Document:

Transfer Agreement by and among Master Metsun Three, LP

 Exhibit 10.2 
 EXECUTION VERSION 
 TRANSFER AGREEMENT 

by and among 

MASTER METSUN THREE, LP 
 a Delaware limited partnership, as Transferor; 
 SUN IV LLC, as Transferee;

 METLIFE PROPERTIES VENTURES, LLC, 
 a Delaware limited liability company; 
 METROPOLITAN LIFE INSURANCE COMPANY,

 a New York corporation; 
 and 
 the “Sunrise Parties”, as hereinafter defined 

March 7, 2012 

 TABLE OF CONTENTS 

 

							
	Article I.	 	INTERPRETATION	  	 	2	  
			
	 Section 1.01
	 	 Defined Terms
	  	 	2	  
	 Section 1.02
	 	 Additional Defined Terms
	  	 	4	  
	 Section 1.03
	 	 Exhibits
	  	 	5	  
			
	Article II.	 	AGREEMENT TO TRANSFER TRANSFEROR’S INTEREST	  	 	5	  
			
	 Section 2.01
	 	 Transfer of Transferor’s Interest
	  	 	5	  
	 Section 2.02
	 	 Owned Assets
	  	 	5	  
	 Section 2.03
	 	 Operating Cash
	  	 	5	  
	 Section 2.04
	 	 Casualty/Condemnation
	  	 	5	  
			
	Article III.	 	CLOSING	  	 	5	  
			
	 Section 3.01
	 	 Transfer of Title
	  	 	5	  
	 Section 3.02
	 	 Satisfaction of Conditions Precedent
	  	 	6	  
			
	Article IV.	 	REPRESENTATIONS AND WARRANTIES OF TRANSFEREE	  	 	6	  
			
	 Section 4.01
	 	 Organization, Good Standing and Entity Authority
	  	 	6	  
	 Section 4.02
	 	 Authorization and Binding Effect of Documents
	  	 	6	  
	 Section 4.03
	 	 ERISA
	  	 	6	  
	 Section 4.04
	 	 Absence of Conflicts
	  	 	7	  
	 Section 4.05
	 	 Consents
	  	 	7	  
	 Section 4.06
	 	 Broker’s or Finder’s Fees
	  	 	7	  
	 Section 4.07
	 	 No Judgments
	  	 	7	  
	 Section 4.08
	 	 No Insolvency
	  	 	7	  
	 Section 4.09
	 	 Specially Designated National or Blocked Person
	  	 	8	  
			
	Article V.	 	REPRESENTATIONS AND WARRANTIES REGARDING TRANSFEROR	  	 	8	  
			
	 Section 5.01
	 	 Organization and Good Standing and Entity Authorization
	  	 	8	  
	 Section 5.02
	 	 Authorization and Binding Effect of Documents
	  	 	8	  
	 Section 5.03
	 	 Absence of Conflicts
	  	 	9	  
	 Section 5.04
	 	 Consents and Approvals
	  	 	9	  
	 Section 5.05
	 	 Ownership of Transferor’s Interest
	  	 	9	  
	 Section 5.06
	 	 ERISA
	  	 	9	  
	 Section 5.07
	 	 No Judgments
	  	 	10	  
	 Section 5.08
	 	 No Insolvency
	  	 	10	  
	 Section 5.09
	 	 FIRPTA
	  	 	10	  
	 Section 5.10
	 	 Specially Designated National or Blocked Person
	  	 	10	  
			
	Article VI.	 	REPRESENTATIONS AND WARRANTIES OF METLIFE AND MLIC	  	 	10	  

  
 I 

							
	 Section 6.01
	 	 Organization and Good Standing and Entity Authorization
	  	 	10	  
	 Section 6.02
	 	 Authorization and Binding Effect of Documents
	  	 	10	  
	 Section 6.03
	 	 Absence of Conflicts
	  	 	11	  
	 Section 6.04
	 	 Consents and Approvals
	  	 	11	  
	 Section 6.05
	 	 Ownership of MetLife’s Interest
	  	 	11	  
	 Section 6.06
	 	 Broker’s or Finder’s Fees
	  	 	11	  
			
	Article VII.	 	REPRESENTATIONS AND WARRANTIES OF SUNRISE PARTIES	  	 	12	  
			
	 Section 7.01
	 	 Organization and Good Standing and Entity Authorization
	  	 	12	  
	 Section 7.02
	 	 Authorization and Binding Effect of Documents
	  	 	12	  
	 Section 7.03
	 	 Absence of Conflicts
	  	 	12	  
	 Section 7.04
	 	 Consents and Approvals
	  	 	12	  
			
	Article VIII.	 	COVENANTS	  	 	12	  
			
	 Section 8.01
	 	 Publicity
	  	 	12	  
	 Section 8.02
	 	 Commercially Reasonable Efforts
	  	 	13	  
			
	Article IX.	 	CONDITIONS PRECEDENT TO THE OBLIGATION OF TRANSFEREE AND TRANSFEROR TO CLOSE	  	 	13	  
			
	 Section 9.01
	 	 Conditions to Transferor’s Obligation to Close
	  	 	13	  
	 Section 9.02
	 	 Conditions to Transferee’s Obligation to Close
	  	 	13	  
			
	Article X.	 	CLOSING	  	 	14	  
			
	 Section 10.01
	 	 Time and Place
	  	 	14	  
	 Section 10.02
	 	 Delivery of Documents at Closing
	  	 	14	  
	 Section 10.03
	 	 Closing Costs
	  	 	16	  
			
	Article XI.	 	DEFAULT	  	 	16	  
			
	 Section 11.01
	 	 Survival
	  	 	16	  
	 Section 11.02
	 	 Transferee’s Remedies for Transferor’s, MetLife’s and/or MLIC’s Defaults
	  	 	16	  
	 Section 11.03
	 	 Transferor’s Remedies for Transferee’s Defaults
	  	 	17	  
	 Section 11.04
	 	 Exclusivity
	  	 	17	  
			
	Article XII.	 	METLIFE CONSENT AND RELEASE	  	 	17	  
			
	 Section 12.01
	 	 MetLife Consent and Release
	  	 	17	  
			
	Article XIII.	 	MISCELLANEOUS	  	 	17	  
			
	 Section 13.01
	 	 Further Actions
	  	 	17	  
	 Section 13.02
	 	 Consents under Existing Venture Agreement
	  	 	17	  
	 Section 13.03
	 	 Notices
	  	 	18	  

  
 II 

							
	 Section 13.04
	 	 Entire Agreement
	  	 	19	  
	 Section 13.05
	 	 Not Construed Against Drafter
	  	 	19	  
	 Section 13.06
	 	 Binding Effect; Benefits
	  	 	20	  
	 Section 13.07
	 	 Assignment
	  	 	20	  
	 Section 13.08
	 	 Governing Law
	  	 	20	  
	 Section 13.09
	 	 Amendments and Waivers
	  	 	20	  
	 Section 13.10
	 	 Severability
	  	 	20	  
	 Section 13.11
	 	 Headings
	  	 	20	  
	 Section 13.12
	 	 Counterparts
	  	 	21	  
	 Section 13.13
	 	 References
	  	 	21	  
	 Section 13.14
	 	 Exhibits
	  	 	21	  
	 Section 13.15
	 	 Attorneys’ Fees
	  	 	21	  
	 Section 13.16
	 	 Waiver of Jury Trial
	  	 	21	  
	 Section 13.17
	 	 Facsimile and PDF Signatures
	  	 	21	  

 EXHIBITS 
  

			
	A	  	Facilities; Facility Owners
		
	B.	  	Form of Assignment and Assumption of Interest Agreement
		
	C.	  	Non-Foreign Status Affidavit
		
	D.	  	MetLife Consent
		
	E.	  	Mutual Release
		
	F.	  	Owner Termination
		
	G.	  	Pooling Termination

  
 III

 TRANSFER AGREEMENT 

(Transfer of Interests in MetSun Three Pool One, LLC) 
 THIS TRANSFER AGREEMENT (this “Agreement”) is dated as of the 7th day of March, 2012, by and among MASTER METSUN THREE, LP, a Delaware limited partnership (“Transferor”),
SUN IV LLC (“Transferee”), METLIFE PROPERTIES VENTURES, LLC, a Delaware limited liability company (“MetLife”), METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (“MLIC”), MASTER METSUN THREE GP,
LLC, a Delaware limited liability company (“Sunrise GP”), SUNRISE SENIOR LIVING INVESTMENTS, INC., a Virginia corporation (“SSLII”), SUNRISE SENIOR LIVING MANAGEMENT, INC., a Virginia corporation
(“Manager”), and SUNRISE DEVELOPMENT INC, a Virginia corporation (“SDI” and, together with Sunrise GP, SSLII, and Manager, the “Sunrise Parties”). Certain capitalized terms used herein are defined
in Section 1.01. 
 RECITALS: 
 A. Transferor is the sole member of MetSun Three Pool One, LLC (“Pool One LLC”). Transferor’s membership interest in Pool One LLC is referred to herein as “Transferor’s
Interest.” 
 B. Transferor is owned by SSLII, Sunrise GP and MetLife. Transferor is governed by that Limited
Partnership Agreement, dated as of December 7, 2007, as amended by that First Amendment dated as of August 5, 2008 (as amended, the “Existing Venture Agreement”). 

C. Intentionally omitted. 
 D. Pool One LLC owns (i) 100% of the membership interests in (a) MetSun Three Lombard IL Senior Living, LLC, (b) Sunrise Louisville KY Senior Living, LLC, and (c) MetSun Three Dublin
OH Senior Living, LLC, (collectively, the “Capmark Facility Owners”), and (ii) 100% of the membership interests in (a) MetSun Three Mundelein IL Senior Living, LLC, and (b) MetSun Three Franklin MA Senior Living, LLC
(collectively, the “Retained Land Owners”). Pool One LLC’s interest in the Capmark Facility Owners is referred to as the “Capmark Facility Owner Interests” and Pool One LLC’s interest in the Retained Land
Owners is referred to as the “Retained Land Owner Interests”). 
 E. The Capmark Facility Owners own the fee
simple interest in each of the two (2) senior living facilities and one (1) parcel of vacant land listed across from such Capmark Facility Owner’s name on Exhibit A (the “Capmark Facilities”), and the Retained
Land Owners own the two (2) parcels of vacant land listed across from such Retained Land Owner’s name on Exhibit A (the “Retained Land”, and together with the Capmark Facilities, the “Facilities”)

 F. Pursuant to a separate management agreement and related documents for each Facility, each of the Facilities is managed by
Manager, an Affiliate of SSLII. 
 G. Transferee is wholly-owned by SSLII. 

  
 1 

 H. At Closing, Transferor intends to (a) cause Pool One LLC to distribute the Retained
Land Owner Interests to Transferor (the “Distribution”) and (b) immediately after such Distribution, assign Transferor’s Interest to Transferee, and Transferee has agreed to accept such assignment pursuant to the terms and
conditions set forth herein. 
 Accordingly, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 Article I. 

INTERPRETATION 

Section 1.01 Defined Terms. As used herein, the following terms shall have the meanings indicated: 

Affiliate: With respect to any specified Person that is not an individual, another Person which, directly or indirectly, controls,
is controlled by, or is under common control with, the specified Person. 
 Assignment and Assumption of Interest
Agreement: Assignment and Assumption Agreement substantially in the form of Exhibit B. 
 Business Day: Any
day, other than a Saturday, a Sunday or a day on which banks in New York City are required or authorized to close. 
 Charter
Documents: (i) with respect to any Person which is a corporation, the certificate of incorporation and bylaws of such Person, (ii) with respect to any Person which is a limited liability company, the certificate of formation and
operating or limited liability company agreement of such Person, and (iii) with respect to any Person which is a limited partnership, the certificate of limited partnership and partnership agreement of such Person. 

Code: The United States Internal Revenue Code of 1986, as amended. 

Contract Date: The date of this Agreement, set forth in the introductory paragraph. 

Documents: This Agreement and all Exhibits hereto, and each other agreement, certificate or instrument delivered pursuant to this
Agreement. 
 ERISA: The Employee Retirement Income Security Act of 1974, as amended. 

Excluded Assets: (i) all assets owned solely by Manager, SSLII or SSLI, including, without limitation, all web sites, URLs,
domain names, trade names, trademarks, service marks, logos and copyrights, (ii) all assets owned by tenants or licensees and (iii) all assets owned by Residents. 
 Existing Lender: Capmark Bank, a Utah industrial bank. 

  
 2 

 Existing Owner Financing: The existing mortgage financing obtained by the Capmark
Facility Owners from Existing Lender with respect to the Capmark Facilities. 
 Governmental Entity: Any governmental
authority, agency, commission, board or public authority. 
 Liabilities: Liabilities, obligations, commitments or
responsibilities of any nature whatsoever, whether direct or indirect, matured or unmatured, fixed or unfixed, known or unknown, accrued, asserted or unasserted, choate or inchoate, liquidated or unliquidated, secured or unsecured, absolute,
contingent or otherwise, including any direct or indirect indebtedness, guaranty, endorsement, claim, Loss, Taxes, damage, deficiency, cost or expense, but excluding, with respect to the relationships among the parties to this Agreement created
hereunder, consequential, special or punitive damages. 
 Lien: Any mortgage, deed of trust, pledge, hypothecation, title
defect, right of first refusal, security or other adverse interest, voting trust agreement, community property interest, encumbrance, claim, option, lien, lease or charge of any kind, whether voluntarily incurred or arising by operation of law or
otherwise, affecting any assets or property, including any agreement to give or grant any of the foregoing, any conditional sale or other title retention agreement, and the filing of or agreement to give any financing statement with respect to any
assets or property under the Uniform Commercial Code or comparable law of any jurisdiction. 
 Loss: With respect to any
Person, any and all costs, obligations, liabilities, demands, claims, settlement payments, awards, judgments, fines, penalties, damages, and reasonable out-of-pocket expenses, including court costs and reasonable attorneys’ fees, whether or not
arising out of a third party claim, but excluding consequential, special or punitive damages. 
 Material Adverse Effect:
Any change, event, development or effect that individually or in the aggregate has a material adverse effect on (a) the assets, business, operations, capitalization, financial condition (including Liabilities) or results of operations of Pool
One LLC, the Capmark Facilities, or the Capmark Facility Owners in the aggregate or (b) the ability of the parties to consummate the transactions contemplated by this Agreement. 

Person: Any individual, partnership, corporation, limited liability company, trust or other legal entity. 

Resident: Each individual resident at the Facilities in his/her capacity as such. 

Specially Designated National or Blocked Person: (i) A person or entity designated by the U.S. Department of the
Treasury’s Office of Foreign Assets Control from time to time as a “specially designated national or blocked person” or similar status, (ii) a person or entity described in Section 1 of U.S. Executive Order 13224,
issued on September 23, 2001 (the “Executive Order”), or (iii) a person or entity otherwise identified by Governmental Entity or legal authority as a person with whom a United States Person is prohibited from transacting
business. As of the date hereof, a list of such designations and the text of the Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac. 

  
 3 

 SSLI: Sunrise Senior Living, Inc., a Delaware corporation, which is the sole
shareholder of SSLII. 
 Taxes: All federal, state, local and foreign taxes including, without limitation, income, gains,
transfer, unemployment, withholding, payroll, social security, real property, personal property, excise, sales, use and franchise taxes, levies, assessments, imposts, duties, licenses and registration fees and charges of any nature whatsoever,
including interest, penalties and additions with respect thereto and any interest in respect of such additions or penalties, but excluding impact fees or other similar exactions levied or payable in connection with the development or operation of
any of the Facilities and excluding special assessments. 
 United States Person: (i) Any individual or business
entity, regardless of location, that is a resident of the United States; (ii) any individual or business entity physically located within the United States; (iii) any business entity organized under the laws of the United States or of any
state, territory, possession, or district thereof; and (iv) any business entity, wheresoever organized or doing business, which is owned or controlled by an individual or business entity specified in (i) or (iii) above. 

Section 1.02 Additional Defined Terms. As used herein, the following terms shall have the meanings defined in the recitals or
sections indicated below: 
  

			
	 Agreement
	  	Preamble
	 Capmark Facilities
	  	Recital E
	 Capmark Facility Owner Interests
	  	Recital D
	 Closing
	  	Section 10.01
	 Closing Date
	  	Section 3.02
	 Closing Statement
	  	Section 10.02(a)(v)
	 Distribution
	  	Recital H
	 Existing Venture Agreement
	  	Recital B
	 Facilities
	  	Recital E
	 Facility Owners
	  	Recital D
	 Manager
	  	Preamble
	 MetLife
	  	Preamble
	 MetLife Consent
	  	Section 12.01
	 Mutual Release
	  	Section 10.02
	 Pool One LLC
	  	Recital A
	 Retained Land
	  	Recital E
	 Retained Land Owner Interests
	  	Recital D
	 Sunrise GP
	  	Preamble
	 Transferor’s Interest
	  	Recital A
	 SSLII
	  	Preamble
	 Transferee
	  	Preamble
	 Transferor
	  	Preamble

  
 4 

 Section 1.03 Exhibits. The inclusion of any information on any one exhibit will
constitute disclosure of such information for all purposes hereunder, and information need not be repeated on multiple exhibits. 

Article II. 

AGREEMENT TO TRANSFER TRANSFEROR’S INTEREST 
 Section 2.01 Transfer of Transferor’s Interest. The parties acknowledge and agree that Transferee is not under any obligation to pay any monetary purchase price for Transferor’s
Interest and that Transferor is receiving good and valuable consideration for such transfer, including, without limitation, the covenants and obligations contained herein and the execution and delivery of the Mutual Release. 

Section 2.02 Owned Assets. As of the Closing, Transferor shall transfer Transferor’s Interest to Transferee (after the
Distribution) and cause Pool One LLC to take such steps as may be necessary so that all tangible and intangible assets, excluding any assets leased or licensed from a third party, used in, and material to, the operation of the Capmark Facilities as
they are currently being operated by the Capmark Facility Owners will be owned by the Capmark Facility Owners or Pool One LLC (as the case may be), other than Excluded Assets. 
 Section 2.03 Operating Cash. All cash held by Pool One LLC and the Capmark Facility Owners (whether on hand or in bank accounts) as of the Closing Date shall be retained by Pool One LLC and
the Capmark Facility Owners. 
 Section 2.04 Casualty/Condemnation. In the event that (a) all or any portion of
the Capmark Facilities is damaged or destroyed by fire or other casualty prior to Closing, and/or (b) there is any permanent or temporary actual or threatened taking or condemnation of any material portion of any Capmark Facility, Transferee
shall have no right to terminate this Agreement or to delay the Closing Date and all insurance proceeds attributable to such damage or destruction, and all proceeds of such taking or condemnation, shall be delivered or assigned to the Capmark
Facility Owner at Closing. 
 Article III. 
 CLOSING 
 Section 3.01 Transfer of Title. Transferor shall cause to be
released at or prior to Closing all Liens encumbering Transferor’s Interest. 

  
 5 

 Section 3.02 Satisfaction of Conditions Precedent. Transferor and Transferee
will endeavor diligently and in good faith to satisfy as promptly as practical all conditions precedent set forth in this Agreement to the respective obligations of Transferor and Transferee hereunder. The Closing shall take place, as provided in
Section 10.01, ten (10) Business Days after the Lender Notice has been issued, (the “Closing Date”), but no later than March 31, 2012 (such date, the “Outside Closing Date”). If all
conditions precedent have not been satisfied or waived on or prior to the Outside Closing Date, then the party in whose favor such condition precedent runs may terminate this Agreement and all other Documents (except for those provisions of this
Agreement and such other Documents that by their terms survive such termination), whereupon the parties hereto shall have no further obligations to each other in relation to this Agreement, such other Documents or the transactions contemplated
hereunder or thereunder (except for those obligations set forth in provisions of this Agreement and such other Documents that by their terms survive such termination). 
 Article IV. 
 REPRESENTATIONS AND WARRANTIES OF TRANSFEREE 

Transferee represents and warrants to Transferor as follows: 
 Section 4.01 Organization, Good Standing and Entity Authority. Transferee is a limited liability company, duly organized, validly existing and in good standing under the laws of Delaware, and
has all requisite corporate power to own and operate its properties and carry on its business. 
 Section 4.02
Authorization and Binding Effect of Documents. 
 (a) Transferee (and any applicable Affiliate) has all requisite power
and authority to enter into this Agreement and, at Closing, shall have all requisite power and authority to enter into the other Documents to which Transferee is to be a party and to consummate the transactions contemplated by this Agreement and
such other Documents. The execution and delivery of this Agreement by Transferee and the consummation by Transferee of the transactions contemplated hereby, on the terms and subject to the conditions herein, have been duly authorized by all
necessary action on the part of Transferee and Transferee’s equity holders and/or board of directors or managers. This Agreement has been, and each of the other Documents to which Transferee is to be a party will be, duly executed and delivered
by Transferee at or prior to Closing. This Agreement constitutes (and each of the other Documents to which Transferee is to be a party, when executed and delivered, will constitute) the valid and binding obligation of Transferee enforceable against
Transferee in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and to the exercise of judicial discretion in accordance with
general principles of equity, whether applied by a court of law or of equity. 
 Section 4.03 ERISA. 

(a) Transferee is not an employee pension benefit plan subject to the provisions of Title IV of ERISA or subject to the minimum funding
standards under Part 3, Subtitle B, Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and none of its assets constitutes assets of any such employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA.

  
 6 

 (b) Transferee is not a “governmental plan” within the meaning of
Section 3(32) of ERISA. The consummation of the transactions contemplated by this Agreement will not violate such statutes. 
 Section 4.04 Absence of Conflicts. The execution, delivery and performance by Transferee of this Agreement and the other Documents to which Transferee is to be a party, and consummation by
Transferee of the transactions contemplated hereby and thereby, do not and will not (i) conflict with or result in any breach of any of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in a
violation of, or (iv) give any third party the right to modify, terminate or accelerate any obligation under the provisions of any Charter Documents of Transferee (or its Affiliates), any law, regulation, judgment, rule, order or decree to
which Transferee (or its Affiliates) is subject, or any indenture, mortgage, lease, loan agreement or other agreement or instrument to which Transferee (or its Affiliates) is subject. 

Section 4.05 Consents. Except for any such reports and filings that an Affiliate of Transferee may be required to make with
the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, the execution, delivery and performance by Transferee of this Agreement and the other Documents to which Transferee is to be a party do not require
any order, permission, consent, approval, authorization, registration or validation of, or exemption, clearance or other action by, or notice or declaration to, or filing with, any Governmental Entity, or the consent, waiver or approval of any other
Person which has not been obtained and is currently in full force and effect. 
 Section 4.06 Broker’s or
Finder’s Fees. No agent, broker, investment banker or other Person acting on behalf of or under the authority of Transferee (or any of its Affiliates) is or will be entitled to any broker’s or finder’s fee or any other commission
or similar fee, directly or indirectly, from Transferor in connection with the transactions contemplated by this Agreement. Transferee agrees to indemnify and hold Transferor and its Affiliates harmless from any Loss resulting from a breach of this
representation and warranty. 
 Section 4.07 No Judgments. There are no judgments presently outstanding and
unsatisfied directly against Transferee, and Transferee is not involved in any litigation at law or in equity, or in any proceeding before any court, or by or before any Governmental Entity, which judgment, litigation or proceeding could reasonably
be anticipated to have a Material Adverse Effect and which is not fully covered by insurance and, to Transferee knowledge, (i) no such judgment, litigation or proceeding is threatened against Transferee which could reasonably be anticipated to
have a Material Adverse Effect and (ii) no investigation looking toward such a proceeding has begun or is contemplated. 

Section 4.08 No Insolvency. Transferee has not committed an act of bankruptcy, proposed a compromise or arrangement to its
creditors generally, had any petition for a receiving order in bankruptcy filed against it, instituted any proceeding with respect to a compromise or arrangement, instituted any proceeding to have itself declared bankrupt or wound-up, instituted any
proceeding to have a receiver appointed in connection with any of its assets, had any emcumbrancer take possession of any of its assets, or had any execution or distress become enforceable or become levied upon any of its assets. 

  
 7 

 Section 4.09 Specially Designated National or Blocked Person. Either
(x) Transferee is and will be either regulated by the SEC, FINRA or the Federal Reserve (a “Regulated Entity”) or is a direct or indirect wholly-owned subsidiary of a Regulated Entity or (y) Transferee and any person or
entity that directly or indirectly (a) controls Transferee or (b) has an ownership interest in Transferee of twenty-five percent (25%) or more, is not a Specially Designated National or Blocked Person, with respect to which entering
into transactions with such a person or entity would violate OFAC or any other law. 
 As used in this Agreement, the phrase
“to Transferee’s knowledge” and similar phrases shall mean the current, actual (not constructive, imputed, or implied) knowledge, after due inquiry, of Greg Neeb, Philip Kroskin, Edward Burnett and Jerry Liang, who Transferee
represents are the persons most knowledgeable about Transferee’s overall business and affairs. Notwithstanding anything herein to the contrary, Transferee shall have no Liability to Transferor for a breach of any representation or warranty
hereunder, if the breach in question is based on a condition, state of facts or other matter which was currently and actually known (and not constructively, by imputation or by implication) by the party claiming such breach, or disclosed in writing
to the party claiming such breach, on or prior to the date hereof. 
 Article V. 

REPRESENTATIONS AND WARRANTIES REGARDING TRANSFEROR 
 Transferor represents and warrants to Transferee as follows: 
 Section 5.01
Organization and Good Standing and Entity Authorization. Transferor is a limited partnership, duly organized, validly existing and in good standing under the laws of the State of Delaware. Transferor has all requisite limited partnership
power to own, operate and lease its properties and carry on its business. Sunrise GP is the sole general partner of Transferor and SSLII and MetLife comprise the sole limited partners of Transferor. 

Section 5.02 Authorization and Binding Effect of Documents. Transferor has all requisite power and authority to enter into
this Agreement and, at Closing, shall have all requisite power and authority to enter into the other Documents to which it is to be a party and to consummate the transactions contemplated by this Agreement and such other Documents, subject to
receipt of the MetLife Consent. The execution and delivery of this Agreement by Transferor and the consummation by Transferor of the transactions contemplated hereby, on the terms and subject to the conditions herein, have been duly authorized by
all necessary action on the part of Transferor and Transferor’s limited partners, subject to delivery of the MetLife Consent. This Agreement has been, and each of the other Documents to which Transferor is to be a party will be, duly executed
and delivered by Transferor at or prior to Closing. This Agreement constitutes (and each of the other Documents to which Transferor is to be a party, when executed and delivered, will constitute) the valid and binding obligation of Transferor
enforceable against Transferor in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and to the exercise of judicial discretion in
accordance with general principles of equity, whether applied by a court of law or of equity. 

  
 8 

 Section 5.03 Absence of Conflicts. Subject to receipt of the Lender Consent and
the MetLife Consent, the execution, delivery and performance by Transferor of this Agreement and the other Documents to which Transferor is to be a party, and consummation by Transferor of the transactions contemplated hereby and thereby, do not and
will not (i) conflict with or result in any breach of any of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in a violation of, (iv) give any third party the right to modify, terminate or
accelerate any obligation under, the provisions of the Charter Documents of Transferor (or its Affiliates), any indenture, mortgage, lease, loan agreement or other agreement or instrument by which Transferor (or its Affiliates) is bound or affected,
or any law, regulation, rule, judgment, order or decree to which Transferor (or its Affiliates) is subject. 
 Section 5.04
Consents and Approvals. The execution, delivery and performance by Transferor of this Agreement and the other Documents, and consummation by Transferor of the transactions contemplated hereby and thereby, do not and will not require the
authorization, consent, approval, exemption, clearance, order, permission, license, registration or validation of, or exemption by, or other action by or notice or declaration to, or filing with, any court or Governmental Entity, or the consent,
waiver or approval of any other Person which has not been obtained and is currently in full force and effect, subject to receipt of the Lender Consent and the MetLife Consent, and the consent of SSLII, which consent and approval shall be evidenced
by SSLII’s execution and delivery of this Agreement. 
 Section 5.05 Ownership of Transferor’s Interest.

 (a) Transferor is the sole legal and beneficial owner of Transferor’s Interest. Transferor’s Interest is free and
clear of all Liens encumbering Transferor’s Interest, and Transferor has good and marketable title to Transferor’s Interest. Transferor’s Interest is validly issued, fully paid and non-assessable. There is no restriction or limitation
on Transferor’s right to sell Transferor’s Interest as contemplated by this Agreement, subject to receipt of the Lender Consent and the MetLife Consent, and the approval and consent of SSLII is required for the consummation by Transferor
of the transactions contemplated by this Agreement, which consent and approval shall be evidenced by SSLII’s execution and delivery of this Agreement. At Closing, Transferor will transfer to Transferee good and marketable title to
Transferor’s Interest, free and clear of all Liens. 
 Section 5.06 ERISA. 

(a) Transferor is not an employee pension benefit plan subject to the provisions of Title IV of ERISA or subject to the minimum funding
standards under Part 3, Subtitle B, Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and none of its assets constitute assets of any such employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA.

  
 9 

 (b) Transferor is not a “governmental plan” within the meaning of
Section 3(32) of ERISA. The consummation of the transactions contemplated by this Agreement will not violate such statutes. 
 Section 5.07 No Judgments. There are no judgments presently outstanding and unsatisfied directly against Transferor, and Transferor is not involved in any litigation at law or in equity, or in
any proceeding before any court, or by or before any Governmental Entity, which judgment, litigation or proceeding could reasonably be anticipated to have a Material Adverse Effect and which is not fully covered by insurance and, to
Transferor’s knowledge, (i) no such judgment, litigation or proceeding is threatened against Transferor which could reasonably be anticipated to have a Material Adverse Effect and (ii) no investigation looking toward such a proceeding
has begun or is contemplated. 
 Section 5.08 No Insolvency. Transferor has not committed an act of bankruptcy,
proposed a compromise or arrangement to its creditors generally, or had any petition for a receiving order in bankruptcy filed against it, instituted any proceeding to have itself declared bankrupt or wound-up, instituted any proceeding to have a
receiver appointed in connection with any of its assets, had any emcumbrancer take possession of any of its assets, or had any execution or distress become enforceable or become levied upon any of its assets. 

Section 5.09 FIRPTA. Transferor is not a “foreign person” within the meaning of Section 1445 of the Code and
the regulations issued thereunder. 
 Section 5.10 Specially Designated National or Blocked Person. Either
(x) Transferor is and will be either regulated by the SEC, FINRA or the Federal Reserve (a “Regulated Entity”) or is a wholly-owned subsidiary or affiliate of a Regulated Entity or (y) Transferor and any person or entity
that directly or indirectly (a) controls Transferor or (b) has an ownership interest in Transferor of twenty-five percent (25%) or more, is not a Specially Designated National or Blocked Person, with respect to which entering into
transactions with such a person or entity would violate OFAC or any other law. 
 Article VI. 

REPRESENTATIONS AND WARRANTIES OF METLIFE AND MLIC 
 MetLife and MLIC, on their own behalf and not jointly, represent and warrant to Transferee as follows: 
 Section 6.01 Organization and Good Standing and Entity Authorization. MetLife is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of Delaware. MLIC is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of New York. 
 Section 6.02 Authorization and Binding Effect of Documents. MetLife has all requisite power and authority to enter into this Agreement, and, at Closing, shall have all requisite power and
authority to enter into the MetLife Consent and the Mutual Release. MLIC has all requisite power and authority to enter into this Agreement, and, at Closing, shall have all requisite power and authority to enter into the Mutual Release. The
execution and delivery of this Agreement by MetLife and MLIC has been duly authorized by all necessary action on the part of MetLife and 

  
 10 

 
MLIC. This Agreement, the MetLife Consent and the Mutual Release have been and will be duly executed and delivered by MetLife and MLIC, as applicable. This Agreement, and upon execution and
delivery, the MetLife Consent and Mutual Consent shall constitute, the valid and binding obligation of MetLife and MLIC (as applicable) enforceable against such parties in accordance with their respective terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and to the exercise of judicial discretion in accordance with general principles of equity, whether applied by a court of law or of equity.

 Section 6.03 Absence of Conflicts. The execution, delivery and performance by MetLife and MLIC of this Agreement,
the MetLife Consent and the Mutual Release, as applicable, and consummation by MetLife and MLIC of the transactions contemplated hereby and thereby, do not and will not (i) conflict with or result in any breach of any of the terms, conditions
or provisions of, (ii) constitute a default under, (iii) result in a violation of, (iv) give any third party the right to modify, terminate or accelerate any obligation under, the provisions of the Charter Documents of MetLife or
MLIC, any indenture, mortgage, lease, loan agreement or other agreement or instrument by which MetLife or MLIC is bound or affected, or any law, regulation, rule, judgment, order or decree to which MetLife or MLIC is subject. 

Section 6.04 Consents and Approvals. The execution, delivery and performance by MetLife and MLIC of this Agreement, the
MetLife Consent and the Mutual Release, as applicable, and consummation by MetLife and MLIC of the transactions contemplated hereby and thereby, do not and will not require the authorization, consent, approval, exemption, clearance, order,
permission, license, registration or validation of, or exemption by, or other action by or notice or declaration to, or filing with, any court or Governmental Entity, or the consent, waiver or approval of any other Person which has not been obtained
and is currently in full force and effect. 
 Section 6.05 Ownership of MetLife’s Interest. MetLife is the sole
legal and beneficial owner of an eighty percent (80%) limited partner interest in Transferor (“MetLife’s Interest”), free and clear of any liens or encumbrances. There is no restriction or limitation on MetLife’s
right to consent to the transfer of Transferor’s Interest pursuant to the terms hereof, except the approval and consent of SSLII, which consent and approval shall be evidenced by SSLII’s execution and delivery of this Agreement.

 Section 6.06 Broker’s or Finder’s Fees. No agent, broker, investment banker or other Person acting on
behalf of or under the authority of MetLife or MLIC (or any of their respective Affiliates) is or will be entitled to any broker’s or finder’s fee or any other commission or similar fee, directly or indirectly, from MetLife or MLIC in
connection with the transactions contemplated by this Agreement. MetLife and MLIC agree to indemnify and hold Transferee and its Affiliates harmless from any Loss resulting from a breach of this representation and warranty. 

  
 11 

 Article VII. 
 REPRESENTATIONS AND WARRANTIES OF SUNRISE PARTIES 
 Each of the Sunrise Parties,
on their own behalf and not jointly, represent and warrant to Transferee as follows: 
 Section 7.01 Organization and
Good Standing and Entity Authorization. Each Sunrise Party is duly organized, validly existing and in good standing under the laws of the state of its formation. 
 Section 7.02 Authorization and Binding Effect of Documents. Each Sunrise Party has all requisite power and authority to enter into this Agreement, and, at Closing, shall have all requisite
power and authority to enter into the Mutual Release. The execution and delivery of this Agreement by each Sunrise Party has been duly authorized by all necessary action on the part of such Sunrise Party. This Agreement and the Mutual Release have
been and will be duly executed and delivered by each Sunrise Party, as applicable. This Agreement, and upon execution and delivery, the Mutual Release shall constitute, the valid and binding obligation of each Sunrise Party (as applicable)
enforceable against such party in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the rights of creditors generally and to the exercise of judicial
discretion in accordance with general principles of equity, whether applied by a court of law or of equity. 
 Section 7.03
Absence of Conflicts. The execution, delivery and performance by each Sunrise Party of this Agreement and the Mutual Release, as applicable, and consummation by such Sunrise Party of the transactions contemplated hereby and thereby, do not
and will not (i) conflict with or result in any breach of any of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in a violation of, (iv) give any third party the right to modify, terminate or
accelerate any obligation under, the provisions of the Charter Documents of such Sunrise Party, any indenture, mortgage, lease, loan agreement or other agreement or instrument by which such Sunrise Party is bound or affected, or any law, regulation,
rule, judgment, order or decree to which such Sunrise Party is subject. 
 Section 7.04 Consents and Approvals. The
execution, delivery and performance by each Sunrise Party of this Agreement and the Mutual Release, as applicable, and consummation by such Sunrise Party of the transactions contemplated hereby and thereby, do not and will not require the
authorization, consent, approval, exemption, clearance, order, permission, license, registration or validation of, or exemption by, or other action by or notice or declaration to, or filing with, any court or Governmental Entity, or the consent,
waiver or approval of any other Person which has not been obtained and is currently in full force and effect. 
 Article VIII.

 COVENANTS 
 Section 8.01 Publicity. The parties agree that no public release or announcement concerning the transactions contemplated hereby shall be issued by any party without the prior

  
 12 

 
written consent of the other parties, except as required by law or applicable regulations. The parties may disclose this Transfer Agreement and matters relating to the subject matter hereof to
(i) their professional advisers (including legal and financial advisers) or (ii) to any prospective or existing lenders, provided that in each case any such party informs the recipient of the confidentiality obligations of such party
hereunder. The parties understand and agree that if required by law or regulatory authority, or if required by applicable disclosure requirements under applicable securities laws or other laws, one or more of the parties may (i) disclose
certain information concerning the transaction, (ii) issue one (1) or more press releases concerning the execution of this Agreement and/or the transfer of the Transferor’s Interest, provided that with respect to any press
release which identifies Transferor, MetLife, SSLII, Transferee, or their respective Affiliates, the party issuing the release shall seek the prior approval of SSLII (as to itself, Transferor, Transferee, or their Affiliates) or MetLife, as
applicable, such approval not to be unreasonably delayed or withheld and, in any event, such requirement to seek prior approval not to preclude any party or its Affiliate from complying with applicable disclosure obligations under law, and
(iii) file a copy of this Agreement with the Securities and Exchange Commission. 
 Section 8.02 Commercially
Reasonable Efforts. Subject to the terms and conditions of this Agreement, each party will use its commercially reasonable efforts to take all action and to do all things necessary, proper or advisable to satisfy any condition hereunder in its
power to satisfy and for which it is responsible for the satisfaction of, and to consummate and make effective as soon as practicable the transactions contemplated by this Agreement. 

Article IX. 

CONDITIONS PRECEDENT TO THE OBLIGATION 
 OF TRANSFEREE AND TRANSFEROR TO CLOSE 
 Section 9.01 Conditions to
Transferor’s Obligation to Close. The obligation of Transferor to proceed to Closing is subject to the satisfaction of each of the following conditions, any of which may be waived, in whole or in part, in writing by Transferor at or prior
to Closing: 
 (a) Transferor shall have delivered notice to the Existing Lender (the “Lender Notice”), in form
and substance reasonably acceptable to Transferor. 
 (c) Transferee and the Sunrise Parties shall have performed all of their
respective obligations under this Agreement which are required to be performed at or prior to Closing. 
 (d) All
representations and warranties of Transferee and the Sunrise Parties set forth in Articles IV and VII shall have been true and correct as of the Contract Date and as of the Closing Date with the same force and effect as though made on and as of the
Closing Date. 
 (e) Transferee and the Sunrise Parties shall have executed and delivered all of the documents required to be
delivered at Closing pursuant to Section 10.02. 
 Section 9.02 Conditions to Transferee’s Obligation to
Close. The obligation of Transferee to proceed to Closing is subject to the satisfaction of each of the following conditions, any of which may be waived, in whole or in part, in writing by Transferee at or prior to Closing: 

(a) Transferor shall have delivered the Lender Notice. 

  
 13 

 (b) Transferor, MetLife and MLIC shall have performed all of their respective obligations
under this Agreement which are required to be performed at or prior to Closing. 
 (c) All representations and warranties of
Transferor, MetLife and MLIC set forth in Articles V and VI shall have been true and correct as of the Contract Date and as of the Closing Date with the same force and effect as though made on and as of the Closing Date. 

(d) Transferor shall have executed and delivered all of the documents required to be delivered at Closing pursuant to Section 10.02.

 Article X. 
 CLOSING 
 Section 10.01 Time and Place. Closing of Transferor’s
assignment of Transferor’s Interest pursuant to this Agreement (the “Closing”) shall take place at the offices of Willkie Farr & Gallagher LLP in New York City (or at such other place as Transferor and Transferee
mutually agree) on the Closing Date or such other date as is mutually agreed upon by Transferor and Transferee. 

Section 10.02 Delivery of Documents at Closing. 
 (a) At Closing, Transferor shall: 
 (i) Cause Pool One LLC to
execute and deliver a distribution agreement in a form reasonably acceptable to Transferor to effect the Distribution. 
 (ii) Execute and deliver to Transferee (or its designee) the Assignment and Assumption of Interest Agreement. 
 (iii) Provide to Transferee a copy of resolutions or other actions of the board of directors and shareholders of Transferor certified by a duly authorized officer of Transferor. 

(iv) Execute, cause to be acknowledged as appropriate and deliver to Transferee such additional documents as may be
reasonably necessary or customary to consummate the transactions contemplated by this Agreement. 
 (v) Execute,
cause to be acknowledged as appropriate and deliver to Transferee a closing statement or memorandum in a form reasonably acceptable to Transferee and Transferor (the “Closing Statement”). 

(vi) Execute, cause to be acknowledged and deliver to Transferee a non-foreign status affidavit in the form of Exhibit
C, as required by Section 1445 of the Code. 

  
 14 

 (vii) Execute or cause to be executed, and cause to be acknowledged and
filed, as applicable, any and all transfer tax forms, or signature pages to transfer tax forms, required by applicable law or advisable, in the reasonable opinion of Transferee or Transferor, in connection with the transfer of Transferor’s
Interests to Transferee (or its designee) as contemplated hereunder. 
 (viii) Pay and fully satisfy all
obligations which are evidenced by any Lien encumbering Transferor’s Interest, or the Capmark Facility Owner Interests which are not permitted hereunder. 
 (ix) Execute and deliver a termination of Owner Agreement in the form attached hereto as Exhibit F. 
 (x) Execute and deliver a termination of Pooling Agreement in the form attached hereto as Exhibit G. 
 (b) At Closing, Transferee shall: 
 (i) Execute, acknowledge and
deliver the Assignment and Assumption of Interest Agreement. 
 (ii) Provide to Transferor (A) a copy of the
Charter Documents of Transferee certified by a duly authorized officer or member of Transferee, (B) a copy of resolutions or other actions of the board of directors or managers and members of Transferee certified by a duly authorized officer or
member of Transferee, and (C) such other evidence of the power and authority of Transferee to consummate the transactions described in this Agreement as Transferor may reasonably require. 

(iii) Execute, cause to be acknowledged as appropriate and deliver such additional documents as may be reasonably
necessary or customary to consummate the transactions contemplated by this Agreement. 
 (iv) Execute,
acknowledge and deliver the Closing Statement. 
 (v) Execute, and cause to be notarized and filed, as
applicable, any and all transfer tax forms, or signature pages to transfer tax forms, required by applicable law or advisable, in the reasonable opinion of Transferee or Transferor (as the case may be), in connection with the transfer of the
Transferor’s Interests to Transferee (or its designee). 
 (c) At Closing, MetLife, MLIC, Transferor and the Sunrise
Parties shall execute and deliver a duly executed release agreement in the form attached hereto as Exhibit E (the “Mutual Release”), which Mutual Release shall provide for, among other things, the release of Transferor,
MetLife and MLIC from certain claims in respect of development fees, management fees and other intercompany payable with respect to the Capmark Facilities. 
 (d) At Closing, MetLife shall execute and deliver the MetLife Consent. 

  
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 (e) Notwithstanding the foregoing, prior to Closing Transferee may elect, in its sole
discretion, to assume the Owner Agreements and Pooling Agreements in lieu of a termination thereof, pursuant to an assignment and assumption agreement reasonably acceptable to the parties. 

Section 10.03 Closing Costs. 
 (a) Except as otherwise specifically provided in this Agreement, Transferee and Transferor shall each pay the fees and expenses of their own attorneys, accountants, financial advisors, investment bankers
and employees. 
 (b) Any transfer taxes, fees or similar charges, and fees, costs and expenses charged by the Existing Lender,
incurred as a result of the transactions contemplated by this Agreement will be paid by Transferee. 
 Article XI. 

DEFAULT 

Section 11.01 Survival. All claims for any breach by a party of any representation, warranty, covenant or agreement made by
it in this Agreement or in any other Document must be set forth in reasonable detail in a written notice received by such party not later than the date that is three (3) years following the Closing Date and any litigation with respect to such
claim shall be commenced on or prior to the date that is sixty (60) days after the expiration of such three (3) year period. 
 Section 11.02 Transferee’s Remedies for Transferor’s, MetLife’s and/or MLIC’s Defaults. (A) If Transferor, MetLife or MLIC breaches any of its representations and
warranties hereunder, or defaults on any of its obligations hereunder in any material respect, in each case caused solely by the indirect or direct actions or inactions of MetLife and/or MLIC, and such default continues for ten (10) Business
Days after written notice thereof from Transferee to Transferor, MetLife and/or MLIC (as applicable) specifying such default, including, without limitation, a breach of the obligation to transfer Transferor’s Interest on the Closing Date, time
being of the essence, Transferee may, as its sole remedy hereunder, by delivering notice in writing to Transferor, MetLife and/or MLIC (as applicable) in the manner provided in this Agreement, either (i) terminate this Agreement and the other
Documents and declare it and them null and void (except for those Liabilities that expressly survive such termination) and Transferee shall be entitled to seek any claims for damages (excluding consequential, punitive or indirect damages) against
Transferor, MetLife and/or MLIC, as applicable, including, without limitation, recovery of its out- of pocket costs and expenses incurred in connection with the transactions contemplated hereunder (including, without limitation, reasonable attorneys
fees and costs), (ii) seek enforcement of this Agreement by a decree of specific performance or injunctive relief requiring Transferor, MetLife and/or MLIC to fulfill its obligations under this Agreement, including but not limited to the
transfer of Transferor’s Interest or (iii) waive any such conditions or defaults and consummate the transactions contemplated by this Agreement and the Documents in the same manner as if there had been no conditions or defaults without any
further claim against Transferor, MetLife or MLIC. 

  
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 Section 11.03 Transferor’s Remedies for Transferee’s Defaults. If
Transferee breaches any of its representations or warranties hereunder, or defaults on any of its obligations hereunder in any material respect, and such default continues for ten (10) Business Days after written notice thereof from Transferor
specifying such default, Transferor may, as its sole remedy hereunder, by delivering notice in writing to Transferee in the manner provided in this Agreement, either, (i) terminate this Agreement and the other Documents and declare it and them
null and void (except for those Liabilities that expressly survive such termination), and Transferor shall be entitled to seek any claims for damages (excluding consequential, punitive or indirect damages) against Transferee, including, without
limitation, recovery of its out- of pocket costs and expenses incurred in connection with the transactions contemplated hereunder (including, without limitation, reasonable attorneys fees and costs,, (ii) seek enforcement of this Agreement by a
decree of specific performance or injunctive relief requiring Transferee to fulfill its obligations under this Agreement, including but not limited to accepting the transfer of Transferor’s Interest or (iii) waive any such conditions or
defaults and consummate the transactions contemplated by this Agreement and the Documents in the same manner as if there had been no conditions or defaults without any further claim against Transferee. MetLife shall have the right to enforce this
Agreement and exercise any rights and remedies permitted hereunder on behalf of Transferor. 
 Section 11.04
Exclusivity. The rights and remedies set forth in this Article XI shall be exclusive of all other rights to monetary damages that any party (or any party’s successors or assigns) would otherwise have at law or in equity in
connection with the transactions contemplated by this Agreement or any other Document, other than with respect to claims based on common law fraud or rights which by law cannot be waived or limited. 

Article XII. 

METLIFE CONSENT AND RELEASE 
 Section 12.01 MetLife Consent and Release. The parties acknowledge that the approval of MetLife is required for the Distribution and transfer of Transferor’s Interest pursuant to the
terms and conditions of the Existing Venture Agreement. MetLife hereby agrees to provide such consent, in the form attached hereto as Exhibit D (the “MetLife Consent”) on the condition that MetLife shall receive, as of the
Closing Date, the Mutual Release and all other conditions to Closing set forth in Section 9.01 have been satisfied. 

Article XIII. 

MISCELLANEOUS 

Section 13.01 Further Actions. From time to time before, at and after the Closing, each party, at its expense and without
further consideration, will execute and deliver such documents as reasonably requested by any other party in order more effectively to consummate the transactions contemplated hereby. 

Section 13.02 Consents under Existing Venture Agreement. The parties acknowledge that the transactions contemplated hereunder
may require the consent of SSLII (in addition to the MetLife Consent) in accordance with the terms of the Existing Venture Agreement, and the execution and delivery by SSLII of this Agreement shall evidence any such required consent from SSLII.

  
 17 

 Section 13.03 Notices. All notices, demands or other communications given
hereunder shall be in writing and shall be sufficiently given if delivered by courier (including overnight delivery service) or sent by registered or certified mail, first class, postage prepaid, or by electronic mail or facsimile (provided
that an additional copy is delivered by one of the foregoing methods), addressed as follows: 
 (a) If to Transferor, to:

 c/o Sunrise Senior Living, Inc. 
 7900 Westpark Drive, Suite T-900 
 McLean, Virginia 22102 

Attn.: General Counsel 
 Telecopy No.: (703) 744-1990 
 Telephone No.: (703) 854-0334 

with a copy to: 

Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 
 New York, New York 10019 

Attn.: Eugene A. Pinover, Esq. 
 Telecopy No.: (212) 728-9254 
 Telephone No.: (212) 728-8254 

and: 

Metropolitan Properties Ventures, LLC 
 c/o Metropolitan Life Insurance Company 
 1620 L Street N.W., Suite 801

 Washington, DC 20036 
 Attention: Regional Director 
 and: 

c/o Metropolitan Life Insurance Company 
 10 Park Avenue 
 Morristown, New Jersey 07960 

Attention: Associate General Counsel 
 (b) If to Transferee to: 
 c/o Sunrise Senior Living, Inc. 

7900 Westpark Drive, Suite T-900 
 McLean, Virginia 22102 
 Attn.: General Counsel 

Telecopy No.: (703) 744-1990 
 Telephone No.: (703) 854-0334 

  
 18 

 with a copy to: 
 Willkie Farr & Gallagher LLP 
 787 Seventh Avenue 

New York, New York 10019 
 Attn.: Eugene A. Pinover, Esq. 
 Telecopy No.: (212) 728-9254 

Telephone No.: (212) 728-8254 
 (c) If to MetLife or MLIC to: 
 Metropolitan Properties Ventures, LLC 

c/o Metropolitan Life Insurance Company 
 1620 L Street N.W., Suite 801 
 Washington, DC 20036 

Attention: Regional Director 
 and: 
 c/o Metropolitan Life Insurance Company 

10 Park Avenue 

Morristown, New Jersey 07960 
 Attention: Associate General Counsel 
 or such other address as a party may from time to time
notify the other party in writing (as provided above). Any such notice, demand or communication shall be deemed to have been given (i) if so mailed, as of the close of the fifth Business Day following the date so mailed, (ii) if delivered
by courier, on the date received and (iii) if sent by facsimile, on the date transmitted if during normal business hours of the recipient, and otherwise on the next Business Day of the recipient, in each case as evidenced by receipt by the
sending party of electronic confirmation of successful transmission form the receiving party’s facsimile machine. 

Section 13.04 Entire Agreement. This Agreement, the Exhibits and the other Documents contain the entire understanding among
the parties with respect to the subject matter hereof and are intended to be a full integration of all prior or contemporaneous agreements, conditions or undertakings among the parties hereto. There are no promises, agreements, conditions,
undertakings, warranties or representations, oral or written, express or implied, among the parties with respect to the subject matter hereof other than as set forth in this Agreement and the Exhibits and other Documents. 

Section 13.05 Not Construed Against Drafter. This Agreement has been negotiated and prepared by the parties and their
respective counsel, and should any provision of this Agreement require judicial interpretation, the court interpreting or construing the provision shall not apply the rule of construction that a document is to be construed more strictly against one
party. 

  
 19 

 Section 13.06 Binding Effect; Benefits. Except as otherwise provided herein,
this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors or permitted assigns. Except to the extent specified herein, nothing in this Agreement, express or implied, shall confer on any
person other than the parties hereto and their respective successors or permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 13.07 Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by
any party without the prior written consent of the other parties, provided that Transferee may assign all of its rights under this Agreement to any subsidiary of SSLI or SSLII which is, directly or indirectly, wholly owned by SSLI or SSLII;
provided further that (i) the respective representations and warranties of Transferee hereunder shall be true and correct in all material respects as applied to the applicable assignee, (ii) both Transferee and the assignee shall
execute and deliver to the other parties hereto a written instrument in form and substance satisfactory to such parties, in their reasonable discretion, in which both Transferee and the assignee agree to be jointly and severally liable for
performance of all of the applicable assignee’s obligations under this Agreement, (iii) Transferee and the assignee shall deliver such other documents and instruments as reasonably requested by the other parties hereto, including
appropriate certified resolutions of the members or boards of directors of Transferee and the assignee and (iv) Transferee shall remain fully liable for its obligations under this Agreement. 

Section 13.08 Governing Law. This Agreement shall in all respects be governed by and construed in accordance with the laws of
the State of Delaware without regard to its principles of conflicts of laws. 
 Section 13.09 Amendments and
Waivers. No term or provision of this Agreement may be amended, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom the enforcement of such amendment, waiver, discharge or termination is
sought. Any waiver shall be effective only in accordance with its express terms and conditions. 
 Section 13.10
Severability. Any provision of this Agreement which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such unenforceability without invalidating the remaining provisions hereof, and any such
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereto hereby waive any provision of law now or hereafter in effect
which renders any provision hereof unenforceable in any respect. 
 Section 13.11 Headings. The captions in this
Agreement are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

  
 20 

 Section 13.12 Counterparts. This Agreement may be executed in any number of
counterparts, and by any party on separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same instrument. 
 Section 13.13 References. All references in this Agreement to Articles and Sections are to Articles and Sections contained in this Agreement unless a different document is expressly specified.

 Section 13.14 Exhibits. Unless otherwise specified herein, each Exhibit referred to in this Agreement is attached
hereto, and each such Exhibit (other than Exhibits that are to be separately executed and delivered as Documents) is hereby incorporated by reference and made a part hereof as if fully set forth herein. 

Section 13.15 Attorneys’ Fees. In the event any party brings an action to enforce or interpret any of the provisions of
this Agreement, the “prevailing party” in such action shall, in addition to any other recovery, be entitled to its reasonable attorneys’ fees and expenses arising from such action and any appeal or any bankruptcy action related
thereto, whether or not such matter proceeds to court. For purposes of this Agreement, “prevailing party” shall mean, in the case of a Person asserting a claim, such Person is successful in obtaining substantially all of the relief sought,
and in the case of a Person defending against or responding to a claim, such Person is successful in denying substantially all of the relief sought. 
 Section 13.16 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY PROCEEDINGS BROUGHT BY ANY OTHER PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED
WITH THE TRANSACTION, THIS AGREEMENT, SELLER’S INTEREST, THE FACILITIES OR THE RELATIONSHIP OF THE PARTIES HEREUNDER. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING (AND NOT BE MERGED THEREIN) OR ANY EARLIER TERMINATION OF THIS
AGREEMENT. 
 Section 13.17 Facsimile and PDF Signatures. Signatures to this Agreement transmitted by telecopy or by
electronic mail in PDF format shall be valid and effective to bind the party so signing. Each party agrees to promptly deliver an execution original to this Agreement with its actual signature to the other parties, but a failure to do so shall not
affect the enforceability of this Agreement, it being expressly agreed that each party to this Agreement shall be bound by its own telecopied signature or signature transmitted by electronic mail in PDF format and shall accept the telecopied
signature or signature transmitted by electronic mail in PDF format of each other party to this Agreement. 
 [SIGNATURES FOLLOW
ON NEXT PAGE] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as
of the date first written above. 
  

			
	TRANSFEREE:
	
	SUN IV LLC, a Delaware limited liability company
		
	By:	 	Sunrise Senior Living Investments, Inc., a
		 	Virginia corporation, its sole member
		
	By:	 	 /s/ Edward W. Burnett

	Name:	 	 Edward W. Burnett

	Title:	 	 Vice President

	
	TRANSFEROR:
	
	MASTER METSUN THREE LP, a Delaware limited partnership
	
	By: Master MetSun Three GP, LLC, its general partner
	
	By: Sunrise Senior Living Investments, Inc., its sole member
		
	By:	 	 /s/ Edward W. Burnett

	Name:	 	 Edward W. Burnett

	Title:	 	 Vice President

 [Signatures continue on following page] 

 
					
	METLIFE PROPERTIES VENTURES, LLC, a Delaware limited liability company
		
	By:	 	Metropolitan Life Insurance Company, its Manager
			
		 	By:	 	 /s/ Brian V. Casey

		 	Name:	 	Brian V. Casey
		 	Title:	 	Director
	
	METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation
		
	By:	 	 /s/ Brian V. Casey

	Name:	 	Brian V. Casey
	Title:	 	Director
	
	 [Signatures continue on following page]

 
					
	MASTER METSUN THREE GP, LLC, a Delaware limited liability company
		
	By:	 	Sunrise Senior Living Investments, Inc., a Virginia corporation
			
		 	By:	 	 /s/ Edward Burnett

		 	Name:	 	Edward Burnett
		 	Title:	 	Vice President
	
	SUNRISE SENIOR LIVING MANAGEMENT, INC., a Virginia corporation
		
	By:	 	 /s/ Edward Burnett

	Name:	 	Edward Burnett
	Title:	 	Vice President
	
	SUNRISE DEVELOPMENT, INC., a Virginia corporation
		
	By:	 	 /s/ Edward Burnett

	Name:	 	Edward Burnett
	Title:	 	Vice President

 Exhibit A 
 Facilities; Facility Owners 
  

			
	 FACILITY OWNER
	  	 FACILITY

		
	 MetSun Three Mundelein IL Senior Living, LLC
	  	Vacant Land
		
	 MetSun Three Franklin MA Senior Living, LLC
	  	Vacant Land
		
	 Sunrise Louisville KY Senior Living, LLC
	  	Sunrise of Louisville
		
	 MetSun Three Lombard IL Senior Living, LLC
	  	Sunrise of Lombard
		
	 MetSun Three Dublin OH Senior Living, LLC
	  	Vacant Land

 Exhibit B 
 Form of Assignment and Assumption of Interest Agreement 
 ASSIGNMENT
AND ASSUMPTION OF INTEREST 
 THIS ASSIGNMENT AND ASSUMPTION OF INTEREST (this “Assignment”) is made as of
                 , 201    , between MASTER METSUN THREE, LP, a Delaware limited partnership (“Assignor”) and
[                    ], a Delaware limited liability company (“Assignee”). 

RECITALS: 
  

	1.	As of the date hereof, Assignor is the owner of a 100% membership interest (the “Interest”) in MetSun Three Pool One, LLC (the
“Company”). The Company is governed by that certain [                    ] dated as of
[                        ] (the “Operating Agreement”). 

 

	2.	Pursuant to that certain Transfer Agreement among Assignor and Assignee dated as of             
    , 2012 (the “Transfer Agreement”), Assignor desires to assign to Assignee the Interest, including all rights, responsibilities and obligations of Assignor in, to and under the Operating Agreement.

  

	3.	Pursuant to the Transfer Agreement, Assignee desires to accept an assignment of Assignor’s Interest and to assume of all of Assignor’s rights,
responsibilities and obligations in, to and under the Operating Agreement. 

 NOW, THEREFORE, in
consideration of the foregoing premises, of the mutual covenants set forth in this Assignment, and of other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Assignor and Assignee agree as follows: 

 

	 	1.	Assignment and Assumption of Interest. Assignor hereby assigns, transfers and conveys to Assignee all of Assignor’s right, title and interest in, to and
under the Interest. Assignee hereby accepts the Interest and hereby assumes and agrees to be bound by all of the obligations, duties and liabilities of Assignor with respect to the Interest and under the Operating Agreement. This assignment is made
without representation, warranty or indemnity except as expressly set forth in the Transfer Agreement. 

  

	 	2.	Withdrawal and Substitution. By reason of the assignment effected pursuant to Section 1 hereof, (i) Assignee is hereby entitled to exercise all rights,
powers and privileges and is hereby obligated to perform all of the duties and obligations that may hereinafter exist in relation to the Interest, (ii) Assignor hereby fully and completely withdraws from the Company as a member and Assignee is
hereby admitted to the Company as a substitute member and (iii) Assignor shall not have any further rights, powers, privileges, duties and/or obligations with respect to the Interest. 

  
 - 7 -

	 	3.	Miscellaneous. 

 i. The
obligations of the parties hereto shall be continuing, absolute and unconditional and shall remain in full force and effect. 

ii. Promptly upon request of any other party, each party hereto shall execute and deliver such further assurances and take such further
actions as may be reasonably required or appropriate to perfect the assignment and assumption of the Interest and otherwise carry out the intent and purpose of this Assignment. 

iii. This Assignment shall be binding upon and inure to the benefit of Assignor, Assignee, the Company, and their respective successors
and assigns. 
 iv. Each of the parties hereto hereby waives any right to jury trial in the event any party files an action
relating to this Assignment. 
 v. This Assignment may be executed in any number of counterparts which, when taken together,
shall constitute a single binding instrument. Signatures to this Assignment transmitted by telecopy or by electronic mail in PDF format shall be valid and effective to bind the party so signing. Each party agrees to promptly deliver an execution
original to this Assignment with its actual signature to the other parties, but a failure to do so shall not affect the enforceability of this Assignment, it being expressly agreed that each party to this Assignment shall be bound by its own
telecopied signature or signature transmitted by electronic mail in PDF format and shall accept the telecopied signature or signature transmitted by electronic mail in PDF format of each other party to this Assignment. 

 

	 	4.	Interpretation. 

 i. This
Assignment shall be governed by and construed in accordance with the laws of the State of Delaware (without reference to conflicts of laws principles). 
 ii. Captions, numbering and headings of Sections in this Assignment are for convenience of reference only and shall not be considered in the interpretation of this Assignment. 

iii. Whenever required by the context, the singular shall include the plural, the neuter gender shall include the male gender and female
gender, and vice versa. 

  
 - 8 -

 iv. No modification of this Assignment shall be valid or effective unless the same is in
writing and signed by the parties hereto. No purported waiver of any of the provisions of this Assignment shall be valid or effective unless the same is in writing and signed by the party against whom it is sought to be enforced. 

v. This Assignment has been negotiated and prepared by the parties and their respective attorneys and, should any provision of this
Assignment require judicial interpretation, the court interpreting or construing such provision shall not apply the rule of construction that a document is to be construed more strictly against one party. 

  
 - 9 -

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

			
	
	ASSIGNEE:
	
	[                            
            ]
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	
	
	ASSIGNOR:
	
	MASTER METSUN THREE, LP
	
	By: Master Metsun Three GP, LLC, its general partner
	
	By: Sunrise Senior Living Investments, Inc., its sole member
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	

  
 iii

 Exhibit C 
 Non-Foreign Status Affidavit 
 CERTIFICATION OF NON-FOREIGN
STATUS 
 Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property interest
must withhold tax if the transferor is a foreign person. To inform the transferee, [                    ], a Delaware limited liability company
(“Transferee”), that withholding of tax is not required upon the disposition of a U.S. real property interest by MASTER METSUN THREE, LP, a Delaware limited partnership (“Transferor”), the undersigned
hereby certifies to Transferee the following on behalf of Transferor: 
 1. Transferor is not a foreign corporation, foreign
partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax Regulations). 
 2. The employer identification number of Transferor is [                    ] 

3. Transferor has an office address of c/o
[                    ] 

Transferor understands that this certification may be disclosed to the Internal Revenue Service by the Transferee and that any false
statement contained herein could be punished by fine, imprisonment, or both. 
 Under penalties of perjury I declare that I have
examined this certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have authority to sign this document on behalf of Transferor. 

 

			
	MASTER METSUN THREE, LP
	
	By: Master Metsun Three GP, LLC, its general partner
	
	By: Sunrise Senior Living Investments, Inc., its sole member
		
	By	 	  

		 	Name:
		 	Title:

  
 iv 

			
	Sworn to and subscribed before me this      day of             ,
201    
	
	  

	Notary Public
		
	My Commission Expires:	 	  

  
 v 

 Exhibit D 
 MetLife Consent 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 

  
 iii

 Exhibit E 
 Mutual Release 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 

  
 iii

 Exhibit F 
 Form of Owner Agreement Termination 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 

  
 iv 

 Exhibit G 
 Form of Pooling Agreement Termination 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 

  
 iiiBuilding Loan Agreement

 Exhibit 10.5 

 
  

 
 DAIRYLAND HP LLC

 TO 
 COMMERCIAL LENDING II LLC 
 BUILDING LOAN AGREEMENT 

(Leasehold) 

Dated: April 26, 2012 
 Location: 200-240 Food Center Drive, Bronx, New York 
 The premises are
also known as Section 10, Block 2770, p/o Lot 1 and Section 10, Block 2781, p/o 
 Lot 500 on the Tax Map of the
City of New York for County of Bronx, City and State of New York 
 RECORD AND RETURN TO: 

Mayo Crowe LLC 
 600 North Broadway, Suite 220 
 White Plains, New York 10603

 Attention: Nicholas J. Chivily, Esq. 

 
  

 

 BUILDING LOAN AGREEMENT 

THIS BUILDING LOAN AGREEMENT made the 26th day of April, 2012, between COMMERCIAL LENDING II LLC, a Delaware limited liability company having an office at 106
Corporate Park Drive, White Plains, New York 10604 (its successors and/or assigns, hereinafter referred to as the “Lender”), and DAIRYLAND HP LLC, a Delaware limited liability company having and office located at c/o Dairyland USA
Corporation, 100 East Ridge Road, Ridgefield, Connecticut 06877 (hereinafter referred to as the “Borrower”); 

W I T N E S S E T H: 

WHEREAS the Borrower is the owner of a leasehold estate in certain premises, as more particularly described in Exhibit A (hereinafter
referred to as the “Premises”); 
 WHEREAS, at the request of the Borrower, the Lender has agreed to fund to
the Borrower a construction loan of $11,000,000.00 (hereinafter referred to as the “Building Loan”), to finance actual costs incurred by the Borrower in connection with the construction of the Improvements on the Premises by the
Borrower, as defined and described in Exhibit B; 
 WHEREAS, the Building Loan will be advanced in full on the date hereof
pursuant to the terms of this Agreement and a Loan Agreement of even date herewith (the “Loan Agreement”) into an account of the Borrower opened by the Borrower with JPMorgan Chase Bank, N.A. (the “Bank”) and
pledged to the Lender to secure the Building Loan (the “Borrower Disbursement Account”); 
 WHEREAS, the
proceeds of the Building Loan will be released from the Borrower Disbursement Account to the Borrower in connection with the construction of the Improvements on the Premises by the Borrower pursuant to the terms and conditions of this Agreement and
subject to compliance with the Loan Agreement; 
 NOW, THEREFORE, in consideration of ten dollars ($10) and other good and
valuable consideration, the receipt of which is hereby acknowledged, the Lender and the Borrower hereby covenant and agree as follows: 
 1. Definition. All terms as used in this Agreement shall, unless otherwise defined in the main body of this Agreement, have the meaning given to such terms in Exhibit B. 

2. Note and Mortgage. The Building Loan (i) shall be evidenced by the Building Loan Note, (ii) shall be secured by the
Building Loan Mortgage constituting a lien on the leasehold estate of the Borrower in the Premises, the Improvements and other property, rights and interests of the Borrower described therein (the Premises, the Improvements and such other property,
rights and interests being hereinafter collectively referred to as the “Property”), and (iii) shall be advanced into the Borrower Disbursement Account and released therefrom for application to costs incurred by Borrower in
connection with the construction of the Improvements on the Premises in accordance with the provisions of this Agreement and the Loan Agreement. The terms and conditions and the covenants set forth therein are herein incorporated by reference.

  
 -2-

 3. The Improvements. The Borrower has submitted to the Lender and the Construction
Consultant a set of final plans and specifications for the Improvements prepared by the Architect, as more particularly described in Exhibit C attached hereto (hereinafter referred to as the “Plans and Specifications”), which Plans
and Specifications have been reviewed and accepted by the Lender and the Construction Consultant. The Borrower acknowledges that (i) the Construction Consultant has been retained by the Lender to act as a consultant and only as a consultant to
the Lender in connection with the construction of the Improvements, (ii) the Construction Consultant shall in no event or under any circumstance have any power or authority to make any decision or to give any approval or consent or to do any
other act or thing which is binding upon the Lender and any such purported decision, approval, consent, act or thing by the Construction Consultant on behalf of the Lender shall be void and of no force or effect, (iii) the Lender reserves the
right to make any and all decisions required to be made by the Lender under this Agreement and to give or refrain from giving any and all consents or approvals required to be given by the Lender under this Agreement and to accept or not accept any
matter or thing required to be accepted by the Lender under this Agreement, in each instance, in its reasonable discretion (provided that after an Event of Default hereunder, any decision or consent to be made herein shall be made at the
Lender’s sole and absolute discretion), subject to the provisions hereof but without in any instance being bound or limited in any manner or under any circumstance whatsoever by any opinion expressed or not expressed, or advice given or not
given, or information, certificate or report provided or not provided, by the Construction Consultant to the Lender or any other person or party with respect thereto, (iv) the Lender reserves the right in its sole and absolute discretion to
disregard or disagree, in whole or in part, with any opinion expressed, advice given or information, certificate or report furnished or provided by the Construction Consultant to the Lender or any other person or party, and (v) the Lender
reserves the right in its sole and absolute discretion to replace the Construction Consultant with another construction consultant at any time and without prior notice to or approval by the Borrower. The Borrower represents and warrants to the
Lender that the Plans and Specifications have been submitted to the General Contractor, and the General Contractor has agreed to perform its obligations under the Design Build Contract in a manner consistent with the requirements of the Plans and
Specifications. The Borrower represents and warrants to the Lender that (i) to the extent required by law on the basis of the present stage of development and construction of the Improvements, the Borrower has obtained from the appropriate
Governmental Authorities all required approvals (including, without limitation, all environmental approvals) with respect to the Plans and Specifications and the Improvements, and (ii) all necessary permits, certificates, licenses and other
approvals required for the construction of the Improvements have to the extent required by applicable law been issued or obtained from the appropriate Governmental Authorities and (iii) the Improvements and their contemplated use will upon
completion in accordance with the Plans and Specifications comply with all applicable zoning resolutions, building codes, environmental and other applicable laws, rules and regulations. Subject to the provisions of paragraph 4 of this
Agreement, each addition or modification to the Plans and Specifications must be acceptable to the Lender, the Construction Consultant and, to the extent required by law, shall be approved by the appropriate Governmental Authorities. The Borrower
shall not commence any work on any stage or phase of the Improvements unless all required permits, certificates, licenses and approvals therefor have been issued or obtained from appropriate Governmental Authorities. The Borrower shall construct and
equip the Improvements substantially in accordance with the Plans and Specifications free and clear of all mechanics’ liens, notices of pendency, or comparable liens or filings and all other liens, encumbrances and security instruments of any
nature whatsoever (other than those permitted under the Mortgage and the Mortgage and other exceptions to title specifically set forth in the policy of title insurance insuring the lien of the Mortgage or as may otherwise be permitted under the
Mortgage or specifically approved by the Lender). The Lender shall without additional cost or expense have the use of the Plans and Specifications as accepted by the Lender and the Construction Consultant upon the occurrence and during the
continuance (for the purposes of this Agreement, the term “continuance” shall refer to an Event of Default beyond any notice or cure period which shall not have been waived by the Lender in 

  
 -3-

 writing) of an Event of Default under the Loan Documents. The Improvements shall be constructed and equipped
in compliance with the provisions of this Agreement, the Loan Agreement and the requirements of the Governmental Authorities and the appropriate Board of Fire Underwriters, if any, or other similar body, if any, acting in and for the locality in
which the Premises are situated. Compliance with the provisions of this paragraph and any other provisions of this Agreement relating to the construction and equipping of the Improvements shall be determined by the Lender in its reasonable
discretion (provided that after an Event of Default hereunder, any decision or consent to be made herein shall be made at the Lender’s sole and absolute discretion). At all times the Lender, the Construction Consultant and their respective
agents and employees, shall have the right of entry and free access to the Premises to inspect the Improvements (subject to the rights of existing subtenants under subleases for portions of the Premises and provided that such inspections do not
unreasonably interfere with the construction of the Improvements). 
 4. Change Orders. Notwithstanding anything to the
contrary contained in this Agreement, the Borrower shall have the right to enter into or to authorize the entering into of change orders with respect to the Improvements without obtaining the Lender’s and the Construction Consultant’s
prior acceptance, provided that (i) no such change order will materially change the gross square feet or the net rentable square feet of space to be contained in the Improvements, or materially alter the basic layout of the Improvements, or the
number of parking spaces to be located on the Premises after completion of construction of the Improvements, or involve the use of materials, furniture, fixtures or equipment which will not be at least equal in quality to the materials, furniture,
fixtures and equipment originally specified in or required by the Plans and Specifications, as accepted by the Lender and the Construction Consultant, (ii) no such change order shall, in a single instance, result in an increase or decrease in
the cost of constructing the Improvements of more than $100,000, (iii) the aggregate cost of all change orders whether or not they have been accepted by the Lender and the Construction Consultant shall not, result in an increase or decrease in
the cost of constructing the Improvements of more than $250,000; and (iv) shall not extend the time for completion of the Improvements. The Borrower shall also have the right, without obtaining the Lender’s or the Construction
Consultant’s prior acceptance, to enter into change orders or field changes which do not increase or decrease the cost of constructing the Improvements, provided that the requirements of clause (i) of the preceding sentence are satisfied
with respect thereto. The Borrower shall submit to the Lender and the Construction Consultant copies of all change orders entered into with respect to the Improvements within fifteen (15) days after the same are entered into and irrespective of
whether the same require the prior acceptance of the Lender and the Construction Consultant pursuant to this Agreement. 
 5.
Commencement of Construction. The Borrower shall commence construction of the Improvements on or shortly after the Commencement Date and shall continue with such construction until the Improvements are completed in accordance with the Plans
and Specifications and the provisions of this Agreement in accordance with the project timeline approved by the Borrower and Lender. 
 6. Completion of Improvements. Subject to the provisions of paragraph 7 of this Agreement, construction of the Improvements shall be substantially completed substantially in accordance with the
Plans and Specifications and the provisions of this Agreement on or before the Completion Date. For the purposes of this Agreement, the Improvements shall not be deemed to have been completed until (i) the Improvements have, in the reasonable
opinion of the Lender and the Construction Consultant, been substantially completed (exclusive of punch list items) substantially in accordance with the Plans and Specifications, (ii) the Improvements shall contain all furniture, fixtures and
equipment required for the use and operation of the Improvements, or which may be required by any Governmental Authority or by any law, regulation or rule of any Governmental Authority, (iii) all temporary certificates of occupancy (or their
local equivalent) and all other certificates, licenses, consents and approvals required for the use and operation of the Improvements shall have been issued by or obtained from the appropriate Governmental 

  
 -4-

 
Authorities, (iv) all Direct Construction Costs, Other Costs of Improvement, and other costs and expenses incurred in connection with the construction and equipping of the Improvements
(other than Direct Construction Costs and other costs and expenses which will be incurred in completing punch list work, landscaping and other minor work with respect to the Improvements and which in the aggregate will not in the opinion of the
Lender and the Construction Consultant exceed $100,000, and the remaining balance of the Retainage, if any) shall have been paid in full. 
 7. Force Majeure. The Completion Date shall be extended for a period of time equal to the number of days during which the Borrower is prevented from proceeding with the construction of the
Improvements by reason of force majeure, provided that (i) no Event of Default shall have occurred and shall be continuing under the Loan Documents, (ii) the aggregate of any such respective extensions of the Completion Date
pursuant to the provisions of this paragraph shall in no event be for a period of time in excess of sixty (120) days, and (iii) the Borrower notifies the Lender of the events constituting such force majeure within 30 days after the
Borrower has knowledge of their occurrence. No extension of the Completion Date pursuant to this paragraph shall be construed as extending the maturity date of the Note. The term “force majeure” as used in this
paragraph shall include acts of God, flooding, strikes, lockouts or other labor trouble, materially adverse weather conditions, fire or other casualty, governmental preemption in connection with a national emergency, any rule, order or regulation of
any governmental agency or any department or subdivision thereof, or inability to secure materials or labor because of any such emergency, rule, order, regulation, war, civil disturbance or other emergency, cause or event beyond the reasonable
control of the Borrower. 
 8. Title Insurance and Survey. The Borrower shall deliver to the Lender a title insurance
policy or a title binder or a certificate of title of the Title Company containing the agreement of the Title Company to issue its policy of title insurance insuring the lien of the Mortgage, which title insurance policy shall be in an amount equal
to the principal amount of the Building Loan secured by the Mortgage and, shall be sufficient to satisfy all co-insurance requirements and shall otherwise be in form and substance satisfactory to and approved in all respects by the Lender and its
counsel. The Borrower shall deliver to the Lender the Preliminary Survey, which Preliminary Survey shall be certified to the Title Company and to the Lender. The state of facts shown in the Preliminary Survey shall be satisfactory in all respects to
the Lender and its counsel, the Construction Consultant and the Title Company. If the footprint of the Improvement at the Premises changes from the Preliminary Survey, the Borrower shall deliver to the Lender an as-built survey of the Improvements
within thirty (30) days after the completion of Improvements, and any additional surveys requested or required by the Lender, the Construction Consultant or the Title Company within thirty (30) days after request, it being agreed that any
change in the state of facts shown in any such updated survey shall be satisfactory in all respects to the Lender, its counsel, the Construction Consultant and the Title Company. 

9. Hazard Insurance. The Borrower shall maintain the insurance required under the Mortgaged Lease (as defined in the Building Loan
Mortgage) and in the Building Loan Mortgage, including Paragraph 3 of the Building Loan Mortgage (including without limitation the All Risk and Builder’s Risk coverage required thereunder) and furnish to the Lender (with evidence of the payment
of premiums therefor), or if the Borrower shall fail to do so after the expiration of any applicable notice and grace period, the Lender may obtain at the Borrower’s expense, insurance as required by the Building Loan Mortgage. 

  
 -5-

 10. Building Loan Advance; Release of Building Loan Proceeds. 

(a) The Building Loan shall be advanced in full by deposit into the Borrower Disbursement Account on the date hereof. The Borrower
Disbursement Account, all amounts deposited therein, and all earnings thereon, shall be pledged to, and subject to the control of, Lender. The proceeds of the Building Loan so deposited into the Borrower Disbursement Account shall be deemed advanced
under this Agreement and the Building Loan Note for all purposes and shall accrue interest at the interest rate under the Building Loan Note from and after the date of such deposit into the Borrower Disbursement Account until repaid. Borrower agrees
that it shall include in its income all interest and earnings, if any, on the funds deposited into the Borrower Disbursement Account. The Borrower Disbursement Account shall be assigned the federal tax identification number of Borrower. 

(b) Subject to compliance by the Borrower with the terms, provisions and conditions of the Loan Agreement and this Agreement, the
proceeds of the Building Loan shall be released from the Borrower Disbursement Account to the Borrower (i) for direct construction costs incurred by the Borrower in connection with the construction of the Improvements (hereinafter referred to
as “Direct Construction Costs”), as itemized in a trade breakdown schedule reviewed and accepted by the Lender and the Construction Consultant (hereinafter referred to as the “Trade Breakdown Schedule”), as the same
may be revised from time to time after the date hereof with the prior review and acceptance of the Lender and the Construction Consultant, and (ii) for costs, other than Direct Construction Costs, incurred by the Borrower in connection with the
Building Loan or the construction of the Improvements (hereinafter referred to as “Other Costs of Improvement”), as itemized in a schedule reviewed and accepted by the Lender (hereinafter referred to as the “Schedule of
Other Costs of Improvement”), as the same may be revised from time to time after the date hereof with the prior review and acceptance of the Lender. Except as hereinafter specifically provided to the contrary in paragraph 11 of this
Agreement, the Lender shall not be required to release proceeds of the Building Loan from the Borrower Disbursement Account for costs incurred by the Borrower with respect to materials stored on or off the Premises unless the Lender shall, in its
reasonable discretion, deem it advisable to so approve. The Lender shall not be obligated to release proceeds of the Building Loan from the Borrower Disbursement Account more frequently than once every thirty (30) days. Each request by
the Borrower to the Lender for a release of Building Loan proceeds from the Borrower Disbursement Account shall be in the form attached hereto as Exhibit D or in such other form as may be satisfactory in all respects to the Lender and shall in each
case be signed by a duly authorized representative of the Borrower (any such request being hereinafter referred to as a “Request for Advance”). Each Request for Advance shall be delivered to the Lender not less than fifteen
(15) days prior to the date upon which a release of Building Loan proceeds from the Borrower Disbursement Account is requested. Each Request for Advance shall be based upon the Trade Breakdown Schedule and the Schedule of Other Costs of
Improvement and shall be accompanied by (i) a currently dated sworn statement and request for partial payment from the General Contractor in the form specified in Exhibit E or in such other form as may be acceptable to the Lender and the Title
Company, as approved by the Construction Consultant, and accompanied by a waiver of lien from the General Contractor in form reasonably satisfactory to the Lender and the Title Company, (ii) such waivers of lien and other documents and
instruments as may reasonably be requested or required by the Lender with respect to subcontractors and materialmen engaged in the construction of the Improvements or as may be requested or required by the Title Company (to induce the Title Company
to insure each release of Building Loan proceeds made by the Lender pursuant to this Agreement against all mechanics’ and materialmen’s liens for labor furnished and materials supplied in connection with the construction of the
Improvements), (iii) at the request of the Lender, the requisitions for payment from subcontractors and materialmen engaged in the construction of the Improvements, and (iv) such other information and documents as may be requested or
required by the Lender or the Construction Consultant. All requests and requisitions for payment shall be approved by the Borrower and recommended for payment by the Construction Consultant. Each release of Building Loan proceeds from the Borrower
Disbursement Account shall be made, in whole or in part, (i) by crediting the amount thereof to a separate account of the Borrower to be maintained with the Lender, or (ii) in such other manner as shall be mutually agreed upon by the
Borrower and the Lender. The Lender shall not be 

  
 -6-

 
obligated to make aggregate releases of Building Loan proceeds from the Borrower Disbursement Account in excess of the amount, from time to time, of Verified Costs of Improvement, unless the
Lender, in its sole and absolute discretion, deems it advisable to do so. The Lender shall not be obligated to release Building Loan proceeds from the Borrower Disbursement Account unless the Lender is satisfied, in its sole and absolute discretion,
that the conditions precedent to authorizing such release from the Borrower Disbursement Account as set forth in this Agreement and all restrictions on the use of Building Loan proceeds set forth in the Loan Agreement, have been satisfied by the
Borrower. Anything in this Agreement or any other agreement made with respect to the Building Loan to the contrary notwithstanding, any release of Building Loan proceeds from the Borrower Disbursement Account or approval or acceptance given by the
Lender or the Construction Consultant, herein or therein, whether or not before or after a site observation of the Improvements by the Construction Consultant or otherwise, shall not be deemed to be an approval or acceptance by the Lender or the
Construction Consultant of any work performed thereon or approval or acceptance by the Lender or the Construction Consultant of any work or materials done or furnished with respect thereto or a representation by the Lender or the Construction
Consultant as to fitness of such work and materials for any other purpose other than to permit any release of Building Loan proceeds from the Borrower Disbursement Account as provided and required herein. 

11. Releases of Loan Proceeds for Stored Materials. Notwithstanding anything to the contrary contained in this Agreement, the
Lender shall release Building Loan proceeds from the Borrower Disbursement Account to pay for Direct Construction Costs actually incurred by the Borrower for materials which are stored on the site of the Improvements or in a bonded warehouse and
which are required in connection with the construction of the Improvements, provided that (i) such materials are consistent with the Plans and Specifications approved by the Lender and the Construction Consultant, (ii) such materials are
securely stored on site or in a bonded warehouse, properly inventoried, and otherwise marked to indicate that they are the property of the Borrower, (iii) the bills of sale and contracts under which such materials are being provided shall be in
form and substance satisfactory to the Lender and the Construction Consultant, (iv) such materials are insured against casualty, loss and theft in a manner satisfactory to the Lender, (v) the Borrower owns such materials free and clear of
all liens and encumbrances of any nature whatsoever and establishes such ownership by evidence satisfactory to the Lender, (vi) the Borrower executes and delivers to the Lender such additional security documents as the Lender shall deem
necessary to create and perfect a first lien in such materials as additional security for the payment of the Debt, (vii) [reserved] and (viii) the aggregate amount of such releases of Building Loan proceeds from the Borrower Disbursement
Account for such materials which are stored on-site and which is outstanding at any given time shall in no event exceed $250,000. The Lender shall in no event or under any circumstance have any obligation to authorize the release of any proceeds of
the Building Loan from the Borrower Disbursement Account for materials which are stored off-site unless the Lender shall agree to the contrary in its sole and absolute discretion. Any application for a release of Building Loan proceeds from the
Borrower Disbursement Account for stored materials shall be made in the form annexed hereto as Exhibit G. 
 12.
Additional Conditions to Releases of Building Loan Proceeds. The obligation of the Lender to release Building Loan proceeds from the Borrower Disbursement Account pursuant to this Agreement is subject to the following additional conditions
precedent: 
 (a) The Borrower shall invest an amount equal to the amount in excess over the Building Loan
necessary to complete the Improvements (such sum is now estimated to be approximately $9,128,468.00 plus all Indirect Project Costs incurred by the Borrower in connection with the Building Loan and the completion of the improvements (hereinafter
referred to as the “Initial Equity Requirement”) in the Property in a manner satisfactory to the Lender. The Initial Equity Requirement is the amount estimated by the Lender and the Borrower to be the amount

  
 -7-

 
necessary, in addition to the Building Loan, to complete the Improvements and pay all Direct Construction Costs and Indirect Project Costs. The investment of the Initial Equity Requirement by the
Borrower in the Property shall be substantiated by evidence satisfactory to the Lender. In order to comply with NMTC Program Requirements (as defined in the Loan Agreement) the Initial Equity Requirement may not be required to be advanced before the
Building Loan Proceeds are released by the Lender and may be used to complete the construction of the Improvements after all Building Loan Proceeds have been released hereunder. 

(b) Each Request for Advance shall be accompanied by a certificate or report of the Construction Consultant to the Lender
based upon a site observation of the Improvements made by the Construction Consultant not more than thirty (30) days prior to the date of such Request for Advance, in which the Construction Consultant shall in substance (i) verify that the
portion of the Improvements completed as of the date of such site observation has been completed substantially in accordance with the Plans and Specifications, and (ii) state its estimate of (aa) the percentage of construction of the
Improvements completed as of the date of such site observation on the basis of work in place as part of the Improvements and the Trade Breakdown Schedule, (bb) Direct Construction Costs actually incurred for work in place as part of the
Improvements as of the date of such site observation, (cc) the sum necessary to complete construction of the Improvements in accordance with the Plans and Specifications, and (dd) the amount of time from the date of such inspection which
will be required to complete construction of the Improvements in accordance with the Plans and Specifications. 

(c) Prior to each release of Building Loan proceeds from the Borrower Disbursement Account, the Title Company shall have
issued (i) a written continuation of title showing the leasehold interest of the Borrower in the Premises and to the Property to be vested in the Borrower and no exceptions to the title of the Property other than those exceptions appearing on
the title policy delivered at the closing of the Building Loan and previously approved by the Lender in writing, and (ii) a written commitment (or endorsement to the policy issued at closing) to insure the priority of the lien of the Building
Loan Mortgage, subject only to exceptions previously approved by the Lender in writing, for an amount equal to the full amount of each release of Building Loan proceeds from the Borrower Disbursement Account and all previous releases of Building
Loan proceeds from the Borrower Disbursement Account authorized by the Lender to the Borrower pursuant to this Agreement. If required by the Lender, such continuations of title shall contain affirmative insurance that covenants and restrictions, if
any, reported against the Property have not been violated by the Improvements. 
 (d) Prior to each release of
Building Loan proceeds from the Borrower Disbursement Account by the Lender to the Borrower pursuant to this Agreement, the Borrower shall, upon request of the Lender, furnish the Lender with evidence satisfactory to the Lender, showing payment of
all bills and charges for which releases of the Building Loan proceeds have been previously made pursuant to this Agreement. The Borrower shall also deliver to the Lender, upon request, such bills, receipts, invoices and other evidence as may
reasonably be required by the Lender to substantiate the actual incurrence by the Borrower of Direct Construction Costs and Other Costs of Improvement. 
 (e) The Borrower shall, if required by the Lender, deliver to the Lender a written statement executed by the General Contractor certifying that the General Contractor has received payment in full of all
monies owed to the General Contractor which are due and payable at such time. 

  
 -8-

 (f) The Borrower shall, if required by the Lender, deliver to the Lender a
written statement executed by each subcontractor and materialman engaged in the construction of the Improvements on behalf of the General Contractor or the Borrower certifying that each such subcontractor and materialman has received payment in full
of all monies owed to each such subcontractor and materialman by the General Contractor or by the Borrower. 

(g) Construction of the Improvements shall comply with all applicable laws, rules, restrictions, orders and regulations of
the Governmental Authorities. 
 (h) The Borrower shall have delivered to the Lender all necessary certificates,
authorizations, permits and licenses which are required to permit the construction and completion of the Improvements, as issued by the appropriate Governmental Authorities. The Borrower, to the full extent permitted by applicable law, hereby
assigns to the Lender as additional security for the payment of the Debt and the observance and performance by the Borrower of the terms, covenants and provisions of the Loan Documents all right, title and interest which the Borrower may now have or
may hereafter acquire in and to such certificates, authorization, permits and licenses. 
 (i) The Borrower shall
make available to the Construction Consultant, upon request, all shop and related drawings used in connection with the Plans and Specifications and the construction of the Improvements at the office and location where the same are kept. 

(j) The Lender and the Construction Consultant shall be of the reasonable opinion that the Improvements can be
substantially completed by the Completion Date, as the same may be extended pursuant to paragraph 7 of this Agreement. 
 (k) The Borrower shall have delivered to the Lender and the Construction Consultant a copy of the Design Build Contract, which Design Build Contract shall be in form and substance satisfactory in all
respects to the Lender. The Borrower hereby assigns to the Lender as additional security for the payment in full of the Debt and the observance and performance by the Borrower of the terms, covenants and provisions of the Loan Documents all right,
title and interest which the Borrower may now have or may hereafter acquire in and to the Design Build Contract. The Borrower shall not agree to any modification or to any termination of the Design Build Contract without the prior approval of the
Lender. The Borrower shall furnish the Lender with such information regarding the Architect as the Lender may request and the identity of the Architect shall be subject to approval by the Lender. 

(l) The Borrower shall have delivered to the Lender and the Construction Consultant a copy of the Design Build Contract,
which Design Build Contract shall be in form and substance satisfactory in all respects to the Lender. A satisfactory Design Build Contract has been received. The Borrower hereby assigns to the Lender as additional security for the payment of the
Debt and the observance and performance by the Borrower of the terms, covenants and provisions of the Loan Documents all right, title and interest which the Borrower may now have or may hereafter acquire in and to the Design Build Contract. Except
as may otherwise be permitted by paragraph 4 of this Agreement, the Borrower shall not agree to any modification or to any termination of the Design Build Contract without the prior approval of the Lender. 

  
 -9-

 (m) The Borrower shall (to the extent required by the Lender) have delivered
to the Lender and the Construction Consultant copies of all the Major Subcontracts now or hereafter 
 entered into, each of
which Major Subcontracts shall be in form and substance reasonably satisfactory in all respects to the Lender. The Borrower hereby assigns to the Lender as additional security for the payment of the Debt and the observance and performance by the
Borrower of the terms, covenants and provisions of the Loan Documents all right, title and interest which the Borrower may now have or may hereafter acquire in and to the Major Subcontracts. Except as may otherwise be permitted by paragraph 4
of this Agreement, the Borrower shall not agree to any modification or to any termination of any Major Subcontract without the prior approval of the Lender. 
 (n) The Borrower shall (to the extent required by the Lender) make available for inspection at all times by the Construction Consultant and the Lender copies of all Other Subcontracts, and shall furnish
to the Construction Consultant and the Lender, upon request, copies of the same. The Borrower hereby assigns to the Lender as additional security for the payment of the Debt and the observance and performance by the Borrower of the terms, covenants
and provisions of the Loan Documents all right, title and interest which the Borrower may now have or may hereafter acquire in and to the Other Subcontracts. Except as may otherwise be permitted by paragraph 4 (Change Orders)_of this Agreement,
the Borrower shall not agree to any modification or to any termination of the Other Subcontracts without the prior approval of the Lender. 
 (o) The Major Subcontracts, to the extent not already awarded as of the date hereof, shall be awarded in accordance with a time table reasonably acceptable to the Lender and the Construction Consultant.
The Borrower shall cause the Architect/General Contractor, to the extent required by the Lender, the Major Subcontractors and materialmen under the Major Subcontracts to respectively execute and deliver to the Lender, contemporaneously with the
execution and delivery of their respective contracts, letter agreements pursuant to the provisions of which the Architect, the General Contractor and such Major Subcontractors and Materialmen shall agree to perform their respective contracts at no
additional cost or expense for the benefit of the Lender, its nominee, or wholly-owned subsidiary, in the Event of a Default under the Loan Documents or a foreclosure of the Building Loan Mortgage which letter agreements shall be in form and
substance satisfactory to the Lender. 
 (p) Intentionally Omitted. 

(q) The Borrower shall observe and perform all of the terms, covenants and conditions of the Design Build Contract, the
Design Build Contract, the Major Subcontracts and the Other Subcontracts on the Borrower’s part to be observed or performed. 
 (r) The Lender shall not be obligated to release Building Loan proceeds from the Borrower Disbursement Account with respect to any contractor, subcontractor or materialman providing work or materials with
respect to the Improvements unless such subcontractor or materialman is providing such work or materials under a signed contract or purchase order. 
 (s) No Event of Default shall have occurred under the Note, the Building Loan Mortgage, the Loan Agreement or the other Loan Documents. . 
 All conditions and requirements of this Agreement relating to the obligation of the Lender to release Building Loan proceeds from the Borrower Disbursement Account are for the sole benefit of the Lender
and no other person or party (including, without limitation, the General Contractor and subcontractors and materialmen engaged in the construction of the Improvements) shall have the right to rely on the satisfaction

  
 -10-

 
of such conditions and requirements by the Borrower as a condition precedent to the Lender authorizing a release of the Building Loan proceeds from the Borrower Disbursement Account. The Lender
shall have the right, in its sole and absolute discretion, to waive any such condition or requirement as a condition precedent to making a release of the Building Loan proceeds from the Borrower Disbursement Account. 

13. [reserved] 

14. Contingency Reserve. A portion of the Building Loan in the amount of five percent (5%) of the cost to complete the
Improvements and pay all Direct Construction Costs and Indirect Project Costs under the Design Build Contract (hereinafter referred to as the “Contingency Reserve”) shall be reserved to cover the payment of contingencies incurred in
connection with the construction of the Improvements (including, without limitation, the payment of additional unanticipated costs incurred with respect to particular line items set forth in the Trade Breakdown Schedule and the Schedule of Other
Costs of Improvement and additional costs incurred in connection with change orders entered into in conformity with the provisions of this Agreement), and shall not be released from the Borrower Disbursement Account for any other purpose prior to
the completion of construction of the Improvements pursuant to this Agreement unless agreed to the contrary by the Lender in its sole and absolute discretion. All releases of funds designated as the Contingency Reserve shall be subject to specific
prior review and approval in all respects by the Lender. 
 15. Deficiency. The Lender shall not be obligated to make any
release of Building Loan proceeds from the Borrower Disbursement Account to the Borrower if, in the sole opinion of the Lender or the Construction Consultant, or both, the balance of the Building Loan yet to be released from the Borrower
Disbursement Account by the Lender pursuant to this Agreement plus the Initial Equity Requirement yet to be invested is at any time less (the amount by which it is less being hereinafter referred to as the “Deficiency”) than
the actual sum, as estimated by the Lender and the Construction Consultant, which will be required to complete the construction of the Improvements in accordance with the Plans and Specifications and this Agreement and to pay all Direct Construction
Costs, Other Costs of Improvement and all other costs and expenses of any nature whatsoever which will be incurred in connection with the completion of construction of the Improvements. 

Notwithstanding that the Initial Equity Requirement might not be required to be invested ahead of the release of the Building Loan
Proceeds in order to meet NMTC Program Requirements, the Borrower shall, within fifteen (15) days after being notified by the Lender that there is or will be a Deficiency or even if there is no Deficiency, if an Event of Default has occurred,
(i) deliver to the Lender evidence, reasonably satisfactory to the Lender if no Event of Default has occurred hereunder or under the Building Loan Mortgage or, if an Event of Default has occurred, in the Lender’s sole and absolute
discretion, confirming that the Borrower has sufficient available cash or reserves to make cover any such Deficiency and to pay the costs thereof when required to complete the Improvements or (ii) deposit into the Borrower Disbursement Account
an amount sufficient to eliminate the Deficiency or in the case of an Event of Default, the Initial Equity Requirement. Any amounts deposited by the Borrower into the Borrower Disbursement Account pursuant to clause (ii) of the preceding
sentence of this paragraph to cover a Deficiency shall be released from the Borrower Disbursement Account by the Lender to the Borrower and shall be applied by the Borrower to cover the payment of Direct Construction Costs and Other Costs of
Improvement incurred in connection with the construction of the Improvements, and until so released shall be held by the Borrower Disbursement Account. If an Event of Default (as hereinafter defined) shall occur and be continuing, the Lender, in
addition to all other rights which it may have, shall have the absolute and unconditional right in its discretion to apply the undisbursed balance of any Deficiency deposit, together with interest earned thereon, in whole or in part to the payment
of the Debt in such order, priority and proportion as the Lender in its sole and absolute discretion deems to be appropriate. 

  
 -11-

 16. Specific Additional Covenants of Borrower. The Borrower shall comply with each of
the following terms and conditions: 
 (a) The Borrower shall obtain and furnish to the Lender within ninety
(90) days after the completion of the Improvements the originals or copies of all temporary permanent certificates of occupancy (or their local equivalent) and all other certificates, licenses, consents and other approvals of the Governmental
Authorities which are required for the use and occupancy of the Improvements. In no event shall the Lender be required to make the last release of Building Loan proceeds from the Borrower Disbursement Account pursuant to this Agreement until a
temporary certificate of occupancy has been obtained and the Improvements have been substantially completed (except punch list items). Notwithstanding the foregoing, if Borrower shall have timely completed work and filed or submitted requests for
any such certificates and licenses, then the failure of the applicable governmental authorities to timely provide same shall not be an Event of Default hereunder. 

(b) The Borrower shall furnish to the Lender from time to time upon request (i) the names of all persons with whom
the Borrower or the General Contractor has contracted or intends to contract for the construction of the Improvements or the furnishing of labor or materials in connection therewith, (ii) a list of all unpaid bills for labor and materials with
respect to Major Contractors for the construction of the Improvements, (iii) budgets of the Borrower and revisions thereof showing estimated Direct Construction Costs and Other Costs of Improvement and other costs and expenses to be incurred in
connection with the completion of construction of the Improvements, (iv) lien waivers, receipted bills or other evidences of payment of all Direct Construction Costs, Other Project Costs and other costs and expenses incurred in connection with
the construction of the Improvements and any other costs and expenses relating to the Property, and (v) such other information relating to the Borrower, the Property, the Building Loan, the construction of the Improvements or any collateral for
the Building Loan or other source of repayment of the Building Loan, as the Lender may reasonably request. 
 (c)
The Borrower shall proceed promptly if the Improvements are partially or totally damaged or destroyed by fire or other casualty with the repair and restoration thereof and shall diligently prosecute the work of repair and restoration to completion,
it being agreed that (i) if such casualty is covered by fire or other casualty insurance, the Borrower’s obligation to proceed with such repair and restoration shall be contingent upon the Lender and the lessor under the Mortgaged Lease
(as defined in the Building Loan Mortgage) disbursing to the Borrower the proceeds of such insurance to pay the cost of such repair and restoration, and (ii) the cost of such repair and restoration shall in no event or under any circumstance be
made the basis of any advance of the Building Loan or release of Building Loan proceeds pursuant to this Agreement. If the Lender and the lessor under the Mortgaged Lease (as defined in the Building Loan Mortgage) agree to disburse insurance
proceeds for such repair and restoration, such insurance proceeds shall be disbursed on the basis of certifications of the Construction Consultant as to costs incurred by the Borrower for work in place as part of such repair and restoration and
otherwise on terms and conditions satisfactory in all respects to the Lender. 

  
 -12-

 (d) The Borrower shall pay when due all Direct Construction Costs, Other
Costs of Improvement and other costs and expenses incurred by the Borrower in connection with the construction of the Improvements or any repair and restoration of the Improvements pursuant to the provisions of this paragraph hereinabove set forth.

 (e) The Borrower shall pay all fees and charges incurred in the procuring and making of the Building Loan,
including, without limitation, reasonable attorneys’ fees incurred by the Lender, fees of the Construction Consultant, appraisal fees, and fees and expenses relating to examination of title, title insurance premiums, surveys, and mortgage
recording, documentary, transfer or other similar taxes and revenue stamps. 
 (f) The Lender shall not be
required to pay any brokerage fees or commissions arising from the making of the Building Loan and the Borrower agrees to defend, indemnify and hold the Lender harmless from and against any and all such claims in connection therewith. 

(g) The Borrower shall not assign this Agreement or the moneys to be advanced and released hereunder or convey, assign,
pledge, encumber or mortgage (except for the Building Loan Mortgage ) any part of the Property without the prior consent of the Lender, but if the Borrower does any of the foregoing, the Lender may, in its discretion, continue to release Building
Loan proceeds from the Borrower Disbursement Account to the Borrower or to those who succeed to the interest of the Borrower in the Property pursuant to the terms of this Agreement, and all sums so released shall be deemed to be releases of Building
Loan Proceeds made in pursuance and not in modification hereof and shall be evidenced and secured by the Building Loan Note and the Building Loan Mortgage. 
 17. Events of Default. The term “Event of Default” as used in this Agreement shall mean the occurrence of any one or more of the following events: 

(a) If the Borrower shall continue to be in default under any of the provisions of this Agreement for ten (10) days
after notice from the Lender in the case of any default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from the Lender in the case of any other default, provided that if such default cannot reasonably
be cured within such twenty (20) day period and the Borrower shall have commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty 30) day period
shall be extended for so long as it shall require the Borrower in the exercise of due diligence to cure such default, it being agreed that no such extension shall be for a period in excess of ninety (90) days, or shall be construed as having
the effect of extending the Completion Date as the same may be extended pursuant to paragraph 7 of this Agreement ; 
 (b) If an Event of Default shall occur and be continuing (for the purposes of this Agreement the term “continuing” meaning an Event of Default that has not been cured and such cure accepted by
the Lender or waived in writing at the Lender’s sole and absolute discretion) under the Loan Agreement, the Mortgage or any of the other Loan Documents; 
 (c) [reserved]; 
 (d) If the Improvements are not substantially
completed in accordance with the provisions of this Agreement on or before the Completion Date, as the same may be extended pursuant to paragraph 7 of this Agreement; 

  
 -13-

 (e) If construction of the Improvements is suspended for a period of ten
(10) consecutive business days other than by reason of the occurrence of an event of force majeure, or if construction of the Improvements in the reasonable judgment of the Lender or the Construction Consultant is not carried on with
reasonable diligence, or if the Lender or the Construction Consultant is of the reasonable opinion that the Improvements cannot be substantially completed by the Completion Date, as the same may be extended pursuant to paragraph 7 of this Agreement;

 (f) If the Borrower shall fail to satisfy Lender as to Borrower’s financial wherewithal to cover any
Deficiency as required in paragraph 15 of this Agreement and such failure continues for ten (10) business days after notice thereof to the Borrower; 
 (g) If the Borrower executes any chattel mortgage or other security agreement with respect to any Equipment, or if any such Equipment are not substantially in accordance with the Plans and Specifications
or are leased or purchased pursuant to any conditional sales contract or other security agreement or otherwise so that the ownership thereof will not vest unconditionally in the Borrower free from encumbrances upon being made a part of the Property,
or if the Borrower does not furnish to the Lender on request the contracts, bills of sale, statements, receipted vouchers or other agreements, under which the Borrower claims title to such materials, equipment, furniture, fixtures or articles of
personal property; or 
 Upon the occurrence of an Event of Default, the Lender (i) may, at its option and in its sole and absolute
discretion, declare the Debt immediately due and payable, and (ii) may, at its option and in its sole and absolute discretion, cease to release Building Loan proceeds from the Borrower Disbursement Account, and (iii) may pursue any and all
remedies provided for in the Loan Documents, or otherwise available. 
 18. Other Remedies. Upon the occurrence of an
Event of Default, whether or not the Debt shall be or shall have been declared due and payable or the Lender shall have instituted any foreclosure or other action for the enforcement of the Loan Documents, the Lender may, in addition to any other
remedies which the Lender may have under the Loan Documents and in the Lender’s sole and absolute discretion, (a) enter upon the Premises and complete the Improvements in accordance with the Plans and Specifications with such changes
therein as the Lender may deem appropriate (provided any such changes made by Lender would not increase the liability of any completion guarantors under any guaranties of completion) and employ watchmen to protect the Improvements, all at the risk,
cost and expenses of the Borrower, (b) at any time discontinue any work commenced in respect of the Improvements or change any course of action undertaken by it and not bound by any limitations or requirements of time whether set forth herein
or otherwise (provided any such changes made by Lender would not increase the liability of any completion guarantors under any guaranties of completion), (c) assume any construction contract made by the Borrower in any way relating to the
Improvements and take over and use all or any part of the labor, materials, equipment, furniture, fixtures and articles of personal property contracted for by the Borrower, whether or not previously incorporated into the Improvements, and
(d) in connection with any construction of the Improvements undertaken by the Lender pursuant to the provisions of this paragraph (w) engage builders, contractors, architects, engineers and others for the purpose of furnishing labor,
materials, equipment, furniture, fixtures and articles of personal property in connection with the construction of the Improvements, (x) pay, settle or compromise all bills or claims which may become liens against the Property, or any portion
thereof, or which have been or may be incurred in any manner in connection with completing construction of the Improvements, and irrespective of whether any of the same have been incurred by the Borrower, the Lender or any other person or party,
(y) pay all sums and take all action necessary to effect the discharge of liens or encumbrances on, or to effect the cure of defects in, the title of the Property, or any portion thereof, , and (z) take or refrain from taking such action
hereunder as the Lender may from time to time determine in 

  
 -14-

 
its sole discretion. The Borrower shall be liable to the Lender for all sums paid or incurred by the Lender to construct and equip the Improvements whether the same shall be paid or incurred
pursuant to the provisions of this paragraph or otherwise, and all payments made or liabilities incurred by the Lender hereunder of any kind whatsoever shall be paid by the Borrower to the Lender upon demand, with interest thereon (calculated for
the actual number of days elapsed on the basis of a 360 day year) at a rate per annum equal to the Default Rate as defined in the Note , provided that such interest rate shall in no event exceed the maximum interest rate which the Borrower may by
law pay, from the date of payment by the Lender to the date of payment to the Lender, which sums and interest shall be secured by the Mortgage. Solely for the purpose of exercising the rights granted by this paragraph, the Borrower hereby
irrevocably constitutes and appoints the Lender its true and lawful attorney-in-fact to execute, acknowledge and deliver any instruments and to do and perform any acts in the name and on behalf of the Borrower after an Event of Default. 

19. Incorporation of Provisions. The Building Loan Note and the Building Loan Mortgage are subject to the conditions,
stipulations, agreements and covenants contained in this Agreement to the same extent and effect as if fully set forth therein until this Agreement is terminated by the completion of the Improvements and the payment in full of the Debt. 

20. Further Assurances. The Borrower shall on demand of the Lender do any act or execute any additional documents required by the
Lender to confirm the lien of the Building Loan Mortgage or comply with the Lien Law of the State of New York. 
 21.
Representations and Warranties. The Borrower is duly qualified to do business in the State in which the Property is located. The Borrower (and the undersigned representatives of the Borrower) have the full power and authority to execute and
deliver this Agreement and the other Loan Documents, and the same constitute the binding and enforceable obligations of the Borrower in accordance with their terms. 
 22. Construction of Agreement. The titles and headings of the paragraphs of this Agreement have been inserted for convenience of reference only and are not intended to summarize or otherwise
describe the subject matter of such paragraphs and shall not be given any consideration in the construction of this Agreement. 

23. Trust Fund. Pursuant to Section 13 of the Lien Law of New York, the Borrower shall receive the releases of
Building Loan proceeds to be made under this Agreement and shall hold the right to receive such releases of Building Loan proceeds as a trust fund to be applied first for the purpose of paying the cost of the Improvements, and the Borrower shall
apply the same first to the payment of the cost of the Improvements before using any part of the total of the same for any other purpose. 
 24. Parties Bound, etc. The provisions of this Agreement shall be binding upon and inure to the benefit of the Borrower, the Lender and their respective successors and assigns (except as otherwise
prohibited by this Agreement). 
 25. Waivers. The Lender may at any time and from time to time waive any one or more of
the conditions contained herein, but any such waiver shall be deemed to be made in pursuance hereof and not in modification thereof, and any such waiver in any instance or under any particular circumstance shall not be effective unless in writing
and shall not be considered a waiver of such condition in any other instance or any other circumstance. 

  
 -15-

 26. Governing Law. This Agreement is and shall be deemed to be a contract entered
into pursuant to the laws of the State of New York and shall in all respects be governed, construed, applied and enforced in accordance with the laws of the State of New York. 
 27. Severability. If any term, covenant or provision of this Agreement shall be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such term,
covenant or provision. 
 28. Notices. Any notice, request or demand given or made under this Agreement shall be in
writing and shall be hand delivered or sent by Federal Express, UPS or other reputable nationally recognized courier service (that provides written confirmation of receipt) or by postage prepaid certified mail, return receipt requested, and shall be
deemed given when actually received at the following addresses, or if delivery is refused, on the date of such refusal: 
 If
to the Lender: 
 COMMERCIAL LENDING II LLC 
 JPMorgan Chase Bank, N.A. 
 106 Corporate Park Drive 

White Plains, New York 10603 
 Attention: Patricia Stone, Senior Vice President 
 With copies to:

 JPMorgan Chase Bank, N.A. 
 270 Park Avenue, Floor 45 
 Mail Code: NY1-K875 

New York, New York 10017-2014 
 Attention: En Jung Kim 
 JPMorgan Chase Bank, N.A. 

10 S. Dearborn, 19th Floor 
 Mail Code: IL1-0953 
 Chicago, Illinois 60603-5506 

Email: nmtc.reporting@chase.com 
 Attention: NMTC Asset Manager 
 JPMorgan Chase Bank, N.A. 

Legal Department 
 237 Park Avenue, 12th Floor 
 Mail Code NY1-R065 

New York, New York 10017 
 Attention: Charles J. Janoff, Esq. 

  
 -16-

 If to the Borrower: 

Dairyland HP LLC 

c/o Dairyland USA Corporation 
 100 East Ridge Road 
 Ridgefield, Connecticut 06877 

Attention: Kenneth Clark, Chief Financial Officer 
 With a copy to: 
 Reed Smith LLP 

599 Lexington Avenue, 29th Floor 
 New York, New York 10022 
 Attention: Joseph M. Marger, Esq. 

Each party may designate a change of address by notice to the other party, given at least fifteen (15) days before such change of address is to
become effective. 
 29. Fees and Expenses. Anything in this Agreement, the Note, the Building Loan Mortgage, the Loan
Agreement or any of the other Loan Documents to the contrary notwithstanding, the Borrower shall indemnify and hold the Lender harmless and defend the Lender at the Borrower’s sole cost and expense against any loss or liability, cost or expense
(including, without limitation, reasonable attorneys’ fees and disbursements of the Lender’s counsel, whether in-house staff, retained firms or otherwise), and all claims, actions, procedures and suits arising out of or in connection with:

 (i) any ongoing matters arising out of this Agreement, the Note, the Building Loan Mortgage, the Loan
Agreement, any of the other Loan Documents or the transaction contemplated hereby or thereby, including, but not limited to the Premises, all costs of appraisal or reappraisal of all or any portion of any collateral for the Debt (including without
limitation, the Premises) and all costs of reappraisal of the Premises whether required by law or regulation of the Lender or any governmental or quasi governmental agency or of the granting by the Lender, in its sole and absolute discretion, of any
lease non-disturbance agreements, 
 (ii) any amendment to, or restructuring of, the Debt, this Agreement, the
Note, the Building Loan Mortgage or any of the other Loan Documents, and 
 (iii) any and all lawful action that
may be taken by the Lender in connection with the enforcement of the provisions of this Agreement, the Note, the Building Loan Mortgage, the Loan Agreement or any of the other Loan Documents, whether or not suit is filed in connection with the same,
or in connection with the Lender, any Guarantor of all or any portion of the Debt and/or any partner, joint venturer or shareholder thereof becoming subject of a voluntary or involuntary federal or state bankruptcy, insolvency or similar proceeding;

 provided however that the above indemnifications shall exclude any and all loss or liability, cost or expense (including, but
not limited to, reasonable attorneys’ fees and disbursements of the Lender’s counsel, whether in-house staff, retained firms or otherwise), and all claims, actions, procedures and suits arising out of the gross negligence, bad faith, or
willful misconduct of the Lender, its agents and employees. 

  
 -17-

 All sums expended by the Lender on account of any of the foregoing shall be reimbursable on demand, and
until reimbursed by the Borrower pursuant hereto, shall be deemed additional principal evidenced by the Note and secured by the Mortgage and shall bear interest at the Default Rate (as defined in the Note). The obligations of the under this
paragraph shall, notwithstanding any exculpatory or other provisions of any nature whatsoever which may be set forth herein, in this Mortgage, the Note, the Building Loan Mortgage, the Loan Agreement or the other Loan Documents, constitute recourse
undertakings, obligations and liabilities of the Mortgagor and shall be secured by the Building Loan Mortgage. 
 30. [reserved]

 31. Modification. This Agreement may not be modified, amended or terminated, except by an agreement in writing
executed by the parties hereto. The Borrower acknowledges that this Agreement and the other Loan Documents set forth the entire agreement and understanding of the Lender and the Borrower with respect to the Building Loan and that no oral or other
agreements, understandings, representations or warranties exist with respect to the Building Loan other than those set forth in this Agreement and the other Loan Documents. 
 32. Affidavit. An affidavit pursuant to Section 22 of the Lien Law of New York is attached hereto as Exhibit F and made a part hereof. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 -18-

 [Signature Page to Building Loan Agreement] 

IN WITNESS WHEREOF, the Lender and the Borrower have duly executed this Agreement the day and year first above written. 

 

	
	DAIRYLAND HP LLC,
	a Delaware limited liability company
	
	 By:   DAIRYLAND USA CORPORATION,

	 a New York corporation,

	 its sole member and manager

	
	 By:   /s/ Christopher Pappas

	 Name: Christopher Pappas

	 Title: Chief Executive Officer

	
	COMMERCIAL LENDING II LLC
	
	 By:   /s/ Patricia T. Stone

	Name: Patricia T. Stone
	Title: Authorized Officer

  
 -19-

 STATE OF NEW YORK
                ) 

                         
                                 ) ss: 

COUNTY OF NEW YORK             ) 

On the
16th day of April in the year 2012 before me, the
undersigned, a Notary Public in and for said State, personally appeared Christopher Pappas, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 

/s/ Raquel Mehlman 
 Notary Public 
 Raquel Mehlman 

Notary Public State of New York 

New York County 
 LIC. #01ME6193851 
 Comm. Exp. 9/22/2012 

STATE OF NEW YORK                 ) 

                         
                                 ) ss: 

COUNTY OF WESTCHESTER      ) 
 On the 25th
day of April in the year 2012 before me, the undersigned, a Notary Public in and for said State, personally appeared Patricia T. Stone, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the
instrument. 
 /s/ Joshua S. Cole 

Notary Public 
 Joshua S. Cole 
 Notary Public, State of New York 

Qual. In Westchester Co. No. 02C06091583 

Commission Expires October 11, 2015 
  

  
 -20-

 EXHIBIT A 

(Description of Premises) 
 ALL
that certain plot, piece or parcel of land, situate, lying and being in the Borough and County of the Bronx, City and State of New York, being part of Tax Lot 1 in Block 2770 and part of Tax Lot 500 in Block 2781, and bounded and more particularly
described as follows: 
 COMMENCING at the intersection of the northerly line of Food Center Drive with the easterly right-of-way line of
Halleck Street (100 feet wide); and 
 RUNNING THENCE along the northerly right-of-way line of Food Center Drive, North 78 degrees 17 minutes 45
seconds East 1,446.07 feet to a point; 
 THENCE continuing along the same, North 86 degrees 55 minutes 54 seconds East 180.95 feet to a point
of curvature; 
 THENCE continuing along the same with a curve to the left having a radius of 264.00 feet, an arc length of 39.78 feet and a
central angle of 08 degrees 38 minutes 00 seconds to a point of tangency; 
 THENCE continuing along the same, North 78 degrees 17 minutes 54
seconds East 128.52 feet to a point of curvature; 
 THENCE continuing along the same with a curve to the right having a radius of 300.00 feet,
an arc length of 119.70 feet and a central angle of 22 degrees 51 minutes 39 seconds to a point on the curve; 
 THENCE along an existing
leasehold, North 36 degrees 29 minutes 08 seconds East 89.22 feet to a point; 
 THENCE continuing along the same, North 13 degrees 12 minutes
58 seconds East 67.43 feet to a point; and 
 THENCE continuing along the same, North 78 degrees 21 minutes 32 seconds East 39.24 feet to the
point of TRUE BEGINNING; 
 THENCE along the existing leasehold, North 11 degrees 38 minutes 28 seconds West 707.60 feet to a point; 

THENCE continuing along the same, North 78 degrees 21 minutes 32 seconds East 17.00 feet to a point; 

THENCE continuing along the same, North 11 degrees 56 minutes 13 seconds West 310.20 feet to a point; 

THENCE continuing along the same, North 23 degrees 01 minutes 04 seconds West 95.50 feet to a point; 

THENCE continuing along the same, North 37 degrees 28 minutes 49 seconds West 85.25 feet to a point; 

THENCE continuing along the same, North 41 degrees 35 minutes 56 seconds East 26.80 feet to a point; 

THENCE continuing along the same, North 56 degrees 23 minutes 24 seconds West 21.30 feet to a point; 

  
 -21-

 THENCE continuing along the same, North 24 degrees 55 minutes 08 seconds East 29.63 feet to a point being
100.37 feet, more or less, upland of the U.S. Pierhead and Bulkhead line; 
 THENCE along the proposed leasehold line, South 66 degrees 30
minutes 05 seconds East 95.49 feet to a point; 
 THENCE continuing along the same, South 60 degrees 56 minutes 09 seconds East 49.88 feet to a
point; 
 THENCE continuing along the same, South 48 degrees 26 minutes 03 seconds East 67.13 feet to a point; 

THENCE continuing along the same, South 63 degrees 04 minutes 48 seconds East 28.21 feet to a point; 

THENCE continuing along the same, South 82 degrees 41 minutes 13 seconds East 70.27 feet to a point; 

THENCE continuing along the same, South 80 degrees 25 minutes 11 seconds East 57.46 feet to a point; 

THENCE continuing along the same, South 38 degrees 59 minutes 27 seconds East 241.02 feet to a point; 

THENCE continuing along the same, South 69 degrees 12 minutes 44 seconds East 134.92 feet to a point; 

THENCE continuing along the same, South 24 degrees 13 minutes 05 seconds East 627.35 feet to a point on an existing leasehold line and being 31.98 feet,
more or less, from the U.S. Pierhead and Bulkhead line; 
 THENCE along the leasehold line, South 50 degrees 34 minutes 54 seconds West 654.52
feet to a point; 
 THENCE continuing along the same, North 39 degrees 25 minutes 06 seconds West 32.00 feet to a point on the Block Line (2770
and 2781); 
 THENCE along the Block Line, South 50 degrees 34 minutes 54 seconds West 13.65 feet to a point; thence 

THENCE along the existing lease line, North 23 degrees 27 minutes 41 seconds West 144.21 feet to a point; and 

THENCE continuing along the same, South 78 degrees 21 minutes 32 seconds West 7.30 feet to the point of TRUE BEGINNING. 

TOGETHER WITH a non-exclusive ingress/egress easement to Food Center Drive, bounded and more particularly described as follows: 

BEGINNING at the aforesaid point of TRUE BEGINNING; and 
 RUNNING THENCE along an existing leasehold, North 78 degrees 21 minutes 32 seconds East 7.30 feet to a point; 

  
 -22-

 THENCE continuing along the same, South 23 degrees 27 minutes 41 seconds East 57.38 feet to a point on a
curve; 
 THENCE along the proposed easement with a non-tangent curve to the left having a radius of 100.00 feet, an arc length of 107.93 feet,
a central angle of 61 degrees 50 minutes 18 seconds and a chord bearing South 22 degrees 46 minutes 53 seconds West 102.77 feet to a point of tangency; 
 THENCE continuing along the same, South 08 degrees 08 minutes 16 seconds East 40.97 feet to a point on a curve being the northerly right-of-way line of Food Center Drive; 

THENCE along the right-of-way line with a curve to the left having a radius of 300.00 feet, an arc length of 111.48 feet, a central angle of 21 degrees
17 minutes 25 seconds and a chord bearing North 68 degrees 11 minutes 44 seconds West 110.84 feet to a non-tangent point; 
 THENCE along an
existing leasehold, North 36 degrees 29 minutes 08 seconds East 89.22 feet to a point; 
 THENCE continuing along the same, North 13 degrees 12
minutes 58 seconds East 67.43 feet to a point; and 
 THENCE continuing along the same, North 78 degrees 21 minutes 32 seconds East 39.24 feet
to the point of TRUE BEGINNING. 

  
 -23-

 EXHIBIT B 

(Definition of Certain Terms) 

Architect: The term “Architect” as used in this Agreement shall mean Food Tech LLC having an office at 300 Ledgewood Place, Suite
304, Rockland, MA 02370 in its capacity under the Design Build Contract as Architect. 
 Design Build Contract: The term “Design
Build Contract” as used in this Agreement shall mean a certain Design Build Contract dated January 9, 2012, entered into between the Borrower and the Architect/Contractor. 
 Building Loan Mortgage: The term “Building Loan Mortgage” as used in this Agreement shall mean a certain mortgage and security agreement and assignment of lessors interest in
leases and rents dated the date hereof in the principal sum of $11,000,000.00 executed and delivered by the Borrower and intended to be duly recorded in Bronx County, State of New York securing the Building Loan Note. 

Building Loan Note: The term “Building Loan Note” as used in this Agreement shall mean a certain note dated as of the date hereof
in the principal sum of $11,000,000.00 given by the Borrower to the Lender. 
 Commencement Date: The term “Commencement
Date” as used in this Agreement shall mean the date which is sixty (60) days following the date of this Agreement. 

Completion Date: The term “Completion Date” as used in this Agreement shall mean (i) January 31, 2013 with respect to
the Phase 1 Building Renovation (Bazzini Areas) as set forth and described in the Design Build Contract, (ii) June 30, 2013 with respect to the Phase II Building Renovation (Dairyland SW) as set forth and described in the Design Build
Contract, and (iii) March 31, 2014 with respect to the Phase III Renovation (RBest Area) as set forth and described in the Design Build Contract. 
 Construction Consultant: The term “Construction Consultant” as used in this Agreement shall mean Ali Mahjouri, 100 East Ridge Road, Ridgefield, Connecticut 06877. 

Debt: The term “Debt” as used in this Agreement shall mean all principal, interest, additional interest and other sums of any
nature whatsoever which shall or may become due and payable to the Lender pursuant to the provisions of the Loan Documents. 
 General
Contractor: The term “General Contractor” as used in this Agreement shall mean Food Tech LLC in their capacity as Design Builder for the Improvements. 
 Governmental Authorities: The term “Governmental Authorities” as used in this Agreement shall mean all governmental authorities having jurisdiction over the Property. 

Improvements: The term “Improvements” as used in this Agreement shall mean renovation of the entire existing 176,406 square foot
warehouse at 240 Food Center Drive, Bronx, New York into several renovated areas: meat cooler, freezer, dairy-deli cooler, chocolate room, dry storage, refrigerated dock, dry dock, dock office, forklift charging area, employee amenities and offices.

  
 24 

 Loan Documents: The term “Loan Documents” as used in this Agreement shall
collectively mean the Building Loan Note, the Building Loan Mortgage, this Agreement, the Loan Agreement (as defined in the Mortgage) and all other documents and instruments of any nature whatsoever now or hereafter executed and delivered in
connection with the Building Loan, as the same may be amended and modified, supplemented, replaced, and restated from time to time. 
 Major
Subcontracts: The term “Major Subcontracts” as used in this Agreement shall mean any contract or contracts entered into with any single subcontractor or materialman employed by the General Contractor or the Borrower in
connection with the construction of the Improvements and providing for aggregate payments to such subcontractor or materialman equal to or in excess of $1,000,000.00. 
 Other Subcontracts: The term “Other Subcontracts” as used in this Agreement shall mean any contracts other than Major Subcontracts entered into by the General Contractor or the
Borrower with subcontractors or materialmen in connection with the construction of the Improvements. 
 Preliminary Survey: The term
“Preliminary Survey” as used in this Agreement shall mean a survey prepared by Mercator Land Surveyors dated March 1, 2012. 

Retainage: The term “Retainage” as used in this Agreement shall mean 10% of the aggregate Direct Construction Costs (until the
construction of the Improvements is 50% complete) actually incurred by the Borrower for work in place as part of the construction of the Improvements, as verified from time to time by the Construction Consultant pursuant to the provisions of this
Agreement. The Retainage shall not be released until the construction of the Improvements has been substantially completed in accordance with the Plans and Specifications accepted by the Lender and the Construction Consultant and the provisions of
this Agreement (other than punch list work, landscaping and other minor work with respect to the Improvements and which in the aggregate will not in the opinion of the Lender and the Construction Consultant exceed $100,000). In addition to the
foregoing, the portion of the Retainage being held by the Lender with respect to work or materials supplied by any particular subcontractor or materialman in connection with the construction of the Improvements will be released by the Lender, upon
request by the Borrower, provided (a) no Event of Default has occurred and is continuing under the Note, this Agreement, the Mortgage, or the other Loan Documents, (b) the Construction Consultant verifies to the Lender that such
subcontractor or materialman has completed 100% of all work and has supplied 100% of all materials in compliance with such subcontractor’s or materialman’s subcontract and in conformity with the Plans and Specifications accepted by the
Lender and the Construction Consultant, (c) such subcontractor or materialman will be paid in full upon the release of the portion of the Retainage being held with respect to such subcontractor or materialman, (d) such subcontractor or
materialman executes and delivers all lien waivers which may be reasonably requested or required by the Lender or by the Title Company to induce the Title Company to insure the lien of the Mortgage against any mechanic’s or materialman’s
lien which may be filed by such subcontractor or materialman, and (e) if required by the Lender, such release of such portion of the Retainage shall be approved by any surety company which has issued a payment or performance bond with respect
to such subcontractor or materialman. 
 Title Company: The term “Title Company” as used in this Agreement shall mean
First American Title Insurance Company of New York. 
 Verified Costs of Improvement: The term “Verified Costs of
Improvement” as used in this Agreement shall mean the aggregate, from time to time, of (a) Other Costs of Improvement actually incurred by the Borrower in connection with the construction of the Improvements and as substantiated by
evidence reasonably satisfactory to the Lender, and (b) Direct Construction Costs actually incurred by the Borrower for work in place as part of the construction of the Improvements, as verified by the Construction Consultant, from time to
time, pursuant to the provisions of this Agreement, minus the Retainage. 

  
 25 

 EXHIBIT C 

(Description of Plans and Specifications) 
 COOLER ADDITION 
  

					
	 Drawing Number:
	  	 Drawing Name:
	  	 Latest Drawing Date:

	
	STRUCTURAL
			
	S-001.00	  	Structural Notes	  	3/21/12
	S-002.00	  	Schedules	  	3/21/12
	S-101.00	  	Footing & Foundation Plan	  	3/21/12
	S-102.00	  	Slab Plan	  	3/21/12
	S-103.00	  	Roof Framing Plan	  	3/21/12
	S-201.00	  	Typical Details	  	3/21/12
	S-202.00	  	Details	  	3/21/12
	S-203.00	  	Details	  	3/21/12
	S-204.00	  	Details	  	3/21/12
	S-301.00	  	Braced Frame Details	  	3/21/12
	S-401.00	  	Elevations	  	3/21/12
	
	ARCHITECTURAL
			
	A-000.00	  	Cover Sheet	  	3/21/12
	A-101.00	  	Overall Existing Bldg Floor Plan	  	3/21/12
	A-102.00	  	Cooler Addition Plan – Section 1	  	3/21/12
	A-103.00	  	Slab Details	  	3/21/12
	A-201.00	  	Roof Plan – Cooler Addition Section 1	  	3/21/12
	A-202.00	  	Roof Details	  	3/21/12
	A-301.00	  	Exterior Elevations	  	3/21/12
	A-401.00	  	Building Sections	  	3/21/12
	A-402.00	  	Wall Sections	  	3/21/12
	A-501.00	  	Door and Room Finish Sch & Details	  	3/21/12
	A-502.00	  	Door Details	  	3/21/12
	A-601.00	  	Misc. Details Concrete	  	3/21/12
	A-701.00	  	Misc. Details Steel	  	3/21/12
	A-702.00	  	Misc. Details Steel	  	3/21/12

  
 26 

					
	 Drawing Number:
	  	 Drawing Name:
	  	 Latest Drawing Date:

	PLUMBING
	P-100.00	  	Plumbing Cover Sheet	  	3/21/12
	P-101.00	  	Plumbing Specs	  	3/21/12
	P-201.00	  	Plumbing Key Plan	  	3/21/12
	P-301.00	  	Plumbing Plan – Ground Floor – Sec 1	  	3/21/12
	P-401.00	  	Plumbing Details	  	3/21/12
	P-402.00	  	Plumbing Seismic Details	  	3/21/12
	
	ELECTRICAL
	E-011.00	  	Electrical Legend & Details	  	3/21/12
	E-012.00	  	Cooler Fire Alarm Floor Plan	  	3/21/12
	E-021.00	  	Cooler Lighting Floor Plan	  	3/21/12
	E-031.00	  	Cooler Power Floor Plan	  	3/21/12
	E-041.00	  	Luminaire Schedule & Details	  	3/21/12
	E-051.00	  	Partial Distribution One Line Diagram	  	3/21/12
	
	REFRIGERATION
	R-100.00	  	Refrigeration Cover Sheet	  	3/21/12
	R-101.00	  	Refrigeration Specs	  	3/21/12
	R-200.00	  	Cooler Key Plan	  	3/21/12
	R-201.00	  	Ground Floor – Section 1 – Cooler Refrigeration Plan	  	3/21/12
	R-100.00	  	Cooler Key Plan	  	3/21/12
	R-300.00	  	Ground Floor – Section 1 – Cooler Piping Plan	  	3/21/12
	R-400.00	  	Refrigeration Schedules	  	3/21/12
	RE-100.00	  	Electrical Cover Sheet	  	3/21/12
	RE-200.00	  	Key Plan Refrigeration Power	  	3/21/12
	RE-201.00	  	Ground Floor – Section 1 - Refrigeration Power Plan	  	3/21/12
	
	FIRE PROTECTION
	FP-100.00	  	Fire Protection Cover Sheet	  	3/21/12
	FP-101.00	  	Fire Protection Seismic Specs	  	3/21/12
	FP-201.00	  	Fire Protection Key Plan	  	3/21/12
	FP-301.00	  	Fire Protection Sprinkler Plan Ground Floor – Section 1	  	3/21/12
	FP-401.00	  	Fire Protection Details	  	3/21/12

  
 27 

					
	
	INTERIOR RENOVATIONS
	 Drawing Number:
	  	 Drawing Name:
	  	 Latest Drawing Date:

	STRUCTURAL
	S-001.00	  	Structural Notes	  	3/21/12
	S-002.00	  	Schedules	  	3/21/12
	S-101.00	  	Footing & Foundation Plan	  	3/21/12
	S-102.00	  	Footing & Foundation Plan	  	3/21/12
	S201.00	  	Details	  	3/21/12
	
	ARCHITECTURAL
	A-000.00	  	Cover Sheet	  	3/21/12
	A001.00	  	Demo Floor Plan	  	3/21/12
	A101.00	  	Main Floor Plan – Warehouse Areas	  	3/21/12
	A104.00	  	Slab Details	  	3/21/12
	A201.00	  	Roof Plan – Warehouse Areas	  	3/21/12
	A202.00	  	Roof Details	  	3/21/12
	A401.00	  	Bldg Sections	  	3/21/12
	A402.00	  	Bldg Sections	  	3/21/12
	A501.00	  	Door Schedules & Details	  	3/21/12
	A502.00	  	Room Finish Schedules & Details	  	3/21/12
	A503.00	  	Door Elevations	  	3/21/12
	A504.00	  	Door Details	  	3/21/12
	A601.00	  	Misc Details Concrete	  	3/21/12
	A701.00	  	Misc Details Steel	  	3/21/12
	A702.00	  	Misc Details Steel	  	3/21/12
	
	PLUMBING
	P-100.00	  	Plumbing Cover Sheet	  	3/21/12
	P-101.00	  	Plumbing Specs	  	3/21/12
	P-201.00	  	Plumbing Key Plan	  	3/21/12
	P-301.00	  	Plumbing Plan Ground Floor Section 2	  	3/21/12
	P-302.00	  	Plumbing Plan Ground Floor Section 3	  	3/21/12
	P-401.00	  	Plumbing Details	  	3/21/12
	P-402.00	  	Plumbing Seismic Details	  	3/21/12
	
	MECHANICAL
	M-100.00	  	HVAC Cover Sheet	  	3/21/12
	M-101.00	  	HVAC Spec Sheet	  	3/21/12
	M-200.00	  	HVAC Keyplan	  	3/21/12
	M-201.00	  	HVAC Floor Plan Section 2	  	3/21/12
	M-202.00	  	HVAC Floor Plan Section 3	  	3/21/12

  
 28 

					
	 Drawing Number:
	  	 Drawing Name:
	  	 Latest Drawing Date:

	M-300.00	  	HVAC Schedules & Details	  	3/21/12
	
	ELECTRICAL
		  		  	
	E-011.00	  	Electrical Legend & Details	  	3/21/12
	E-012.00	  	Overall Electrical Demo Plan	  	3/21/12
	E-013.00	  	Warehouse Areas Fire Alarm Floor Plan	  	3/21/12
	E-014.00	  	Office Areas Fire Alarm Floor Plan and Riser Diagram	  	3/21/12
	E-021.00	  	Warehouse Areas Lighting Floor Plan	  	3/21/12
	E-022.00	  	Office Areas Lighting Floor Plans	  	3/21/12
	E-031.00	  	Warehouse Areas Power Floor Plan	  	3/21/12
	E-032.00	  	Office Areas Power Floor Plan	  	3/21/12
	E-041.00	  	Luminaire Schedule and Details	  	3/21/12
	E-051.00	  	Electrical Dist One Line Diagram	  	3/21/12
	E-052.00	  	Panelboard Schedules	  	3/21/12
	E-053.00	  	Panelboard Schedules	  	3/21/12
	
	REFRIGERATION
	R-100.00	  	Refrigeration Cover Sheet	  	3/21/12
	R-101.00	  	Refrigeration Specs	  	3/21/12
	R-200.00	  	Ground Floor Section 2 Key Plan Refrigeration Plan	  	3/21/12
	R-201.00	  	Ground Floor Section 2 Key Plan Refrigeration Floor Plan	  	3/21/12
	R-100.00	  	Ground Floor Key Plan	  	3/21/12
	R-300.00	  	Ground Floor Section 2 Refrigeration Piping Plan	  	3/21/12
	R-400.00	  	Refrigeration Schedules	  	3/21/12
	RE-100.00	  	Electrical Coversheet	  	3/21/12
	RE-200.00	  	Key Plan Refrigeration Power	  	3/21/12
	RE-202.00	  	Ground Floor – Section 2 Refrigeration Power Plan	  	3/21/12
	RE-203.00	  	Refrigeration Panel Schedules	  	3/21/12
	
	FIRE PROTECTION
	FP-100.00	  	Fire Protection Cover Sheet	  	3/21/12
	FP-101.00	  	Fire Protection Seismic Specs	  	3/21/12
	FP-201.00	  	Fire Protection Key Plan	  	3/21/12
	FP-301.00	  	Fire Protection Sprinkler Plan Ground Floor Section 2	  	3/21/12
	FP-302.00	  	Fire Protection Sprinkler Plan Ground Floor Section 3	  	3/21/12
	FP-401.00	  	Fire Protection Details	  	3/21/12

  
 29 

 EXHIBIT D 

REQUEST FOR ADVANCE 

(No.                     )

 DAIRYLAND HP LLC, a Delaware limited liability company (the “Borrower”), the borrower under a certain Building Loan
Agreement (the “Building Loan Agreement”) dated April             , 2012, entered into between COMMERCIAL LENDING II LLC (the “Lender”) and the
Borrower, hereby certifies to and requests the Lender as follows: 
 (a) Direct Construction Costs.
Attached hereto as Schedule A is a true and correct statement of the reimbursable Direct Construction Costs incurred to date, the aggregate releases of Building Loan proceeds previously made by the Lender to the Borrower for Direct Construction
Costs, the aggregate Retainage applicable to Direct Construction Costs incurred to date, and the total release of Building Loan proceeds from the Borrower Disbursement Account requested hereby for Direct Construction Costs. 

(b) Other Costs of Improvement. Attached hereto as Schedule B is a true and correct statement of the
reimbursable Other Costs of Improvement incurred to date, the aggregate releases of Building Loan proceeds previously made by the Lender to the Borrower for Other Costs of Improvement, and the total release of Building Loan proceeds from the
Borrower Disbursement Account requested hereby for Other Costs of Improvement. 
 (c) Request to Lender for
Advance. The Borrower hereby requests the Lender to release Building Loan proceeds from the Borrower Disbursement Account in the amount of $            . 

(d) Representations. The Borrower hereby represents to the Lender that (i) all Direct Construction Costs and
Other Costs of Improvement set forth in previous Requests for Advance have been paid in full, (ii) all Direct Construction Costs and Other Costs of Improvement incurred to date, as set forth in this Request for Advance, have been or will be
paid in full out of the release of Building Loan Proceeds requested hereby, (iii) all of the representations and warranties of the Borrower contained in the Loan Documents continue to be true and correct, and (iv) we have no actual
knowledge that any Event of Default exists under the Loan Documents and no event has occurred which but for notice, or lapse of time, or both, would constitute an Event of Default under the Loan Documents. 

Dated:             , 20     

 

	
	DAIRYLAND HP LLC,
	a Delaware limited liability company
	
	 By:   DAIRYLAND USA CORPORATION,

	 a New York corporation,

	 its sole member and manager

	
	
By:                       
                                         
                                         
                 

	  Name:

	 Title:

  

  
 30 

 SCHEDULE A 

Direct Construction Costs 
  

											
	A	  	B	  	C	  	D	  	E	  	F
	 Categories
	  	 Total Est.

as of Date
 of
Request
	  	Aggregate
Incurred
to Date	  	Aggregate
Disbursement
to Date	  	Applicable
Retainage	  	Disbursement
Requested
(Column C
minus
Column D & E)
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
	Total	  		  		  		  		  	

  
  

  
 31 

 SCHEDULE B 

Other Project Costs 
  

											
	A	  	B	  	C	  	D	  	E	  	F
	 Categories
	  	 Total Est.

as of Date
 of
Request
	  	Aggregate
Incurred
to Date	  	Aggregate
Disbursement
to Date	  	Applicable
Retainage	  	Disbursement
Requested
(Column C
minus
Column D & E)
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
	Total	  		  		  		  		  	

  
 32 

 EXHIBIT E 

(Direct Construction Cost Breakdown 
 and Request for Partial Payment) 
 The term “Direct Construction Cost
Breakdown and Request for Partial Payment” as used in this Agreement shall mean the Application and Certificate for Payment (AIA Document G 702 and AIA Document G 703 or their equivalent), with such changes therein as the Lender or the
Construction Consultant may reasonably request, or such other form of Direct Construction Cost Breakdown and Request for Partial Payment as may be reasonably acceptable to the Lender and the Construction Consultant. 

  
 33 

 EXHIBIT F 

AFFIDAVIT PURSUANT TO SECTION 22 OF THE 
 LIEN LAW OF THE STATE OF NEW YORK 
 STATE OF NEW YORK
                ) 

                         
                                 ) :ss.: 

COUNTY OF NEW YORK             ) 

Christopher Pappas, being duly sworn, deposes and says: 
 I maintain an office located at 100 East Ridge Road, Ridgefield, Connecticut 06877. 
 I am the Chief Executive Officer of Dairyland USA Corporation, which is the sole member and manager of DAIRYLAND HP LLC, the Borrower mentioned in the within Building Loan Agreement. 

The consideration paid, or to be paid, by the Borrower for the Building Loan described therein is $0.00, and all other expenses
constituting cost of the improvement incurred, or to be incurred, in connection with the Building Loan, and advanced or to be advanced pursuant to the Building Loan Agreement are as follows: 

 

					
			
	(a)	  	Interest on the Building Loan during construction	  	$0.00
			
	(b)	  	Taxes, assessments, water rents and sewer rents, paid or to be paid for periods prior to or during construction	  	$0.00
			
	(c)	  	Insurance during construction	  	$0.00
			
	(d)	  	Commitment fee, if any, in addition to the consideration stated above which is allocable to the Building Loan	  	$0.00
			
	(e)	  	Commitment fee for subsequent financing either (i) required by the Lender, or (ii) to be borrowed within four months after completion of the improvements	  	$0.00
			
	(f)	  	Title examination, insurance premium and recording fees which are allocable to the Building Loan	  	$15,587.00
			
	(g)	  	Survey	  	$12,500.00
			
	(h)	  	Engineer’s fees	  	$0.00
			
	(i)	  	Architect’s fees	  	$0.00
			
	(j)	  	Bond premiums	  	$0.00

  
 34 

					
			
	(k)	  	Legal fees of the Lender’s counsel which are allocable to the Building Loan	  	$90,000.00
			
	(l)	  	Broker’s commissions incurred with respect to obtaining the Building Loan	  	$0.00
			
	(m)	  	Broker’s commissions incurred with respect to obtaining subsequent financing either (i) required by the Lender, or (ii) to be borrowed within four months after the
completion of the improvements	  	$0.00
			
	(n)	  	Brokerage Commissions for leases of space (other than residential space) in the improvements with terms in excess of three (3) years	  	$0.00
			
	(o)	  	Ground rents accruing during construction	  	$0.00
			
	(p)	  	Mortgage recording tax allocable to the Building Loan	  	$308,000.00
			
	(q)	  	Appraisal	  	$7,500.00
			
	(r)	  	Sums paid to take by assignment prior existing mortgages which are consolidated with building loan mortgages and also the interest charges on such mortgages	  	$0.00
			
	(s)	  	Sums paid to discharge or reduce the indebtedness under mortgages and accrued interest thereon and other prior existing encumbrances	  	$0.00
			
	(t)	  	Sums paid to discharge building loan mortgages whenever recorded	  	$0.00
			
	(u)	  	Contingency cost of the improvement, other than the “improvement,” as defined in subdivision 4 of Section 2 of the Lien Law	  	$0.00
			
	(v)	  	Sums paid to reimburse the Lender for advances made pursuant to a certain Notice of Lending dated         ,
20        , duly filed on         , 20        , in the Office of        
,         County	  	$0.00
			
		  		  	

 In addition to the above items the following sums shall be disbursed to the Borrower for the cost of the
improvements incurred and paid for by the Borrower subsequent to the commencement of construction of the improvement, but prior to the date of the initial advance of the Building Loan under the Building Loan Agreement: 

[DETAILED ITEMIZED LIST] 

  
 35 

 The net sum available to the Borrower for the improvement is Ten Million Five Hundred Sixty
Six Thousand Four Hundred Thirteen and 00/100 Dollars ($10,566,413.00) less such amounts (i) as, may not be advanced and disbursed under the Building Loan Agreement due to the non-satisfaction of conditions to the advance and disbursement of
such amounts contained in the Building Loan Agreement, and (ii) as may become due or payable for additional insurance premiums, interest on the Building Loan, ground rents, taxes, assessments, water rents and sewer rents accruing during the
construction of the improvement. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 36 

 [Signature Page to Section 22 Lien Law Affidavit] 

This statement is made pursuant to Section 22 of the Lien Law of the State of New York and is hereby made a part of the Building
Loan Agreement. 
 The facts herein stated are true to the knowledge of the deponent. 

/s/ Christopher Pappas 

Name: Christopher Pappas 
 Sworn to before me this 
 16th day of April, 2012 

/s/ Raquel Mehlman 
 Notary Public

 Raquel Mehlman 
 Notary Public State
of New York 
 New York County 
 LIC.
#01ME6193851 
 Comm. Exp. 9/22/2012 

  
 37 

 EXHIBIT G 

APPLICATION FOR STORED MATERIALS 
  

					
	Project:	 	Application No:	 	
			
	Contractor:	 	Period From:	 	To:

 SUB CONTRACTOR’S APPLICATION FOR STORED MATERIALS 

 

					
	Material Description	  	Location Stored	  	Cost
	                             
                                         
             	  	                             
                                         
      	  	                             
                                         
         
	                             
                                         
             	  	                             
                                         
      	  	                             
                                         
         

  

					
	 Previous Balance of Stored Materials:
	  	$	            	  
	 Plus Material Received This Month:
	  	$	 	  
	 Less Material Installed This Month:
	  	$	 	  
	 Total Stored Material:
	  	$	 	  

  

	1.	This form must be completed for each subcontractor’s invoice for which payment is being requested for stored material or when there is any balance remaining on
previously paid stored material. The total of this summary must match application summary for each line item. 

  

	2.	Provide invoice or bill of sale back-up for all stored material items. 

  

	3.	For off-site stored materials, provide a certificate of insurance assigned to the owner and bank in a value sufficient to cover the cost of the material and list
specific items covered. 

  

	4.	For off-site stored materials, provide an inspection affidavit, complete name and address for the bonded warehouse. 

  
 38

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