Document:

exv10w11

Exhibit 10.11

[EXECUTION COPY]

GUARANTY AND PAYMENT AGREEMENT

(VACTOR MANUFACTURING, INC.)

     This GUARANTY AND PAYMENT AGREEMENT (VACTOR MANUFACTURING, INC.) (this “Agreement”) is
made as of June 27, 2008 by FEDERAL SIGNAL CORPORATION, a Delaware corporation
(“Guarantor”), in favor of BANC OF AMERICA PUBLIC CAPITAL CORP, a Kansas corporation
(“Buyer”).

STATEMENT OF PURPOSE

     Vactor Manufacturing, Inc., an Illinois corporation (“Seller”), and Buyer propose to
enter into a Tax-Exempt Lease Purchase Agreement dated as of June 27, 2008 (as amended,
supplemented, restated or otherwise modified from time to time, the “Purchase Agreement”)
pursuant to which Seller has agreed to sell to Buyer, and Buyer has agreed to purchase from Seller,
in each case from time to time in accordance with the terms and conditions of the Purchase
Agreement, certain tax-exempt leases and certain related assets.

     Guarantor is the sole shareholder of Seller and will derive substantial benefit from the
execution and delivery of the Purchase Agreement. The execution and delivery of this Agreement by
Guarantor is a condition precedent to the execution and delivery of the Purchase Agreement by
Buyer.

     NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement and for
other consideration the receipt and sufficiency of which are hereby acknowledged, Guarantor hereby
agrees as follows:

ARTICLE I

DEFINITIONS

     1.1. Definitions. All capitalized terms used but not defined in this Agreement shall
have the respective meanings assigned to such terms in the Purchase Agreement. As used in this
Agreement, the following terms shall have the following meanings:

     “Buyer” has the meaning set forth in the preamble to this Agreement.

     “Enforcement Costs” has the meaning set forth in Section 2.8.

     “Excluded Amounts” has the meaning set forth in Section 5.2.

     “GAAP” means accounting principles as in effect from time to time generally accepted
in the United States, applied by Guarantor and its consolidated subsidiaries on a basis consistent
with the preparation of Guarantor’s consolidated financial statements.

     “Guaranteed Obligations” has the meaning set forth in Section 2.1.

     “Guarantor” has the meaning set forth in the preamble to this Agreement.

     “Indemnified Amounts” has the meaning set forth in Section 5.1.

 

 

     “Indemnified Party” has the meaning set forth in Section 5.1.

     “Material Adverse Effect” means a material adverse effect on (i) the ability of
Guarantor to perform its obligations under this Agreement or any other Transaction Document, (ii)
the legality, validity or enforceability of this Agreement or any other Transaction Document, (iii)
the interest of Buyer in the Purchased Assets or (iv) the collectibility of the Purchased Leases.

     “Purchase Agreement” has the meaning set forth in the preamble to this Agreement.

     “Recourse Obligations” means (i) the obligation of Seller to repurchase certain
Purchased Assets pursuant to Article V of the Purchase Agreement, (ii) the obligation of
Seller to forward certain Collections to Buyer pursuant to Section 6.2 of the Purchase
Agreement and (iii) the obligation of Seller to indemnify Buyer against certain amounts and to
reimburse Buyer for certain costs and expenses, in each case pursuant to Article VII of the
Purchase Agreement.

     “Seller” has the meaning set forth in the preamble to this Agreement.

ARTICLE II

GUARANTY

     2.1. Scope of Guaranty. Guarantor absolutely, unconditionally and irrevocably
guarantees to Buyer (i) the full and prompt payment of all Recourse Obligations when due and
payable and at all times thereafter, (ii) the full and prompt payment of all Enforcement Costs when
due and payable and at all times thereafter and (iii) the full, complete and punctual observance,
performance and satisfaction of all of the obligations, duties, covenants and agreements of Seller
under the Purchase Agreement and the other Transaction Documents to the extent that any failure or
delay by Seller in the observance, performance or satisfaction of such obligations, duties,
covenants or agreements would constitute or give rise to a Recourse Obligation. All payment
obligations described in clauses (i), (ii) or (iii) above are referred to herein as the
“Guaranteed Obligations”, whether or not allowed or allowable as a claim in any bankruptcy
or other insolvency proceeding, including any interest that would have accrued under the terms of
any of the Transaction Documents.

     2.2. Payment by Guarantor. The liability of Guarantor under this Agreement shall be
direct and immediate and not conditional or contingent upon the pursuit of any remedies against
Seller or any other Person (including, without limitation, any other guarantor). Guarantor hereby
waives any right to require that an action be brought against Seller or any other Person or to
require that resort be had to any security or to any balance of any deposit account or credit on
the books of Buyer in favor of Seller or any other Person. Buyer shall have the right, at its
option, either before, during or after pursuing any other right or remedy against Seller or
Guarantor, to perform any and all of the Guaranteed Obligations by or through any agent, contractor
or subcontractor, or any of their agents, of its selection, all as Buyer in its sole discretion
deems proper, and Guarantor shall indemnify and hold Buyer free and harmless from and against any
and all loss, damage, cost, expense, injury or liability Buyer may suffer or incur in connection
with the exercise of its rights under this Agreement or the performance of the Guaranteed
Obligations, except to the extent the same arises as a result of the gross negligence or willful
misconduct of Buyer.

     2.3. Cumulative Remedies. All of the remedies set forth herein and/or provided by any
of the other Transaction Documents or in equity or at law shall be equally available to Buyer, and
the choice by Buyer of one such alternative over another shall not be subject to question or
challenge by Guarantor or any other Person, nor shall any such choice be asserted as a defense,
set-off or failure to mitigate damages in any action, proceeding or counteraction by Buyer to
recover or seeking any other remedy under this Agreement, nor shall such choice preclude Buyer from
subsequently electing to exercise a different

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remedy. The parties have agreed to the alternative remedies hereinabove specified in part
because they recognize that the choice of remedies in the event of a failure hereunder will
necessarily be and should properly be a matter of business judgment, which the passage of time and
events may or may not prove to have been the best choice to maximize recovery by Buyer at the
lowest cost to Seller and/or Guarantor. It is the intention of the parties that such choice by
Buyer be given conclusive effect regardless of such subsequent developments.

     2.4. Waivers. Guarantor hereby waives, to the fullest extent permitted by law, and
agrees not to assert: (i) notice of acceptance of this Agreement by Buyer and any and all notices
and demands of every kind which may be required to be given by any statute, rule or law; (ii) the
defense of the statute of limitations in any action hereunder; (iii) any defense that may arise by
reason of the lack of authority of Seller or the failure of Buyer to file or enforce a claim
against the estate (in any bankruptcy or other proceeding) of Seller; (iv) demand, presentment for
payment, notice of nonpayment, protest, notice of protest and all other notices (other than as may
be expressly herein required) of any kind, or the lack of any thereof, including, without limiting
the generality of the foregoing, notice of the existence, creation or incurrence of any new or
additional indebtedness or obligation of Seller or of any action or non action on the part of
Seller or Buyer under this Agreement or any other Transaction Document; (v) any defense based upon
an election of remedies by Buyer; (vi) any right or claim to or right to cause a marshalling of the
assets of Seller or Guarantor; (vii) any principle or provision of law, statutory or otherwise,
which is or might be in conflict with the terms and provisions of this Agreement; (viii) any duty
on the part of Buyer to disclose to Guarantor any facts Buyer may now or hereafter know about
Seller, regardless of whether Buyer has reason to believe that any such facts materially increase
the risk beyond that which Guarantor intends to assume or have reason to believe that such facts
are unknown to Guarantor or have a reasonable opportunity to communicate such facts to Guarantor,
it being understood and agreed that Guarantor is fully responsible for being and keeping informed
of the financial condition of Seller and of any and all circumstances bearing on the risk that
liability may be incurred by Guarantor hereunder; (ix) any invalidity, irregularity or
unenforceability, in whole or in part, of any one or more of the Transaction Documents; (x) any
assertion or claim that the automatic stay provided by 11 U.S.C. §362 (arising upon an insolvency
proceeding of Seller) or any other stay provided under any other debtor relief law (whether
statutory, common law, case law or otherwise) of any jurisdiction whatsoever, now or hereafter in
effect, which may be or become applicable, shall operate or be interpreted to stay, interdict,
condition, reduce or inhibit the ability of Buyer to enforce any of its rights, whether now or
hereafter required, which Buyer may have against Guarantor; and (xi) any modification of any
Transaction Document or any obligation of Seller relating to any of the Recourse Obligations by
operation of law or by action of any court, whether pursuant to the Bankruptcy Reform Act of 1978,
as amended, or any other debtor relief law (whether statutory, common law, case law or otherwise)
of any jurisdiction whatsoever, now or hereafter in effect, or otherwise. Without limiting the
foregoing, Guarantor acknowledges and agrees that Leases may be purchased from time to time by
Buyer from Seller without notice to or authorization from Guarantor, regardless of the financial or
other condition of Seller at the time of any such purchase. Buyer shall have no obligation to
disclose or discuss with Guarantor its assessment of the financial or other condition of Seller.
Guarantor acknowledges that no representations of any kind whatsoever have been made by Buyer to
Guarantor.

     2.5. Renewals; Modifications; Amendments. Guarantor agrees that Guarantor’s liability
as guarantor shall in no way be impaired by (i) any renewals or extensions which may be made from
time to time, with or without the knowledge or consent of Guarantor, of the time for payment of any
Guaranteed Obligation, (ii) any forbearance or delay in collecting any Guaranteed Obligation or any
waiver by Buyer under the Purchase Agreement or any other Transaction Document, (iii) Buyer’s
failure or election not to pursue any other remedies it may have against Seller or any change or
modification in the Purchase Agreement or any other Transaction Document, (iv) the acceptance by
Buyer of any security or any increase, substitution or change therein, (v) the release by Buyer of
any security or any withdrawal thereof

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or decrease therein or (vi) the application of payments received from any source other than on
account of the Guaranteed Obligations to the payment of any obligation other than the Guaranteed
Obligations, even though Buyer might lawfully have elected to apply such payments to all or any
part of the Guaranteed Obligations. Guarantor further agrees that Buyer may at any time enter into
agreements with Seller to amend and modify the Purchase Agreement or any other Transaction Document
and may waive or release any provision of the Purchase Agreement or any other Transaction Document
and, with reference to such instruments, may make and enter into any such agreement as Buyer and
Seller may deem proper and desirable, without in any manner impairing this Agreement or any of
Buyer’s rights hereunder or any of Guarantor’s obligations hereunder.

     2.6. Unconditional Obligation. This Agreement constitutes an absolute, unconditional,
complete, present and continuing guaranty of payment and performance and not of collection, and the
obligations of Guarantor hereunder shall be primary, absolute, independent and unconditional under
any and all circumstances whatsoever. Guarantor intends to remain liable as principal for payment
or performance of the Guaranteed Obligations until all such indebtedness has been irrevocably paid
in full and the other terms, covenants and conditions of the Purchase Agreement, the other
Transaction Documents and this Agreement have been performed, notwithstanding any circumstance, act
or thing that might otherwise operate as a legal or equitable discharge of a surety. Neither
Guarantor’s obligations under this Agreement nor any remedy for the enforcement thereof shall be
impaired, modified, changed or released in any manner whatsoever by any impairment, modification,
change, release or limitation of the liability of Seller under the Purchase Agreement or any other
Transaction Document or by reason of Seller’s bankruptcy or by reason of any creditor or bankruptcy
proceeding instituted by or against Seller. If at any time all or any part of any payment made by
Guarantor or received by Buyer under or with respect to this Agreement or any other Transaction
Document is or must be rescinded or returned for any reason whatsoever (including, without
limitation, the insolvency, bankruptcy or reorganization of Guarantor or Seller), then the
obligations of Guarantor hereunder shall, to the extent of the payment rescinded or returned, be
deemed to have continued in existence, notwithstanding such previous payment by Guarantor or
receipt of payment by Buyer, and the obligations of Guarantor hereunder shall continue to be
effective or be reinstated, as the case may be, as to such payment, all as though such previous
payment had never been made. The obligations of Guarantor pursuant to the preceding sentence shall
survive any termination, cancellation or release of this Agreement.

     2.7. Application of Payments. Buyer may apply any amounts received by it from any
source on account of any Guaranteed Obligation to the payment of the Guaranteed Obligations in such
order as Buyer may from time to time elect.

     2.8. Enforcement Costs. If (i) an attorney is retained to collect this Agreement or
this Agreement is collected through any legal proceeding, (ii) an attorney is retained to represent
Buyer in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’
rights and involving a claim under this Agreement or in respect of any Guaranteed Obligation, (iii)
an attorney is retained to provide advice or other representation with respect to an enforcement
action or potential enforcement action relating to this Agreement after a default has occurred
hereunder or (iv) an attorney is retained to represent Buyer in any other legal proceeding
whatsoever in connection with this Agreement or any Guaranteed Obligation, then Guarantor shall pay
to Buyer upon demand all reasonable attorneys’ fees, costs and expenses, including, without
limitation, court costs, filing fees, recording costs, expenses of foreclosure and all other costs
and expenses incurred in connection therewith, (collectively, “Enforcement Costs”) in
addition to all other amounts due hereunder.

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF GUARANTOR

     3.1. Representations and Warranties Concerning Guarantor. Guarantor represents and
warrants that the following are true as of the date of this Agreement. Each representation and
warranty is made to induce Buyer to enter into the Purchase Agreement and shall be automatically
restated and ratified as of each Purchase Date.

	 	3.1.1.	 	Organized and Existing. Guarantor is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware, and Guarantor is
qualified and in good standing to do business as a foreign corporation in each state or
other jurisdiction where its business requires such qualification and where the failure
to be so qualified and in good standing would not reasonably be expected to have a
Material Adverse Effect.
	 
	 	3.1.2.	 	No Contravention. Guarantor’s execution, delivery and performance of this
Agreement and each other Transaction Document to which it is a party do not and will
not conflict with its charter or by-laws, any material agreement to which it is a party
or by which it is bound, any applicable law, rule or regulation, or any court or
administrative order, judgment or decree binding on it or its properties.
	 
	 	3.1.3.	 	Power and Authority; Authorization, Execution and Delivery. Guarantor’s
execution, delivery and performance of this Agreement and each other Transaction
Document to which it is a party are within its corporate power and authority and have
been duly authorized by all necessary corporate action. Guarantor has duly executed
and delivered this Agreement and each other Transaction Document to which it is a
party.
	 
	 	3.1.4.	 	Valid, Binding and Enforceable. This Agreement and each other Transaction
Document to which it is a party are valid, binding and enforceable against Guarantor in
accordance with their respective terms, except as such enforcement may be limited by
applicable bankruptcy, insolvency, reorganization or other similar laws relating to or
limiting creditors’ rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law).
	 
	 	3.1.5.	 	Governmental Authorization; Other Consents. No authorization or approval or
other action by, and no notice to or filing with, any governmental authority or other
Person that has not been obtained is required for the due execution and delivery by
Guarantor of this Agreement or any other Transaction Document to which Guarantor is a
party or the performance by Guarantor of its obligations hereunder or thereunder.
	 
	 	3.1.6.	 	Actions; Suits; Proceedings. Except as described in the Forms 10-K, 10-Q and
8-K of Guarantor, there are no actions, suits or proceedings pending or, to Guarantor’s
knowledge, threatened, against or affecting Guarantor or any of its properties in or
before any court, arbitrator or governmental body that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse Effect. Guarantor
is not in default with respect to any order of any court, arbitrator or governmental
body binding upon it or any of its properties
	 
	 	3.1.7.	 	Accuracy of Information. All written information with respect to Guarantor
or the Purchased Assets furnished by Guarantor to Buyer under or in connection with
this Agreement or any other Transaction Document is true and accurate in all material
respects as of the date such information is or is deemed to be stated or certified and
does

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	 	 	 	not contain any material misstatement of fact or omit to state any material fact
necessary to make the statements contained therein not misleading in any material
respect as of the date such information is or is deemed to be stated or certified
(it being understood that this Section 3.1.7 shall not apply to any untrue
or inaccurate information or any information that contains a misstatement or
omission if, in each case, such information is corrected in written information
subsequently furnished by Guarantor to Buyer under or in connection with this
Agreement or any other Transaction Document).

	 	3.1.8.	 	Financial Statements. All financial statements of Guarantor delivered to
Buyer have been prepared in accordance with GAAP (except, in the case of unaudited
financial statements, for the lack of footnotes and being subject to year-end audit
adjustments) and present fairly in all material respects the financial condition of
Guarantor as of the date thereof and results of operations for the period then ended.
	 
	 	3.1.9.	 	Compliance with Laws. Guarantor has complied with all applicable laws,
rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which
it may be subject, except where the failure to comply would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.
	 
	 	3.1.10.	 	Solvency. Both before and immediately after giving effect to any of the
transactions contemplated by this Agreement, the Purchase Agreement and the other
Transaction Documents, (i) the present fair salable value of the assets of Guarantor is
in excess of the amount that will be required to pay its probable liability on its
existing debts as such debts become absolute and matured, (ii) Guarantor has received
reasonably equivalent value for executing and delivering this Agreement, (iii) the
property remaining in the hands of Guarantor is not an unreasonably small capital and
(iv) Guarantor is able to pay its debts as they mature.

ARTICLE IV

COVENANTS OF GUARANTOR

     4.1. Financial Reporting. Guarantor shall maintain and cause to be maintained, for
itself and each of its subsidiaries, a system of accounting established and administered in
accordance with GAAP, and, if Guarantor shall cease to file periodic Forms 10-K and 10-Q and other
periodic financial statements required of reporting companies by the SEC, Guarantor shall, with
respect to the first such period for which it ceases to file such reports, begin furnishing to
Buyer (i) not later than forty-five (45) days after the end of each of its fiscal quarters,
quarterly unaudited financial statements for Guarantor and its consolidated subsidiaries, prepared
according to GAAP and presenting fairly the financial condition of Guarantor and its consolidated
subsidiaries as at the end of such quarter, and certified as true and correct by Guarantor’s chief
financial officer (subject to year-end adjustments), (ii) not later than one hundred twenty (120)
days after the end of each of its fiscal years, annual audited financial statements for Guarantor
and its consolidated subsidiaries and related audit reports for such year, prepared according to
GAAP and presenting fairly the year-end financial condition of Guarantor and its consolidated
subsidiaries and the results of operations for such year, signed by independent certified public
accountants of recognized national standing and (iii) such other information regarding any of the
foregoing that Buyer may reasonably request.

     4.2. Notice of Material Events. Guarantor shall promptly forward to Buyer all
material written communications that it receives after the related Purchase Date with respect to
any Purchased Lease (other than any such communication also sent to Buyer) and shall promptly
notify Buyer in writing if it receives written notice of the occurrence of an Insolvency Event with
respect to any Obligor under a

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Purchased Lease or the occurrence of an event of non-appropriation with respect to any
Purchased Lease. Guarantor shall endeavor in good faith to notify Buyer promptly if it receives
written notice of or otherwise obtains knowledge of the occurrence or existence of any other event
or circumstance with respect to any Obligor or any Equipment that would reasonably be expected to
have a material adverse effect on the interest of Buyer in the related Purchased Assets or the
collectibility of the related Purchased Leases.

     4.3. Compliance with Laws; Preservation of Corporate Existence. Guarantor shall
comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards imposed by all governmental authorities in respect of the conduct of
its business and the ownership of its properties, except where the failure to so comply would not
reasonably be expected to have a Material Adverse Effect. Guarantor shall preserve and maintain
its corporate existence, rights, franchises and privileges in the jurisdiction of its
incorporation, and qualify and remain qualified in good standing as a foreign corporation in each
jurisdiction where its business is conducted, except where the failure to so qualify or remain
qualified would not reasonably be expected to have a Material Adverse Effect.

     4.4. Adverse Claims. Guarantor shall defend the interest of Buyer (to the extent
transferred to Buyer under the Purchase Agreement) in, to and under the Purchased Leases and all
other Purchased Assets against all claims of third parties claiming through or under Guarantor or
any of its affiliates.

ARTICLE V

INDEMNIFICATION

     5.1. Indemnification. Without limiting any other rights that Buyer may have hereunder
or under applicable law, Guarantor hereby agrees to indemnify Buyer and its assigns, officers,
directors, agents and employees (each, an “Indemnified Party”) from and against any and all
damages, losses, claims, taxes, liabilities, costs, expenses and other amounts payable by, awarded
against or incurred by any such Indemnified Party, including reasonable attorneys’ fees and
disbursements (collectively, “Indemnified Amounts”), including losses in respect of
uncollectible Purchased Leases (regardless of whether reimbursement therefor would constitute
recourse to Guarantor) but excluding any Excluded Amounts, to the extent arising out of or as a
result of (or claimed or alleged to be arising out of or as a result of):

	 	(a)	 	any failure of any written representation or warranty made by or on behalf of
Guarantor or Seller (or any officer of Guarantor or Seller) under or in connection with
this Agreement, the Purchase Agreement or any other Transaction Document to be true and
correct when made or deemed made (it being understood that the Indemnified Amounts with
respect to any breach of the representation and warranty set forth in Section
3.2.9 of the Purchase Agreement shall be limited to amounts necessary to restore to
Buyer its after-tax yield on the transaction evidenced by the related Purchased Lease);
	 
	 	(b)	 	any failure of Guarantor or Seller to comply on or before the related Purchase
Date with any applicable law, rule or regulation with respect to any Purchased Lease or
the nonconformity of any Purchased Lease on or before the related Purchase Date with
any applicable law, rule or regulation, or any failure of Guarantor or Seller to keep
or perform any obligation, express or implied, arising or accrued with respect to any
Purchased Lease on or before the related Purchase Date;

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	 	(c)	 	any failure of Guarantor or Seller to perform its covenants or other
obligations under and in accordance with the provisions of this Agreement, the Purchase
Agreement or any other Transaction Document;
	 
	 	(d)	 	any products liability, personal injury or damage suit or other similar claim
arising out of or in connection with any Equipment that is the subject of any Purchased
Lease;
	 
	 	(e)	 	any dispute, claim, offset or defense of any Obligor (other than any discharge
in bankruptcy of such Obligor or any failure to appropriate by such Obligor) to the
payment of any amount payable under any Purchased Lease (including, without limitation,
a defense based on such Purchased Lease not being a legal, valid and binding obligation
of such Obligor enforceable against such Obligor in accordance with its terms), or any
other claim relating to the sale or performance of any goods, merchandise, insurance or
services that are the subject of such Purchased Lease or the furnishing or failure to
furnish such goods, merchandise, insurance or services;
	 
	 	(f)	 	the occurrence of any Insolvency Event with respect to Guarantor or Seller,
including, without limitation, any adversary proceeding or any contested matter arising
in any insolvency proceeding, whether or not an Indemnified Person is a party thereto;
	 
	 	(g)	 	any failure of Buyer to acquire legal and equitable title to, and ownership of,
any Purchased Lease (including the Collections thereon) free and clear of any Adverse
Claim (except as created by the Purchase Agreement or any other Transaction Document);
	 
	 	(h)	 	any failure of Buyer to acquire a perfected, first-priority security interest
in any Equipment leased under any Purchased Lease, free and clear of any Adverse Claim
(except as created by the Purchase Agreement or any other Transaction Document), or any
attempt by any Person to void such security interest under statutory provisions or
common law or equitable action; or
	 
	 	(i)	 	the existence with respect to Equipment that constitutes fire trucks or other
emergency response vehicles of any lien held by the Pennsylvania Emergency Management
Agency (PEMA) arising pursuant to its Volunteer Fire Company, Ambulance Services and
Rescue Squad Assistance program.

provided, however, that, if Buyer seeks indemnification from Guarantor for a breach
of the representation and warranty set forth in Section 3.2.9 of the Purchase Agreement,
Guarantor may, in its absolute and sole discretion, repurchase the related Purchased Lease and all
other related Purchased Assets for an amount equal to the Investment Balance of such Purchased
Lease (such Investment Balance to be calculated as of the date of such repurchase) plus any
additional amount necessary to restore to Buyer its after-tax yield on the transaction evidenced by
such Purchased Lease through the date of such repurchase. If Guarantor elects to repurchase
Purchased Assets pursuant to the preceding proviso, (i) Guarantor shall, on the related repurchase
date, pay the related repurchase price by wire transfer of immediately available funds to an
account designated by Buyer, (ii) Buyer shall, on such repurchase date, execute such documents and
instruments of transfer or assignment and take such other actions as may be reasonably requested by
Guarantor to effect the sale of such Purchased Assets to Guarantor and (iii) all obligations of
Guarantor under this Section 5.1 with respect to such breach shall terminate automatically
as of such repurchase date. All such Purchased Assets shall be reassigned by Buyer without
recourse, representation or warranty of any kind.

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     Buyer shall provide (or shall cause another Indemnified Party to provide) prompt written
notice to Guarantor of any event or circumstance giving rise to an Indemnified Amount;
provided, however, that any delay or failure to do so shall not limit Guarantor ‘s
obligations under this Section 5.1. If Guarantor pays or provides to Buyer’s satisfaction
for payment under this Section 5.1, Guarantor shall have the right to control indemnity
defenses and settle indemnity claims.

     5.2. Excluded Amounts. Notwithstanding anything in Section 5.1 to the
contrary, Guarantor shall not have any obligation to indemnify an Indemnified Party with respect to
any of the following (collectively, “Excluded Amounts”): (i) Indemnified Amounts to the
extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts
resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking
indemnification; (ii) Indemnified Amounts to the extent such amounts include losses in respect of a
Purchased Lease that is uncollectible on account of the insolvency, bankruptcy or lack of
creditworthiness of the related Obligor or the failure at any time of the related Obligor to budget
and appropriate sufficient moneys to make any Scheduled Payment or other amount due under such
Purchased Lease (except to the extent that such losses arise out of or as a result of a breach with
respect to such Purchased Lease of the representation and warranty set forth in Section 3.2
of the Purchase Agreement); or (iii) taxes on or measured by the overall net income of such
Indemnified Party imposed by any jurisdiction in which such Indemnified Party is subject to
taxation; provided, however, that nothing contained in this Section 5.2
shall limit the liability of Guarantor, or limit the recourse of Buyer to Guarantor or Seller, for
amounts otherwise specifically provided to be Recourse Obligations under the terms of this
Agreement.

ARTICLE VII

MISCELLANEOUS

     6.1. Notices. All notices and other communications provided to Guarantor or Buyer
under this Agreement shall be in writing (including, without limitation, bank wire, telecopy or
electronic facsimile transmission or similar writing) and shall be given to such Person at their
respective addresses specified below or at such other address or fax number as such Person may
hereafter specify for the purpose of notice to the other Person. Each such notice or other
communication shall be effective (i) if given by telecopy or electronic facsimile transmission,
upon receipt of electronic confirmation of receipt thereof, (ii) if given by mail, three (3)
Business Days after the time such communication is deposited in the mail registered with return
receipt requested or (iii) if given by any other means, when received at the address specified in
this Section 6.1. All such notices and other communications shall be given to the
following addresses:

If to Guarantor:

Federal Signal Corporation

1415 West 22nd Street, Suite 1100

Oak Brook, Illinois 60523

Telecopy: (630) 954-2041

Attention: Treasurer

with a copy to:

Federal Signal Corporation

1415 West 22nd Street, Suite 1100

Oak Brook, Illinois 60523

Telecopy: (630) 954-2138

Attention: General Counsel

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If to Buyer:

Banc of America Public Capital Corp

231 South LaSalle Street

8th Floor

Chicago, Illinois 60697

Telecopy: (312) 974-9052

Attention: Senior Credit Officer, Global Vendor Finance Division

Reference: Federal Signal

     6.2. Termination. This Agreement constitutes a continuing guaranty and shall remain
in full force and effect until the irrevocable payment in full of all of the Guaranteed
Obligations, irrespective of any interruption in the business relations of Seller and Buyer or any
transfer by Guarantor of any interest in Seller.

     6.3. Survival of Terms. All representations and warranties made by Guarantor in this
Agreement shall survive the execution and delivery of this Agreement regardless of any
investigation made by Buyer and notwithstanding that Buyer may have had notice or knowledge that
any such representation or warranty was incorrect. The provisions of Article IV and
Article V (and any provisions of this Agreement relating to the enforcement of such
provisions) shall survive any termination of this Agreement.

     6.4. Successive Actions. A separate right of action hereunder shall arise each time
Buyer acquires knowledge of any matter indemnified or guaranteed by Guarantor under this Agreement.
Buyer may bring separate and successive actions hereunder to enforce any of the provisions hereof
at any time and from time to time. No action hereunder shall preclude any subsequent action, and
Guarantor hereby waives and covenants not to assert any defense in the nature of splitting of
causes of action or merger of judgments.

     6.5. Waiver by Guarantor. Guarantor covenants and agrees that, upon the commencement
of a voluntary or involuntary bankruptcy proceeding by or against Seller, Guarantor shall not seek
or cause Seller or any other Person to seek a supplemental stay or other relief, whether injunctive
or otherwise, pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Reform Act of
1978, as amended, or any other debtor relief law (whether statutory, common law, case law or
otherwise) of any jurisdiction, now or hereafter in effect, which may be or become applicable, to
stay, interdict, condition, reduce or inhibit the ability of Buyer to enforce any rights of Buyer
against Guarantor by virtue of this Agreement or otherwise.

     6.6. Governing Law; Assignments. This Agreement has been delivered for acceptance by
Buyer in Chicago, Illinois and shall be governed by, and construed in accordance with, the internal
laws (as opposed to the conflicts of law provisions) of the State of Illinois. The rights and
obligations of Buyer and Guarantor under this Agreement will inure to the benefit of, and be
binding upon, their successors and permitted assigns. Buyer may assign or transfer this Agreement
or any of its rights under this Agreement or any Purchased Assets to any other party without
notice. All references to “Buyer” in this Agreement shall include its assigns and transferees,
whether immediate or remote. Guarantor may not assign or transfer this Agreement or any of its
rights or obligations under this Agreement without the prior written consent of Buyer (which
consent shall not be unreasonably withheld).

     6.7. Cooperation. Guarantor shall, from time to time upon reasonable notice and
during normal business hours, in each case to the extent reasonably necessary to enable Buyer to
reconcile

10

 

Obligor payments or otherwise service the Purchased Leases, to comply with governmental
requirements or regulations or to prosecute or defend third-party claims, make reasonably available
to Buyer and its agents all information maintained by or on behalf of Guarantor with respect to the
Purchased Assets. Buyer shall, from time to time upon reasonable notice and during normal business
hours, in each case to the extent reasonably necessary to enable Guarantor to comply with its
obligation to repurchase Purchased Assets pursuant to this Agreement, to comply with governmental
requirements or regulations or to prosecute or defend third-party claims, make reasonably available
to Guarantor or its agents copies of the Purchased Leases and all other documents included in the
related Lease Files.

     6.8. JURY TRIAL WAIVER; VENUE; JURISDICTION; SERVICE. BUYER AND GUARANTOR EACH WAIVE
ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION ARISING FROM OR RELATED TO THIS AGREEMENT. ANY STATE OR
FEDERAL COURT LOCATED IN COOK COUNTY, ILLINOIS, SHALL HAVE NON-EXCLUSIVE JURISDICTION OVER ANY
ACTION OR PROCEEDING ARISING FROM OR RELATED TO THIS AGREEMENT. GUARANTOR SUBMITS TO THE
JURISDICTION OF SUCH COURTS AND WAIVES, TO THE FULLEST EXTENT IT MAY DO SO, ANY INCONVENIENT FORUM
DEFENSE IT MAY HAVE TO ANY SUCH ACTION OR PROCEEDING. A FINAL JUDGMENT RENDERED IN ANY SUCH ACTION
OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECTION 6.8 SHALL AFFECT
OR IMPAIR GUARANTOR’S OR BUYER’S RIGHT TO SERVE LEGAL PROCESS IN ANY MANNER PERMITTED BY LAW.

     6.9. Captions; Savings. The section headings in this Agreement shall not be used to
construe the terms and conditions of this Agreement. The obligations of Buyer and Guarantor to
perform under this Agreement are limited by and subject to all applicable laws, rules and
regulations. Wherever possible, each provision of this Agreement shall be interpreted as effective
and valid under applicable law. If any provision of this Agreement is prohibited or invalid, such
provision shall be ineffective to the extent of such prohibition or invalidity and the remainder of
this Agreement shall remain valid.

     6.10. Complete Agreement; Amendments; Waivers. This Agreement and the other
Transaction Documents represent the complete understanding of the parties concerning the subject
matter of this Agreement and supersede any and all previous agreements or understandings, written
or oral, relating to the subject matter of this Agreement. Amendments to this Agreement shall only
be effective if in writing and signed by duly authorized officers of Buyer and Guarantor. Waivers
of any provision of this Agreement shall only be effective if in writing and signed by the party to
be bound, and any waiver will be effective only as to the matters expressly covered in such
writing. Any party’s knowledge of any breach of or non-compliance with any other party’s
covenants, agreements, representations or warranties shall not constitute a waiver. No failure or
delay by any party in exercising any right or remedy under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right or remedy. The rights and remedies provided in this
Agreement are cumulative and not exclusive of any rights and/or remedies provided by law.

     6.11. Counterparts. This Agreement may be executed in any number of counterparts and
by different parties hereto on separate counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute one and the same
agreement.

11

 

     IN WITNESS WHEREOF, duly authorized officers of Guarantor and Buyer have executed this
Agreement as of the date first set forth above.

	 	 	 	 	 
	 	FEDERAL SIGNAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	David Janek  	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	BANC OF AMERICA PUBLIC CAPITAL CORP

 	 
	 	By:  	 	 
	 	 	Name:  	Glen L. Van de Loo  	 
	 	 	Title:  	Senior Vice President 	 

Guaranty and Payment Agreement

(Vactor Manufacturing, Inc.)

12exv10w12

Exhibit 10.12

[EXECUTION COPY]

AGREEMENT OF PURCHASE AND SALE

     THIS AGREEMENT (“Agreement”) is made as of the 2nd day of July, 2008, by and between
FEDERAL SIGNAL CORPORATION, a Delaware corporation (“Seller”), and CENTERPOINT PROPERTIES
TRUST, a Maryland real estate investment trust (“Purchaser”).

RECITALS

     A. Seller is the fee owner of that certain property located at 2645 Federal Signal Drive,
University Park, Illinois 60466 (the “UP Property”), and legally described on Exhibit
A attached hereto.

     B. Seller’s subsidiary,
Elgin Sweeper Company, a Delaware corporation (“ESC Sub”), is the
fee owner of that certain property located at 1300 West Bartlett Road, Elgin, Illinois 60120 (the
“ELG Property”), and legally described on Exhibit B attached hereto.

     C. Purchaser has approached Seller and expressed a desire to purchase the properties upon the terms
and conditions contained in this Agreement. Seller desires to sell the properties to Purchaser,
subject to and in accordance with the terms, conditions and other provisions of this Agreement.

     D. As a part of this transaction, Purchaser also desires that Purchaser, as landlord, and Seller
shall enter into the Leases (as hereinafter defined).

     NOW, THEREFORE, in consideration of the mutual agreements set forth herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows:

SECTION 1. DEFINITIONS

     The following capitalized terms shall have the meanings set forth in this Section 1 for all
purposes under this Agreement:

     Closing. The consummation of the transactions described herein as more fully described in
Section 4 below.

     Closing Date. July 2, 2008 or other date mutually agreed upon by the parties.

     Due Diligence Expiration Date. The date which is thirty (30) business days after the
Effective Date.

     Due Diligence Period. The period commencing on the Effective Date (or earlier if Purchaser
has previously entered on, or conducted investigations concerning, the Property) and continuing
until the Due Diligence Expiration Date.

     Earnest Money. Cash in the amount of One Million and 00/100 Dollars ($1,000,000.00)
(defined in Section 2.2(a) below as the “Deposit”).

 

 

     Effective Date. The date on which this Agreement is executed by Seller and Purchaser.

     Excluded Documents. All (a) communications between Seller or any affiliate and their
attorneys and (b) other correspondence, memoranda and documents prepared or intended for internal
use of Seller and/or its representatives.

     Improvements. The buildings and other improvements situated on the Land.

     Land. The parcels of land legally described in Exhibit A and Exhibit B
attached hereto.

     Personal Property. All (i) personal property located on the Land that is owned by Seller
and not owned by third parties, and used in connection with the operation of the Land, excluding
the Trade Fixtures and Personal Property and (ii) intangible property that is owned by Seller and
not owned by third parties, in connection with the Real Property, including, but not limited to all
permits, licenses, warranties and guaranties.

     Property. The Real Property and Personal Property.

     Purchase Price. Thirty Seven Million One Hundred Seventy Four Thousand Forty Five and
No/100 Dollars ($37,174,045.00), of which Twenty Two Million One Hundred Twenty Seven Thousand
Seventy Four and No/100 Dollars is allocated to the UP Property and Fifteen Million Forty Six
Thousand Nine Hundred Seventy One and No/100 Dollars ($15,046,971.00) is allocated to the ELG
Property.

     Real Property. The Land and the Improvements, together with any and all rights, benefits,
privileges, easements, tenements, hereditaments, rights-of-way and other appurtenances thereon or
in any way appertaining thereto.

     Title Company. First American Title Insurance Company, 30 N. LaSalle Street, Suite 310,
Chicago, Illinois 60602.

     Trade Fixtures and Personal Property. Seller’s furniture, machinery, manufacturing
equipment, safes, signs, trade fixtures, inventory and other items of movable personal property of
every kind and description used in the operation of Seller’s business and set forth on Schedule
3, attached hereto.

SECTION 2. AGREEMENT TO SELL AND PURCHASE; PURCHASE PRICE; LEASES

     2.1 Agreement to Sell and Purchase. Seller agrees to sell to Purchaser, and Purchaser
agrees to purchase from Seller, the Property, subject to and in accordance with the terms,
conditions and provisions hereof.

     2.2 Payment of Purchase Price. The total purchase price to be paid by Purchaser to
Seller for the Property shall be the Purchase Price described in Section 1 above. The
Purchase Price shall be payable in cash at Closing.

2

 

          (a) Earnest Money. In order to guarantee Purchaser’s performance of its obligations
hereunder, including, without limitation, Purchaser’s obligation to close on the Closing Date,
Purchaser shall, within three (3) business days after the delivery of this Agreement to Seller: (i)
execute and deliver to Seller and the Title Company an earnest money escrow agreement, in the form
attached hereto as Exhibit E, and (ii) deliver to the Title Company, as escrowee, cash
(“Deposit”) in the amount of One Million and 00/100 Dollars ($1,000,000.00).

          (b) Purchase Price. At Closing, Purchaser shall pay into escrow with the Title
Company the entire Purchase Price (less the Deposit) by wire transfer of immediately available
funds. The proceeds of sale payable to Seller must be disbursed to and received by Seller, in
Seller’s designated account, prior to 2:00 p.m. central on the Closing Date. If Seller has not
received the sales proceeds by such time, Seller may elect to adjourn the Closing Date until the
next business day.

     2.3 Leases. At Closing, Purchaser shall execute and deliver counterparts of leases
for each property comprising the Land in the form of Exhibit C attached hereto (the
“Leases”), with Purchaser as lessor (“Landlord”) and Seller, as lessee. Seller
shall deliver at Closing counterparts of the Leases executed by Seller. A schedule of the monthly
base rent for each Lease and the valuation for each Property is attached hereto as Exhibit
D.

SECTION 3. SELLER’S DELIVERIES; CONDITIONS PRECEDENT

     3.1 Seller’s Deliveries. Except for any Excluded Documents, Seller has provided to
Purchaser, or will provide to Purchaser within five (5) days of the Effective Date, the following
items relating to the ownership and operation of the Property, to the extent they are in Seller’s
possession or control:

          (a) copies of all guarantees and warranties which Seller received from any and all contractors
and subcontractors pertaining to the Property;

          (b) current title commitments and Current Surveys (as defined herein);

          (c) existing environmental site assessments of the Property, if any;

          (d) existing permits and licenses for the Property, if any;

          (e) all plans and specifications relating to the Property, if any;

          (f) existing engineering reports for the Property, if any;

          (g) copies of all tax bills for the previous three (3) years; and

          (h) lists of all pending lawsuits or claims relating to the Property.

     In the event that this Agreement terminates for any reason, Purchaser shall immediately return to
Seller all written and other physical materials (whether from Seller, Seller’s agents or otherwise)
received by Purchaser pursuant to this Agreement.

3

 

     To Seller’s Knowledge, the materials delivered by Seller to Purchaser pursuant to this Section
3.1 are true, correct and complete; however, Seller makes no representation or warranty
regarding the contents of, or information provided in, any report or other document. Except as
otherwise expressly set forth in this Agreement, Seller makes no representation or warranty, either
expressed or implied, and shall have no liability with respect to the accuracy or completeness of
the information, data or conclusions contained in the information provided to Purchaser, and
Purchaser shall have made its own independent inquiry regarding the economic feasibility, physical
condition and environmental state of the Property prior to executing this Agreement.

     3.2 Inspections and Access. Purchaser and its representatives shall be permitted to
enter upon the Real Property at reasonable times and from time to time during the Due Diligence
Period to examine, inspect and investigate the Property and all books, records, drawings and other
documentation relating thereto in Seller’s possession other than the Excluded Documents
(collectively, the “Inspections”), subject to the terms, conditions and limitations set
forth in the following provisions of this Section 3.2. All of the Inspections shall be
conducted at the expense of Purchaser without contribution from Seller of any kind or amount except
as may otherwise be provided for herein.

          (a) Purchaser shall have a right to enter upon the Real Property during the Due Diligence
Period for the purpose of conducting the Inspections and for no other purpose, provided that in
each such instance (i) Purchaser notifies Seller of the intended Inspections not less than one (1)
business day prior to such entry; (ii) such Inspections are scheduled with Seller’s plant manager;
and (iii) Purchaser is in full compliance with Section 3.2(d) hereof. At
Seller’s election, a representative of Seller shall be present during any entry by Purchaser
or its representatives upon the Real Property for conducting said Inspections. Purchaser shall
take all necessary actions to insure that neither it nor any of its representatives shall
unreasonably interfere with the ongoing operations occurring at the Real Property during the course
of performing any such Inspections, including, without limitation, any operations of Sellers.
Purchaser shall not cause or permit any mechanics’ liens or other liens to be filed against the
Property as a result of the Inspections. Notwithstanding anything set forth herein to the
contrary, Purchaser shall not be permitted to: (x) perform any Phase II environmental assessments
or any tests that require the physical alteration of the Property (including, without limitation,
borings or samplings) without the prior written consent of Seller (which consent shall not be
unreasonably withheld); or (y) review any of the Excluded Documents. Promptly after receipt of the
written request of Seller, Purchaser shall deliver to Seller a complete copy of any written
studies, reports, tests results or similar documents prepared by or on behalf of Purchaser or its
agents.

          (b) Purchaser shall have until the Due Diligence Expiration Date in which to conduct its
Inspections and analysis of the Property and of all information pertaining to the Property to
determine whether the Property is acceptable to Purchaser. During the Due Diligence Period,
Purchaser may terminate this Agreement for any reason or no reason, by giving written notice of
termination to Seller on or before the Due Diligence Expiration Date. If Purchaser does not give
such notice of termination on or before the Due Diligence Expiration Date, Purchaser shall be
deemed to have waived its right to terminate this Agreement pursuant to this Section 3.2,
the Earnest Money shall be non-refundable except in the event of default by Seller or as otherwise
specifically provided herein, and this Agreement shall continue in full

4

 

force and effect. In the
event of such termination, the Earnest Money shall be returned to Purchaser and neither party shall
have any further obligations to the other party hereunder.

          (c) Purchaser agrees and covenants with Seller that prior to Closing it will not disclose any
of the reports or any other documentation or information obtained by Purchaser which relates to the
Property or Seller to any third party (other than lenders, accountants, attorneys and other
professionals and consultants working for Purchaser in connection with the acquisition of the
Property who agree to keep such information confidential) without Seller’s prior written consent,
which consent shall not be unreasonably withheld, conditioned or delayed, unless Purchaser is
obligated by law to make such disclosure. All diligence information acquired by Purchaser
hereunder shall be used by Purchaser and its agents solely in connection with the transactions
contemplated hereby.

          (d) Purchaser agrees to indemnify, defend and hold Seller and Seller’s respective members,
partners, trustees, beneficiaries, shareholders, directors, officers, managers, advisors and other
agents and their respective employees, officers, directors and shareholders (collectively, the
“Indemnified Parties”) harmless from and against any and all claims, losses, damages, costs
and expense (including, without limitation, attorneys fees’ and court costs) suffered or incurred
by any of the Indemnified Parties as a result of or in connection with any activities of Purchaser
(including activities of any of Purchaser’s employees, consultants, contractors or other agents)
conducted pursuant to or in violation of this Section 3.2 or otherwise, whether the events
giving rise to such indemnity claim occurred before or occur after the date hereof, including,
without limitation, mechanics’ liens, damage to the Property and injury to persons or property
resulting from such activities and, in connection therewith, in the event that
the Property is damaged, disturbed or altered in any way as a result of such activities and
Purchaser terminates this Agreement pursuant to Section 3.2(b), Purchaser shall promptly
restore the Property to substantially the same condition existing prior to the commencement of such
activities. The preceding indemnification applies only to the extent the claim, loss, damage, cost
or expense is attributable to such actions of Purchaser or its agents (for example, if there was a
pre-existing condition which was exacerbated by permitted testing, then Purchaser’s obligation is
limited to the extent of the exacerbation only) and it shall not apply to extent any such matters
arise from or relate to the discovery or required or permitted disclosure of a condition relating
to the Property. Furthermore, Purchaser agrees to maintain and to cause all of its representatives
or agents conducting any inspections to maintain and have in effect workers’ compensation
insurance, with statutory limits of coverage, and commercial general liability insurance in the
form of Exhibit F attached hereto. Such insurance shall name Seller, Seller and their
respective lenders as additional insured parties. Purchaser shall deliver to Seller and Seller
prior to entering upon the Property evidence reasonably satisfactory to Seller and Seller that the
insurance required hereunder is in full force and effect.

     3.3 Title and Survey. Seller shall, at its sole cost and expense, obtain and deliver
to Purchaser on or before June 15, 2008 for Purchaser’s review, current commitments for ALTA
owner’s policies of title insurance for each of the properties comprising the Land, together with
recorded documents listed in such commitments (collectively, the “Title Commitment”) issued
by the Title Company. Seller shall also obtain and deliver to Purchaser on or before June 15,
2008, at Seller’s expense, surveys for the properties (collectively, the “Current Surveys”)
in compliance with the Survey Standards set forth on Exhibit G attached hereto. Purchaser

5

 

acknowledges receipt of the Title Commitments and Current Surveys and has accepted all exceptions
to title set forth on the title proformas (the “Title Proformas”) attached hereto as
Exhibit H and the form and substance of the Current Surveys and all matters shown thereon
(such matters together with the Leases, taxes not yet due and payable, and acts of Purchaser are
collectively referred to as the “Permitted Exceptions”). Seller shall provide the Title
Company with documents reasonably requested by the Title Company in order to issue the Title
Proformas at Closing.

     3.4 Additional Conditions to Parties’ Obligations to Close. In addition to all other
conditions set forth herein, the obligation of Seller, on the one hand, and Purchaser, on the other
hand, to consummate the transactions contemplated hereunder shall be contingent on the following:

          (a) The other party’s representations and warranties contained herein shall be true and
correct in all material respects as of the Closing Date, except for any change in circumstances
resulting from acts or omissions permitted or contemplated under the provisions of this Agreement;

          (b) As of the Closing Date, the other party shall have performed its obligations hereunder in
all material respects and all deliveries to be made by the other party at Closing have been
tendered;

          (c) Seller shall have delivered to Purchaser evidence of insurance as required by the Leases;

          (d) Seller must be occupying 100% of the space leased by the Leases, be open for business, and
current in all sums due under the Leases;

          (e) The Title Company shall be ready, willing and able to issue to Purchaser one or more
owner’s title policies for the Property, with all endorsements that the Title Company agreed to
provide prior to the Due Diligence Expiration Date, and that are consistent with the Title
Commitment, subject only to the Permitted Exceptions;

          (f) Purchaser shall have received the Current Surveys in accordance with Section 3.3
above;

          (g) Seller shall have delivered to Purchaser, or shall be prepared to deliver at Closing, with
respect to each of the Leases: (i) estoppel certificates executed by Seller in favor of Purchaser
in the form required under the Leases, and (ii) subordination, non-disturbance and attornment
agreements executed by Seller, provided such form is acceptable to Seller in Seller’s reasonable
discretion; and

          (h) The physical and environmental condition of the Property shall be substantially the same
on the Closing Date as on the date hereof.

6

 

If any of the foregoing conditions is not satisfied by the Closing Date, Purchaser may, as its sole
and exclusive right and remedy, terminate this Agreement, by notice to Seller given on or before
the Closing Date. In the event that Seller fails to deliver the items referred to in Sections
3.4(c), (d) or (g), Seller shall be in default hereunder. If Purchaser is not entitled to or does
not elect to so terminate, the Closing shall take place as herein provided without abatement of the
Purchase Price.

SECTION 4. CLOSING

     4.1 Time and Place. The Closing shall be held on the Closing Date at the Title
Company. The parties agree to complete all arrangements for Closing prior to the Closing Date so
that all requirements for Closing, with the exception of the delivery of the Purchase Price, are in
place by the end of the day prior to the Closing Date and only the funding need be completed on the
Closing Date.

     4.2 Deliveries. At Closing, Seller and ESC Sub, as applicable, and Purchaser shall
execute and deliver the following items:

          (a) Seller shall deliver or cause ESC Sub, as applicable, to deliver to Purchaser:

               (i) Special warranty deeds to the Real Property, conveying to Purchaser all of Seller’s right,
title and interest in and to the Real Property, subject only to the Permitted Exceptions;

               (ii) one or more bills of sale and assignments conveying to Purchaser all of Seller’s right,
title and interest in and to the Personal Property;

               (iii) a non-foreign transferor certification pursuant to Section 1445 of the Internal Revenue
Code for Seller;

               (iv) evidence of Seller’s authority to consummate the transactions described herein, as
required by the Title Company;

               (v) a certificate reaffirming Seller’s representations and warranties contained in Section
6 below;

               (vi) insurance certificates required by the Leases;

               (vii) to the extent not already delivered, estoppel certificates and subordination,
non-disturbance and attornment agreements executed by Seller in accordance with Section
3.4(g) above;

               (viii) an ALTA Statement; and

               (ix) such other documents as Purchaser may reasonably request to enable Purchaser to
consummate the transaction contemplated by this Agreement; provided none

7

 

of said additional
documents imposes any cost or obligation upon Seller not otherwise specifically imposed upon Seller
pursuant to the terms of this Agreement.

          (b) Purchaser shall pay or deliver to Seller:

               (i) the Purchase Price, by wire transfer, as provided in subsection 2.2(a) hereof; and

               (ii) evidence of Purchaser’s authority to consummate the transactions described herein, as
required by the Title Company.

               (iii) such other documents as Seller may reasonably request to enable Seller to consummate the
transaction contemplated by this Agreement; provided none of said additional documents imposes any
cost or obligation upon Purchaser not otherwise specifically imposed upon Purchaser pursuant to the
terms of this Agreement.

          (c) Seller and Purchaser shall jointly deliver:

               (i) instructions to the Title Company, as escrowee, to pay the Deposit to Seller and any
interest thereon to Purchaser;

               (ii) the Leases in the form attached hereto as Exhibit C for each Property executed by
Purchaser, on the one hand, and by Seller on the other hand;

               (iii) recordable Memoranda of the Leases in the form attached to the Leases for each Property
executed by Purchaser, on the one hand, and by Seller on the other hand;

               (iv) a closing statement describing the Purchase Price and other applicable costs;

               (v) all transfer declarations, affidavits of value or similar documentation required by
applicable state, county and local law;

               (vi) non-disturbance agreement in form reasonably acceptable to Seller, Purchaser and
Purchaser’s lender; and

               (vii) an environmental escrow agreement, in the form of Exhibit I attached hereto and
made a part hereof (“Holdback Escrow”) and Seller agrees to deposit One Hundred
Seventy-Nine Thousand and No/100 Dollars ($179,000.00) at Closing into the Holdback Escrow.

     4.3 Closing Instructions to Title Company. The Closing shall be facilitated through
an escrow established with the Title Company, using closing escrow instructions consistent with
this Agreement and the Title Company’s standard practice, or as otherwise mutually agreed between
Purchaser and Seller. Notwithstanding the use of an escrow, the Closing shall be completed (with
the escrow closed out) on the Closing Date, including the concurrent delivery of

8

 

all required
documents, updated title and the Purchase Price (i.e. a so-called “New York Style
Closing”).

SECTION 5. PRORATIONS

     There shall be no proration of any income or expenses. Seller shall be entitled to all income and
responsible for all expenses related to the Property prior to the Closing Date and Purchaser shall
be entitled to all income and responsible for all expenses related to the Property after the
Closing Date.

SECTION 6. SELLER’S REPRESENTATIONS AND WARRANTIES

     6.1 List of Representations and Warranties. Seller hereby represents and warrants to
Purchaser as follows:

          (a) Authority. Seller has the legal power, right and authority to enter into this
Agreement and to consummate the transactions contemplated hereby.

          (b) Conflicts. Neither the execution and delivery of this Agreement nor the
consummation of the transactions herein contemplated conflict with or result in the material breach
of any terms, conditions or provisions of or constitute a default under, any bond, note, or other
evidence of indebtedness or any agreement to which Seller is a party.

          (c) Options to Purchase. To Seller’s Knowledge, no person other than Purchaser has an
option or right of first refusal to purchase the Property or any portion thereof.

          (d) Condemnation. To Seller’s Knowledge there is no pending or threatened
condemnation action that would materially and adversely affect the operation or value of one or
more of the properties comprising the Property.

          (e) Litigation. To Seller’s Knowledge, except as set forth on Schedule 1
attached hereto, no litigation has been served upon Seller, or threatened in writing, with respect
to the Property that remains outstanding.

          (f) Environmental Condition. To Seller’s Knowledge, (i) there are no unccured
violations of Environmental Laws related to the Property with respect to the presence or release of
Hazardous Materials on or from the Property, and (ii) no above ground or underground storage tanks
are presently located on the Property, except as disclosed in the environmental reports delivered
by Seller to Purchaser, obtained by Purchaser or disclosed on Schedule 2. The term
“Environmental Laws” includes without limitation the Resource Conservation and Recovery Act and the
Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”) and other
federal laws governing Hazardous Materials as in effect on the date of this Agreement, together
with their implementing regulations and guidelines as of the date of this Agreement, and all state
and local laws, regulations and ordinances that regulate Hazardous Materials in effect as of the
date of this Agreement. “Hazardous Materials” means any substance which is (i) designated,
defined, classified or regulated as a hazardous substance, hazardous material, hazardous waste,
pollutant or contaminant under any applicable law, as currently in effect as of the date of this
Agreement (ii) petroleum hydrocarbon, including

9

 

crude oil or any fraction thereof and all petroleum
products, (iii) PCBs, (iv) lead, (v) friable asbestos, (vi) flammable explosives, (vii) infectious
materials or (viii) radioactive materials.

          (g) Violations of Law. Except as set forth on Schedule 2, Seller has not
received any written notice of, nor to Seller’s knowledge is Seller aware of any uncured past
violation or of any present violation of any applicable building, zoning or other ordinances,
resolutions, statutes or regulations of any government or governmental agency with respect to the
use, maintenance, condition or operation of the Property or any part thereof.

          (h) Special Assessments. Seller has not received notice of any proposed governmental
special assessment for the Property. To Seller’s Knowledge, there is no ordinance or hearing now
before any local governmental body which either contemplates or authorizes any public improvements
or special assessments or special tax levies, the cost of which may be assessed against the
Property.

          (i) Seller’s Deliveries. The items delivered to Purchaser pursuant to Section
3.1 hereof include all of the documents, reports or studies in Seller’s possession or control
relating to the Property required to be delivered under Section 3.1.

          (j) Permits and Similar Documents. To Seller’s knowledge, all building permits,
certificates of occupancy, business licenses and, without limitation, all other notices,
licenses, permits, certificates and authority, required in connection with the construction,
use or occupancy of the Project have been obtained and are in effect and in good standing.

     6.2 Survival. The representations and warranties of Seller set forth in this
Agreement shall be deemed remade as of Closing, provided that Seller may give Purchaser on or
before the Closing Date one or more notices of any modifications (each a “Statement of
Modifications”) to such representations and warranties which arise after the date hereof, and
said representations and warranties as so remade and modified shall survive Closing for a period of
twelve (12) months after the Closing Date, after which all of the representations and warranties of
Seller shall become void and of no further force or effect.

     6.3 Definition of Knowledge. As used in this Section 6 or other provisions of
this Agreement, the term “to Seller’s Knowledge” or “best of Seller’s Knowledge” or any other
reference to the knowledge of Seller (a) shall mean and apply to the actual knowledge of Paul Henry
and John Gruber (the “Knowledge Individuals”) and not to any other persons or entities, (b)
shall mean the actual (and not implied or constructive) knowledge of the Knowledge Individuals,
without any duty to conduct any investigation or inquiry of any kind, and (c) shall not apply to or
be construed to apply to information or material which may be in the possession of Seller generally
or incidentally, but which is not actually known to the Knowledge Individuals. Similarly, any
reference to any written notice, claim, litigation, filing or other correspondence or transmittal
to Seller set forth herein shall be limited to refer to only those actually received by or known to
the Knowledge Individuals in the limited manner provided in clauses (a) — (c) above. Seller
represents and warrants to Purchaser that the Knowledge Individuals listed here are the individuals
who are familiar with the Property.

10

 

     6.4 Limitations Concerning Purchaser’s Knowledge and Third Party Protection.
Notwithstanding anything contained in this Agreement to the contrary, all of the representations,
warranties and certifications (collectively, the “Representations”) which are made by
Seller and set forth herein or in any of the documents or instruments required to be delivered by
Seller hereunder, shall be subject to the following conditions and limitation: there shall be no
liability on the part of Seller after Closing for any breach of a Representation arising from any
matter or circumstance of which Purchaser had actual knowledge at Closing (including matters and
circumstances described in any Statement of Modifications); and (b) in the event that prior to the
time of Closing, Purchaser gains knowledge of a fact or circumstance which, by its nature,
indicates that a Representation was or has become untrue or inaccurate, and such fact or
circumstance was not intentionally withheld from Purchaser by Seller or not intentionally
misrepresented by Seller on the date the Agreement was signed by Seller, then Purchaser shall not
have the right to bring any lawsuit or other legal action against Seller, nor pursue any other
remedies against Seller, as a result of the breach of the Representation caused thereby, but
Purchaser’s sole and exclusive right and remedy shall be to terminate this Agreement, in which
event the Earnest Money shall be returned to Purchaser and neither party shall have any further
obligations to the other party hereunder. The parties hereto expressly acknowledge and agree that
none of Seller’s representations, warranties or covenants herein may be relied on by the Title
Company, whether by subrogation or otherwise.

SECTION 7. PURCHASE AS-IS

EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT,
PURCHASER ACKNOWLEDGES TO AND AGREES WITH SELLER THAT PURCHASER IS PURCHASING THE PROPERTY IN ITS
“AS-IS, WHERE IS” CONDITION “WITH ALL FAULTS” AS OF THE CLOSING DATE AND SPECIFICALLY AND EXPRESSLY
WITHOUT ANY WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, AS TO ITS
CONDITION, FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, OR ANY OTHER WARRANTY OF ANY KIND,
NATURE, OR TYPE WHATSOEVER FROM OR ON BEHALF OF SELLER. EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES OF SELLER EXPRESSLY SET FORTH IN THIS AGREEMENT, SELLER SPECIFICALLY DISCLAIMS ANY
WARRANTY, GUARANTY OR REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT, EXPRESS OR IMPLIED,
CONCERNING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT
LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE PROPERTY, (C) THE
SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT
THEREON, INCLUDING THE POSSIBILITIES FOR FUTURE DEVELOPMENT OF THE PROPERTY, (D) THE COMPLIANCE OF
OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY
APPLICABLE GOVERNMENTAL AUTHORITY OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F) THE MANNER OR QUALITY OF THE
CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY, STATE
OF REPAIR OR LACK OF REPAIR OF THE PROPERTY, OR (H) THE PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS
AT,

11

 

ON, UNDER, OR ADJACENT TO THE PROPERTY OR ANY OTHER ENVIRONMENTAL MATTER OR CONDITION OF THE
PROPERTY, OR (I) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY. PURCHASER ACKNOWLEDGES AND AGREES
THAT, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES OF SELLER CONTAINED IN THIS AGREEMENT, ANY
INFORMATION PROVIDED BY OR ON BEHALF OF SELLER WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A
VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF
SUCH INFORMATION AND MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF
SUCH INFORMATION. SELLER SHALL NOT BE LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN
STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY, OR THE OPERATION THEREOF,
FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON EXCEPT FOR THE
EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT. PURCHASER FURTHER ACKNOWLEDGES
AND AGREES THAT PURCHASER IS A SOPHISTICATED AND EXPERIENCED PURCHASER OF PROPERTIES SUCH AS THE
PROPERTY AND HAS BEEN DULY REPRESENTED BY COUNSEL IN CONNECTION WITH THE NEGOTIATION OF THIS
AGREEMENT. SELLER HAS MADE NO AGREEMENT TO ALTER, REPAIR OR IMPROVE ANY OF THE PROPERTY EXCEPT AS
SET FORTH IN THE LEASES.

SECTION 8. PURCHASER’S REPRESENTATIONS AND WARRANTIES

     Purchaser hereby represents and warrants to Seller as follows:

     8.1 Authority. Purchaser has the legal power, right and authority to enter into this
Agreement and to consummate the transactions contemplated hereby.

     8.2 Conflicts. Neither the execution and delivery of this Agreement nor the
consummation of the transactions herein contemplated conflict with or result in the material breach
of any terms, conditions or provisions of or constitute a default under, any bond, note, or other
evidence of indebtedness or any agreement to which Purchaser is a party.

     The representations and warranties of Purchaser set forth in this Agreement shall be deemed remade
as of Closing, and said representations and warranties as so remade shall survive the
Closing for a period of twelve (12) months after the Closing Date, after which all of the
representations and warranties of Purchaser shall become void and of no further force or effect.

SECTION 9. CLOSING COSTS

     Seller shall pay the following expenses incurred in connection with the transactions described
herein: (i) costs to obtain the owner’s title policies, (ii) the cost of all title endorsements
for the owner’s policies, (ii) one-half of all closing fees charged by the Title Company (including
escrow and New York Style closing charges), (iii) deed and transfer taxes, (iv) Seller’s legal fees
and expenses; and (v) Current Survey costs. Purchaser shall pay (a) one-half of all closing fees
charged by the Title Company, (b) the fee for the recording of the deed,

12

 

(c) Purchaser’s diligence,
legal fees and expenses; and (d) mortgage taxes (though nothing contained in this Agreement shall
be deemed a financing contingency or otherwise suggest that Purchaser’s obligation to close is
subject to any requirement of Purchaser’s lender), if any.

SECTION 10. BROKERAGE COMMISSIONS

     Seller and Purchaser each warrant and represent to the other that neither has had any dealings with
any broker, agent or finder relating to the sale of the Property or the other transactions
contemplated hereby other than with Jones Lang LaSalle, and each agrees to indemnify, defend and
hold the other harmless from and against any claim for brokerage commissions, compensation or fees
by any broker, agent or finder in connection the sale of the Property or the other transactions
contemplated hereby resulting from the acts of the indemnifying party. Seller shall pay the
commission, due Jones Lang LaSalle at Closing.

     SECTION 11. NOTICE

     All notices, demands and communications (a “Notice”) under this Agreement shall be
delivered or sent by: (a) first class, registered or certified mail, postage prepaid, return
receipt requested, (b) nationally recognized overnight courier, addressed to the address of the
intended recipient set forth below or to such other address as either party may designate by notice
pursuant to this Section, or (c) facsimile, provided that a hard copy is sent by overnight courier
that same day. Notices shall be deemed given one business day after delivery to the overnight
courier, three business days after being mailed as provided in clause (a) above, or upon receipt if
sent by facsimile, provided the fax is received by 5:00 p.m. CST.

	 	 	 
	Notices to Seller:

	 	Federal Signal Corporation
	 

	 	1415 W. 22nd Street, Suite 1100
	 

	 	Oak Brook, IL 60523
	 

	 	Telecopy: (630) 954-2041
	 

	 	Attention: John Gruber
	 
	 	 
	With a copy to:

	 	Paul Hastings Janofsky & Walker LLP
	 

	 	191 N. Wacker Drive
	 

	 	30th Floor
	 

	 	Chicago, IL 60606
	 

	 	Telecopy: (312) 499-6171
	 

	 	Attention: Gregory E. Spitzer, Esq.
	 
	 	 
	Notices to Purchaser:

	 	CenterPoint Properties Trust
	 

	 	1808 Swift Drive
	 

	 	Oak Brook, IL 60523
	 

	 	Telecopy: (630) 586-8010
	 

	 	Attention: Mr. James Clewlow
	 
	 	 
	With a copy to:

	 	Richmond Breslin LLP
	 

	 	233 S. Wacker Drive
	 

	 	Suite 5775
	 

	 	Chicago, IL 60606
	 

	 	Telepcopy: (312) 258-0977
	 

	 	Attention: Jerome R. Richman, Esq.

13

 

SECTION 12. CASUALTY AND CONDEMNATION

     If any portion of a property comprising part of the Property is damaged by fire or other casualty
prior to the Closing Date which would either (a) cost in excess of $500,000.00 to repair (as
determined by an insurance adjuster mutually selected by Purchaser and Seller), or (b) permit
Seller under a Lease to either terminate the Lease or abate any rent payable under such Lease
(unless Seller credits Purchaser at Closing the amount of all rent to be abated under the Lease
after the Closing Date), then Purchaser may, as its sole and exclusive right and remedy, terminate
this Agreement. Seller shall in any event be responsible for the deductible payable with regard to
such fire or casualty; in such instance Seller shall credit Purchaser at Closing the amount of the
deductible to the extent not already paid by Seller.

     If a portion of any property that comprises part of the Property is taken in eminent domain
proceedings prior to Closing, Purchaser may, as its sole and exclusive right and remedy, terminate
this Agreement.

SECTION 13. OPERATIONS PRIOR TO CLOSING OR TERMINATION

     Seller covenants and agrees with Purchaser that after the date hereof until the Closing or
termination of this Agreement, Seller shall conduct its business involving the Property as follows:

          (a) Seller shall refrain from transferring title to any of the Property (other than use of
regular business inventory or transfer of Personal Property no longer used in the operation of the
Real Property, all in the ordinary course of business) or creating on the Property any easements,
mortgages or other encumbrances of any nature whatsoever which will survive Closing.

          (b) Seller shall refrain from entering into or amending any contracts, leases or other
agreements pertaining to the Property, other than contracts entered into in the ordinary course of
business and which are binding only on Seller and not Purchaser or the Property.

          (c) Seller shall promptly notify Purchaser of any material change in any condition with
respect to the Property or of the occurrence of any event or circumstance that makes any
representation or warranty of Seller to Purchaser under this Agreement untrue or misleading in a
material manner, or any covenant of Purchaser under this Agreement incapable or less likely of
being performed.

SECTION 14. DEFAULTS AND REMEDIES

     14.1 Seller Defaults. In the event that Seller, on or prior to the Closing Date,
shall default in the performance of its obligations hereunder, Purchaser, as its sole and exclusive
remedy, may either (a) seek specific performance of Seller’s obligations hereunder, or (b)

14

 

terminate this Agreement, receive a refund of the Earnest Money and recover an amount equal to its
reasonable, out-of-pocket, third party expenses incurred in connection with its investigation of
the Property, negotiation of this Agreement and preparation for Closing, whereupon neither party
shall have any further obligation to the other party hereunder. In no event shall Seller be liable
to Purchaser for any punitive, speculative or consequential damages.

     14.2 Purchaser Defaults. In the event that Purchaser, on or prior to the Closing
Date, shall default in the performance of its obligations under this Agreement, then Seller, as its
sole and exclusive remedy, may terminate this Agreement by notifying Purchaser thereof and receive
and retain the Earnest Money as liquidated damages. Purchaser shall not be liable to Seller for
any other damages, including, without limitation, direct, punitive, speculative or consequential
damages. PURCHASER AND SELLER ACKNOWLEDGE THAT THE DAMAGES TO SELLER IN THE EVENT OF A DEFAULT
UNDER THIS AGREEMENT BY PURCHASER WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE, THAT THE AMOUNT OF
THE EARNEST MONEY REPRESENTS THE PARTIES’ BEST AND MOST ACCURATE ESTIMATE OF THE DAMAGES THAT WOULD
BE SUFFERED BY SELLER IF THE TRANSACTION SHOULD FAIL TO CLOSE AND THAT SUCH ESTIMATE IS REASONABLE
UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT AND UNDER THE CIRCUMSTANCES THAT
WOULD EXIST AT THE TIME OF SUCH BREACH. PURCHASER AND SELLER AGREE THAT SELLER’S RIGHT TO RETAIN
THE EARNEST MONEY SHALL BE SELLER’S SOLE REMEDY, AT LAW AND IN EQUITY, FOR PURCHASER’S DEFAULT
UNDER THIS AGREEMENT.

     14.3 Attorneys’ Fees and Costs. In the event legal action is instituted to interpret
or enforce the provisions of this Agreement, the prevailing party shall be entitled to recover from
the other party the prevailing party’s costs and attorney’s fees, including, without limitation,
all costs and fees that are incurred in any trial, on any appeal and/or in any bankruptcy
proceeding.

SECTION 15. MISCELLANEOUS

     15.1 Entire Agreement; Amendments. This Agreement, together with the exhibits
attached hereto, constitutes the entire agreement of the parties hereto regarding the purchase and
sale of the Property, and all prior agreements, understandings, representations and statements,
oral or written, including any so-called letters of intent, are hereby merged herein and superseded
hereby. This Agreement may only be amended or modified by an instrument in writing, signed by the
party or parties intended to be bound thereby.

     15.2 Time. All parties hereto agree that time is of the essence in the performance of
the provisions of this Agreement. If the performance of any obligation required hereunder or the
last day of any time period determined in accordance with the terms and provisions of this
Agreement is to occur on a Saturday, Sunday or legal holiday under the laws of any of the State of
Illinois, then the day on which the performance of any such obligation is to occur or the last day
of any such time period, as the case may be, shall be extended to the next business day.

     15.3 Counterpart Execution. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original. In the event this Agreement is signed
by more than one Seller, then each representation, warranty and covenant made by such party

15

 

shall be deemed to apply only with respect to the particular property owned by such Seller,
notwithstanding anything to the contrary contained herein.

     15.4 Governing Law. This Agreement shall be deemed to be a contract made under the
laws of the State of Illinois and for all purposes shall be governed by and interpreted in
accordance with the laws of the State of Illinois.

     15.5 Recordation. Purchaser may not record this Agreement or a memorandum of this
Agreement in the public records of the counties where the Property is located.

     15.6 Assignment; Third Party Beneficiaries. Purchaser may assign this Agreement
without Seller’s prior written consent. Subject to the previous sentence, this Agreement shall
inure to the benefit of and be binding on and enforceable against the parties hereto and their
respective successors and assigns. Notwithstanding the foregoing, no transfer of this Agreement
shall relieve Purchaser from its obligations under this Agreement. This Agreement is intended for
the benefit of Purchaser and Seller, and except as provided in the indemnity granted by Purchaser
under Section 3.2 with respect to the Indemnified Parties described therein, no other
person or entity shall be entitled to rely on this Agreement, receive any benefit from it or
enforce any provisions of it against Purchaser or Seller.

     15.7 Section Headings. The Section headings contained in this Agreement are for
convenience only and shall in no way enlarge or limit the scope or meaning of the various and
several Sections hereof.

     15.8 Severability. If any portion of this Agreement is held to be unenforceable by a
court of competent jurisdiction, the remainder of this Agreement shall remain in full force and
effect.

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

     15.10 Exculpation of Related Parties. Notwithstanding anything to the contrary
contained in this Agreement or in any exhibits hereto attached or in any documents executed in
connection herewith (collectively, including this Agreement and said exhibits, but excluding the
Leases, the “Purchase Documents”), it is expressly understood and agreed by and between the
parties hereto that the recourse of one party to this Agreement or its successors or assigns
against the other party with respect to the alleged breach by or on the part of such other party of
any representation, warranty, covenant, undertaking, indemnity or agreement contained in any of the
Purchase Documents, or with respect to any other obligation or liability whatsoever under the

16

 

Purchase Documents, shall not extend to any assets of the other party’s members, partners,
shareholders, beneficiaries, or any other direct or indirect equity holders, or any of their
employees, advisors, representatives or other agents or affiliates.

     15.11 No Waiver. No covenant, term or condition of this Agreement, other than as
expressly set forth herein, shall be deemed to have been waived by Seller or Purchaser unless such
waiver is in writing and executed by Seller or Purchaser, as the case may be.

     15.12 Survival. Except as otherwise expressly provided herein, no conditions and no
representations, warranties, covenants, agreements or other obligations of Seller in this Agreement
shall survive the Closing and no action based thereon shall be commenced after the Closing.

     15.13 Illinois Income Tax Withholding. At least five (5) days prior to the Closing,
Seller shall deliver to Purchaser evidence that the sale of the Project to Purchaser hereunder is
not subject to, and does not subject Purchaser to liability under, 35 ILCS 5/902 (d) or 35 ILCS
120/5j (“Act”) and that at least fifteen (15) days prior to the Closing, Seller shall have notified
the Illinois Department of Revenue (“Department”) of the intended sale and requested the Department
to make a determination as to whether the Seller has an assessed, but unpaid, amount of tax,
penalties, or interest under the Act. Seller agrees that Purchaser may, at the Closing, deduct and
withhold from the proceeds that are due Seller the amount necessary to comply with the withholding
requirements imposed by the Act. Purchaser shall deposit the amount so withheld in a separate
escrow with the Title Company pursuant to the terms and conditions acceptable to Seller and
Purchaser, but in any event, complying with the Act.

(Balance of Page Intentionally Blank)

17

 

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

	 	 	 	 	 
	 	SELLER:

FEDERAL SIGNAL CORPORATION, a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PURCHASER:

CENTERPOINT PROPERTIES TRUST, a Maryland real estate
investment trust

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT A

Legal Description

2645 FEDERAL SIGNAL DRIVE, UNIVERSITY PARK, IL PROPERTY

PARCEL 1:

THE SOUTHWEST 1/4 OF THE NORTHEAST 1/4 OF SECTION 8 (EXCEPT THAT PART CONVEYED
TO THE STATE OF ILLINOIS FOR INTERSTATE 57), IN TOWNSHIP 34 NORTH, RANGE 13 EAST
OF THE THIRD PRINCIPAL MERIDIAN, ALL IN WILL COUNTY, ILLINOIS.

PARCEL 2:

ALL THAT PART OF THE EAST 1/2 OF THE NORTHWEST 1/4 OF SECTION 8, TOWNSHIP 34
NORTH, RANGE 13 EAST OF THE THIRD PRINCIPAL MERIDIAN, LYING EASTERLY OF THE EASTERLY RIGHT OF WAY
OF INTERSTATE HIGHWAY 57, IN WILL COUNTY, ILLINOIS.

A-1

 

EXHIBIT B

Legal Description

1300 W. BARTLETT ROAD, ELGIN, IL PROPERTY

LOT 1 IN ELGIN-VICTOR INDUSTRIAL PARK UNIT 1, BEING A SUBDIVISION OF PART OF THE NORTHEAST QUARTER
OF SECTION 31 AND PART OF THE NORTHWEST QUARTER OF SECTION 32, TOWNSHIP 41 NORTH, RANGE 9 EAST OF
THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 9, 1966 AS DOCUMENT
20019150, IN COOK COUNTY, ILLINOIS.

B-1

 

EXHIBIT C

Form of Lease

[See Attached]

C-1

 

EXHIBIT D

Schedule of Monthly Base Rent and Valuation

	 	 	 	 	 	 	 	 	 
	Property	 	Initial Monthly Base Rent	 	Valuation
	1300 W. Bartlett Road,
Elgin, IL
	 	$	105,793.00	 	 	$	15,046,971.00	 
	2645 Federal Signal Drive,
University Park, IL
	 	$	155,572.00	 	 	$	22,127,074.00	 

D-1

 

EXHIBIT E

EARNEST MONEY ESCROW AGREEMENT

[See Attached]

E-1

 

			
	TO:	 	First American Title Insurance Company

30 North LaSalle Street, Suite 310

Chicago, Illinois 60602

Attention:        
                          

			
	RE:	 	Escrow Trust No. 346833-001, -002 & -003

DATE: July ___, 2008

I. PARTIES

	 	 	 	 	 
	A.
	 	Seller:	 	Federal Signal Corporation
	 
	 	 	 	1415 W. 22nd Street
	 
	 	 	 	Suite 1100
	 
	 	 	 	Oak Brook, Illinois  60523
	 
	 	 	 	Attention:  Mr. John Gruber
	 
	 	 	 	 
	B.
	 	Purchaser:	 	CenterPoint Properties Trust
	 
	 	 	 	1808 Swift Drive
	 
	 	 	 	Oak Brook, Illinois  60523-1501
	 
	 	 	 	Attention:  Mr. James Clewlow
	 
	 	 	 	 
	C.
	 	Escrow Holder:	 	First American Title Insurance Company
	 
	 	 	 	30 North LaSalle Street, Suite 310
	 
	 	 	 	Chicago, Illinois  60602
	 
	 	 	 	Attention:        
                          

II. PRELIMINARY STATEMENTS

     A. Concurrently with the execution and delivery of this Earnest Money Escrow Agreement, Seller
and Purchaser have executed and delivered a certain Purchase and Sale Agreement (“Agreement”).
Under the terms of the Agreement, Seller has agreed to sell to Purchaser that certain parcel of
land and improvements thereon located at 1300 Bartlett Road, Elgin, Illinois, and 2645 Signal
Drive, University Park, Illinois.

     B. Pursuant to Section 2.2(a) of the Agreement, Purchaser is required to deposit with the
Escrow Holder the sum of ONE MILLION AND 00/100 DOLLARS ($1,000,000.00) (“Earnest Money”) to be
held by Escrow Holder pursuant to the terms and provisions of this Earnest Money Escrow Agreement.

     C. Pursuant to Section 3.2(b) of the Agreement, Purchaser has the right to terminate the
Agreement and to have the Earnest Money and interest earned thereon returned to Purchaser.

III. DEPOSIT OF EARNEST MONEY; INVESTMENT DIRECTIONS

     A. Concurrently herewith, Purchaser has deposited the Earnest Money with the Escrow Holder in
accordance with the Agreement.

     B. Escrow Holder is hereby authorized and directed to invest the Earnest Money or any portion
thereof in accordance with the written direction of Purchaser (or Purchaser’s Counsel). Unless

E-2

 

otherwise provided pursuant to the provisions of Section IV hereof, such investment shall be
for the benefit of Purchaser. The Federal Taxpayer Identification Number of the Purchaser is
36-3910279.

IV. INSTRUCTIONS

     A. In the event Escrow Holder receives from Purchaser a certification in the form attached
hereto as Schedule 1, then Escrow Holder is authorized and directed to return to Purchaser, within
one (1) business day thereafter, the Earnest Money, together with all interest earned thereon.

     B. Except as set forth in Paragraph IV.A. above, the Escrow Holder is instructed to hold and
invest the Earnest Money, together with all interest earned thereon, until the Escrow Holder is in
receipt of (i) a joint written direction from Seller (or Seller’s Counsel) and Purchaser (or
Purchaser’s Counsel) or (ii) an order, judgment or decree addressed to Escrow Holder which shall
have been entered or issued by any court and which shall determine the disposition of the Earnest
Money and all interest earned thereon.

     C. Any party delivering a notice required or permitted hereunder shall simultaneously deliver
copies of such notice to all parties listed in Section I of this Earnest Money Escrow Agreement.
All notices required herein shall be either personally delivered, sent by certified or registered
mail, postage prepaid, return receipt requested, or sent by overnight courier and shall, in all
instances, be deemed to have been received upon delivery thereof.

     D. Except as otherwise expressly set forth in this Earnest Money Escrow Agreement, Escrow
Holder shall disregard any and all notices or warnings given by any of the parties hereto.

     E. In case Escrow Holder obeys or complies with any order, judgment or decree of any court
with respect to the Earnest Money, Escrow Holder shall not be liable to any of the parties hereto
or any other person, firm or corporation by reason of such compliance, notwithstanding any such
order, judgment or decree be entered without jurisdiction or be subsequently reversed, modified,
annulled, set aside or vacated. In case of any suit or proceeding regarding this Earnest Money
Escrow Agreement to which Escrow Holder is or may be at any time a party, Seller and Purchaser
shall each be liable for one-half of all such costs, fees and expenses incurred or sustained by
Escrow Holder and shall forthwith pay the same to Escrow Holder upon demand; provided, however,
that in the event Escrow Holder is made a party to any suit or proceeding between Seller and
Purchaser, the prevailing party in such suit or proceeding shall have no liability for the payment
of Escrow Holder’s costs, fees and expenses.

     F. Escrow Holder is not to be held responsible for any loss of principal or interest which may
be incurred as a result of making the investments or redeeming said investment for the purposes
o, this Earnest Money Escrow Agreement.

     G. In no case shall the above mentioned deposits be surrendered except (i) in the manner
specifically described in this Earnest Money Escrow Agreement; (ii) on an order signed by the
Seller (or Seller’s Counsel) and Purchaser (or Purchaser’s Counsel); or (iii) in obedience to the
process of order of a court as aforesaid.

     H. All fees of Escrow Holder shall be charged one-half to Seller and one-half to Purchaser.

     I. Except as to deposits of funds for which Escrow Holder has received express written
direction from Purchaser (or Purchaser’s Counsel) concerning investment or other handling, the
parties hereto agree that the Escrow Holder shall be under no duty to invest or reinvest any
deposits at any time held by it hereunder; and, further, that Escrow Holder may commingle such
deposits with other deposits or with its own funds in the manner provided for the administration of
funds under Section 2-8 of the

E-3

 

Illinois Corporate Fiduciary Act 205 ILCS 620/2-8 and may use any part or all such funds for
its own benefit without obligation to any party for interest or earnings derived thereby, if any,
provided, however, nothing herein shall diminish Escrow Holder’s obligation to apply the fully
amount of the deposits in accordance with the terms of this Earnest Money Escrow Agreement.

     J. Any order, judgment or decree requiring the Escrow Holder to disburse the Earnest Money
shall not be binding upon Purchaser or Seller as to the ultimate disposition of the Earnest Money
unless and until a final, non-appealable order, judgment or decree is entered by a court having
jurisdiction thereof.

     K. This Earnest Money Escrow Agreement and all provisions hereof shall be binding upon and
shall inure to the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns.

	 	 	 	 	 
	 	FOR SELLER:

PAUL HASTINGS JANOFSKY & WALKER LLP

 	 
	 	By:  	 	 
	 	 	Attorney for Seller 	 
	 	 	 	 
	 
	 	FOR PURCHASER:

RICHMOND BRESLIN LLP

 	 
	 	By:  	 	 
	 	 	Attorney for Purchaser 	 
	 	 	 	 
	 

	 	 	 	 	 
	Accepted this ______ day of 

July, 2008

First American Title Insurance Company 

Escrow Holder

 	 
	By:  	
 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

E-4

 

SCHEDULE 1

CERTIFICATION

     The undersigned hereby certifies to Chicago Title and Trust Company, as Escrow Holder under
that certain Earnest Money Escrow Agreement dated                                         , 2008, Escrow Trust Number                     ,
that the undersigned has elected to terminate that certain Agreement of Purchase and
Sale dated                                         , 2008 by and between CenterPoint Properties Trust, a Maryland real
estate investment trust as Purchaser and Federal Signal Corporation as Seller pursuant to Section
3.2(b) of the Agreement of Purchase and Sale.

	 	 	 	 	 
	 	CENTERPOINT PROPERTIES TRUST, a Maryland real estate

investment trust

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-5

 

EXHIBIT F

INSURANCE CERTIFICATE

[See Attached]

F-1

 

EXHIBIT G

SURVEY STANDARDS

   
               
               
       , 2007

     This
survey is made for the benefit of and is certified to:

     I,
                 
                  
                  
                   , a Registered Land Surveyor in the State of                          , do hereby certify to the aforesaid parties,
their successors and assigns, as of the date set forth above and I have made a careful survey of a
tract of land described as follows:

[Legal Description]

     I further certify that:

     1. The survey reflected by this plat was actually made upon the ground, the attached plat of
survey is made at least in accordance with the minimum standards established by the State of                           for
surveyors and with the “Minimum Standard Detail Requirements for ALTA/ACSM Land
Title Surveys” jointly established and adopted by ALTA, ACSM and NSPS in 2005 and meets the
Accuracy Standards (as adopted by ALTA, ACSM and NSPS and in effect on the date of this
certification), with accuracy and precision requirements modified to meet current minimum angular
and linear tolerance requirements of the state in which the subject property is located, and
contains Items 1 (except for states that require record monument platting) 1, 2, 3, 4, 6, 7(a),
7(b)(1), 7(c), 8, 9, 10, 11(a), 13, 14, 16, 17 & 18 of Table A thereto.

     2. The survey correctly shows the location of all buildings, structures and other improvements
situated on (the “Property”).

     3. Except as shown, all utilities serving the Property enter through adjoining public streets
and/or easements of record; that, except as shown, there are no visible easements or rights of way
across said Property; that the Property described hereon is the same as the Property described in                           Title
Insurance Company’s Commitment No.                                and all easements,
covenants and restrictions referenced in said title commitment, or easements of which the
undersigned has been advised or has knowledge, have been plotted hereon or otherwise noted as to
their effect on the subject Property.

     4. Except as shown, there are no encroachments onto adjoining property, streets or alleys by
any buildings, structures or other improvements, and no encroachments by buildings, structures or
other improvements situated on adjoining property across property lines onto said Property or
across zoning restriction lines in effect as of the date of the survey.

     5. Said described Property is located within an area having a Zone Designation                                          by
the Secretary of Housing and Urban Development, on Flood

G-1

 

Insurance Rate Map No.                          , with a date of identification of                          , for
Community Number                               , in                                county,
State of                          , which is the
current Flood Insurance Rate Map for the community in which said Property is situated and the
Property is not located in an area designated as a special flood hazard area by the U.S. Dept. of
Housing and Urban Development.

     6. The Property has direct physical access and means of ingress and egress to [name of street
or road], a public street or highway upon which the Property abuts.

     7. The number of striped parking spaces located on the subject Property is                                         ,
and to the extent possible, are graphically shown hereon.

	 	 	 	 	 
	 	
 	 
	 	 
	 	Reg. Land Surveyor No. 	
 	 

G-2

 

	 	 	 	 	 

EXHIBIT H

TITLE PROFORMAS

[See Attached]

H-1

 

EXHIBIT I

FORM OF ENVIRONMENTAL ESCROW AGREEMENT

[See Attached]

I-1

 

ENVIRONMENTAL ESCROW AGREEMENT

     This ENVIRONMENTAL ESCROW AGREEMENT (“Escrow Agreement”) is made as of the       day of July,
2008, by and between CENTERPOINT PROPERTIES TRUST, a Maryland real estate investment trust
(“Purchaser”) and FEDERAL SIGNAL CORPORATION, a Delaware corporation (“Seller”), and FIRST AMERICAN
TITLE INSURANCE COMPANY, a                           (“Escrow Agent”).

RECITALS

     WHEREAS the following facts are agreed upon by the parties:

     A. Seller and Purchaser have entered into that certain Agreement of Purchase and Sale
Agreement dated July 1, 2008, (the “Agreement”). All initially capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the Agreement. Under the terms of
the Agreement, Seller has agreed to sell and Purchaser has agreed to purchase certain real property
including that real property located at 2645 Federal Signal Drive, University Park, Illinois (“UP
Property”).

     B. Purchaser’s environmental due diligence investigation of the UP Property has identified the
presence of volatile organic constituents, including without limitation vinyl chloride; 1, 1
dichloroethene; cis-1, 2-dichloroethene; trans-1, 2-dichloroethene, tetrachloroethene; and
trichloroethene, in the soil and groundwater at the UP Property above Illinois Tier 1 Remediation
Objectives (collectively, “Subsurface Contamination”) established by the Illinois Environmental
Protection Agency (“IEPA”). Purchaser has provided Seller certain environmental reports which more
specifically describe the Subsurface Contamination, these reports include without limitation:
Carlson Environmental, Inc.’s (“CEI”) Subsurface Soil and Ground Water Investigation, dated June
23, 2008, and CEI’s Phase I Environmental Assessment dated June 9, 2008 (“Environmental Reports”).

     C. Under the Agreement, Seller and Purchaser have agreed that the sum of One Hundred Seventy
Nine Thousand no/100 Dollars ($179,000.00) (“Environmental Escrow Funds”) shall be withheld from
the Purchase Price at Closing and deposited into an escrow with Escrow Agent (“Environmental
Escrow”) to help Purchaser pay for the costs of completing performing the work reasonably necessary
to remediate the Subsurface Contamination at the UP Property and obtain a No Further Remediation
Letter (“NFR”) as described in this Escrow Agreement. The Environmental Escrow will be available
to be released to Purchaser pursuant to the terms of this Escrow Agreement. Neither Seller nor
Purchaser shall be required to deposit or contribute any funds towards the Remediation Work (as
defined below) except for the Environmental Escrow Funds.

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants contained herein and
each act to be performed hereunder by the parties, Purchaser, Seller and Escrow Agent hereby agree
as follows:

I-2

 

	1.	 	Incorporation. The provisions and definitions set forth above in the Recitals to
this Agreement, including, without limitation, all defined terms, are true and accurate and
incorporated herein by reference.
	 
	2.	 	Remediation Work.

	 	(a)	 	From and after the Closing Date, the parties agree that Purchaser shall be
entitled to access and use the funds held in the Environmental Escrow for the purpose
of entering the UP Property into the Illinois Site Remediation Program and promptly
performing any and all work reasonable appropriate to obtain and record a NFR with
regard to the Subsurface Contamination (“Remediation Work”). For purposes of this
Escrow Agreement, “Remediation Work” shall include without limitation: investigation,
delineation, sampling of soil and groundwater, remediation, modeling, reporting, vapor
intrusion mitigation, closure activities, construction of engineered barriers, and
other work reasonably necessary to address or respond to the Subsurface Contamination
(collectively, “Remediation Work”). As part of the Remediation Work Purchaser shall be
allowed to perform borings and other investigations (e.g., including use of a
diesel-powered drill rig) within the buildings present at the UP Property. Purchaser
shall perform the Remediation Work in accordance with industrial/commercial cleanup
objectives. Purchaser shall promptly record the NFR after receipt from IEPA.
	 
	 	(b)	 	Seller agrees to cooperate with Purchaser and Purchaser’s consultants and will
supply, promptly upon request, any information reasonably requested to facilitate the
completion of the Remediation Work, including without limitation sharing of information
and execution of documents reasonably necessary to allow Purchaser to obtain and record
a NFR. Seller shall be entitled to observe all Remediation Work and take split
samples at its sole cost and expense.
	 
	 	(c)	 	Upon request, Purchaser shall provide to Seller copies of any governmental
correspondence, reports or laboratory analyses, Purchaser receives in connection with
the Remediation Work.

	3.	 	Post Closing Obligations: Access and Insurance.

	 	(a)	 	Notwithstanding anything to the contrary in the Lease dated even date herewith
by and between Purchaser and Seller, Seller hereby agrees to provide Purchaser and its
contractors a right of entry and access to the UP Property for purposes of exercising
its rights under this Escrow Agreement including without limitation performing the
Remediation Work. Purchaser agrees to contact Seller, no less than 48 hours prior to
the initiation of the Remediation Work, to coordinate reasonably and mutually agreeable
times of access to the UP Property.
	 
	 	(b)	 	Before Purchaser or any of its contractors enter the UP Property to conduct the
Remediation Work, Purchaser shall obtain and maintain, at Purchaser’s sole cost and
expense, and shall deliver to Seller evidence of, the following insurance coverage, and
shall request each of its agents and contractors to obtain and

I-3

 

	 	 	 	maintain, and, upon request of Seller, shall deliver to Seller evidence of, the
following insurance coverage: general liability insurance in the amount of One
Million and No/100 Dollars ($1,000,000.00) combined single limit for personal injury
and properly damage per occurrence, such policy to name Seller as an additional
insured party, which insurance shall provide coverage against any claim for personal
liability or property damage caused by Purchaser or its agents, employees or
contractors in connection with the Remediation Work.

	4.	 	Environmental Escrow Funds. The Environmental Escrow Funds shall be deposited in
escrow with the Escrow Agent on the Closing Date of the Purchase Agreement. The Escrow Agent
agrees to hold and disburse the Environmental Escrow Funds in accordance with the terms of this
Agreement.
	 
	5.	 	Disbursements.

	 	(a)	 	Disbursement of Environmental Escrow Funds to Seller. At any time
during the course of performing Remediation Work, Purchaser may submit to Seller and
Escrow Agent one or more detailed invoices with evidence of payment of such invoices,
as well as evidence showing that the relevant portion of the Remediation Work has been
completed (“Disbursement Request”). The Escrow Agent will not disburse funds hereunder
until the earlier of a date that Seller approves of the Disbursement Request in
writing, or ten (10) business days have elapsed following delivery of the same to
Seller.
	 
	 	(b)	 	Disbursement to Purchaser. Upon Purchaser’s completion of the
Remediation Work and receipt and recording of a NFR addressing the Subsurface
Contamination at the UP Property, any funds remaining in the Escrow Account shall be
disbursed to Seller.

	6.	 	Environmental Escrow Account. The Escrow Agent agrees to accept the Environmental
Escrow Funds and agrees to establish and maintain a separate account for the Environmental
Escrow Funds and any accrued interest thereon (the “Escrow Account”).
	 
	7.	 	Investment. The Escrow Agent agrees to hold and invest and reinvest the funds in the
Environmental Escrow Account in accordance with investment instructions from Seller, which
investments shall be subject to Purchaser’s approval, which approval will not be unreasonably
withheld or delayed. Interest and other earnings on the Environmental Escrow Account shall be
added to the Environmental Escrow Account and returned to Seller in accordance with the
disbursement process outlined in Section 5 of this Environmental Escrow Agreement.
	 
	8.	 	Exculpation. The Escrow Agent’s duties are only such as are specifically provided
herein, and the Escrow Agent shall incur no liability whatsoever to Seller or Purchaser except
for gross negligence or willful misconduct or any loss resulting from the failure to invest
the Environmental Escrow Account or any part thereof in accordance with the provisions of
Section 7 hereof. The Escrow Agent shall have no responsibility hereunder

I-4

 

	 	 	other than to follow faithfully the instructions herein contained. The Escrow Agent may
consult with counsel and shall have no liability hereunder for any action taken in good
faith in accordance with such advice. In addition, the Escrow Agent shall have no liability
hereunder for acting in accordance with any written instructions given to it under this
Agreement and believed by it to have been executed by the proper parties. The Escrow Agent
shall not be liable for interest on the Environmental Escrow Account or for losses or tax
liabilities with respect to any income, expense, gain or loss with respect to the
Environmental Escrow Account except to the extent of any loss resulting from Escrow Agent’s
gross negligence, willful misconduct or a material breach of its obligations under this
Agreement.
	 
	9.	 	Fee. Seller shall be responsible for payment of all fees due and owing to Escrow
Agent for the performance of its obligations hereunder.
	 
	10.	 	Resignation. The Escrow Agent may resign at any time by giving written notice
thereof to the other parties hereto, but such resignation shall not become effective until a
successor escrow agent shall have been appointed and shall have accepted such appointment in
writing in accordance with this Agreement. The fees, if any, of any successor Escrow Agent
shall be shared equally by Purchaser and Seller.
	 
	11.	 	Taxes. As between Seller and Purchaser, Seller shall be responsible for the payment
of any and all taxes imposed on the interest and earnings of the Environmental Escrow Account.
For this purpose, Seller’s taxpayer identification number is                                                              .
	 
	12.	 	Counterparts. This Agreement may be executed in several counterparts, each one of
which shall constitute an original, and all collectively shall constitute but one instrument.
	 
	13.	 	Notices. Any notice, consent or request to be given in connection with any of the
terms or provisions of this Agreement shall be in writing and shall be sent by facsimile, if
followed with a copy by U.S. Mail, overnight courier, registered mail, postage prepaid, or
hand delivered:

	 	(a)	 	if to the Escrow Agent, to:
	 
	 	 	 	First American Title Insurance Company

30 N. LaSalle, Suite 310

Chicago, Illinois 60602

Attn: Kina Clayton
	 
	 	(b)	 	if to Seller, to:
	 
	 	 	 	Federal Signal Corporation

1415 W. 22nd Street, Suite 1100

Oak Brook, Illinois 60523

Facsimile: (630) 954-2041

Attn: John Gruber

I-5

 

	 	(c)	 	if to Purchaser, to:
	 
	 	 	 	CenterPoint Properties Trust

1808 Swift Drive

Oak Brook, Illinois 60523-1501

Facsimile: (630) 586-8010

Attn: Brian Townsend
	 
	 	 	 	With Copy To:
	 
	 	 	 	Richmond Breslin LLP

233 South Wacker Drive, Suite 1800

Chicago, Illinois 60606

Facsimile: (312) 258-0977

Attn: Jerry Richman

or such other address with respect to any party hereto as such party may from time to time
notify (as provided above) to the other parties hereto.

	16.	 	Miscellaneous. The terms and conditions of this Environmental Escrow Agreement
supersede the terms and conditions of any other agreement between the parties to the extent there
is a conflict between terms.

     IN WITNESS OF, the parties have duly executed this Environmental Escrow Agreement as of the
date first above written.

[SIGNATURE PAGES ATTACHED]

I-6

 

	 	 	 	 	 	 
	PURCHASER: 	 	CENTERPOINT PROPERTIES TRUST, a Maryland
 real estate investment trust

 	 
	 	 	By:  	
 	 
	 	 	 	Its: 	
 	 
	 	 	Date: 	
 	 
	 	 	 
	 	 	 
	 	 	By:  	
 	 
	 	 	 	Its: 	
 	 
	 	 	Date: 	
 	 
	 	 	 
	 	 	 
	SELLER: 	 	FEDERAL SIGNAL CORPORATION, a Delaware
 Corporation
 	 
	 	 	 
	 	 	By:  	
 	 
	 	 	 	Its: 	
 	 
	 	 	Date: 	
 	 
	 	 	 
	 	 	 
	ESCROW HOLDER: 	 	FIRST AMERICAN TITLE INSURANCE COMPANY
 	 
	 	 	 
	 	 	By:  	
 	 
	 	 	 	Its: 	
 	 
	 	 	Date: 	
 	 

I-7

 

	 	 	 	 	 

SCHEDULE 1

Litigation

None.

S-1

 

SCHEDULE 2

Violations

Any violations disclosed in the following reports:

	 	1.	 	Phase I Environmental Site Assessment for Elgin Sweeper Company, 1300 W.
Bartlett Road, Elgin, Illinois prepared by Bureau Veritas as job number
08008-108052.00.
	 
	 	2.	 	Phase I Environmental Site Assessment for Federal Signal Safety and Security
Systems Group, 2645 Federal Signal Drive, University Park, Illinois prepared by Bureau
Veritas as job number 08008-108052.00.
	 
	 	3.	 	Phase II Environmental Site Assessment for Elgin Sweeper Company, 1300 W.
Bartlett Road, Elgin, Illinois, prepared by Carlson Environmental as job number
3629B-CP.
	 
	 	4.	 	Phase II Environmental Site Assessment for Federal Signal Safety and Security
Systems Group, 2645 Federal Signal Drive, University Park, Illinois prepared by Carlson
Environmental as job number 3628B-CP.

S-2

 

SCHEDULE 3

Trade Fixtures and Personal Property

     All apparatus, personal property, trade fixtures, inventory, equipment, machinery, fittings,
furniture, furnishings, chattel, materials and supplies located on and used in, or related to
Seller’s business, including, but not limited to, overhead cranes mainframe computers, kitchen
equipment and telephone and similar systems and articles of personal property of every kind and
nature whatsoever, and any additions, replacements, accessions and substitutions thereto or
therefor, and all proceeds of all of the foregoing, or any part of the foregoing used or usable in
connection with any present or future operation or letting (or subletting) of the Real Property or
the activities at any time conducted thereon and now or hereafter owned by Seller or by any
sublessee or other person or entity using all or any part of the Real Property by, through, or
under (or with the express or implied consent of) Seller; and also including the following:

1300 W. Bartlett Road, Elgin, IL

     Air Make Up units

     Several Overhead Cranes 30+

     Shot Blast Booth with in ground pits

     Paint Booths with in ground pits

2645 Federal Signal Drive, University Park, IL

     In the Sheet Metal Dept., a large structure 5 ton Shaw Box bridge crane

     In the Sheet Metal Dept., a tall pedestal 2 Ton Coffing hoist

     In the Lift Truck Battery Charging station, a Cleveland Tramerail 2 Ton
small bridge crane

     In the Metal Prep Dept., a long twin bridge crane 2Ton Electrolift
system over the dip tanks

     In the Metal Prep Dept., a mono rail tram 2 Ton C&H hoist with a back
up hoist on the rail for the Detrex

     In the Metal Prep Dept. boiler room, 2 steam boilers — Kewanee 100hp &
Columbia 75hp for the process steam/heat

     In the Main Boiler Room, two 75 hp Sullair pneumatic compressors & 1
attached Sullair pneumatic dryer

S-3-1

 

     In the main Boiler Room, one 10hp Ingersoll Rand pneumatic compressor

     In the previous Crating Department, a short 1/2 ton pedestal Coffing hoist

     In the Tool Room, a 3 ton under hung bridge Kundal crane

     In the Tool Room, a 2 ton mono rail Coffing hoist

     In FWS Dept., a column mounted jib crane half ton Coffing hoist

     In the FWS Dept., two small light weight pedestal 1/4 ton Coffing hoists

     In the Assembly Dept., two Dayton process exhaust blowers for the
Electrovert Wave Solder process

     In the ISG FAT Dept., Special application electrical transformers &
custom designed distribution centers for testing

     In the Janitorial Dept., one trash compactor we use, is the property of
our rubbish hauler, Star Disposal

     In the Janitorial dept., one cardboard bailer we use , is the property
of our scrap metal hauler, Cozzi/Metals Management

     In the Metal prep dept., 18 dip tanks for the metal cleaning process

S-3-2

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Page	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SECTION 1.
	 	DEFINITIONS	 	 	1	 	 	 	 	 
	SECTION 2.
	 	AGREEMENT TO SELL AND PURCHASE; PURCHASE PRICE; LEASES	 	 	2	 	 	 	 	 
	2.1
	 	Agreement to Sell and Purchase	 	 	2	 	 	 	 	 
	2.2
	 	Payment of Purchase Price	 	 	2	 	 	 	 	 
	2.3
	 	Leases	 	 	3	 	 	 	 	 
	SECTION 3.
	 	SELLER’S DELIVERIES; CONDITIONS PRECEDENT	 	 	3	 	 	 	 	 
	3.1
	 	Seller’s Deliveries	 	 	3	 	 	 	 	 
	3.2
	 	Inspections and Access	 	 	4	 	 	 	 	 
	3.3
	 	Title and Survey	 	 	5	 	 	 	 	 
	3.4
	 	Additional Conditions to Parties’ Obligations to Close	 	 	6	 	 	 	 	 
	SECTION 4.
	 	CLOSING	 	 	7	 	 	 	 	 
	4.1
	 	Time and Place	 	 	7	 	 	 	 	 
	4.2
	 	Deliveries	 	 	7	 	 	 	 	 
	4.3
	 	Closing Instructions to Title Company	 	 	8	 	 	 	 	 
	SECTION 5.
	 	PRORATIONS	 	 	9	 	 	 	 	 
	SECTION 6.
	 	SELLER’S REPRESENTATIONS AND WARRANTIES	 	 	9	 	 	 	 	 
	6.1
	 	List of Representations and Warranties	 	 	9	 	 	 	 	 
	6.2
	 	Survival	 	 	10	 	 	 	 	 
	6.3
	 	Definition of Knowledge	 	 	10	 	 	 	 	 
	6.4
	 	Limitations Concerning Purchaser’s Knowledge and Third Party Protection	 	 	11	 	 	 	 	 
	SECTION 7.
	 	PURCHASE AS-IS	 	 	11	 	 	 	 	 
	SECTION 8.
	 	PURCHASER’S REPRESENTATIONS AND WARRANTIES	 	 	12	 	 	 	 	 
	8.1
	 	Authority	 	 	12	 	 	 	 	 
	8.2
	 	Conflicts	 	 	12	 	 	 	 	 
	SECTION 9.
	 	CLOSING COSTS	 	 	12	 	 	 	 	 
	SECTION 10.
	 	BROKERAGE COMMISSIONS	 	 	13	 	 	 	 	 
	SECTION 11.
	 	NOTICE	 	 	13	 	 	 	 	 
	SECTION 12.
	 	CASUALTY AND CONDEMNATION	 	 	14	 	 	 	 	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Page	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SECTION 13.
	 	OPERATIONS PRIOR TO CLOSING OR TERMINATION	 	 	14	 	 	 	 	 
	SECTION 14.
	 	DEFAULTS AND REMEDIES	 	 	14	 	 	 	 	 
	14.1
	 	Seller Defaults	 	 	14	 	 	 	 	 
	14.2
	 	Purchaser Defaults	 	 	15	 	 	 	 	 
	14.3
	 	Attorneys’ Fees and Costs	 	 	15	 	 	 	 	 
	SECTION 15.
	 	MISCELLANEOUS	 	 	15	 	 	 	 	 
	15.1
	 	Entire Agreement; Amendments	 	 	15	 	 	 	 	 
	15.2
	 	Time	 	 	15	 	 	 	 	 
	15.3
	 	Counterpart Execution	 	 	15	 	 	 	 	 
	15.4
	 	Governing Law	 	 	16	 	 	 	 	 
	15.5
	 	Recordation	 	 	16	 	 	 	 	 
	15.6
	 	Assignment; Third Party Beneficiaries	 	 	16	 	 	 	 	 
	15.7
	 	Section Headings	 	 	16	 	 	 	 	 
	15.8
	 	Severability	 	 	16	 	 	 	 	 
	15.9
	 	Waiver of Trial by Jury	 	 	16	 	 	 	 	 
	15.10
	 	Exculpation of Related Parties	 	 	16	 	 	 	 	 
	15.11
	 	No Waiver	 	 	17	 	 	 	 	 
	15.12
	 	Survival	 	 	17	 	 	 	 	 
	15.13
	 	Illinois Income Tax Withholding	 	 	17	 	 	 	 	 

-ii-

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