees to sell to Purchaser the property described below (collectively, the “Subject Property”), and Purchaser agrees
to buy from Seller the Subject Property, upon and subject to the terms and conditions herein contained: 

  (a)            Real
Property.  The Real Property. 

  (b)            Leases. 
 The Leases and all rights, title and interest in and to any and all executory letters of intent, term sheets and other documentation relating to prospective leases of any portion of the Land or Improvements. 

  (c)            Contracts. 
  The Contracts. On or before the Contingency Date, Purchaser shall advise Seller, in writing, of any Contracts that Purchaser does not desire to be assigned to and assumed by Purchaser at Closing, and any such Contracts, shall be
terminated by Seller at Seller’s cost, prior to Closing. Failure by Purchaser to notify Seller prior to the Contingency Date shall constitute an election by Purchaser to have all of the Contracts terminated prior to Closing and not assumed
by Purchaser. 

  (d)            Warranties. 
 The Warranties.

  (e)            
Intangibles.  The Intangibles. 

  (f)            Personal
Property.  The Personal Property. 
 Anything herein to the contrary notwithstanding, the Subject Property specifically
excludes, and Seller hereby reserves to itself, the following: 

   (y)          the Excluded Personal Property; and 

   (z)          the right to commence, prosecute and
complete any and all contests and appeals that may be available with respect to Taxes pertaining to the Real Property which are allocable to the period prior to the year in which the Closing Date occurs, and any and all refunds and proceeds that may
be payable as a result of any such contests or appeals of Taxes, all as more specifically set forth in Section 9(a). 

  
 1 

	 	2.	 Purchase Price.  

Purchaser shall pay to Seller, as consideration for the purchase of the Subject Property, an amount equal to Eighty Six Million Five Hundred
Thousand and No/100 Dollars ($86,500,000.00) (the “Purchase Price”). The Purchase Price shall be payable as follows: 

  (a)            Within two (2) business
days after the Effective Date, Purchaser shall deposit the Initial Earnest Money with the escrow department of the Title Company pursuant to the Escrow Agreement. 

  (b)            If this Agreement has
not terminated on or before the Contingency Date, then within two (2) business days after the Contingency Date, Purchaser shall deposit the Additional Earnest Money with the escrow department of the Title Company pursuant to the Escrow Agreement, it
being understood that if Purchaser fails to timely deposit the Additional Earnest Money, then such failure shall constitute an election by Purchaser to terminate this Agreement on and as of the Contingency Date, in which event, this Agreement shall
terminate (other than the indemnity obligations of Purchaser set forth in Section 3(b) and the indemnity obligations of Purchaser set forth in Section 13 of this Agreement, and any other obligations that specifically survive
the termination hereof in accordance with the terms of this Agreement, which obligations shall survive any such termination), the Initial Earnest Money shall be returned to Purchaser and Purchaser and Seller shall execute any document reasonably
required by either party to evidence such termination. All or a portion of the Earnest Money shall, at Purchaser’s election, be credited against the Purchase Price at Closing and any amounts not credited at Closing shall be refunded to
Purchaser. The Earnest Money shall be refundable at any time prior to the Contingency Date and shall be non-refundable after the Contingency Date, except as otherwise expressly provided herein. If the Earnest Money or any portion thereof
is to be refunded to Purchaser as expressly provided herein, then the Earnest Money shall be delivered to Purchaser within two (2) business days of written demand by Purchaser therefor, and each party shall execute such instructions to the Title
Company as are necessary to effect such refund. 

  (c)            The balance of the
Purchase Price, plus or minus prorations and other adjustments, including any Purchaser Lease Credit, if any, together with any Capital Reimbursements due from Purchaser, if any, shall be paid into the Title Company’s escrow account at Closing
by wire transfer of immediately available funds. 
  

	 	3.	 Conditions Precedent to Closing.

Purchaser’s obligation to consummate the transaction contemplated by this Agreement shall be subject to satisfaction or waiver of each of
the following conditions (“Conditions Precedent”) on or before the Contingency Date: 

  (a)            
Title/Survey.  Seller, at its sole cost and expense, shall furnish to Purchaser as soon as possible, but in no event later than, within seven (7) business days after the Effective Date, the following: (i) a current title
commitment for an extended coverage owner’s title insurance policy with respect to the Real Property issued by the Title Company (“Commitment”) together with copies of all underlying title documents listed in the
Commitment (other than any of Seller’s financing documents), with the commitment of the Title Company to insure fee title to the Real Property and to delete exceptions 1 through 5 with respect to the Real Property, and (ii) the most recent ALTA
survey for the Real Property to the extent in Seller’s records. Purchaser, at Purchaser’s sole cost and expense, shall have the right to require (i) that such survey be certified to Purchaser and Purchaser’s lender, and (ii)
that such survey be updated and revised to add any additional Table A items reasonably required by Purchaser or Purchaser’s lender. If the Survey discloses survey defects or other matters or if the Commitment shows exceptions or other
matters that are objectionable to Purchaser, which are not attributable to the acts and/or omission of Purchaser or its Affiliates, and/or the Title Company refuses to issue any endorsement requested by Purchaser which is otherwise available in the
State of Idaho due solely to the unique characteristic of the Real Property, then Purchaser shall notify Seller, in writing (the “Title Notice”), on or before the date that is ten (10) days prior to the Contingency Date, specifying
any such objectionable matter. If Purchaser timely delivers the Title Notice, then on or before the Contingency Date, Seller may provide Purchaser with adequate assurances in writing that any such objectionable matter will be removed or
endorsed over to Purchaser’s satisfaction on 

  
 2 

 
or before Closing and any election by Purchaser to proceed beyond the Contingency Date shall be subject to such Title Notice, the provisions of this Section 3(a) and Purchaser’s right
to terminate and receive the return of the Initial Earnest Money subject to and in accordance with the conditions and limitations herein contained. Seller shall not be in breach or default of this Agreement if Seller does not give Purchaser
such assurances, it being understood that Seller shall have no duty or obligation to cause any such objectionable matters to be removed or endorsed over. Notwithstanding anything contained herein, Seller shall remove any mortgage, tax, judgment
or other monetary lien of a definite or ascertainable amount encumbering the Real Property caused, permitted or suffered by Seller or any party claiming by or through Seller (specifically excluding liens attributable to the failure of a tenant to
pay for work performed at such tenant’s request). If Seller does not elect to provide such assurances, or if Purchaser is not satisfied with any assurances provided by Seller, then Purchaser shall have the right, by giving written notice
(the “Title Election Notice”) to Seller no later than the Contingency Date, to elect either of the following as its sole remedy: (1) proceed to Closing and acquire the Subject Property subject to the matters to which Purchaser
objected in the Title Notice (which matters shall then constitute Permitted Encumbrances), without reduction in the Purchase Price; or (2) terminate this Agreement as provided in the last grammatical paragraph of this Section 3 in which event
the Earnest Money shall be returned to Purchaser and the parties shall be released of all obligations arising hereunder except those that specifically survive the termination hereof in accordance with the terms of this Agreement. If Purchaser
does not give Seller the Title Election Notice on or before the Contingency Date, then Purchaser shall be deemed to have elected to terminate this Agreement under clause (2) in the preceding sentence. The following matters shall constitute
“Permitted Encumbrances”: (i) matters disclosed by the Commitment or the Survey which are not objected to by Purchaser; (ii) matters disclosed by the Commitment or the Survey which are objected to by Purchaser but are waived in
writing by Purchaser; and (iii) the matters contained in Exhibit G attached hereto and made a part hereof; any other matters shall constitute “Unpermitted Encumbrances.” Within ten (10) business days following the
Contingency Date, Seller and Purchaser shall prepare and execute a list memorializing the Permitted Encumbrances, which list shall be incorporated herein by reference and made a part hereof as Exhibit G. Failure by Purchaser to deliver
the Title Notice within the time period prescribed above shall constitute an election by Purchaser to terminate this Agreement, in which case this Agreement shall terminate (other than the indemnity obligations of Purchaser set forth in Section
3(b) and the indemnity obligations of Purchaser set forth in Section 13 of this Agreement, and any other obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall
survive any such termination), the Earnest Money shall be returned to Purchaser and Purchaser and Seller shall execute any document reasonably required by either party to evidence such termination. 

  (b)            Tests. 
  Seller shall furnish or make available to Purchaser within five (5) days of the Effective Date and, provided this Agreement has not been terminated and Purchaser is not in breach or default hereunder beyond any applicable grace or cure
period, Seller will continue to make available to Purchaser, the Due Diligence Items with respect to the Subject Property via the Electronic Data Room, subject to the conditions and limitations herein contained. From and after the Effective
Date through the Contingency Date, Seller shall allow Purchaser and Purchaser’s officers, employees, agents, attorneys, accountants, architects, consultants and engineers access to the Real Property, subject to the rights of the tenants under
their respective Leases, without charge and at all reasonable times for the purpose of making such inspections, tests, and verifications (collectively, “Tests”) as they shall deem reasonably necessary or appropriate, but Purchaser
shall not undertake any invasive Tests without Seller’s prior written consent. On or before the Contingency Date, Purchaser shall be satisfied, in its sole and absolute discretion, with the results of the Tests and all aspects of the
Subject Property and this transaction, and if Purchaser is not so satisfied, Purchaser may terminate this Agreement for any reason or no reason as provided herein. Purchaser shall pay all costs and expenses of the Tests and agrees to defend,
indemnify and hold harmless Seller and its agents, employees and contractors and the Subject Property from and against any and all loss, cost, damage, liability, settlement, lien, cause of action or threat thereof or expense (including, without
limitation, reasonable attorneys’ fees and costs) arising from or relating to the Tests, provided that such indemnity shall not be applicable to conditions merely discovered by Purchaser but not caused by Purchaser except to the extent that in
the performance of any Tests, Purchaser unreasonably exacerbates, aggravates or makes worse any previously undisclosed condition existing on the Subject Property as of the date of the conduct of the Tests, nor shall such indemnity extend to loss,
damage or claims to the extent 

  
 3 

 
caused by the negligence of Seller or its agents. Within five (5) days of Seller receiving written notice of any claim that is subject to Purchaser’s indemnification hereunder, Seller
shall notify Purchaser of such claim and thereafter Purchaser shall have the right, at Purchaser’s cost, to assume and control the defense of such claim with counsel selected by Purchaser and reasonably acceptable to Seller, provided Seller may
employ independent counsel, at Purchaser’s sole cost and expense, to defend Seller in the event of a conflict between the defense of Purchaser and Seller. Purchaser shall maintain a policy of commercial general liability insurance
(providing at least as broad as the current ISO form) with coverages of not less than $2,000,000.00 per occurrence with respect to the Subject Property and Purchaser’s activities on or about the Subject Property, insuring Seller and
Seller’s lender (as their respective interests may appear), and the Property Manager as additional insureds (provided that Seller shall notify Purchaser in writing of the name of Seller’s lender and Property Manager for purposes of such
certificates), and shall deliver a copy of an ACORD insurance certificate (Form 27 or equivalent) evidencing such coverage prior to Purchaser’s first entry on the Subject Property, it being agreed that in lieu of Purchaser maintaining such
insurance, Purchaser may cause all of its agents who conduct any of the Tests to maintain such insurance, provided such agents comply with all of the requirements of this Section 3(b). Purchaser shall promptly repair and restore any
damage to the Subject Property caused by Purchaser’s testing and, to the extent the condition of the Subject Property is changed as a result of the Tests, return the Subject Property to substantially the same condition as existed prior to the
conduct of the Tests. No Tests shall be done without Purchaser providing Seller and the Property Manager at least three (3) business days advance written notice of the date and time when such Tests are to be performed, and, at Seller’s
option, a representative of Seller may be present. All Tests shall be conducted in such a manner so as to minimize interference with the operation of the Subject Property and the business of tenants and occupants. Except as provided below,
Purchaser shall not interview, correspond with or otherwise contact any tenant under any Lease at any time concerning such tenant’s lease or occupancy in the Subject Property before the date which is one hundred eighty (180) days before the
Closing Date. Any tenant interviews performed under this clause shall be scheduled by Seller and/or the Property Manager within three (3) business days of Purchaser requesting such tenant interviews. Purchaser shall not communicate with
any tenant relative to said tenant’s lease and/or occupancy in the Subject Property without a representative of Seller having been given an opportunity to participate in such communication, it being understood that Purchaser may interface with
any tenant on all matters unrelated to the tenant’s relationship with the landlord, its lease, or its possessory interest in the Subject Property. If any tenant initiates communications directly with Purchaser concerning such tenant’s
lease or occupancy in the Subject Property, Purchaser shall defer any discussions with such tenant until such time as Purchaser has provided at least three (3) business days advance written notice to Seller of such intent to communicate and Seller
having the right to participate in such communication. If, prior to the Contingency Date, in the course of reviewing its Tests, the Due Diligence Items and other information obtained by Purchaser, Purchaser reasonably determines that there is
or may be a concern regarding any tenant lease and/or the landlord’s or tenant’s compliance with the terms of said lease that would be revealed in a properly completed estoppel certificate in the form of Exhibit I attached hereto,
Tenant shall inform Seller in writing of such concern with specificity and may request an interview with such tenant solely for the purpose of discussing the concern articulated in Purchaser’s notice. In that event, Seller shall schedule
such interview as provided above and Seller may participate in such interview as provided above. The indemnity, defense and hold harmless obligations of Purchaser under this Section 3(b) shall survive Closing (or termination) of this
Agreement, notwithstanding any provision to the contrary herein contained. 

  (c)            Board and Officer
Approval.  It is a further Condition that (a) the Board of Directors of St. Luke’s Health System, Ltd. at its November 15, 2016 meeting authorizes one or more of its officers to approve, in their discretion, all aspects of
the Subject Property and this transaction within parameters consistent with the terms of this Agreement and to take all action necessary to consummate this transaction; and (b) the officers so authorized by such board approve, in their discretion
and within such parameters, all aspects of the Subject Property and this transaction prior to the Contingency Date. 

  (d)            Delivery of Due
Diligence Items. Within five (5) days of the date hereof, Seller shall (i) deposit the Due Diligence Items in the Electronic Data Room and (ii) provide electronic access to the Electronic Data Room to Purchaser, and such parties as Purchaser may
designate in writing. Seller may, during the term, supplement the deposits into the Electronic Data Room during the term of this Agreement with additional information, provided, however, in each such case, Seller shall provide written notice to
Purchaser of the additional deposit in the Electronic Data Room. 

  (e)            Financing. While
Purchaser may pursue, after the Contingency Date, financing and/or an equity investment in connection with Purchaser’s purchase under this Agreement, Purchaser’s obligation to close hereunder shall not be contingent upon the availability
of and/or closing on any financing and equity investment. 

  
 4 

 Prior to Closing, Purchaser agrees to keep and maintain in strict confidence (and
shall instruct its consultants, Affiliates, prospective lenders and prospective investors to keep and maintain in strict confidence) all information related to the Subject Property which is generated by or on behalf of Purchaser or delivered to
Purchaser or its consultants by Seller or its representatives, including, without limitation, all books, records, reports, surveys, studies, plans, assessments, leases, licenses, agreements and other documents. The foregoing restrictions do not
apply to information in the public domain as a result of lawful disclosure, or if disclosure is required under applicable laws, including, without limitation, governmental regulatory, disclosures, tax and reporting requirements. Purchaser shall
provide to Seller (at no cost to Seller) true and complete copies of all reports, test results, surveys and other results of its Tests relating to the physical condition and/or other attributes of the Subject Property (i.e., surveys, environmental
reports, zoning reports, property condition reports) obtained by Purchaser which are prepared by third parties promptly following any election by Purchaser to terminate this Agreement. Any such items provided by Purchaser shall be without
representation or warranty by Purchaser as to the accuracy, completeness or reliability of same. In no event shall Purchaser be obligated to provide to Seller any appraisals, opinions of value or financial analyses performed by or for Purchaser in
connection with its investigations of the Subject Property. 
 On or before the Contingency Date, Purchaser shall notify
Seller in writing if the Conditions Precedent in subsections 3(a), (b) and (c) have not been satisfied or waived by Purchaser, in Purchaser’s sole and absolute discretion. If Purchaser so timely notifies Seller or if Purchaser fails
to notify Seller on or prior to the Contingency Date as to whether the Conditions Precedent in subsections 3(a), (b), and (c) have or have not been satisfied or waived by Purchaser, then this Agreement shall terminate and the Earnest
Money shall be returned to Purchaser provided Purchaser and Seller shall execute any document reasonably required by the other party to evidence such termination. Upon such termination, neither party will have any further rights or obligations
(other than the indemnity obligations of Purchaser set forth in Section 3(b) and the indemnity obligations of Purchaser set forth in Section 13 of this Agreement, and any other obligations that specifically survive the termination
hereof in accordance with the terms of this Agreement, which obligations shall survive any such termination) regarding this Agreement. 

  (f)            Subordination,
Nondisclosure and Attornment Agreements. Sixty (60) days prior to the Closing, Purchaser shall have the right to request that Seller request from each tenant under a lease a subordination, non-disturbance and attornment agreements
(“SNDAs”) in favor of Purchaser and Purchaser’s lender, if any, from all tenants under Leases, other than a Purchaser Lease, in the form reasonably requested by Purchaser’s lender, if any. Seller shall exert
commercially reasonable efforts to obtain the SNDAs, but it shall not be a default by Seller hereunder if any tenant fails to deliver same or if delivered, such SNDA is not in the form requested by Purchaser. The receipt of the requested SNDAs shall
not be a condition to Purchaser’s obligation to close on the Closing Date. 
  

	 	4.	 Covenants by Seller. 

Seller covenants and agrees with Purchaser that from the Effective Date until the Closing Date, Seller shall conduct its business involving
the Real Property as follows, and during such period shall (except as specifically provided to the contrary herein): 

  (a)            From and after the
Effective Date until the Contingency Date, Seller shall have the right, upon as much advance notice as is reasonably possible (not less than five (5) days) written notice to Purchaser, but without Purchaser’s prior consent, to create on the
Real Property any easements for utilities, ingress and egress, or otherwise, which are determined by Seller to be required and/or which are requested by any governmental entity. Purchaser shall have the right to provide comments on the form of
any such easement which Seller agrees to reasonably consider and Seller shall provide a true and complete copy of any such easements to Purchaser promptly upon the execution of such easement by Seller. 

  
 5 

  (b)          From and after the date Purchaser
delivers to Seller a formal waiver of all Conditions Precedent set forth in Sections 3(a), (b) and (c), refrain from transferring the Real Property except (i) to an Affiliate (which transfer, if any, will be made subject to the rights of
Purchaser under this Agreement), or (ii) with Purchaser’s prior written approval, creating on the Real Property any easements affecting the Real Property, provided however, any easement on, over or across the Real Property which is requested by
any governmental authority having jurisdiction over the Subject Property, which is necessary for the extension of utilities to any portion of the Real Property, or which is required as a condition to Seller’s right to subdivide the Subject
Property into one or more parcels, shall be provided to Purchaser for Purchaser’s comment in writing as far in advance of Seller’s execution of same as is reasonably possible (at least five (5) days) and Seller agrees to reasonably
consider Purchaser’s comments to same, but Purchaser’s consent shall not be required and, provided further, that any easement or right of way granted by Seller pursuant to this Section 4(b) without Purchaser’s prior written
approval shall be provided to Purchaser promptly following the execution of same by Seller. Prior to entering into any easement which requires Purchaser’s approval, Seller shall deliver to Purchaser a copy of any proposed easement, which
shall be deemed approved if Purchaser does not object within ten (10) business days after delivery of the easement. If approved or deemed approved such easement will be a Permitted Encumbrance. Notwithstanding the foregoing, Seller shall
not grant an easement requested by any governmental authority having jurisdiction over the Subject Property without Purchaser’s consent unless Seller reasonably concludes that it is compelled to do so. 

  (c)            Refrain from removing
any fixture or equipment; provided, however, nothing herein shall preclude Seller or the Property Manager from replacing any equipment, supplies or machinery with like or better equipment, supplies or machinery in the ordinary course of operating
the Real Property.

  (d)            Refrain from entering
into any contracts or other agreements (other than lease agreements and amendments) regarding the Real Property (other than contracts in the ordinary course of business which by their terms terminate before Closing or which are cancelable by either
party thereto without penalty within thirty (30) days after giving notice thereof) without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, delayed or conditioned, and which consent shall be deemed given if
Purchaser does not object to Seller’s request for approval within ten (10) business days after request for such consent by Seller. 

  (e)            Promptly notify
Purchaser of any written notice received by Seller of any increase in any real estate taxes or special assessments with respect to the Real Property. 

  (f)            Subject to the terms of
Section 4(j) below, operate, maintain, repair and insure, or cause to be operated, maintained, repaired and insured, the Real Property in a manner consistent with Seller’s operation, maintenance, repair and insurance of the Real Property
during its ownership prior to the Effective Date. At Closing and subject to the terms of Section 4(j) below and this Section 4(f), Section 5 and the other terms of this Agreement, Seller shall cause the Subject
Property to be in substantially the same condition as existed on the Contingency Date, ordinary wear and tear and damage by casualty and condemnation excepted and further subject to the acts and/or omissions of Purchaser and/or its
Affiliates. Seller shall promptly provide to Buyer in the form received (but without any representation or warranty as to the accuracy and completeness of same) copies of all written reports relating to the maintenance, repair and operation of
the Subject Property (including but not limited to rent rolls and logs of tenant issues) prepared by the Property Manager and delivered to Seller concerning the Subject Property, and cause the Property Manager to be available for meetings with
Seller or its designated agent on a regular basis (not more often than once per calendar month) to discuss such materials. 

  (g)            From and after the
Effective Date, use commercially reasonable efforts to perform all obligations of Seller under the Leases as and when same mature, and enforce, or cause to be enforced, the obligations of any tenant under any Lease with respect to the Real Property
in accordance with the terms thereof, except Seller shall not be obligated to initiate legal proceedings against any tenant (including, but not limited to, collecting any sums or to dispossess a tenant) unless Seller determines, in the exercise of
its commercially reasonable business judgment, it is prudent to do so. 

  
 6 

  (h)            From and after the
Effective Date and so long as Purchaser is not otherwise in default hereunder, and/or under any Purchaser Lease beyond any applicable notice and cure periods, refrain from entering into any new lease or amending any Lease with respect to space
within the Real Property other than a Permitted Renewal without Purchaser’s written consent which shall not be unreasonably withheld, conditioned and/or delayed. As used in this Agreement, “Permitted Renewal” means an
extension of an Existing Lease under which the tenant has no options to extend and which by its terms will otherwise expire within two years after the Effective Date, provided such Permitted Renewal is on the terms as provided for said Existing
Lease, but at rental rates equal to or greater than 90% of the then published asking rents and for a term of not greater than five (5) years; provided further, that extensions of the Existing Lease of Fast Enterprises (Suite 720 in the Plaza IV
Building) and the Existing Lease of Spectraguard a.k.a. SG Acquisitions LLC (Suite 102 of the Central Plaza Building) are not Permitted Renewals. Notwithstanding the above, Purchaser shall have no right to approve a new lease or an amendment to
an Existing Lease with the State of Idaho, by and through the Idaho State Tax Commission (“ISTC”), so long as the same expires (either by its terms or pursuant to right of early termination exercised by Seller prior to Closing) on
or before June 30, 2018. Seller shall pay, prior to Closing, any termination fee associated with any such right of early termination of the ISTC lease. 

  (i)            Notify Purchaser in
writing within five (5) business days (and in any event, prior to the Closing) after receiving written notice of or Seller acquiring knowledge of (as defined in Section 5): 

 (i)          Any fact or event which would make any
of the representations or warranties of Seller contained in this Agreement untrue or misleading in any material respect or which would cause Seller to be in violation of any of its covenants or other undertakings or obligations hereunder. 

 (ii)         Any violation of any law, ordinance or
regulation affecting the Subject Property or any portion thereof. 

 (iii)        Any proposed change in any zoning or law affecting
the use or development of the Real Property or any part thereof. 

 (iv)        Any current or pending (or threatened and
unresolved) litigation which affects the Subject Property or any part thereof. 

 (v)         Any damage or destruction (excluding normal
wear and tear) to the Subject Property or any part thereof. 

 (vi)        Any pending or threatened (and unresolved)
condemnation or eminent domain proceeding affecting the Real Property or any part thereof. 

 (vii)       Any threatened (and unresolved) or pending proceeding in
bankruptcy or insolvency of any tenant under any Lease. 

 (viii)      Any material default covered by (1) any of the Warranties or
(2) under any other agreement entered into by Seller affecting all or any material portion of the Subject Property. 

 (ix)        Any written notice or other communication from the
United States Environmental Protection Agency or any other federal, state or local governmental authority having jurisdiction over the Real Property, with respect to (i) any alleged violation concerning the Real Property of any Environmental Laws;
or (ii) the handling, release, use, discharge, storage or disposal of any Hazardous Materials at, on or from the Real Property. 

 (x)         Any written notice of default received from
any tenant under any Lease concerning the failure of the landlord thereunder to keep, perform or observe any term, covenant, condition, agreement or provision on the landlord’s part to be kept, performed or observed under such
Lease. Seller shall also notify Purchaser of any written notice of default given by the landlord to any tenant under any Lease concerning the failure by such tenant to keep, perform or observe any term, covenant, condition, or agreement on the
tenant’s part to be kept, performed or observed under such Lease. Seller shall provide Purchaser with a true and complete copy of any written notice of default received by Seller or its agents from or on behalf of any tenant under any
Lease concerning the failure by the landlord to keep, perform or observe any term, covenant, condition, agreement on the landlord’s part to be kept, performed or observed under such Lease. 

  
 7 

 For purposes of Section 4(i), “material” means any event, act
or omission which could reasonably be expected to adversely impact any portion of the Subject Property by at least $25,000.00 or more. 

  (j)            From and after the
Effective Date, prior to undertaking any repairs, maintenance or replacements on the Subject Property which would be capitalized in accordance with generally accepted accounting principles or Seller’s historical operating procedures, Seller
shall provide ten (10) business days advance written notice to Purchaser of Seller’s intent to undertake such capital repairs. Said notice shall indicate the anticipated cost to be incurred, as well as Seller’s reasonable estimate of the
useful life of such improvement, repair and/or replacement. Seller shall not undertake such capital repairs on the Subject Property which exceed $20,000.00 unless approved by Purchaser, it being acknowledged that Purchaser’s approval shall not
be unreasonably withheld, conditioned or delayed nor shall Purchaser’s consent be required if an emergency situation is present, such capital repairs are necessary to protect the safety of the public and/or are required to be performed pursuant
to any lease affecting all or any portion of the Subject Property or by any law, rule, regulation applicable to the Subject Property. Purchaser shall be deemed to approve such capital repairs if no objection is received by Seller within said
ten (10) business day period. At Closing, Purchaser shall reimburse Seller for the then unamortized value of all such capital repairs undertaken by Seller using the useful life provided by Seller in such notice (the “Capital
Reimbursement”). Capital Reimbursements shall include, but not be limited to, the unamortized cost of all costs and expenses incurred by Seller in effecting any capital repairs and/or replacements to the common areas on the Subject
Property, structural repairs to any building on the Subject Property, and/or the mechanical systems servicing any improvements on the Project.

  (k)            From and after the
Effective Date (but excluding the ISTC lease and any Permitted Renewal), Seller shall not, during the term hereof, enter into any lease (or amendment extending the term or expanding the space of any Lease which requires Seller’s consent under
the applicable Lease) without first providing to Purchaser the right of first refusal to lease the space that is the subject thereof on the terms and conditions as may be proposed by the proposed tenant and which are otherwise acceptable to
Seller. Seller shall furnish Purchaser with a term sheet describing the terms of any such proposed lease or amendment, together with reasonable written evidence of the prospective tenant’s approval thereof. Purchaser shall have ten
(10) business days from the receipt of said term sheet from Seller to provide written notice to Seller of Purchaser’s irrevocable election to exercise its right of first refusal to lease as contained in this Section 4(k). If
Purchaser exercises its right of first refusal to lease, as contained in this Section, then Purchaser and Seller, as tenant and landlord, shall execute, within thirty (30) days of Purchaser’s election, a lease for such space containing the
terms and conditions as set forth in the term sheet triggering Purchaser’s right of first refusal and otherwise using the form of lease between Purchaser and Seller pursuant to which Purchaser leases approximately 111,381 rentable square feet
primarily in Plaza IV of the Subject Property (the “Plaza IV Lease”). Any lease executed by Seller and Purchaser as landlord and tenant hereunder pursuant to this Section 4(k) shall be deemed to be a Purchaser Lease
for all purposes hereunder. In the event Purchaser fails to timely and properly exercise its right of first refusal to lease as provided in this Section 4(k), then Purchaser shall be deemed to have waived such rights as it relates to
such tenant and such space and Seller shall have the right to proceed with such leasing opportunity in accordance with such term sheet and such lease shall be deemed to be approved by Purchaser pursuant to Section 4(h), so long as it is in
accordance with such term sheet and otherwise on Market Terms. If such lease is not in accordance with such term sheet and otherwise on Market Terms and does not contain an early termination right of landlord exercisable without cost or expense
upon ninety (90) 

  
 8 

 
days’ notice, Purchaser shall have the right to approve such lease pursuant to Section 4(h). In that event, Purchaser shall be deemed to approve such lease if no objection is
received by Seller within ten (10) business days of Purchaser’s receipt of the proposed lease. With respect of any lease executed by Seller after Purchaser has waived its right of first refusal to lease as provided in this Section
4(k), Purchaser agrees, at Closing, to reimburse Seller for all of the unamortized Lease Incentive Expenses incurred by Seller in connection with said lease, which Lease Incentive Expenses shall be amortized on a straight line basis over the
primary term of said lease. Purchaser may assign its rights under this paragraph to any Affiliate of St. Luke’s Health Systems, Ltd., so long as Purchaser guaranties the obligations of the tenant under any resulting lease in a form
reasonably acceptable to Seller. Seller shall promptly provide Purchaser with copies of all Approved New Leases. 

  (l)            Seller shall provide to
Purchaser thirty (30) days before Closing (i) a schedule certified by Seller detailing all of the landlord’s obligations to construct tenant improvements with respect to any Approved New Lease, or to pay for or incur any Lease Incentive
Expenses with respect to the Approved New Lease, which will not be paid and performed in full by Seller prior to Closing, and (ii) updated Exhibit B-1 and B-2. 
  

	 	5.	 Representations and Warranties by Seller. 

As used in this Agreement, the phrase “Seller’s knowledge” or words of similar import shall mean the actual knowledge of
Greg Tylee of City Office Management, ULC, without independent investigation or inquiry other than a commercially reasonable examination of the files in the possession of Seller or Property Manager. Seller represents and warrants that the
foregoing individual is the most knowledgeable about the Real Property. Purchaser acknowledges and agrees that Greg Tylee shall have no personal liability under this Agreement or in connection with the transactions contemplated
hereby. Subject to the foregoing, Seller represents and warrants to Purchaser as of the Effective Date (and, subject to the provisions and other limitations of this Section 5 shall be deemed to have represented and warranted again as of
Closing) as follows: 

  (a)            Authority. 
 Seller is a limited partnership, duly organized and validly existing and in good standing under the laws of the State of Delaware and is qualified to do business if and to the extent required in the State of Idaho; Seller has the requisite
power and authority to enter into and perform this Agreement, all Seller’s Closing Documents and all Joint Closing Documents; this Agreement has been, and all Seller’s Closing Documents and all Joint Closing Documents will be, duly
authorized by all necessary action on the part of Seller and have been or will be duly executed and delivered; such execution, delivery and performance by Seller of such documents will not conflict with or result in a violation of Seller’s
organizational documents, or any judgment, order, or decree of any court or arbiter to which Seller is a party; and such documents are valid and binding obligations of Seller, and are enforceable against Seller in accordance with their terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium, creditor’s rights and other similar laws. 

  (b)            Utilities. 
 Seller has not received any written notice of actual or threatened reduction or curtailment of any utility service now supplied to the Real Property. Seller has not received any written notice that any of the water, sewer, gas, electric,
telephone, and drainage facilities or other utilities required by law or by the normal operation of the Real Property is not installed across public property or valid easements to the property lines of the Real Property or is not installed in
material compliance with all requirements of law. To Seller’s knowledge, all utilities necessary for the existing use, operation and occupancy of the Real Property as an office complex are available to the Real Property and have not been
discontinued, and the cost of the original installation of such utilities has been fully paid. 

  (c)            Hazardous
Materials.    To Seller’s knowledge, except as shown on the Environmental Reports or on any environmental assessment received by Purchaser, the Real Property is not in violation of any Environmental Laws. Seller further
represents and warrants that, except as shown on the Environmental Reports or on any environmental assessment received by Purchaser, to Seller’s knowledge (i) during Seller’s ownership of the Real Property, Seller has not used,
manufactured, stored or disposed of, on or under the Real Property or transported to or from the Real Property Hazardous Materials in reportable quantities in violation of applicable Environmental Laws other than those Hazardous Materials allowed

  
 9 

 
under Environmental Laws and customarily used, manufactured, stored, disposed of or transported in the ordinary course of construction, repair, maintenance and operation of the Real Property,
including, without limitation, pesticides, fertilizers, solvents, cleansers and other cleaning supplies and materials, and (ii) no third party has used, manufactured, stored or disposed of, on or under the Real Property any Hazardous
Materials in violation of applicable Environmental Laws or transported to or from the Real Property any Hazardous Materials in quantities required to be reported under Environmental Laws. To Seller’s knowledge, Seller has not received any
written notice that the Real Property is in violation of any Environmental Laws from any applicable governmental authority having jurisdiction over the Real Property. 

  (d)            Employees. 
 Seller has no employees working at the Real Property, it being understood that the Property Manager is not an employee of Seller. 

  (e)            FIRPTA. 
    Seller is not “foreign person,” “foreign partnership,” “foreign trust” or “foreign estate” as those terms are defined in Section 1445 of the Internal Revenue Code. 

  (f)            
Proceedings.  There is no action, litigation, investigation, condemnation or proceeding of any kind pending or, to Seller’s knowledge, threatened against Seller which would have a material and adverse effect on the ability of
Seller to perform its obligations under this Agreement, and affecting or against any portion of the Subject Property. 

  (g)            Condition of the
Real Property.     Seller has received no written notice from any governmental authority having jurisdiction over the Real Property of any violation of any applicable law, rule, regulation, or code of any applicable
governmental authority having jurisdiction thereof which has not been cured or remedied, and no written notice that the Subject Property is not in compliance with any private covenants or restrictions. To Seller’s knowledge, the Subject
Property is currently in compliance with all such laws, rules, regulations, codes, covenants and restrictions. 

  (h)            Books and
Records.  To Seller’s knowledge, the books and records relating to the Real Property which have been made or will be made available to Purchaser in the Electronic Data Room, (including those which have been prepared by the
Property Manager), are the books and records used by the Seller and Property Manager in the operation and management of the Subject Property and Seller has no reason to believe same are not accurate and complete. 

  (i)             
Leases.  The Leases set forth on Exhibit B-1 constitute all of the leases, licenses or other occupancy or use agreements or binding commitments with respect to the Real Property, including, without limitation, all amendments,
modifications and side agreements thereto with respect to the Real Property, which are in effect as of the Effective Date (excluding the Purchaser Lease). 

   (i)          With respect to the Leases
(excluding any Purchaser Leases): (i) except as shown on Exhibit B-1, there are no agreements with tenants other than the Leases which materially affect the rights or obligations of landlord or tenant under the Leases; (ii) except
as shown on Exhibit B-2 attached hereto and made a part hereof, there are no existing breaches or defaults by landlord under any of the Leases which with the passage of time or the giving of notice or both, would constitute an event of
default under any such Lease entitling any tenant to exercise any material remedy and the Leases are in full force and effect; (iii) there are no rent delinquencies of more than thirty (30) days and no existing breaches or defaults by any tenant
under any of the Leases which with the passage of time or the giving of notice or both, would constitute an event of default under any such Lease except as shown on Exhibit B-2; (iv) Seller has received no written notice of any
bankruptcy or insolvency proceedings pending or threatened with respect to the tenants under the Leases and no tenant has asserted any defense, setoff or claim with respect to its tenancy except as set forth on Exhibit B-2; (v) no person has
acquired from Seller any options or rights to lease space in the Real Property or to extend any Lease or rights of first refusal or offer for space in the Real Property except as set forth in the Leases; (vi); Landlord holds no security or other
tenant deposits except as set forth on Exhibit B-2, (vii) except for leases where the State of Idaho, and/or its divisions, is the tenant (including the ISTC), no tenant has paid rent more than

  
 10 

 
one month in advance, and (viii) all landlord’s obligations to construct tenant improvements have been performed and Lease Incentive Expenses have been paid and incurred except as set forth
on Exhibit B-2; and 
   (ii)         With
respect to the Existing Leases, there are no brokerage commissions or fees now owed by Seller or that will become due in the future in connection with the Leases except as set forth in Exhibit B-2. 

  (j)            Special
Assessments.  Except as shown on any tax bills delivered to Purchaser and the Commitment, Seller has received no notice, in writing, of any special assessment which affects the Real Property. 

  (k)           Permits, et
al.    Seller has received no written notice that it has not obtained any approvals, permits, licenses, permits, easements, or rights-of-way, including proof of dedication, required from any governmental authority having
jurisdiction over the Real Property or from private parties to permit the present use of the Real Property. 

  (l)            Outstanding
Work.  Except as described in the schedule to be provided by Seller in Section 5(i)(ii), there are no outstanding contracts made by Seller for any improvements to the Real Property, payment of which is due and owing, which have
not been or will not be fully paid for at Closing except in the case of any tenant punchlist items. Seller shall cause to be discharged or endorsed over all mechanics’ and materialmen’s liens arising from any labor or materials furnished
by Seller prior to Closing which pertain to the Real Property. 

  (m)          Full
Disclosure.  The copies of any documents with respect to the Subject Property contained and/or deposited after the Effective Date in the Electronic Data Room are true and complete copies of the document they purport to be. 

  (n)           Financial Information;
Bankruptcy.  Seller (i) is not in receivership or dissolution, (ii) has not made an assignment for the benefit of creditors or admitted in writing the inability to pay its debts as they mature, and (iii) has not been adjudicated a
bankrupt or filed a petition in voluntary bankruptcy or a petition or answer seeking reorganization or an arrangement with creditors under the Federal bankruptcy laws or any similar law or statute of the United States or any jurisdiction and no such
petition has been filed against Seller, and to the best of Seller’s knowledge, none of the foregoing are pending or contemplated. 

  (o)           Terrorist Organization
Lists.  Seller is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order, or the United States Treasury Department as a terrorist, “Specially Designated National
and Blocked Person,” or other banned or blocked person, entity, or nation pursuant to any law that is enforced or administered by the Office of Foreign Assets Control, and is not engaging in the transactions described herein, directly or
indirectly, on behalf of, or instigating or facilitating the transactions described herein, directly or indirectly, on behalf of, any such person, group, entity or nation. 

  (p)           ERISA.  
Seller is not and is not acting on behalf of (i) an “employee benefit plan” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended, (ii) a “plan” within the meaning of
Section 4975 of the Internal Revenue Code of 1986, as amended, or (iii) an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. §2510.3-101 of any such employee benefit plan or plans. 

  (q)           Other Purchase
Rights.  No person, other than Purchaser or its Affiliates, has any contract, agreement, option or right of first refusal with Seller to purchase the Real Property or any portion thereof or interest or estate therein, except for the
ISTC, which rights are fully subordinated to the rights of Purchaser hereunder.

  (r)           Title.  
  Seller has obtained upon its acquisition of the Subject Property an owner’s policy insuring it as the holder of fee simple title in the Real Property. Seller owns all interests in the Personal Property. 

  
 11 

 The representations and warranties of Seller under this Agreement shall survive
Closing in the manner described in Section 6(b) of this Agreement. 
 If, prior to the Contingency Date, the
Chief Financial Officer of St. Luke’s Health System, Ltd. obtains actual knowledge (without duty of investigation) of any change in circumstances after the Effective Date that affects the validity and/or accuracy of any representation or
warranty made by Seller under this Section 5 (it being agreed that the CFO shall be deemed to have actual knowledge of the materials and information contained in the Electronic Data Room more than thirty (30) days before Closing or if Seller
notifies Purchaser of such change in circumstances in writing at the notice address provided in Section 15), Purchaser shall provide prompt written notice to Seller of such discovery (a “Known Pre-Contingency Warranty
Breach”). If notice is given to Seller of Known Pre-Contingency Warranty Breach and Seller fails to affirmatively and in writing assume the obligation to correct such Known Pre-Contingency Warranty Breach before Closing (notice of
said undertaking to be given, if at all, to Purchaser within ten (10) days of Seller’s receipt of Purchaser’s notice), Purchaser shall have the right to terminate this Agreement by written notice thereof to Seller, provided notice of such
election to terminate is given to Seller on or before the Contingency Date, time being of the essence, in which case the entire Earnest Money paid by Purchaser under this Agreement shall be promptly delivered to Purchaser and, except in the case of
a Known Pre-Contingency Warranty Breach resulting from a change in circumstances beyond Seller’s reasonable control or the result of an action expressly permitted by the provisions of this Agreement, Seller shall reimburse Purchaser for all
third party reasonable out of pocket costs incurred by Purchaser in connection with this Agreement or Purchaser’s investigations of the Subject Property not to exceed Four Hundred Thousand ($400,000.00) Dollars. In circumstances entitling
Purchaser to reimbursement of such costs, the tenant under the Plaza IV Lease shall also have the right to elect to terminate the Plaza IV Lease provided any election to terminate the Plaza IV Lease must be delivered to Seller in writing within
sixty (60) days of the date of the termination of this Agreement. Any termination of the Plaza IV Lease will be effective immediately following Seller’s receipt of such notice and any such election to terminate the Plaza IV Lease shall be
irrevocable when issued. In the event notice of termination of the Plaza IV Lease is not timely given, then the right to terminate such Plaza IV Lease pursuant to this subparagraph shall be waived. If Purchaser elects to terminate under this
subparagraph, such recovery of the Earnest Money and out of pocket costs shall be Purchaser’s sole remedy and, following any such termination, neither party shall have further rights or obligations hereunder, except any obligation that
specifically provides the termination hereof. If Purchaser fails to terminate this Agreement as provided above, Purchaser shall be deemed to have waived such Known Pre-Contingency Warranty Breach. Nothing in this subparagraph is intended to
limit Purchaser’s right to terminate this Agreement pursuant to Section 3 above. 
 If, after the Contingency
Date but before Closing, the Chief Financial Officer of St. Luke’s Health System, Ltd. obtains actual knowledge (without duty of investigation) of any change in circumstances after the Effective Date that affects the validity and/or accuracy of
any representation or warranty made by Seller under this Section 5 (it being agreed that the CFO shall be deemed to have actual knowledge of the materials and information contained in the Electronic Data Room more than thirty (30) days before
closing or if Seller notified Purchaser in writing of such change in circumstances), or such change in circumstances is disclosed in any estoppel certificate provided to Purchaser, Purchaser shall provide prompt written notice to Seller of such
discovery (a “Known Post-Contingency Warranty Breach”). If any such Known Post Contingency Warranty Breach is a Termination Event (as hereinafter defined), or if another Termination Event occurs Purchaser shall have the right
to terminate this Agreement by written notice to Seller, provided written notice of termination is given to Seller on or before the earlier of (i) Closing or (ii) 15 days after (A) Sellers receipt of written notice from Purchaser of the
existence of such Termination Event, and (B) Seller’s failure to cure or to irrevocably commit in a written notice delivered to Purchaser to cure prior to Closing such Termination Event within 15 days of Sellers receipt of such written notice
from Purchaser that a Termination Event has occurred. A “Termination Event” for purposes of this Section 5 shall consist of a breach of Seller’s representations under Section 5(a), Section 5(f)
relating to proceedings commenced against Seller which have a material and adverse effect on Sellers ability to convey title to the Subject Property, Section 5(c) relating to a violation of Environmental Laws due to Sellers direct acts or
omissions, Section 5(o); or Seller’s failure to disclose to Purchaser, within five (5) days of written notice from Purchaser asserting Seller has failed to so disclose, any information that Seller is required to disclose under this
Section 5, including the existence 

  
 12 

 
of a change in circumstance which Seller is obligated to disclose under this Section 5. In the event of the termination of this Agreement by Purchaser pursuant to this
subparagraph due to Termination Event, (a) the entire Earnest Money paid by Purchaser under this Agreement shall be promptly delivered to Purchaser, (b) Seller shall reimburse Purchaser for all third party reasonable out of pocket costs incurred by
Purchaser in connection with this Agreement or Purchaser’s investigations of the Subject Property not to exceed Four Hundred Thousand ($400,000.00) Dollars; and (c) the tenant under the Plaza IV Lease shall also have the right to elect to
terminate the Plaza IV Lease provided any election to terminate the Plaza IV Lease must be delivered to Seller in writing within sixty (60) days of the date of the termination of this Agreement. Any termination of the Plaza IV Lease will be
effective on the first (1st) day of the fourth (4th) full calendar month following Seller’s receipt of such notice (unless the Plaza IV Lease has not yet commenced, in which case the termination will be effective immediately) and any such
election to terminate the Plaza IV Lease shall be irrevocable when issued. In the event notice of termination of the Plaza IV Lease is not timely given, then the right to terminate such Plaza IV Lease pursuant to this subparagraph shall be
waived. If Purchaser elects to terminate under this subparagraph, such recovery of the Earnest Money and out of pocket costs shall be Purchaser’s sole remedy and, following any such termination, neither party shall have further rights or
obligations hereunder, except any obligation that specifically provides the termination hereof. If Purchaser fails to terminate this Agreement as provided above, Purchaser shall be deemed to have waived such Termination Event. In all other
circumstances, Seller’s sole responsibility hereunder with respect to a change of circumstances which affects the validity and/or accuracy of any representations and warranties set forth in this Section 5 shall be to advise Purchaser in
writing promptly upon becoming aware of such change in circumstances. If Seller fails to disclose such items, and Purchaser consummates the purchase of the Subject Property and incurs losses or damages as a result of the items not disclosed,
Purchaser’s sole and exclusive remedy shall be to pursue a claim against Seller under Section 6(b) below. Except as expressly provided herein, if any of the representations and warranties of Seller set forth in Section 5 become
untrue and Seller advises Purchaser timely of such change in facts and circumstances relating to such representation or warranty, Purchaser shall have no right to terminate this Agreement nor have a claim against Seller, it being agreed that, except
as expressly provided herein, Purchaser is assuming the risk of a change in the accuracy of such representation and/or warranty, including the physical condition of the Subject Property, the adequacy and sufficiency of any leases affecting all or
any portion of the Subject Property, a change in the environmental condition of the Subject Property (excluding those directly resulting from Seller’s acts or omissions). 

For purposes of this Agreement, St. Luke’s Health System, Ltd. shall be deemed to have actual knowledge of any fact or
circumstance set forth in the estoppel letters delivered to Purchaser and of any fact or circumstance described in the Due Diligence Items contained in the Electronic Data Room more than thirty (30) days before Closing and in any environmental
assessment or engineering report or other written due diligence information or written material reviewed or received by Purchaser at the address of Purchaser set forth in Section 15 as of the date delivered. 

 

	 	6.	 Representations and Warranties by Purchaser, Covenants by Purchaser and Other Matters.

  (a)            Representations and
Warranties by Purchaser. Purchaser represents and warrants to Seller that St. Luke’s Health System, Ltd. is a nonprofit corporation duly organized and validly existing and in good standing under the laws of the State of Idaho and is or
will be qualified to do business in the State of Idaho; that Purchaser has the requisite power and authority to enter into this Agreement and Purchaser’s Closing Documents; such documents have been duly authorized by all necessary action on the
part of Purchaser and have been or will be duly executed and delivered; that the execution, delivery and performance by Purchaser of such documents will not conflict with or result in violation of Purchaser’s organizational documents or any
judgment, order or decree of any court or arbiter to which Purchaser is a party; such documents are valid and binding obligations of Purchaser, and are enforceable against Purchaser in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium, creditor’s rights and other similar laws; and Purchaser is not acting, directly or indirectly for, or on behalf of, any person, group, entity or nation named by any Executive Order (including the
September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) or the United States Treasury Department as a terrorist, “Specially Designated National and
Blocked Person,” or other banned or blocked person, entity, or nation pursuant to any law that is enforced or administered by the Office of Foreign Assets Control, and is not engaging in the transactions described herein, directly or
indirectly, on behalf of, or instigating or facilitating the transactions described herein, directly or indirectly, on behalf of, any such person, group, entity or nation. 

  
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  (b)           Other
Matters.    Subject to the terms and limitations set forth in Section 5, the representations and warranties contained in this Agreement shall be remade as of the Closing Date and shall survive Closing; provided,
however: (i) any cause of action of Purchaser against Seller by reason of a breach or default of any of the representations and warranties set forth herein of which Purchaser acquires knowledge of after the Closing, shall expire as of the date
six (6) months following Closing (the “Warranty Expiration Date”), except that the same shall not expire as to any such breach or default as to which Purchaser has made a written demand upon Seller or instituted litigation
after Closing prior to the Warranty Expiration Date, provided however, that the representation and warranties of Seller contained in Section 5(a) of this Agreement shall survive indefinitely; and (ii) except as expressly provided in
Section 5, Seller’s total liability for breach thereof and all other Post-Closing Liability, all on an aggregate basis, shall in no event exceed $3,000,000.00 in the aggregate, and Seller shall have no liability with respect to any
breach to the extent the loss sustained by Purchaser as a result thereof does not exceed $50,000.00 in the aggregate, provided, further if any such loss exceeds $50,000.00, Seller shall be liable for the total amount of such loss subject to the
maximum loss provisions herein contained; and (iii) except as hereinafter provided, Seller shall have no liability whatsoever to Purchaser with respect to a Known Pre-Contingency Warranty Breach. Notwithstanding the foregoing or anything to the
contrary contained in this Agreement, concurrently with the addition, subtraction or modification of any item in the Electronic Data Room, Seller shall provide written notice thereof to Purchaser. 

 

	 	7.	 Closing. 

  (a)            Closing
Date.  The closing of the purchase and sale contemplated by this Agreement (the “Closing”) shall occur on or before the Closing Date, subject to delays occasioned by operation of Sections 7(b)(iii) and
7(b)(iv), through the offices of First American Title Insurance Company, Attn: Jordan Dunn, National Commercial Services, 1900 Midwest Plaza West, 801 Nicollet Mall, Minneapolis, Minnesota 55402, or at such other time and place as the
parties may mutually agree. Notwithstanding the foregoing, following the Contingency Date, either Purchaser or Seller shall have the right to accelerate the Closing Date by providing at least one hundred twenty (120) days advance written notice to
the other party of their desire to accelerate the Closing (“Notice of Acceleration”). Promptly upon receipt of Notice of Acceleration, the parties shall negotiate in good faith to establish the Closing Date which shall be mutually
acceptable to both parties, but in no event later than one hundred twenty (120) days following the issuance of the Notice of Acceleration. If either party shall elect to accelerate the Closing, Purchaser shall be obligated to pay, upon Closing, in
addition to the Purchase Price, all Defeasance Costs incurred by Seller in defeasing the Loan. Seller shall provide Purchaser with a good faith estimate of all Defeasance Costs which will be due based on the then existing market conditions and the
terms of the Loan Agreement within fifteen (15) business days of Seller’s receipt (or issuance) of Notice of Acceleration. Purchaser acknowledges that such estimate of Defeasance Costs shall not limit Purchaser’s obligation to pay all such
Defeasance Costs if such amounts increase due to the market conditions existing at Closing. Within fifteen (15) business days of Purchaser’s receipt of Seller’s accounting of all Defeasance Costs Purchaser will be expected to pay, and
provided Purchaser has issued the Notice of Acceleration, Purchaser shall provide written notice to the Seller of Purchaser’s election to either (i) proceed with the election to accelerate the Closing and be responsible for all Defeasance Costs
incurred by Seller in defeasing the loan in excess of the then outstanding principal balance of the loan and accrued and unpaid interest, due and payable on the Closing Date; or ii) withdraw its election to accelerate the Closing. Any election to
accelerate the Closing shall be irrevocable once made, except as specifically provided herein. Seller shall not modify the Loan Documents in a manner that would increase the Defeasance Costs without Purchaser’s prior written consent. 

  (b)            Purchaser’s
Closing Conditions Precedent.  Purchaser’s obligation to consummate the transaction contemplated by this Agreement shall be subject to satisfaction or waiver of each of the following conditions (“Purchaser’s Closing
Conditions Precedent”), but Purchaser shall have the unilateral right to waive any Purchaser’s Closing Condition Precedent, in whole or in part, by written notice to Seller: 

 (i)          Representations and
Warranties.    Subject to the terms, limitations and waivers of and within Section 5, the representations and warranties of Seller set forth in this Agreement shall be, in all material respects, true and
complete. 

  
 14 

 (ii)         Performance of
Obligations.  Seller shall have performed all of the obligations required to be performed by Seller under this Agreement (including any assurances given by Seller pursuant to Section 3(a) or Section 5 of
this Agreement), as and when required by this Agreement, in all material respects. 

 (iii)        Tenant Estoppel
Certificates.  Purchaser shall have received, on or before the Closing Date, estoppel certificates in favor of Purchaser from tenants under Leases leasing in the aggregate seventy (70%) percent of the rentable area of the
Improvements (excluding any space which is leased under a Purchaser Lease and/or the ISTC lease, or a lease with any other division of the State of Idaho) which are leased and occupied in substantially the form attached to the applicable Lease, or
if there is not a form attached to a Lease, an estoppel certificate in substantially the form of Exhibit I attached hereto and made a part hereof, or otherwise reasonably approved by Purchaser, that does not disclose any material
defaults or uncured obligations of Seller, as landlord, and does not contain any disclosures which are materially inconsistent with the representations and warranties of Seller set forth in this Agreement. Sixty (60) days in advance of the Closing
Date, Seller shall request Estoppel Certificates from all the tenants under the Leases (excluding any Purchaser’s Leases). Seller shall use reasonable efforts to obtain estoppel certificates from each of such tenants; provided, however, Seller
shall not be required to expend significant monies or make significant concessions or institute litigation in order to obtain such estoppel certificates. If Purchaser has not, by the scheduled Closing Date, received the estoppel certificates
required by the first sentence of this Section 7(b)(iii), then Seller may, for any tenant, deliver a certificate of Seller in substantially the form attached hereto and made a part hereof as Exhibit J, which certificate shall
be accepted by Purchaser in lieu of such estoppel certificates, provided however, Purchaser shall not be required to accept Seller certificates for more than twenty five (25%) percent of the leasable area of the Improvements for which certificates
are required by the first sentence of this Section 7(b)(iii) before Purchaser is obligated to close. Seller may substitute for a certificate delivered by Seller a tenant estoppel certificate later received from a tenant under a Lease for
which such certificate was given to the extent such certificate does not contain any statements that are materially and adversely different than those contained in Seller’s estoppel certificate. In exercising its reasonable discretion
concerning the acceptability of a tenant estoppel letter on a form other than that prescribed by Exhibit J, Purchaser will accept an alternative form (including, in the case of any national or regional tenant, such tenant’s standard
form estoppel certificate and, with respect to any tenant, the form prescribed by such tenant’s lease) which confirms the rental rate and lease commencement and termination dates and such other material information as is stated in the Lease in
question and the performance of the parties to the lease (which may be limited to the tenant’s knowledge in the case of the landlord default and the condition of the leased premises). If Purchaser has not, by a date which is four (4) business
days prior to the scheduled Closing Date, received the estoppel certificates contemplated by this Section 7(b)(iii), then Seller or Purchaser may, on the date which is four (4) business days in advance of the Closing, each on one
occasion, extend the Closing Date by up to thirty (30) days to obtain such estoppel certificates, and, in any case, Seller shall not be in breach or default of this Agreement because Purchaser has not received such estoppel certificates, during
which time Seller shall use reasonable efforts to obtain such estoppel certificates, subject to the conditions and limitations set forth herein. If Seller fails to cause such estoppel certificates to be delivered to Purchaser on or before the last
day of such thirty-day period, then within five (5) days after the expiration of such thirty day period, Purchaser shall elect to either (1) terminate this Agreement (other than the obligations of Purchaser set forth in Section 3(b) and
the indemnity obligations of Purchaser set forth in Section 13 of this Agreement, and any other obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall survive
any such termination), in which case, within two (2) business days of such termination, the Earnest Money shall be returned to Purchaser, provided Purchaser and Seller shall execute any document reasonably requested by the other party to evidence
such termination, or (2) 

  
 15 

 
take title to the Real Property without receiving the undelivered estoppel certificates without any reduction of the Purchase Price. Failure of Purchaser to notify Seller within the time limits
prescribed herein shall constitute an election under clause (1) above. 

 (iv)        Title Insurance
Policy.   The Title Company shall be prepared to and shall deliver to Purchaser an extended owner’s policy of title insurance based on the Commitment with respect to the Real Property showing no encumbrances
except the Permitted Encumbrances, deleting exceptions 1-5 and any endorsements committed in writing to be provided by the Title Company prior to issuance of the Title Notice (the “Title Insurance Policy”). If the title insurance
policy which the Title Company is prepared to issue shows any Unpermitted Encumbrances, Seller covenants and agrees, from and after the originally scheduled Closing Date through and including the date that is thirty (30) days after the originally
scheduled Closing Date (such 30-day period being sometimes hereinafter referred to as the “Cure Period”), to use commercially reasonable efforts to remove such Unpermitted Encumbrances or to cause the Title Company to issue its
endorsement over any such Unpermitted Encumbrances, which endorsement shall be in form and substance reasonably acceptable to Purchaser. If, after using commercially reasonable efforts, as aforesaid, Seller cannot cause such Unpermitted Encumbrances
to be removed or if Seller cannot cause the Title Company to issue its endorsement over any such Unpermitted Encumbrances on or before the expiration of the Cure Period, then within ten (10) days after the expiration of the Cure Period, Purchaser
shall elect to either (1) terminate this Agreement (other than the obligations of Purchaser set forth in Section 3(b) and the indemnity obligations of Purchaser set forth in Section 13 of this Agreement, and any other
obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall survive any such termination), in which case, within two (2) business days of such termination, the Earnest Money
shall be returned to Purchaser, provided Purchaser and Seller shall execute any document reasonably requested by the other party to evidence such termination, or (2) take title to the Real Property subject to the Unpermitted Encumbrances as it then
is without any abatement in the Purchase Price. Failure of Purchaser to notify Seller within the time limits prescribed herein shall constitute an election under clause (2) above. Notwithstanding the foregoing, Seller shall remove on or before
Closing (i) any Unpermitted Encumbrances arising from the direct acts of Seller not otherwise permitted by this Agreement, and (ii) any mortgage or similar financing lien, any tax or judgment lien, or any mechanics’ lien caused, permitted or
suffered by Seller or any party claiming by, through or under Seller (specifically excluding liens resulting from acts and/or omissions of any tenant of the Subject Property) other than the lien of taxes not yet due and payable. 

 (v)         Rent Roll.  Seller
shall deliver to Purchaser a true and complete rent roll current as of the Closing Date, which rent roll shall be certified to Purchaser. 

  (c)            Seller’s
Closing Conditions Precedent.      Seller’s obligation to consummate the transactions contemplated by this Agreement shall be subject to satisfaction or waiver of each of the following conditions
(“Seller’s Closing Conditions Precedent”), but Seller shall have the unilateral right to waive, in whole or in part, any Seller’s Closing Conditions Precedent by written notice to Purchaser: 

 (i)          The representations and warranties of
Purchaser set forth in Section 6 of this Agreement shall be, in all material respects, true and complete. 

 (ii)         Purchaser shall have performed all of the
obligations required to be performed by Purchaser under this Agreement, as and when required by this Agreement, in all material respects. 

 (iii)        If applicable, due to Purchaser’s election to
accelerate Closing, as provided in Section 7(a), Seller, at Purchaser’s sole cost and expense shall have defeased the loan and obtained the release of the Collateral from the Lien of the Loan Documents in accordance with the
conditions and limitation set forth in the Loan Documents, including, without limitation, the Loan Agreement. If Lender is not, by the scheduled Closing Date, prepared to release the Collateral 

  
 16 

 
from the Lien of the Loan Documents, then Seller may extend the Closing Date by up to thirty (30) days to obtain the release of the Collateral from the Lien of the Loan Documents and, in any
case, Seller shall not be in breach or default of this Agreement because Lender is not prepared to release the Collateral from the Lien of the Loan Documents. 

If Purchaser’s Closing Conditions Precedent or Seller’s Closing Conditions Precedent (with the exception of
Section 7(c)(iii)), as the case may be, have not been satisfied or waived as of the scheduled Closing Date as the same may be extended as permitted by this Agreement, and provided the failure to satisfy or waive any such condition is not
attributable to a breach or default of this Agreement by Seller or Purchaser, as the case may be (otherwise the provisions of Section 10 shall apply), then either party shall have the right, upon at least five (5) business days’
notice to the other, to elect to terminate this Agreement and if the other party is not able to cause such unsatisfied Condition Precedent to be satisfied within such 5-business day period, then this Agreement shall terminate on the 6th business day following such notice (other than the obligations of Purchaser set forth in Section 3(b) and the indemnity obligations of Purchaser set forth in Section 13 of
this Agreement and any other obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall survive any such termination), in which event the Earnest Money shall be returned to
Purchaser. Upon such termination, neither party will have any further rights or obligations (other than the obligations of Purchaser set forth in Section 3(b) and the indemnity obligations of Purchaser set forth in Section 13
of this Agreement, and any other obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall survive any such termination) regarding this Agreement and the Earnest Money shall
be returned to Purchaser within two (2) business days of the date of such termination, provided Purchaser shall execute any document reasonably requested by Seller to evidence such termination. 

 

	 	8.	 Closing Deliveries. 

   (a)           Seller’s
Closing Documents.  On the Closing Date, Seller, except as otherwise provided, shall execute and/or deliver to Purchaser or cause to be executed and/or delivered the following (collectively, “Seller’s Closing
Documents”): 

 (i)          Deed.  A Deed (the
“Deed”) in the form of Exhibit K attached hereto and made a part hereof. 

 (ii)         Bill of Sale.  A bill of
sale of Seller, in the form of Exhibit E-3 attached hereto and made a part hereof. 

 (iii)        Seller’s Affidavit.  An
Affidavit of Seller, in the form of Exhibit L attached hereto and made a part hereof. 

 (iv)        Certificate Regarding Representations and
Warranties.  A certificate from Seller, in the form of Exhibit M attached hereto and made a part hereof. 

 (v)         Original
Documents.    Originals of the Leases, the Warranties, the Assumed Contracts, the tenant estoppel certificates to the extent in Seller’s or Property Manager’s possession, and Seller’s and Property
Manager’s financial records with respect to the Subject Property, all to the extent not previously delivered or made available to Purchaser. 

 (vi)        FIRPTA Affidavit.  A non-foreign
affidavit from Seller, in the form of Exhibit N attached hereto and made a part hereof. 

 (vii)       Title Documents.    Such
affidavits of Seller or other documents as may be reasonably required by Title Company from Seller in order to record the Deed and issue the Title Insurance Policy. 

  
 17 

 (viii)      Keys.  Seller shall deliver to Purchaser all
of the keys in Seller’s or Property Manager’s possession to any door or lock at the Real Property, together with all access and other codes relating to any security system in place at the Real Property. 

 (ix)        Termination of Management
Agreement.    A Termination of Management Agreement in the form of Exhibit H attached hereto and made a part hereof. 

 (x)         Tenant
Files.    The current tenant files, including all correspondence, notices, financial information, sales reports, and other information to the extent such items are in the possession of Seller or Property Manager. 

  (b)            Purchaser’s
Closing Documents.  On the Closing Date, Purchaser will execute and/or deliver or cause to be executed and/or delivered to Seller the following (collectively, “Purchaser’s Closing Documents”): 

 (i)          Purchase Price. The Purchase
Price, together with all Capital Reimbursements, less the Purchaser Lease Credit, and as further adjusted pursuant to this Agreement, by wire transfer of immediately available funds, to be received in Title Company’s trust account on or before
1:00 p.m. Central time on the Closing Date. 

 (ii)         Title
Documents.    Such affidavits of Purchaser or other documents as may be reasonably required by Title Company in order to record the Deed and issue the Title Insurance Policy. 

  (c)            Joint Closing
Documents.   On the Closing Date, Seller, except as otherwise provided, and Purchaser shall jointly execute and deliver or cause to be executed and delivered the following (collectively, “Joint Closing
Documents”): 
  (i)          Closing
Statement.      A closing and disbursement statement showing the Purchase Price, the costs and expenses of the Closing attributable to each of Purchaser and Seller, and the disbursement of funds to, or at the
direction of, Seller. 
  (ii)         Assignment of
Leases and Assumption Agreement.      An Assignment of Leases and Assumption Agreement, in the form of Exhibit O attached hereto and made a part hereof. 

 (iii)        Assignment of Warranties and Assumption
Agreement.  An Assignment of Warranties and Assumption Agreement, in the form of Exhibit Q attached hereto and made a part hereof. 

 (iv)        Assignment of Assumed Contracts and Assumption
Agreement.      An Assignment of Assumed Contracts and Assumption Agreement, in the form of Exhibit R attached hereto and made a part hereof. 

 (v)         Assignment of Intangibles and Assumption
Agreement.  An Assignment of Intangibles and Assumption Agreement, in the form of Exhibit T attached hereto and made a part hereof. 

 (vi)        Notices to Tenants.  Notices, in
the form of Exhibit P attached hereto and made a part hereof, to tenants under the Leases. 

 (vii)       Notices to Contractors.  Notices, in
the form of Exhibit S attached hereto and made a part hereof, to contractors under the Assumed Contracts. 

  
 18 

  (viii)      Termination
and Release of Option Agreement. A termination and release of the Option Agreement in recordable form between Seller and Purchaser’s Affiliate pursuant to which Optionor and Optionee therein confirm the termination of the Option and
the release of the Optionor of all liabilities arising thereunder. 

 (ix)        Miscellaneous.   Such other
documents, instruments and affidavits as shall be necessary to consummate the transaction contemplated hereby, including, without limitation, appropriate deed or transfer tax forms required in connection with the filing of the Deed. 

This transaction shall be closed through an escrow with the escrow department of the Title Company
(“Escrowee”), in accordance with the provisions of separate deed and money escrow agreement in the form of Exhibit V attached hereto and made a part hereof. Upon the creation of such escrow, payment of the Purchase Price
and delivery of the Deed shall be made through the escrow. The cost of the deed and money escrow shall be divided equally between Seller and Purchaser. This Agreement shall not be merged into nor in any manner superseded by the escrow agreement.

  

	 	9.	 Adjustment and Prorations.

Seller and Purchaser shall make all adjustments and apportion all expenses with respect to the Subject Property, including, without
limitation, the following: 

  (a)          Taxes.   
 Seller shall be responsible for payment to the collecting authorities of all installments real estate taxes and special assessments and other assessments of any kind or nature whatsoever (“Taxes”) which have been assessed
against the Real Property and which are due and payable on or before the Proration Date, and Purchaser shall be responsible for payment to the collecting authorities of all installments of Taxes which have been or will be assessed and which become
due and payable after the Proration Date. With respect to Taxes which have been assessed against the Real Property but which are not due and payable as of the Proration Date, such Taxes shall be prorated as of the Proration Date on the basis of the
most recent ascertainable Taxes, with Seller providing Purchaser a credit at Closing for such prorated amount; provided, however, there shall be no proration of Taxes to the extent that Taxes are or will be payable by tenants under the Leases, and
provided, further, that Seller shall provide Purchaser a credit at Closing in an amount equal to the monthly amounts which Seller has received from tenants under the Leases for Taxes which have been assessed against the Real Property but which are
not due and payable. Seller expressly reserves: (i) the exclusive right (but shall not have the obligation) to commence, prosecute and complete any and all contests and appeals that may be available with respect to Taxes which are allocable to the
tax year prior to the year in which the Closing Date occurs; and (ii) any and all refunds and proceeds that may be payable as a result of any such contests or appeals of Taxes and which are allocable to the period prior to the Closing Date, and such
refunds and proceeds shall not constitute a portion of the Subject Property to be conveyed hereunder. Seller (i) shall notify Purchaser in writing concurrent with Seller commencing, prosecuting or completing any such tax appeal or contest, and (ii)
shall provide true and complete copies to Purchaser of all notices sent or received by Seller or Property Manager in connection therewith and all other material documentation relating to any such tax contest or appeal. As of the Effective Date, the
following tax appeals or contests are pending in respect of the Real Property or Improvements: None. Any tax refunds received by Purchaser which are allocable to the period prior to the Closing Date will be paid by Purchaser to Seller, net of all
costs of collection incurred by Purchaser with respect thereto. Any tax refunds received by Seller which are allocable to the period on and after the Closing Date will be paid by Seller to Purchaser, net of all costs of collection incurred by Seller
with respect thereto. The covenants and agreements set forth in this Section 9(a) shall survive Closing and execution and delivery of the Deed. Purchaser shall have no obligation to commence, prosecute or complete any and all contests or
appeals that may be available with respect to Taxes which are allocable to the period prior to the Closing Date. 

  (b)          Title
Insurance.  Seller shall pay all costs of ordering the Commitment and the cost of the Title Insurance Policy. Purchaser will pay for all costs of any endorsements, or the costs of extended coverage, unless such endorsements are
necessary to cure an Unpermitted Encumbrance (in which case the cost therefor shall be paid by Seller). 

  
 19 

  (c)          Closing
Fee.    Seller and Purchaser will each pay one-half of any reasonable and customary closing fee by the Title Company. 

  (d)          Rents and Security
Deposits.  All Expense Contributions shall be prorated on an cash basis up to and including the Proration Date. 

When actual Expense Contributions due for the year in which Closing occurs are known, Purchaser shall bill, within thirty
(30) days of such determination, the tenants under the Leases for the additional amount, if any, owed by such tenants as a result of non-payment or underpayment of such tenants’ share of Expense Contributions for the year to which such Expense
Contributions apply under the Leases. Upon collection of such additional amount the same shall be prorated between Seller and Purchaser, and Purchaser shall pay Seller all amounts due Seller for the period up to and including the Proration Date. If
Expense Contributions collected by Seller for the period up to and including the Proration Date exceed actual Expense Contributions due for such period, then Seller shall pay to Purchaser an amount equal to the excess of Expense Contributions
collected over actual Expense Contributions for such period as soon as reasonably practical after such Expense Contributions are known. Seller shall have the right, upon ten (10) days written notice, to inspect the books and records of the Subject
Property to verify that Purchaser is remitting to Seller all amounts to be remitted to Seller according to the terms of this Agreement. Unapplied security deposits in the possession of Seller and any interest accrued thereon which is required to be
paid to any tenant shall be credited to Purchaser at Closing. 
 If, as of the Proration Date, any tenant under any lease
(other than a Purchaser Lease) is delinquent in the payment of rent (base rent, additional rent or otherwise) billed but unpaid as of the Proration Date, then no proration shall be made at Closing of such delinquent amount, and (i) Purchaser shall
use good faith efforts (but without the obligation to incur any costs or expenses) to collect any such delinquent amounts, but in no event shall Purchaser be liable for any unpaid rent, and (ii) Seller also shall have the right to proceed against
the tenant for collection of such past due amounts, which proceedings may include instituting litigation for damages, but not eviction from or dispossession of the leased premises or termination of any Lease. Any delinquent amounts received (whether
by Seller or Purchaser) shall be distributed in the following order of priority: (i) first, to the party that collects such amounts, to the extent of its reasonable costs of collection and enforcement; then (ii) second, to Purchaser for amounts
due or accrued from the tenant after the Proration Date, then (iii) third, the balance to Seller for amounts due or accrued from the tenant on or prior to the Proration Date, provided the same has not previously been credited to Seller as provided
above. Seller shall promptly deliver to Purchaser all rents received by Seller after the Closing Date, which rents shall be applied in accordance with this Agreement. 

  (e)          Recording
Costs.  Seller will pay the cost of recording all documents necessary to place record title in the condition required by this Agreement. Purchaser will pay the cost of recording the Deed and all other recording charges. 

  (f)          Operating
Expenses.  All other operating costs of the Real Property relating to time period both before and after Closing and benefitting both Buyer and Seller will be allocated between Seller and Purchaser as of the Proration Date, so that
Seller pays that part of such other operating costs payable on or before the Proration Date, and Purchaser pays that part of such operating costs payable after the Proration Date. 

  (g)          Lease
Incentives.  As more particularly set forth in Section 4(k) above, Purchaser shall provide a credit to Seller for any unamortized Lease Incentive Expenses arising out of any Approved New Leases or amendment to a Lease
approved or deemed approved by Purchaser in accordance with Section 4(g) and (k), but only to the extent Seller shall have paid such Lease Incentive Expenses prior to the Closing Date. With respect to Approved New Leases, if any Lease
Incentive Expenses were not required by the terms of the Approved New Lease to be performed or satisfied by Seller prior to Closing and have not been performed or satisfied by Seller by Closing, Purchaser shall be obligated to assume the remaining
obligation for all such unperformed Lease Incentive Expenses and otherwise to keep, perform and observe all of the terms, covenants and agreements to be kept, performed and observed by the landlord thereunder arising after Closing With respect to
each Existing Lease, if all of landlord’s obligations to construct tenant improvements are not fully performed as of the Closing Date or if all of landlord’s obligations to pay for or incur Lease Incentive Expenses are not fully paid or
incurred as of the Closing Date, then Seller shall 

  
 20 

 
provide Purchaser a credit against the Purchase Price at Closing in an amount equal to the costs to complete such tenant improvements plus the cost of all such other Lease Incentive Expenses
which have not been fully paid, and thereafter Purchaser shall be obligated to complete such tenant improvements and pay or incur such Lease Incentive Expenses. Notwithstanding anything to the contrary in this Section 9(g), in the event
that any tenant punchlist items arising under a contract for work executed by Seller pursuant to a Lease remains unperformed at Closing, Purchaser shall have the right to cause Seller to complete the punchlist items, the costs and expenses of which
shall be paid for by Seller (subject to the terms hereof) with proof of completion and payment provided to Purchaser. 

  (h)          Attorney’s
Fees.  Each of the parties will pay its own attorneys’ fees, except as provided in Section 24. 

  (i)           Other
Costs.     All other costs shall be allocated in accordance with the customs prevailing in similar transactions in the greater Boise, Idaho, metropolitan area. 

  (j)           Defeasance
Costs.  At Closing, Defeasance Costs shall be allocated and paid as provided in Section 7(a) above.

  (k)          Survey.  Seller
shall pay for the cost of the survey they provide to Purchaser pursuant to Section 3(a). Purchaser shall pay for the cost of updating, revising or recertifying the Survey, if requested by Purchaser. 

  (l)           Broker
Commissions.  Seller shall be responsible for any broker commissions related to Existing Leases. 
 The parties agree to
make such post-closing adjustments and readjustments as may be required due to errors and omissions in the closing adjustments within one year after the Closing Date, provided that no post-closing adjustments and readjustments shall be made unless
the amount of such adjustments exceeds $25,000.00 in the aggregate, in which case the full amount of such adjustments shall be made. If information is not available or if the parties agree that it is impracticable to make a particular adjustment on
the Closing Date, that adjustment shall be made as soon as practicable after such information is available and the dollar limit in the preceding sentence shall not apply. The terms and conditions of this Section 9 shall survive Closing
and the execution and delivery of the Deed. 
  

	 	10.	 Default.

In the event of a breach or default by Seller in closing the transaction contemplated by this Agreement, or if Seller shall otherwise default
hereunder, which default Purchaser discovers before Closing and which is not cured within ten (10) days following Seller’s receipt of written notice thereof (but Seller shall not be entitled to notice and cure rights with respect to
Seller’s obligation to close), Purchaser, as its sole and exclusive remedy, shall have the right (i) to terminate this Agreement and to receive (a) within two (2) business days of the date of such termination, a return of the Earnest Money and
(b) within two (2) business days of the date of such termination, to reimbursement by Seller of Purchaser’s Expenses in an amount not to exceed $400,000.00, subject to independent verification by Seller, or (ii) if the breach or default relates
to closing, to enforce specific performance of this Agreement (provided that any action for specific performance be commenced within forty-five (45) days of the scheduled Closing Date). In the event of a breach or default by Purchaser in closing the
transaction contemplated by this Agreement, or if Purchaser shall otherwise default hereunder or under the Plaza IV Lease or a Purchaser Lease entered into after the Effective Date, same shall constitute default by Purchaser hereunder; provided,
however, that such Purchaser Lease defaults shall only constitute a default by Purchaser hereunder if they involve the non-payment of rent which has continued for more than ten (10) days after notice to Purchaser and the tenant under the applicable
Purchaser Lease. Seller, as its sole and exclusive remedy, shall have the right to terminate this Agreement and to receive the Earnest Money and Purchaser shall pay to Seller all Defeasance Costs incurred by Seller in connection with its efforts to
defease the Loan as provided in Section 7(a) above, as liquidated damages, subject to independent verification by Purchaser. Nothing herein contained shall limit the rights or obligations of the parties with respect to a default under
this Agreement occurring from and after the Closing Date, and in such case the parties shall have all rights and remedies available at law, in equity or otherwise including, without limitation, the right to specific performance,

  
 21 

 
subject to the conditions and limitations herein set forth including, without limitation, the provisions of Section 6(b) of this Agreement. The terms and provisions of this
Section 10 shall survive Closing (and termination of this Agreement) and the execution and delivery of the Deed. In no event will Purchaser be deemed to be in default under this Agreement unless Purchaser has been notified in writing of
the alleged default and failed to cure the same within ten (10) days, provided however, Purchaser shall not be entitled to any notice and cure rights with respect to Purchaser’s obligation to close on the Closing Date. If (i) Seller breaches
any obligation hereunder which is not cured after any required notice and the expiration of any applicable cure period, (ii) Purchaser is not otherwise in default, and (iii) Purchaser has elected to terminate this Agreement and receive the
return of the Earnest Money and reimbursement of Purchaser’s Expenses as provided above, then the tenant under the Plaza IV Lease shall have the right to elect to terminate the Plaza IV Lease provided any election to terminate the Plaza IV
Lease must be delivered to Seller in writing within sixty (60) days of the date of the termination of this Agreement. Any termination of the Plaza IV Lease will be effective on the first (1st) day
of the fourth (4th) full calendar month following Seller’s receipt of such notice (unless the Plaza IV Lease has not yet commenced, in which case the termination will be effective
immediately) and any such election to terminate the Plaza IV Lease shall be irrevocable when issued. In the event notice of termination of the Plaza IV Lease is not timely given, then the right to terminate such Plaza IV Lease pursuant to this
Section 10 shall be waived. In no event shall Seller’s default hereunder otherwise affect or allow any tenant under any other Purchaser Lease to terminate such lease. 

 

	 	11.	 Damage.

If, prior to the Closing Date, all or any part of the Improvements are damaged by fire or other casualty, then Seller shall immediately give
notice to Purchaser of such fact and, if the Improvements are substantially damaged, then at Purchaser’s option (to be exercised within thirty (30) days after Purchaser’s receipt of Seller’s notice), this Agreement shall terminate, in
which event neither party will have any further obligations under this Agreement (other than the obligations of Purchaser set forth in Section 3(b) and the indemnity obligations of Purchaser set forth in Section 13 of this
Agreement, and any other obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall survive any such termination), and the Earnest Money shall be returned to Purchaser within
two (2) business days of the date of such termination, provided Purchaser and Seller shall execute any document reasonably required by the other party to evidence such termination. If Purchaser fails to elect to terminate despite such damage, or if
the Improvements are damaged but not substantially, then Purchaser shall proceed to Closing and accept title to the Real Property in its then existing physical condition, without any abatement or reduction of, or credit against, the Purchase Price,
but Seller shall assign to Purchaser any unapplied insurance proceeds paid or payable to Seller in connection with such damage, subject to the rights of tenants under the Leases, and subject to the right of Seller to use the proceeds of all
insurance related to such damage as herein provided. Seller shall have the right to commence restoration of the Improvements prior to Closing and to use the proceeds of all insurance related to such damage as hereinafter provided, and in such event
the credit due to Purchaser at closing in respect of such casualty shall be reduced by the cost of the restoration work performed by Seller and approved by Purchaser. Seller shall have the right to negotiate with and adjust any claim with the
insurance company insuring the Improvements so damaged, and to provide and effect the necessary restoration as and to the extent required under the Leases, including, without limitation, reducing the damaged Improvements to grade and clearing the
Real Property and doing such other things as may be reasonably necessary for the protection of all persons and property that may be endangered by the existing condition of the Real Property, in which case Seller shall have the right to use the
proceeds of all insurance related to such damage for such purposes. For purposes of this Section 11, the words “substantially damaged” mean damage with respect to any Improvements that would cost $1,000,000.00 or more to
repair. 
  

	 	12.	 Condemnation.

If, prior to the Closing Date, eminent domain proceedings are commenced against all or any material part of the Real Property, then Seller
shall immediately give notice to Purchaser of such fact and, if eminent domain proceedings are commenced against all or any “substantial” part of the Real Property, then at Purchaser’s option (to be exercised within thirty (30)
days after Seller’s notice), this Agreement shall terminate, in which event neither party will have any further obligations under this Agreement (other than the obligations of Purchaser set forth in Section 3(b) and the indemnity
obligations of Purchaser set forth in Section 13 of this Agreement, and any other obligations that specifically survive the termination hereof in accordance with the terms of this Agreement, which obligations shall survive any such
termination), and the Earnest Money shall be returned to Purchaser within two (2) business days of 

  
 22 

 
such termination, provided Purchaser and Seller shall execute any document reasonably required by the other party to evidence such termination. If Purchaser shall fail to give such notice then
there shall be no reduction in the Purchase Price, and Seller shall assign to Purchaser at the Closing all of Seller’s right, title and interest in and to any award made or to be made in the condemnation proceedings, subject to the rights of
tenants under the Leases, and subject to the right of Seller to use any award as hereinafter provided. Seller shall have the right to provide and effect the necessary restoration as and to the extent required under the Leases, including, without
limitation, reducing any damaged Improvements to grade and clearing the Real Property and doing such other things as may be reasonably necessary for the protection of all persons and property which may be endangered by the existing condition of the
Real Property, in which case Seller shall have the right to use any award made or to be made in the condemnation proceedings for such purpose. Prior to the Closing Date, Seller shall not designate counsel, appear in, or otherwise act with respect to
any condemnation proceedings without Purchaser’s prior written consent, which consent shall not be unreasonably withheld or delayed; provided, however, if any action is necessary with respect to such proceeding to avoid any forfeiture or
material prejudice, Seller shall be entitled to take such action as and to the extent necessary without obtaining Purchaser’s prior written consent. For purposes of this Section 12, the words “substantial part” mean
(a) the fair market value of the portion of the Real Property so taken exceeds $1,000,000.00, or (b) the portion of the Real Property so taken (i) includes net rentable area of Improvements leased to tenants, (ii) includes parking areas or access
points unless any such parking areas are replaced by a like number of parking areas (by reconfiguring or restriping of such areas or otherwise) or unless following such taking the remaining parking areas shall be considered a prior non-conforming
use or unless any access point is replaced with an access point of substantially equivalent usefulness, (iii) results in the Real Property no longer complying with any other applicable code requirements or (iv) affects any structural component of
any vertical Improvement on the Real Property and costs in excess of $1,000,000.00 to repair. 
  

	 	13.	 Broker’s Commission.  

Seller represents and warrants to Purchaser that in connection with the transaction contemplated hereby no third party broker or finder has
been engaged or consulted by Seller or is entitled to compensation or commission in connection herewith other than Broker. Seller shall be responsible for payment of the broker’s commission due and owing Broker. Seller agrees to defend,
indemnify and hold harmless Purchaser from and against any and all claims of brokers, finders or any like third party claiming any right to commission or compensation by or through acts of Seller in connection herewith. Purchaser represents and
warrants to Seller that in connection with the transaction contemplated hereby, no third party broker or finder has been engaged or consulted by Purchaser or is entitled to compensation or commission in connection herewith other than Broker.
Purchaser agrees to defend, indemnify and hold harmless Seller from and against any and all claims of brokers, finders or any like party claiming any right to commission or compensation by or through acts of Purchaser in connection herewith other
than Broker. The indemnity obligations hereunder shall include all damages (excluding consequential, punitive, special, incidental and similar type damages), losses, risks, liabilities, and expenses (including reasonable attorneys’ fees and
costs) arising from and related to matters being indemnified hereunder, and shall survive Closing and execution and delivery of the Deed. Neither Broker nor any other broker, finder or like party shall be entitled to rely (as a third party
beneficiary or otherwise) on the provisions herein in claiming any right to commission or compensation or otherwise. 
  

	 	14.	 Assignment.

Purchaser may not assign its rights under this Agreement and have its obligations under this Agreement assumed without the prior written
consent of Seller; provided, however, Purchaser may assign its rights under this Agreement to, and have its obligations under this Agreement assumed by, any Affiliate or any entity owned in part by Purchaser or its Affiliate, provided however, in no
event shall Purchaser assign all or any part of its rights in and to this Agreement to any entity owned or controlled by or in which the State of Idaho, or any division thereof, has an interest, and provided further, evidence of the assignment of
Purchaser’s rights hereunder shall be delivered to Seller at least fifteen (15) days before Closing. Any assignment of rights and assumption of obligations under this Agreement shall be subject to all the provisions, terms, covenants and
conditions of this Agreement, the assignee shall assume all of Purchaser’s obligations hereunder, and the assignor shall, in any event, continue to be and remain directly liable under this Agreement, as it may be amended from time to time, as a
principal and not as a surety, without notice to such assignor. Any such assignment and assumption shall be evidenced by a written agreement in form and substance reasonably acceptable to Seller. 

  
 23 

	 	15.	 Notices.

Any notice or other communication in connection with this Agreement shall be in writing and shall be sent by United States Certified Mail,
return receipt requested, postage prepaid, by nationally recognized overnight courier guaranteeing next day delivery with signed receipts, by personal delivery with signed receipts, properly addressed, or by facsimile or email transmission evidenced
by confirmed transmission and concurrently followed on the second business day thereafter by a “hard copy” of same delivered by mail, personal delivery or overnight courier as follows: 

 

			
	 If to Seller:
	  	 SCCP Boise, Limited Partnership

c/o City Office REIT, Inc.
 1075
West Georgia Street, Suite 2010
 Vancouver, BC V6E 3C9

Attention: Greg Tylee
 Email:
gtylee@cityofficereit.com

		
	 With a copy to:
	  	 Miller, Canfield, Paddock and Stone, P.L.C.

101 North Main Street, 7th Floor

Ann Arbor, Michigan 48104

Attention: Joseph M. Fazio, Esq.

Email: fazio@millercanfield.com

		
	 If to Purchaser:
	  	 St. Luke’s Health System, Ltd.

190 East Bannock Street
 Boise,
Idaho 83712-9987
 Attention: General Counsel

Facsimile: 208/493-0305

		
	 With a copy to:
	  	 Stoel Rives, LLP

Attn: Quentin M. Knipe
 101 S.
Capitol Boulevard
 Suite 1900

Boise, Idaho 83702
 Email:
quentin.knipe@stoel.com

 All notices or other communication in connection with this Agreement shall be deemed given
three (3) business days following deposit in the United States mail with respect to certified or registered letters or earlier upon receipt, one (1) business day following deposit if delivered to an overnight courier guaranteeing next day delivery
and on the same day if sent by personal delivery, and on the same day as transmitted for facsimiles and emails. Attorneys for each party shall be authorized to give and receive notices for each such party. Any party may change its address for the
service of notice by giving at least three (3) days advance written notice of such change to the other party, in any manner above specified. 
  

	 	16.	 Captions.

The paragraph headings or captions appearing in this Agreement are for convenience only, are not a part of this Agreement, and are not to be
considered in interpreting this Agreement. 

  
 24 

	 	17.	 Entire Agreement; Modification.  

This Agreement constitutes the entire agreement between the parties with respect to the subject matter herein contained and all prior
negotiations, discussions, writings and agreements between the parties with respect to the subject matter herein contained are superseded and of no further force and effect. Except as expressly provided herein, however, this Agreement is not
intended to have any effect on any Purchaser Lease or the Option Agreement. No covenant, term or condition of this Agreement shall be deemed to have been waived by either party, unless such waiver is in writing signed by the party charged with such
waiver. 
  

	 	18.	 Binding Effect.  

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

  

	 	19.	 Controlling Law.  

This Agreement shall be governed by and construed in accordance and the laws of the State of Idaho. 

 

	 	20.	 Severability.  

The unenforceability or invalidity of any provisions of this Agreement shall not render any other provision herein contained unenforceable or
invalid. 
  

	 	21.	 “As Is” Sale.  

Except as expressly set forth in this Agreement and in any of Seller’s Closing Documents, Purchaser warrants and acknowledges to and
agrees with Seller that Purchaser is purchasing the Subject Property in its “As-Is” condition “With All Faults” as of the Closing Date and specifically and expressly without any warranties, representations or guarantees, either
express or implied, as to its condition, fitness for any particular purpose, merchantability, or any other warranty of any kind, nature, or type whatsoever from or on behalf of Seller. Except as expressly set forth in this Agreement and in any
of Seller’s Closing Documents, Seller specifically disclaims any warranty, guaranty or representation, oral or written, past or present, express or implied, concerning (a) the value, nature, quality or condition of the Subject Property,
including, without limitation, the water, soil and geology, (b) the income to be derived from the Subject Property, (c) the suitability of the Subject Property for any and all activities and uses which Purchaser may conduct thereon, including the
possibilities for future development of the Subject Property, (d) the compliance of or by the Subject Property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body, (e) the habitability,
merchantability, marketability, profitability or fitness for a particular purposes of the Subject Property, (f) the manner or quality of the construction or materials, if any, incorporated into the Subject Property, (g) the manner, quality, state of
repair or lack of repair of the Subject Property, or (h) the presence or absence of Hazardous Materials at, on, under or adjacent to the Subject Property or any other environmental matter or condition of the Subject Property. Purchaser
acknowledges and agrees that except as expressly set forth in this Agreement and any of Seller’s Closing Documents, any information provided by or on behalf of Seller with respect to the Subject Property was obtained from a variety of sources
and that Seller has not made any independent investigation or verification of such information and make no representations as to accuracy or completeness of such information. Seller is not liable or bound in any manner by any oral or written
statements, representations or information pertaining to the Subject Property, or the operation thereof, furnished by any real estate broker, agent, employee, servant or other person, except as expressly set forth in this Agreement and in any of
Seller’s Closing Documents. Purchaser further acknowledges and agrees that Purchaser is a sophisticated and experienced purchaser of properties such as the Subject Property and has been duly represented by counsel in connection with the
negotiation of this Agreement. The provisions of this paragraph shall survive Closing and execution and delivery of the Trustee’s Deed. 
  

	 	22.	 Time of Essence.  

Time is of the essence of this Agreement. 

  
 25 

	 	23.	 Counterparts.

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument, and any signatures to counterparts may be delivered by facsimile or other electronic transmission and shall have the same force and effect as original signatures. 

 

	 	24.	 Attorney Fees. 

  The party adjudged to be a prevailing party in any judicial proceedings or arbitration between any of the parties will be entitled
to be awarded all of its costs and expenses, including without limitation reasonable attorneys’ fees, expert witnesses’ fees, the cost of transcripts and similar expenses related to litigation or arbitration. This provision shall survive
Closing and any termination of this Agreement. 
  

	 	25.	 Seller 1031 Exchange. 

Purchaser hereby agrees to reasonably cooperate with Seller and shall execute any and all documents necessary, in the form reasonably approved
by the parties hereto, which shall assign all of Seller’s right, title and interest in and to this Agreement, as amended, to an intermediary (the “Intermediary”) which Intermediary shall complete the sale of the Subject
Property in order to accommodate a tax deferred exchange (a “Like Kind Exchange”) for Seller pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”); provided
however, that in no event shall (i) Purchaser be required to incur any additional costs, expenses, obligations or other liabilities in connection with assisting Seller with the Like Kind Exchange (other than any costs and expenses resulting from a
review of Like Kind Exchange documents); (ii) such Like Kind Exchange delay or be a condition to the closing; (iii) Purchaser be required to take title to any real property other than the Subject Property; or (iv) any such assignment in connection
with any such Like Kind Exchange release either Purchaser or Seller from any liability or obligation of performance by either Purchaser and Seller under the Agreement, as amended. Purchaser makes no representations to Seller regarding the
qualification of a Like Kind Exchange undertaken by Seller under Section 1031 of the Code and shall not be liable to Seller in any manner whatsoever if a Like Kind Exchange completed in accordance with this Section should not qualify for any
reason under Section 1031 of the Code. In the event Seller assigns to an Intermediary its rights under this Agreement, Seller shall unconditionally guaranty the full and timely performance by the Intermediary each and every one of the
representations, warranties, indemnities, obligations and undertakings of the Intermediary pursuant to the Agreement, as amended, and any escrow instructions (or amendments thereto). 

 

	 	26.	 No Recording. 

Purchaser shall not record this Agreement nor a memorandum thereof against the Subject Property without the prior written consent of Seller.

  

	 	27.	 Acknowledgement. 

The legal description for the Land includes property owned by Seller’s affiliated entity and which is identified as the Outlot Parcel on
Exhibit A. At or before Closing, Seller shall cause Seller’s affiliate to transfer to Seller, or the Purchaser, at Seller’s discretion, title to the Outlot Parcel in accordance with and subject to the terms of this Agreement. 

 

	 	28.	 Exhibits. 

The exhibits listed below are made a part hereof, with the same force and effect as if specifically set forth herein. If any exhibit
identified as a “Schedule” in the list below has not been completed on the date this Agreement is fully executed by the parties, Seller shall complete and send the same to Purchaser with five (5) days after the Effective Date, whereupon
such substitute exhibit provided by Seller shall be substituted for the incomplete exhibit originally attached to this Agreement, and such completed exhibit shall be deemed a part hereof, with the same force and effect as if originally attached
hereto. 

  
 26 

 
					
	 Exhibit A
	 	 -
	 	 Legal Description of the Land

	 Exhibit B-1
	 	 -
	 	 Schedule of Leases (Existing Leases, Approved New Leases and Purchaser Leases)

	 Exhibit B-2
	 	 -
	 	 Schedule of Landlord Defaults under Leases, Rent Delinquencies, Written Bankruptcy Notices, Unfulfilled Tenant Improvement
Work, and Future Brokerage Commissions

	 Exhibit C
	 	 -
	 	 Schedule of Contracts

	 Exhibit D
	 	 -
	 	 Schedule of Warranties

	 Exhibit E-1
	 	 -
	 	 Schedule of Personal Property

	 Exhibit E-2
	 	 -
	 	 Schedule of Excluded Personal Property

	 Exhibit E-3
	 	 -
	 	 Form of Bill of Sale

	 Exhibit F
	 	 -
	 	 Form of Earnest Money Escrow Agreement

	 Exhibit G
	 	 -
	 	 Permitted Encumbrances

	 Exhibit H
	 	 -
	 	 Form of Termination of Management Agreement

	 Exhibit I
	 	 -
	 	 Form of Tenant Estoppel Certificate

	 Exhibit J
	 	 -
	 	 Form of Seller’s Tenant Estoppel Certificate

	 Exhibit K
	 	 -
	 	 Form of Deed

	 Exhibit L
	 	 -
	 	 Form of Seller’s Affidavit

	 Exhibit M
	 	 -
	 	 Form of Certificate of Representations and Warranties

	 Exhibit N
	 	 -
	 	 Form of FIRPTA

	 Exhibit O
	 	 -
	 	 Form of Assignment of Leases and Assumption Agreement

	 Exhibit P
	 	 -
	 	 Form of Tenant Notice

	 Exhibit Q
	 	 -
	 	 Form of Assignment of Warranties and Assumption Agreement

	 Exhibit R
	 	 -
	 	 Form of Assignment of Assumed Contracts and Assumption Agreement

	 Exhibit S
	 	 -
	 	 Form of Notice to Contractors

	 Exhibit T
	 	 -
	 	 Form of Assignment of Intangibles and Assumption Agreement

	 Exhibit U
	 	 -
	 	 Intentionally Omitted

	 Exhibit V
	 	 -
	 	 Form of Deed and Money Escrow Agreement

	 Exhibit W
	 	 -
	 	 Definitions

	 Exhibit X
	 	 -
	 	 Due Diligence Items

 [Signature Page Follows] 

  
 27 

 IN WITNESS WHEREOF, Seller and Purchaser have executed this Agreement as of the
Effective Date. 
  

																	
	PURCHASER:	 		 	SELLER:
			
	 St. Luke’s Health System, Ltd.,

an Idaho nonprofit corporation
	 		 	 SCCP Boise, Limited Partnership,

a Delaware limited partnership

									
		 		 		 		 		 		 		 	 By:
	 	 SCCP Boise GP, Inc.,

		 		 		 		 		 		 		 		 	 a Delaware corporation,

	 By:
	 	  /s/ Jeff S. Taylor
	 		 		 		 		 	 its sole General Partner

								
		 		 	 Its:  SVP, CFO
	 		 		 		 		 	
		 		 		 		 		 	 By:
	 	  /s/ Anthony Maretic

								
		 		 		 		 		 		 		 	 Its: Treasurer

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