Document:

Agreement of Sale and Purchase

 Exhibit 10.52 

EXECUTION COPY 

AGREEMENT OF SALE AND PURCHASE 

BETWEEN 

300 LASALLE LLC 

as Seller 

AND 

KBS CAPITAL ADVISORS LLC 

as Purchaser 

pertaining to 

300 NORTH LASALLE 

CHICAGO, ILLINOIS 

EXECUTED EFFECTIVE AS OF 

June 10, 2010 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	1
		 	 Section 1.1
	  	Definitions	  	1
		 	 Section 1.2
	  	References; Exhibits and Schedules	  	8
		
	ARTICLE II AGREEMENT OF PURCHASE AND SALE	  	9
		 	 Section 2.1
	  	Agreement	  	9
		 	 Section 2.2
	  	Indivisible Economic Package	  	9
		
	ARTICLE III CONSIDERATION	  	9
		 	 Section 3.1
	  	Purchase Price	  	9
		 	 Section 3.2
	  	Assumption of Obligations	  	9
		 	 Section 3.3
	  	Method of Payment of Purchase Price	  	10
		 	 Section 3.4
	  	Independent Consideration	  	10
		 	 Section 3.5
	  	Conditions to Purchaser's and Seller's Obligations	  	10
		
	ARTICLE IV EARNEST MONEY DEPOSIT AND ESCROW INSTRUCTIONS	  	11
		 	 Section 4.1
	  	The Deposit	  	11
		 	 Section 4.2
	  	Escrow Instructions	  	12
		 	 Section 4.3
	  	Documents Deposited into Escrow	  	12
		 	 Section 4.4
	  	Close of Escrow	  	12
		 	 Section 4.5
	  	Termination Notices	  	13
		 	 Section 4.6
	  	Indemnification of Title Company	  	14
		 	 Section 4.7
	  	Maintenance of Confidentiality by Title Company	  	14
		 	 Section 4.8
	  	Investment of Earnest Money Deposit	  	14
		 	 Section 4.9
	  	Designation of Reporting Person	  	14
		 	 Section 4.10
	  	Purchaser's Title Company	  	15
		
	ARTICLE V INSPECTION OF PROPERTY	  	15
		 	 Section 5.1
	  	Entry and Inspection	  	15
		 	 Section 5.2
	  	Document Review	  	17
		 	 Section 5.3
	  	Entry and Inspection Obligations	  	19
		 	 Section 5.4
	  	No Right of Termination	  	20
		 	 Section 5.5
	  	Sale "As Is"	  	20
		 	 Section 5.6
	  	Purchaser's Release of Seller	  	22
		 	 Section 5.7
	  	Property Management Agreement	  	23
		 	 Section 5.8
	  	Subcontract of Certain Obligations of HILP under Property Management Agreement	  	23
		 	 Section 5.9
	  	Hines Lease	  	23
		
	ARTICLE VI TITLE AND SURVEY MATTERS	  	24
		 	 Section 6.1
	  	Survey	  	24
		 	 Section 6.2
	  	Title Commitment	  	24
		
	ARTICLE VII INTERIM OPERATING COVENANTS AND ESTOPPELS	  	26
		 	 Section 7.1
	  	Interim Operating Covenants	  	26
		 	 Section 7.2
	  	Estoppels	  	27
		 	 Section 7.3
	  	SNDAS	  	28

  

 -i- 

							
	ARTICLE VIII REPRESENTATIONS AND WARRANTIES	  	29
		 	 Section 8.1
	  	Seller's Representations and Warranties	  	29
		 	 Section 8.2
	  	Purchaser's Representations and Warranties	  	30
		
	ARTICLE IX CONDEMNATION AND CASUALTY	  	31
		 	 Section 9.1
	  	Significant Casualty	  	31
		 	 Section 9.2
	  	Casualty of Less Than a Significant Portion	  	32
		 	 Section 9.3
	  	Condemnation of Property	  	32
		
	ARTICLE X CLOSING	  	32
		 	 Section 10.1
	  	Closing	  	32
		 	 Section 10.2
	  	Purchaser's Closing Obligations	  	33
		 	 Section 10.3
	  	Seller's Closing Obligations	  	33
		 	 Section 10.4
	  	Prorations	  	35
		 	 Section 10.5
	  	Delivery of Real Property	  	38
		 	 Section 10.6
	  	Costs of Title Company and Closing Costs	  	38
		 	 Section 10.7
	  	Post-Closing Delivery of Tenant Notice Letters	  	38
		 	 Section 10.8
	  	Illinois Tax Withholding and City of Chicago Tax Withholding	  	39
		
	ARTICLE XI BROKERAGE	  	42
		 	 Section 11.1
	  	Brokers	  	42
		
	ARTICLE XII CONFIDENTIALITY	  	42
		 	 Section 12.1
	  	Confidentiality	  	42
		
	ARTICLE XIII REMEDIES	  	44
		 	 Section 13.1
	  	Default by Seller	  	44
		 	 Section 13.2
	  	Default by Purchaser	  	44
		 	 Section 13.3
	  	Consequential and Punitive Damages	  	44
		
	ARTICLE XIV NOTICES	  	45
		 	 Section 14.1
	  	Notices	  	45
		
	ARTICLE XV ASSIGNMENT AND BINDING EFFECT	  	46
		 	 Section 15.1
	  	Assignment; Binding Effect	  	46
		
	ARTICLE XVI PROCEDURE FOR INDEMNIFICATION AND LIMITED SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS	  	46
		 	 Section 16.1
	  	Survival of Representations, Warranties and Covenants	  	46
		
	ARTICLE XVII MISCELLANEOUS	  	47
		 	 Section 17.1
	  	Waivers	  	47
		 	 Section 17.2
	  	Recovery of Certain Fees	  	48
		 	 Section 17.3
	  	Time of Essence	  	48
		 	 Section 17.4
	  	Construction	  	48
		 	 Section 17.5
	  	Counterparts	  	48
		 	 Section 17.6
	  	Severability	  	48
		 	 Section 17.7
	  	Entire Agreement	  	48
		 	 Section 17.8
	  	Governing Law	  	49
		 	 Section 17.9
	  	No Recording	  	49

  

 -ii- 

							
		 	Section 17.10	  	Further Actions	  	49
		 	 Section 17.11
	  	No Other Inducements	  	49
		 	 Section 17.12
	  	Exhibits	  	49
		 	 Section 17.13
	  	No Partnership	  	49
		 	 Section 17.14
	  	Limitations on Benefits	  	49
		 	 Section 17.15
	  	Limitation of Liability	  	49

 EXHIBITS 

 

			
	 Exhibit A –
	  	Legal Description of Real Property
		
	 Exhibit B-1 –
	  	List of Included Personal Property
		
	 Exhibit B-2 –
	  	List of Excluded Personal Property
		
	 Exhibit C –
	  	List of Operating Contracts
		
	 Exhibit D-1 –
	  	List of Major Tenants
		
	 Exhibit D-2 –
	  	Form of Tenant Estoppel Certificate
		
	 Exhibit D-3 –
	  	Form of Kirkland & Ellis LLP Estoppel Certificate
		
	 Exhibit D-4 –
	  	Form of GTCR Leasing LLC Estoppel Certificate
		
	 Exhibit E –
	  	List of Pending Lawsuits
		
	 Exhibit F –
	  	List of Tenants and Tenant Leases
		
	 Exhibit G –
	  	Non-Foreign Entity Certification
		
	 Exhibit H –
	  	General Conveyance, Bill of Sale, Assignment and Assumption
		
	 Exhibit I –
	  	Form of Special Warranty Deed
		
	 Exhibit J –
	  	Form of Real Estate Property Management Agreement
		
	 Exhibit K –
	  	Form of Subcontract of Certain Obligations of Manager under Property Management Agreement
		
	 Exhibit L –
	  	Estimated Leasing/Rent Credits at Closing
		
	 Exhibit M –
	  	Form of Statement Required for the Issuance of ALTA Owners and Loan Policies
		
	 Exhibit N –
	  	Other Due Diligence Documents
		
	 Exhibit O –
	  	Intentionally Omitted
		
	 Exhibit P –
	  	Scheduled Licenses and Permits

  

 -iii- 

 AGREEMENT OF SALE AND PURCHASE 

THIS AGREEMENT OF SALE AND PURCHASE (this “Agreement”) is entered into and effective for all purposes
as of June 10, 2010 (the “Effective Date”), by and between 300 LASALLE LLC, a Delaware limited liability company (“Seller”), and KBS CAPITAL ADVISORS LLC, a Delaware limited liability company
(“Purchaser”). 
 In consideration of the mutual promises, covenants and agreements set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions.    For purposes of this Agreement, the
following capitalized terms have the meanings set forth in this Section 1.1: 
 “Act” has the meaning
ascribed to such term in Section 10.8(a)(i). 
 “Additional Deposit” has the meaning ascribed
to such term in Section 4.1. 
 “Affiliate” means any person or entity that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with Purchaser or Seller, as the case may be. For the purposes of this definition, “control” means the possession, direct or indirect, of
the power to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have the
meanings correlative to the foregoing. 
 “Agreement” has the meaning ascribed to such term in
the opening paragraph. 
 “Approved Hines Lease” has the meaning ascribed to such term in
Section 5.9. 
 “Authorities” means the various governmental and quasi-governmental
bodies or agencies having jurisdiction over Seller, the Real Property or the Improvements (or any portion thereof). 

“Broker” has the meaning ascribed to such term in Section 11.1. 

“Business Day” means any day other than a Saturday, Sunday or a day on which national banking
associations are authorized or required to close in the State of Illinois. 
 “CERCLA” means
the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), as amended by the Superfund Amendments and Reauthorization Act of 1986 (42 U.S.C. § 9601 et seq.), as the same may be amended.

 “Certificate as to Foreign Status” has the meaning ascribed to such term in
Section 10.3(f). 
  

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 “Certifying Party” has the meaning ascribed to such term
in Section 4.5. 
 “City Code Bulk Sales Ordinance” has the meaning ascribed to such term
in Section 10.8(a)(ii). 
 “City Notice” has the meaning ascribed to such term in Section
10.8(a)(ii). 
 “Closing” means the consummation of the purchase and sale of the Property
contemplated by this Agreement, as provided for in Article X. 
 “Closing Date” means the date
on which the Closing occurs, which date will be thirty (30) days following the expiration of the Inspection Period (or, if such date is not a Business Day, then the next succeeding Business Day), or such earlier or later date to which Purchaser
and Seller may hereafter agree in writing, subject to extension pursuant to Section 10.8. 

“Closing Documents” means the documents referred to in Section 10.3(a), (b) and
(f) executed by Seller at Closing. 
 “Closing Extension Period” has the meaning ascribed
to such term in Section 10.8(b). 
 “Closing Statement” has the meaning ascribed to such
term in Section 10.4(a). 
 “Closing Surviving Obligations” means the covenants, rights,
liabilities and obligations set forth in Sections 3.2, 4.9, 5.2(d), 5.2(f) (subject to Section 16.1), 5.3, 5.5, 5.6, 8.1 (subject to Section 16.1), 8.2, 10.4 (subject to the limitations therein and in Section 16.1), 10.6, 10.7, 11.1,
13.3, 14.1, 15.1, 16.1 and Article XVII. 
 “Closing Time” has the meaning ascribed to such
term in Section 10.4(a). 
 “Code” has the meaning ascribed to such term in
Section 4.4(a). 
 “Commitment” has the meaning ascribed to such term in
Section 6.2(a). 
 “Confidentiality Agreement” means that certain Confidentiality
Agreement dated March 12, 2010 executed by Purchaser. 
 “Cure Period” has the meaning
ascribed to such term in Section 6.2(b). 
 “Deed” has the meaning ascribed to such term
in Section 10.3(a). 
 “Deposit Time” means 1:30 p.m. Central Time on the Closing Date.

 “Documents” has the meaning ascribed to such term in Section 5.2(a). 

“Earnest Money Deposit” has the meaning ascribed to such term in Section 4.1. 

 

 2 

 “Effective Date” has the meaning ascribed to such term in
the opening paragraph of this Agreement. 
 “Environmental Laws” means all federal, state and
local environmental laws, rules, statutes, directives, binding written interpretations, binding written policies, ordinances and regulations issued by any Authorities and in effect as of the date of this Agreement with respect to or which otherwise
pertain to or affect (i) the Real Property or the Improvements (or any portion thereof), (ii) the use, ownership, occupancy or operation of the Real Property or the Improvements (or any portion thereof), (iii) Seller, or
(iv) Purchaser, and as same have been amended, modified or supplemented from time to time prior to and are in effect as of the date of this Agreement, including but not limited to CERCLA, the Hazardous Substances Transportation Act (49 U.S.C.
§ 1802 et seq.), RCRA, the Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300f et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C.
§ 2601 et seq.), the Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C. § 11001 et seq.), the Radon and Indoor Air Quality Research Act (42 U.S.C. § 7401 note, et seq.), comparable state and local laws, and any and
all rules and regulations which are in effect as of the date of this Agreement under any and all of the aforementioned laws. 

“Escrow Agreement” has the meaning ascribed to such term in Section 10.8(c)(2). 

“Escrow Instructions” has the meaning ascribed to such term in Section 4.2. 

“Executed SNDA” has the meaning ascribed to such term in Section 7.3. 

“Existing Survey” has the meaning ascribed to such term in Section 6.1. 

“Gap Notice” has the meaning ascribed to such term in Section 6.2(c). 

“General Conveyance” has the meaning ascribed to such term in Section 10.2(b). 

“Governmental Regulations” means all laws, ordinances, rules and regulations of the Authorities
applicable to Seller or Seller’s use and operation of the Real Property or the Improvements or any portion thereof. 

“Hazardous Substances” means all (a) electromagnetic waves, urea formaldehyde foam insulation and
transformers or other equipment that contains dielectric fluid containing polychlorinated biphenyls of 50 ppm or greater, (b) any solid, liquid, gaseous or thermal contaminant, including smoke vapor, soot, fumes, acids, alkalis, chemicals,
waste, petroleum products or byproducts, asbestos, PCBs, phosphates, lead or other heavy metals, chlorine or radon gas, (c) any solid or liquid wastes (including hazardous wastes), hazardous air pollutants, hazardous substances, hazardous
chemical substances and mixtures, toxic substances, pollutants and contaminants, as such terms are defined in any Environmental Law, including, without limitation CERCLA, RCRA, the National Environmental Policy Act (42 U.S.C. § 4321 et seq.),
the Hazardous Substances Transportation Act, the Toxic Substances Control Act, the Clean Water Act (33 U.S.C. § 1321 et seq.), the Clean Air Act, the Occupational Safety and 

 

 3 

 
Health Act (29 U.S.C. § 651 et seq.), as such Environmental Laws have been amended and/or supplemented from time to time prior to the date of this Agreement, and any and all rules and
regulations promulgated under any of the above, and (d) any other chemical, material or substance, the use or presence of which, or exposure to the use or presence of which, is prohibited, limited or regulated by any Environmental Laws, in
effect as of or prior to the date of this Agreement or as the same may be amended or supplemented after the date of this Agreement. 

“HILP” means Hines Interests Limited Partnership, a Delaware limited partnership. 

“Hines Lease Form” has the meaning ascribed to such term in Section 5.9. 

“Illinois Tax Certificate” has the meaning ascribed to such term in Section 10.8(a)(i).

 “Improvements” means all buildings, structures, fixtures, parking areas and other
improvements owned by Seller and located on the Real Property. 
 “Indemnity” has the meaning
ascribed to such term in Section 10.8(c)(3). 
 “Independent Consideration” has the
meaning ascribed to such term in Section 3.4. 
 “Initial Deposit” has the meaning
ascribed to such term in Section 4.1. 
 “Inspection Period” has the meaning ascribed to
such term in Section 5.1(a). 
 “Leasing Costs” means the following costs incurred in
connection with the lease of space in the Property: (i) leasing commissions, (ii) brokerage commissions, (iii) tenant improvement allowances, (iv) space planning costs, (v) any lease assumption costs or termination fees
Seller agreed to assume with respect to any Tenant’s lease of space in other buildings prior to the execution of a Tenant Lease in the Property, and (vi) attorneys’ fees. 

“Licensee Parties” has the meaning ascribed to such term in Section 5.1(b). 

“Licenses and Permits” means, any and all of Seller’s right, title and interest, to the extent
assignable without the necessity of consent or assignable only with consent and such consent has been obtained, in and to, collectively, licenses, permits, certificates of occupancy, approvals, dedications, subdivision maps and entitlements issued,
approved or granted by the Authorities prior to Closing in connection with the Real Property and the Improvements, together with all renewals and modifications thereof. 

“Major Tenants” means the Tenants listed on Exhibit D-1. 

“New Exceptions” has the meaning ascribed to such term in Section 6.2(c). 

“New Tenant Costs” has the meaning ascribed to such term in Section 10.4(e). 

 

 4 

 “Official Records” means the Official Records of Real
Property in the Cook County, Illinois Recorder’s office. 
 “Operating Contracts” means
all of Seller’s right, title and interest in and to, collectively, the service agreements, maintenance contracts, equipment leasing agreements, leasing commission agreements, warranties, guarantees, bonds and other contracts for the provision
of labor, services, materials or supplies relating solely to the Real Property, Improvements or Personal Property and under which Seller is currently paying for services rendered in connection therewith, as listed on Exhibit C
attached hereto, together with any and all renewals, supplements, amendments and modifications thereof, and any and all new such agreements entered into after the Effective Date, to the extent permitted by Section 7.1(f), except that any
existing management agreements will be terminated at Closing and are excluded from such term. 

“Operating Expense Recoveries” has the meaning ascribed to such term in Section 10.4(c).

 “Other Party” has the meaning ascribed to such term in Section 4.5. 

“Permissible Matters” means (a) the mechanics’ liens set forth on
Exhibit E (which are also listed on Schedule B of the Commitment as items AB and AD); (b) the matters listed on Schedule B of the Commitment as items O, AW, and AX; (c) other monetary liens which do not exceed $1,000,000
in the aggregate; (d) any other matters to which Purchaser agrees in writing (in its sole and absolute discretion) to permit to be cured by affirmative insurance; and (e) general exceptions which are the subject of the extended coverage
under Section 6.2(a). 
 “Permitted Exceptions” has the meaning ascribed to such term in
Section 6.2(d). 
 “Permitted Outside Parties” has the meaning ascribed to such term in
Section 5.2(b). 
 “Personal Property” means all of Seller’s right, title and
interest in and to, collectively, the equipment, appliances, tools, supplies, machinery, furnishings and other tangible personal property attached to, appurtenant to, located in and used exclusively by Seller in connection with its ownership or
operation of the Improvements (including, without limitation, the personal property set forth on Exhibit B-1 attached hereto), but specifically excluding (i) the personal property set forth on Exhibit B-2
attached hereto, (ii) any items of personal property owned by Tenants of the Improvements and (iii) any items of personal property owned by third parties and leased to Seller. 

“Property” has the meaning ascribed to such term in Section 2.1. 

“Proration Items” has the meaning ascribed to such term in Section 10.4(a). 

“Purchase Price” has the meaning ascribed to such term in Section 3.1. 

 

 5 

 “Purchaser” has the meaning ascribed to such term in the
opening paragraph of this Agreement. 
 “Purchaser’s Information” has the meaning
ascribed to such term in Section 5.2(c). 
 “Purchaser’s Title Company” means
Chicago Title Insurance Company, 4041 MacArthur Boulevard, Suite 490, Newport Beach, CA 92660, Attn: John Premac, Telephone: (949) 724.3111, Facsimile: (949) 724.3181. 

“RCRA” means the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), as amended by
the Hazardous and Solid Wastes Amendments of 1984, and as further amended. 
 “Real Estate Property
Management Agreement” has the meaning ascribed to such term in Section 5.7. 
 “Real
Property” means those certain parcels of or interests in real property commonly known as 300 North LaSalle in Chicago, Illinois, as more particularly described on Exhibit A attached hereto and made a part hereof, together
with all of Seller’s right, title and interest, if any, in and to the appurtenances pertaining thereto, including but not limited to Seller’s right, title and interest in and to the streets, alleys and right-of-ways which abut such real
property, and any easement rights, air rights, subsurface rights, development rights and water rights appurtenant to such real property. 

“Records and Plans” means, collectively: (i) all books and records, including but not limited to
property operating statements, specifically relating to the Improvements; (ii) all structural reviews, architectural drawings and engineering, soils, seismic, geologic and architectural reports, studies and certificates pertaining to the Real
Property or the Improvements; and (iii) all final plans, specifications and drawings of the Improvements or any portion thereof. The terms “Records and Plans” shall not include (1) any document or correspondence which would be
subject to the attorney- client privilege; (2) any document or item which Seller is contractually or otherwise bound to keep confidential; (3) any documents pertaining to the marketing of the Property for sale to prospective purchasers;
(4) any internal memoranda, reports or assessments of Seller or Seller’s Affiliates relating to Seller’s valuation of the Property; (5) appraisals of the Property whether prepared internally by Seller or Seller’s Affiliates
or externally; (6) any documents or items which Seller considers confidential or proprietary; (7) any documents or items which are not in Seller’s possession and control; and (8) any materials projecting or relating to the future
performance of the Property. 
 “REIT” has the meaning ascribed to such term in
Section 12.1. 
 “Rentals” has the meaning ascribed to such term in Section 10.4(b),
and some may be “Delinquent” in accordance with the meaning ascribed to such term in Section 10.4(b). 

“Reporting Person” has the meaning ascribed to such term in Section 4.9(a). 

“Representatives” has the meaning ascribed to such term in Section 12.1. 

 

 6 

 “Required Withholding Amount” has the meaning ascribed to
such term in Section 10.8(c)(2). 
 “Resolution Closing Extension Period” has the meaning
ascribed to such term in Section 10.8(c)(1). 
 “Scheduled Licenses and Permits” shall
mean the Licenses and Permits set forth on Exhibit P attached hereto and made a part hereof. 

“Section 902(d)” has the meaning ascribed to such term in Section 10.8(a)(i). 

“Seller” has the meaning ascribed to such term in the opening paragraph of this Agreement. 

“Seller Released Parties” has the meaning ascribed to such term in Section 5.6(a). 

“Significant Portion” means damage by fire or other casualty to the Real Property and the Improvements
or a portion thereof requiring repair costs in excess of Twenty Million and No/100 Dollars ($20,000,000.00) as such repair costs are reasonably estimated by Seller. 

“SNDA” has the meaning ascribed to such term in Section 7.3. 

“Subcontract” means the Subcontract of Certain Obligations of Manager under Property Management
Agreement attached hereto as Exhibit K and made a part hereof, with respect to the subcontracting by HILP of certain asset management obligations under the Real Estate Property Management Agreement. 

“Tenant Deposits” means, collectively, any and all security deposits, paid or deposited by the Tenants
to Seller, as landlord, or any other person on Seller’s behalf pursuant to the Tenant Leases, which have not been applied to obligations under the Tenant Leases (together with any interest which has accrued thereon, but only to the extent such
interest has accrued for the account of the respective Tenants). 
 “Tenant Leases” means the
following pertaining to the Improvements: (i) any and all written leases, rental agreements, occupancy agreements and license agreements (and any and all written renewals, amendments, modifications and supplements thereto together with any
lease guaranties) entered into on or prior to the Effective Date and in full force and effect, as listed on Exhibit F attached hereto; (ii) any and all new written leases, rental agreements, occupancy agreements and license
agreements together with any lease guaranties entered into after the Effective Date and prior to the Closing Date in accordance with Section 7.1(e) of this Agreement; and (iii) any and all new written renewals, amendments, modifications
and supplements to any of the foregoing entered into after the Effective Date and prior to the Closing Date in accordance with Section 7.1(e) of this Agreement, and, as to (ii) and (iii) only, to the extent approved by Purchaser
pursuant to Section 7.1(e) to the extent such approval is required under Section 7.1(e). Tenant Leases will not include subleases, franchise agreements or similar 

 

 7 

 
occupancy agreements entered into by Tenants which, by their nature, are subject to Tenant Leases. 

“Tenant Lien Exception” has the meaning ascribed to such term in Section 6.2(a). 

“Tenant Notice Letters” has the meaning ascribed to such term in Section 10.7. 

“Tenants” means all persons or entities leasing, renting or occupying space within the Improvements
pursuant to the Tenant Leases, but expressly excludes any subtenants, licensees, concessionaires, franchisees or other persons or entities whose occupancy is derived through Tenants. 

“Termination Notice” has the meaning ascribed to such term in Section 5.1(a). 

“Termination Surviving Obligations” means the rights, liabilities and obligations set forth in Sections
3.4, 4.5, 4.6, 5.2, 5.3, 5.6, 11.1, 12.1, 14.1, 15.1 and Articles XIII and XVII. 
 “Title
Company” means Chicago Title and Trust Company, 171 North Clark Street, #04C1, Chicago, Illinois 60601, Attn: Gina Gianelli, Phone: (312) 223-2754. 

“Title Notice” has the meaning ascribed to such term in Section 6.2(b). 

“Title Policy” has the meaning ascribed to such term in Section 6.2(a). 

“To Seller’s Knowledge” means the present actual (as opposed to constructive or imputed) knowledge
solely of John McDermott and Steve Luthman without any independent investigation or inquiry whatsoever. Such individuals are named in this Agreement solely for the purpose of establishing the scope of Seller’s knowledge. Such individuals shall
not be deemed to be parties to this Agreement nor to have made any representations or warranties hereunder, and no recourse shall be had to such individuals for any of Seller’s representations and warranties hereunder (and Purchaser hereby
waives any liability of or recourse against such individuals). 
 “Uninsured Significant
Casualty” has the meaning ascribed to such term in Section 9.1. 
 Section
1.2    References; Exhibits and Schedules.    Except as otherwise specifically indicated, all references in this Agreement to Articles or Sections refer to Articles or Sections of this Agreement,
and all references to Exhibits or Schedules refer to Exhibits or Schedules attached hereto, all of which Exhibits and Schedules are incorporated into, and made a part of, this Agreement by reference. The words “herein,” “hereof,”
“hereinafter” and words and phrases of similar import refer to this Agreement as a whole and not to any particular Section or Article. 
  

 8 

 ARTICLE II 

AGREEMENT OF PURCHASE AND SALE 

Section 2.1    Agreement.    Seller hereby agrees to sell, convey
and assign to Purchaser, and Purchaser hereby agrees to purchase and accept from Seller, on the Closing Date and subject to the terms and conditions of this Agreement, all of the following (collectively, the “Property”): 

(a)    the Real Property; 

(b)    the Improvements; 

(c)    the Personal Property; 

(d)    any and all of Seller’s right, title and interest as lessor in and to the Tenant Leases
and, subject to the terms of the respective applicable Tenant Leases, the Tenant Deposits; and 

(e)    any and all of Seller’s right, title and interest in and to the Operating Contracts and
the Licenses and Permits, in each case to the extent assignable without the necessity of consent or approval and, if consent or approval is required, to the extent any necessary consent or approval has been obtained. 

Section 2.2    Indivisible Economic Package.    Purchaser has no
right to purchase, and Seller has no obligation to sell, less than all of the Property, it being the express agreement and understanding of Purchaser and Seller that, as a material inducement to Seller and Purchaser to enter into this Agreement,
Purchaser has agreed to purchase, and Seller has agreed to sell, all of the Property, subject to and in accordance with the terms and conditions hereof. 

ARTICLE III 

CONSIDERATION 

Section 3.1    Purchase Price.    The purchase price for the
Property (the “Purchase Price”) will be Six Hundred Fifty-five Million and No/100 Dollars ($655,000,000.00) in lawful currency of the United States of America, payable as provided in Section 3.3. 

Section 3.2    Assumption of Obligations.    As additional
consideration for the sale and purchase of the Property, effective as of Closing, Purchaser will be deemed to have, and by virtue of closing the purchase of the Property Purchaser shall have, assumed and agreed to perform, pay, discharge, observe
and comply with, as applicable, (i) all of the covenants, liabilities, duties, debts, obligations and responsibilities of Seller, Seller’s predecessors in title (if any) and Seller’s Affiliates pursuant to the Tenant Leases, the
Operating Contracts and the Scheduled Licenses and Permits assigned to Purchaser and which accrue on or after the Closing Date, and (ii) any Leasing Costs for which Purchaser is responsible under Section 10.4(e) below. Purchaser hereby
indemnifies, defends, and holds Seller and its Affiliates harmless from and against any and all claims, liens, damages, demands, causes of action, liabilities, lawsuits, judgments, losses, costs and expenses (including without limitation, reasonable
attorneys’ fees and expenses) asserted against or incurred by Seller or its Affiliates and arising out of the failure 
  

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of Purchaser to perform its obligations pursuant to this Section 3.2. The provisions of this Section 3.2 shall fully survive the Closing without limitation. 

Section 3.3    Method of Payment of Purchase Price.    No later
than the Deposit Time, Purchaser will deposit in escrow with the Title Company the Purchase Price (subject to adjustments described in Section 10.4), together with all other costs and amounts to be paid by Purchaser at Closing pursuant to the
terms of this Agreement, by Federal Reserve wire transfer of immediately available funds to an account to be designated by the Title Company. No later than 3:00 p.m. Central Time on the Closing Date: (a) Purchaser will cause the Title Company
to (i) pay to Seller by Federal Reserve wire transfer of immediately available funds to an account to be designated by Seller, the Purchase Price (subject to adjustments described in Section 10.4), less any costs or other amounts to be
paid by Seller at Closing pursuant to the terms of this Agreement, and (ii) pay to all appropriate payees the other costs and amounts to be paid by Purchaser at Closing pursuant to the terms of this Agreement; and (b) Seller will direct
the Title Company to pay to the appropriate payees out of the proceeds of Closing payable to Seller, all costs and amounts to be paid by Seller at Closing pursuant to the terms of this Agreement. 

Section 3.4    Independent Consideration.    The sum of One Hundred
Dollars ($100.00) (the “Independent Consideration”) out of the Earnest Money Deposit is independent of any other consideration provided hereunder, shall be fully earned by Seller upon the Effective Date hereof, and is not refundable
to Purchaser under any circumstances. Accordingly, if this Agreement is terminated for any reason by either party, the Independent Consideration shall be paid by the Title Company to Seller. 

Section 3.5    Conditions to Purchaser’s and Seller’s Obligations.

 (a)    Conditions to Purchaser’s Obligations.    In
addition to any other conditions expressly provided in this Agreement, the obligation of Purchaser to purchase and pay for the Property is subject to the satisfaction (or waiver by Purchaser) as of the Closing of the following conditions:

 (i)    Subject to the provisions of Section 8.1, each of the
representations and warranties made by Seller in Section 8.1 shall be true and correct in all material respects as of the Closing Date. 

(ii)    Seller shall have performed in all material respects with each obligation
required by this Agreement to be performed or complied with by Seller pursuant to Sections 10.3 and 10.8. 

(iii)    At the Closing, the Title Company shall have issued, or irrevocably
committed to issue, the Title Policy in accordance with Section 6.2. 

(iv)    Purchaser shall have received fully executed estoppel certificates in
accordance with the provisions of Section 7.2 of this Agreement. 
 Purchaser’s closing of the purchase provided for
herein shall evidence Purchaser’s satisfaction with or waiver of each of such conditions. If any conditions to Purchaser’s obligation to close are not satisfied at Closing, as Purchaser’s sole and exclusive remedy (Purchaser hereby
waiving 
  

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all other remedies except as expressly provided below in the proviso to this sentence), Purchaser may terminate this Agreement in which event Purchaser shall be entitled to a return of the
Earnest Money Deposit (subject to Section 4.5); provided, however in the event the condition under Section 3.5(a)(ii) is not satisfied or waived by Purchaser on or before Closing, Purchaser shall be entitled to pursue its remedies under
Section 13.1. 
 (b)    Conditions to Seller’s
Obligations.    In addition to any other conditions expressly provided in this Agreement, the obligation of Seller to sell the Property is subject to the satisfaction (or waiver by Seller) as of the Closing of the following
conditions: 
 (i)    Each of the representations and warranties made by
Purchaser in Section 8.2 shall be true and correct in all material respects when made and on and as of the Closing Date. 

(ii)    Purchaser shall have performed or complied in all material respects with each
obligation required by this Agreement to be performed or complied with by the Purchaser pursuant to Section 10.2. 

Seller’s closing of the sale provided for herein shall evidence Seller’s satisfaction with or waiver of each of such
conditions. If any conditions to Seller’s obligation to close are not satisfied at Closing, Seller may terminate this Agreement and in the event either a condition under subsection (i) or (ii) is not satisfied or waived by Seller on
or before Closing, Seller shall be entitled to pursue its remedies under Section 13.2. 
 ARTICLE IV 

EARNEST MONEY DEPOSIT AND ESCROW INSTRUCTIONS 

Section 4.1    The Deposit.    Within one (1) Business Day
after the execution and delivery of this Agreement, Purchaser shall deposit with the Title Company, in good funds immediately collectible by the Title Company, the sum of Three Million and No/100 Dollars ($3,000,000.00) (the “Initial
Deposit”) which will be held in escrow by the Title Company pursuant to the terms of this Agreement. If Purchaser fails to timely deposit the Initial Deposit in accordance with this Section 4.1, this Agreement shall automatically
terminate and all further rights and obligations of the parties under this Agreement shall terminate (except for the Termination Surviving Obligations). If Purchaser fails to terminate this Agreement pursuant to Section 5.1(a) on or before the
expiration of the Inspection Period, Purchaser shall be obligated to deposit with the Title Company within one (1) Business Day after the expiration of the Inspection Period, in good funds immediately available to the Title Company, the sum of
Seventeen Million and No/100 Dollars ($17,000,000.00) (the “Additional Deposit”) which will also be held in escrow by the Title Company in accordance with this Agreement. The Initial Deposit (plus all interest earned thereon) and
the Additional Deposit (plus all interest earned thereon) shall be the “Earnest Money Deposit” for purposes of this Agreement. If Purchaser has not terminated this Agreement pursuant to Section 5.1(a) and fails to timely
deposit the Additional Deposit in accordance with this Section 4.1, the Initial Deposit shall be returned to Purchaser by the Title Company in accordance with and subject to Section 4.5, the Independent Consideration shall be paid to
Seller, this Agreement shall automatically terminate and all further 
  

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rights and obligations of the parties under this Agreement shall terminate (except for the Termination Surviving Obligations). 

Section 4.2    Escrow Instructions.    Article IV of this Agreement
constitutes the escrow instructions of Seller and Purchaser to the Title Company with regard to the Earnest Money Deposit and the Closing (the “Escrow Instructions”). By its execution of the joinder attached hereto, the Title
Company agrees to be bound by the provisions of this Article IV. If any requirements relating to the duties or obligations of the Title Company hereunder are not acceptable to the Title Company, or if the Title Company requires additional
instructions, the parties agree to make such deletions, substitutions and additions to the Escrow Instructions as Purchaser and Seller hereafter mutually approve in writing and which do not substantially alter this Agreement or its intent. In the
event of any conflict between this Agreement and such additional escrow instructions, this Agreement will control. 

Section 4.3    Documents Deposited into Escrow.    On or before the
Deposit Time, 
 (a)    Purchaser will cause the difference between the Purchase Price and
the Earnest Money Deposit (subject to the prorations and adjustments provided for in this Agreement) to be transferred to the Title Company’s escrow account, in accordance with the timing and other requirements of Section 3.3; 

(b)    Purchaser will deliver in escrow to the Title Company the documents described and provided
for in Section 10.2(b), (c), (d), (e), (f), (g), (h) and (i) below; and 

(c)    Seller will deliver in escrow to the Title Company the documents described and provided for
in Section 10.3(a), (b), (c), (d), (e), (f), (g), (k), (l), (m), (n), (o) and (p) below. 

Section 4.4    Close of Escrow.    Provided that the Title Company
has not received from Seller or Purchaser any written termination notice as described and provided for in Section 4.5 (or if such a notice has been previously received, provided that the Title Company has received from such party a withdrawal
of such notice), when Purchaser and Seller have delivered the documents required by Section 4.3, the Title Company will: 

(a)    If applicable and when required, file with the Internal Revenue Service (with copies to
Purchaser and Seller) the reporting statement required under section 6045(e) of the Internal Revenue Code of 1986, as amended (the “Code”) and Section 4.9; 

(b)    Insert the applicable Closing Date as the date of any document delivered to the Title Company
undated, and assemble counterparts into single instruments; 
 (c)    Disburse to Seller,
by wire transfer to Seller of immediately available federal funds, in accordance with wiring instructions to be obtained by the Title Company from Seller, the Purchase Price as adjusted in accordance with the provisions of this Agreement;

 (d)    Deliver the Deed to Purchaser by agreeing to cause same to be recorded in the
Official Records and agreeing to obtain conformed copies of the recorded Deed for delivery to Purchaser and to Seller following recording (the parties hereby acknowledging that the actual 

 

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recording of the Deed and delivery of conformed copies may actually occur following Closing, as contemplated in Section 10.1 below); 

(e)    Issue to Purchaser the Title Policy required by Section 6.2(a) of this Agreement;

 (f)    Deliver to Seller, in addition to Seller’s Closing proceeds, all documents
deposited with the Title Company for delivery to Seller at the Closing; and 

(g)    Deliver to Purchaser (i) all documents deposited with the Title Company for delivery to
Purchaser at the Closing and (ii) any funds deposited by Purchaser in excess of the amount required to be paid by Purchaser pursuant to this Agreement. 

Section 4.5    Termination Notices.    If at any time the Title
Company receives a certificate of either Seller or Purchaser (for purposes of this Section 4.5, the “Certifying Party”) stating that: (a) the Certifying Party is entitled to receive the Earnest Money Deposit pursuant to
the terms of this Agreement, and (b) a copy of the certificate was delivered as provided herein to the other party (for purposes of this Section 4.5, the “Other Party”) prior to or contemporaneously with the giving of such
certificate to the Title Company, then, unless the Title Company has then previously received, or receives within three (3) Business Days after receipt of the Certifying Party’s certificate, contrary instructions from the Other Party, the
Title Company, within one (1) Business Day after the expiration of the foregoing three (3) Business Day period, will deliver the Independent Consideration to Seller and the Earnest Money Deposit to the Certifying Party, and thereupon the
Title Company will be discharged and released from any and all liability hereunder. If the Title Company receives contrary instructions from the Other Party within three (3) Business Days following the Title Company’s receipt of said
certificate, the Title Company will not so deliver the Earnest Money Deposit, but will continue to hold the same pursuant hereto, subject to Section 4.6. Notwithstanding anything in this Agreement to the contrary, in the event Seller or
Purchaser elects to terminate this Agreement pursuant to the express provisions of this Agreement, the Earnest Money shall only be disbursed in accordance with this Section 4.5; provided, however, the foregoing provisions of this
Section 4.5 shall be inapplicable with respect to any Termination Notice issued by Purchaser on or before the expiration of the Inspection Period pursuant to Section 5.1 of this Agreement, with it being agreed that Purchaser shall be
entitled to, and Title Company shall issue, an immediate refund of the Earnest Money Deposit to Purchaser, without regard to the terms and conditions of this Section 4.5 upon (1) the Title Company’s receipt from Purchaser of a copy of
the Termination Notice sent to Seller certifying to Seller and the Title Company that Purchaser timely delivered such Termination Notice to Seller pursuant to this Agreement (including, without limitation, Section 5.1(a) hereof), and
(2) the Title Company’s delivery of written notice to Seller, by facsimile transmission as set forth in Section 14.1 below (with a confirmation copy to be sent as required by Section 14.1 below), of the Title Company’s
receipt of such Termination Notice. In no event shall Seller be entitled to submit a certificate to the Title Company stating that it is entitled to receive the Earnest Money Deposit pursuant to this Section 4.5 with respect to any termination
of this Agreement which occurs prior to the expiration of the Inspection Period. 
  

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 Section 4.6    Indemnification of Title
Company.    If this Agreement or any matter relating hereto becomes the subject of any litigation or controversy, Purchaser and Seller jointly and severally, will hold Title Company free and harmless from any loss or
expense, including reasonable attorneys’ fees, that may be suffered by it by reason thereof other than as a result of Title Company’s gross negligence or willful misconduct. In the event conflicting demands are made or notices served upon
Title Company with respect to this Agreement, or if there is uncertainty as to the meaning or applicability of the terms of this Agreement or the Escrow Instructions, Purchaser and Seller expressly agree that the Title Company will be entitled to
file a suit in interpleader and to obtain an order from the court requiring Purchaser and Seller to interplead and litigate their several claims and rights among themselves. Upon delivery of the Independent Consideration to Seller and the filing of
the action in interpleader and the deposit of the Earnest Money Deposit into the registry of the court, the Title Company will be fully released and discharged from any further obligations imposed upon it by this Agreement. 

Section 4.7    Maintenance of Confidentiality by Title
Company.    Except as may otherwise be required by law or by this Agreement, the Title Company will maintain in strict confidence and without the prior written consent of Purchaser and Seller in each instance, will not
disclose to anyone the existence of this Agreement, the identity of the parties hereto, the amount of the Purchase Price, the provisions of this Agreement or any other information concerning the transactions contemplated hereby. 

Section 4.8    Investment of Earnest Money Deposit.    Title
Company will invest and reinvest the Earnest Money Deposit, at the instruction and sole election of Purchaser, only in (a) bonds, notes, Treasury bills or other securities constituting direct obligations of, or guaranteed by the full faith and
credit of, the United States of America, and in no event maturing beyond the Closing Date, or (b) an interest-bearing account at Bank of America or some other commercial bank mutually acceptable to Seller, Purchaser and Title Company. The
investment of the Earnest Money Deposit will be at the sole risk of Purchaser and no loss on any investment will relieve Purchaser of its obligations to pay to Seller as liquidated damages the original amount of the Earnest Money Deposit as provided
in Article XIII, or of its obligation to pay the Purchase Price. All interest earned on the Earnest Money Deposit prior to the payment of the Earnest Money Deposit to Purchaser or Seller pursuant to this Agreement will be the property of Purchaser
and will be reported to the Internal Revenue Service as income of Purchaser. Purchaser will provide the Title Company with a taxpayer identification number and will pay all income taxes due by reason of interest accrued on the Earnest Money Deposit.

 Section 4.9    Designation of Reporting Person.    In
order to assure compliance with the requirements of section 6045 of the Code, and any related reporting requirements of the Code, the parties hereto agree as follows: 

(a)    The Title Company (for purposes of this Section 4.9, the “Reporting
Person”), by its execution hereof, hereby assumes all responsibilities for information reporting required under section 6045(e) of the Code. 

(b)    Seller and Purchaser each hereby agree: 

 

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 (i)    to provide to the Reporting
Person all information and certifications regarding such party, as reasonably requested by the Reporting Person or otherwise required to be provided by a party to the transaction described herein under section 6045 of the Code; and 

(ii)    to provide to the Reporting Person such party’s taxpayer identification
number and a statement (on Internal Revenue Service Form W-9 or an acceptable substitute form, or on any other form the applicable current or future Code sections and regulations might require and/or any form requested by the Reporting Person),
signed under penalties of perjury, stating that the taxpayer identification number supplied by such party to the Reporting Person is correct. 

(c)    Each party hereto agrees to retain this Agreement for not less than four years from the end
of the calendar year in which Closing occurred, and to produce it to the Internal Revenue Service upon a valid request therefor. 

(d)    The addresses for Seller and Purchaser are as set forth in Section 14.1 hereof, and the
real estate subject to the transfer provided for in this Agreement is described in Exhibit A. 

Section 4.10    Purchaser’s Title Company.    Purchaser shall
have the right to have Purchaser’s Title Company coordinate the transaction contemplated hereunder on Purchaser’s behalf with the Title Company, and the Title Company and Purchaser’s Title Company shall reach an agreement as to the
sharing of any fees payable as a result of the transaction hereunder. In no event shall Seller be responsible for coordinating such fee sharing or for any failure of the Title Company or Purchaser’s Title Company to comply with any such
agreement between them. The Title Company (not Purchaser’s Title Company) shall act as escrow agent. 
 ARTICLE V 

 INSPECTION OF PROPERTY 

Section 5.1    Entry and Inspection. 

(a)    Purchaser shall have from the Effective Date through and including 5:00 p.m. Central Time on
the date which is twenty-one (21) calendar days following the Effective Date (as the same may be extended by mutual agreement of Seller and Purchaser in writing, the “Inspection Period”) to examine, inspect and investigate the
Property in accordance with the terms and conditions of this Article V and to determine whether the Property is acceptable to Purchaser (in Purchaser’s sole and absolute judgment and discretion) and obtain all necessary internal approvals to
consummate the purchase of the Property pursuant to this Agreement. Notwithstanding anything to the contrary in this Agreement, Purchaser may terminate this Agreement by giving written notice of termination to Seller (the “Termination
Notice”) on or before the expiration of the Inspection Period. If Purchaser does not give a Termination Notice, this Agreement shall continue in full force and effect. If this Agreement terminates pursuant to this Section 5.1(a), the
Independent Consideration shall be paid to Seller and the Earnest Money Deposit shall be refunded to Purchaser immediately upon request of Purchaser, and all further rights and obligations of the parties under this Agreement shall terminate (except
for the Termination Surviving Obligations). 
  

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 (b)    From and after the Effective Date and through
the end of the Inspection Period, but subject to the other provisions of this Article V, Seller will permit Purchaser and its authorized agents, representatives and consultants (collectively, the “Licensee Parties”) the right to
enter upon the Real Property or Improvements at all reasonable times during normal business hours to perform additional inspections of the Property and communicate with Tenants and service providers; provided, however, Purchaser shall have the right
to interview or communicate with Tenants without Seller’s prior written consent but only if such interviews or communications are first coordinated through Seller and Seller shall have the right to participate in any such interviews and
communications; and provided, further, however, that Purchaser shall have the right to coordinate interviews with service providers but Purchaser shall not interview service providers unless Purchaser provides 24 hours prior written notice to Seller
of the time and place of such interviews and Seller shall have the right to participate in any such interviews. Purchaser will provide to Seller written notice of the intention of Purchaser or the other Licensee Parties to enter the Real Property or
Improvements at least 48 hours prior to such intended entry and specify the intended purpose therefor and the inspections and examinations contemplated to be made and/or the Tenants and service providers with whom any Licensee Party desires to
communicate. At Seller’s option, Seller may be present for any such entry, inspection and communication with any Tenants or service providers. Notwithstanding anything to the contrary contained herein, no physical testing or sampling shall be
conducted during any such entry by Purchaser or any Licensee Party upon the Real Property or Improvements without Seller’s specific prior written consent, which consent may be withheld, delayed or conditioned in Seller’s sole and absolute
discretion; provided, however, that prior to giving any such approval, Seller shall be provided with a written sampling plan in reasonable detail in order to allow Seller a reasonable opportunity to evaluate such proposal. If Purchaser or the other
Licensee Parties undertake any borings or other disturbances of the soil, the soil shall be recompacted to its condition as existed immediately before any such borings or other disturbances were undertaken. Notwithstanding the foregoing, Purchaser
shall not be liable or responsible for (i) the mere discovery of unfavorable conditions existing at or on the Property unless Purchaser’s or any Licensee Party’s actions exacerbate such unfavorable conditions or cause further damage
or destruction to the Property; or (ii) any matters caused by the gross negligence or willful misconduct of Seller. If Purchaser or any Licensee Party takes any sample from the Real Property or Improvements in connection with any testing,
Purchaser shall, upon the request of Seller, provide to Seller a portion of such sample being tested to allow Seller, if it so chooses, to perform its own testing. 

(c)    Subject to the obligations set forth in Section 5.3 below, the Licensee Parties shall
have the right to communicate directly with the Authorities for any good faith reasonable purpose in connection with this transaction contemplated by this Agreement; provided, however, (i) except for routine due diligence inquiries (e.g., a
zoning letter with respect to the Property) or when the communication is to obtain material that is generally available to the public, Purchaser shall provide Seller at least 48 hours prior written notice of Purchaser’s intention to communicate
with any Authorities and Seller shall have the right to participate in any such communications and (ii) any such communication must be conducted without disclosing any of the terms of this Agreement and in no event shall any Licensee Party make
any such disclosure to any Authority. 
  

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 (d)    Purchaser expressly agrees, acknowledges and
confirms that, prior to the expiration of the Inspection Period, Purchaser and its Licensee Parties shall have inspected and investigated the Property and conducted such tests, evaluations and assessments of the Property as Purchaser deems
necessary, appropriate or prudent in connection with Purchaser’s acquisition of the Property and the consummation of the transaction contemplated by this Agreement, all in accordance with the terms and conditions of this Article V. 

Section 5.2    Document Review. 

(a)    No later than three (3) Business Days following the Effective Date, Seller shall provide
copies of or make available to Purchaser (for Purchaser’s review, inspection, examination, analysis, verification and photocopying) at the office of Seller, Seller’s property manager or at the Real Property, the following relative to the
Property to the extent in Seller’s possession or control (collectively, the “Documents”): (i) assessments (special or otherwise), ad valorem and personal property tax bills for the two (2) previous tax years;
(ii) Seller’s most current rent roll; (iii) income and expense statements, including capital expenditures, for calendar years 2009 and 2010 (year-to-date); (iv) an operating budget for the Property for the current calendar year
and the immediately preceding calendar year; (v) copies of the Tenant Leases, the Operating Contracts, the Scheduled Licenses and Permits and the Records and Plans; (vi) a current inventory of the Personal Property; and (vii) the
additional items set forth on Exhibit N attached hereto. 

(b)    Purchaser acknowledges that any and all of the Documents may be proprietary and confidential
in nature and have been provided to Purchaser solely to assist Purchaser in determining the feasibility of purchasing the Property. Subject only to the provisions of Article XII, Purchaser agrees not to disclose the contents of the Documents, or any
of the provisions, terms or conditions contained therein, to any party outside of Purchaser’s organization other than its attorneys, partners, accountants, lenders or investors (collectively, the “Permitted Outside Parties”).
Purchaser further agrees that within its organization, or as to the Permitted Outside Parties, the Documents will be disclosed and exhibited only to those persons within Purchaser’s organization or to those Permitted Outside Parties who are
responsible for determining the feasibility of Purchaser’s acquisition of the Property, and Purchaser shall cause such persons within Purchaser’s organization to, and shall instruct such Permitted Outside Parties to, maintain
confidentiality with respect to any Documents so disclosed to such persons or such Permitted Outside Parties. Purchaser further acknowledges that the Documents and other information relating to the leasing arrangements between Seller and the Tenants
or prospective tenants are proprietary and confidential in nature. Purchaser agrees not to divulge the contents of such Documents and other information except in strict accordance with the confidentiality standards set forth in this Section 5.2
and Article XII. In permitting Purchaser and the Permitted Outside Parties to review the Documents or information to assist Purchaser, Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party
benefits or relationships of any kind, either express or implied, have been offered, intended or created by Seller and any such claims are expressly rejected by Seller and waived by Purchaser and the Permitted Outside Parties, for whom, by its
execution of this Agreement, Purchaser is acting as an agent with regard to such waiver. The provisions of this Section 5.2(b) shall not be applicable after the Closing Date if Closing occurs. 

 

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 (c)    Not later than ten (10) Business Days
following the date this Agreement is terminated for any reason, (i) Purchaser will return to Seller all of the Documents (and all copies Purchaser has made of the Documents), and (ii) provided this Agreement is not terminated by Purchaser
pursuant to Section 13.1 hereof, Purchaser will deliver to Seller a copy of any third-party studies, reports or test results regarding any part of the Property obtained by Purchaser, before or after the execution of this Agreement, in
connection with Purchaser’s inspection of the Property (collectively, “Purchaser’s Information”); provided, however, Seller shall be subject to the provisions regarding confidentiality and reliance contained in any such
Purchaser’s Information, and Purchaser will not make any representations and warranties with respect to the accuracy thereof. 

(d)    Purchaser expressly agrees, acknowledges and confirms that, prior to the expiration of the
Inspection Period, Purchaser and its Licensee Parties shall have reviewed, inspected, examined, analyzed, verified and photocopied the Documents to the extent that Purchaser deems necessary, appropriate or prudent in connection with Purchaser’s
acquisition of the Property and the consummation of the transaction contemplated by this Agreement, all in accordance with the terms and conditions of this Article V. Purchaser acknowledges that some of the Documents may have been prepared by third
parties and may have been prepared prior to Seller’s ownership of the Property. Purchaser hereby acknowledges that, except as expressly provided in Section 8.1 below (as limited by Section 16.1 of this Agreement), Seller has not made
and does not make any representation or warranty regarding the truth, accuracy or completeness of the Documents or the sources thereof (whether prepared by Seller, Seller’s Affiliates or any other person or entity). Seller has not undertaken
any independent investigation as to the truth, accuracy or completeness of the Documents and is providing the Documents solely as an accommodation to Purchaser. 

(e)    Notwithstanding any provision of this Agreement to the contrary, no termination of this
Agreement will terminate Purchaser’s obligations pursuant to this Section 5.2. 

(f)    Seller, shall, without representation, warranty or liability of any kind to Purchaser or any
Affiliate of Purchaser, provide to Purchaser (at Purchaser’s expense) copies of, or shall provide Purchaser reasonable access to, such factual information as may be reasonably requested by Purchaser, and in the possession or control of Seller,
or its property manager or accountants, to enable Purchaser’s auditor to conduct an audit of the income statements of the Property for the year to date of the year in which Closing occurs plus up to one (1) prior calendar year (provided,
however, such audit shall not include an audit of management fees or interest expenses). Purchaser shall be responsible for all out-of-pocket costs associated with this audit. Seller shall reasonably cooperate (at no cost to Seller) with
Purchaser’s auditor in the conduct of such audit. In addition, Seller agrees to provide, without representation, warranty or liability of any kind to Purchaser or any Affiliate of Purchaser, if requested by such auditor, historical financial
statements for the Property, including income and balance sheet data for the Property, whether required before or after Closing. Without limiting the foregoing, (i) Purchaser or its designated independent or other auditor may audit
Seller’s operating statements of the Property, at Purchaser’s expense, and Seller shall, without representation, warranty or liability of any kind to Purchaser or any Affiliate of Purchaser, provide such documentation as Purchaser or its
auditor may reasonably request in order to complete such audit, and (ii) Seller shall furnish to Purchaser such financial and other information as may be reasonably required by Purchaser or

  

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any Affiliate of Purchaser to make any required filings with the Securities and Exchange Commission or other governmental authority; provided, however, that the foregoing obligations of Seller
shall be limited to providing such information or documentation as may be in the possession of, or reasonably obtained by, Seller, its property manager or accountants, at no material cost to Seller, and in the format that Seller (or its property
manager or accountants) have maintained such information. This Section 5.2(f) shall be subject to the limitations in Section 16.1. 

Section 5.3    Entry and Inspection Obligations. 

(a)    Purchaser agrees that in entering upon the Real Property or Improvements and inspecting or
examining the Property and communicating with any Tenants, Purchaser and the other Licensee Parties will not: (i) disturb the Tenants or interfere with their use of the Property pursuant to their respective Tenant Leases; (ii) interfere
with the operation and maintenance of the Property; (iii) damage any part of the Property or any personal property owned or held by any Tenant or any other person or entity; (iv) injure or otherwise cause bodily harm to Seller or any
Tenant, or to any of their respective agents, guests, invitees, contractors and employees, or to any other person or entity; (v) permit any liens to attach to the Property by reason of the exercise of Purchaser’s rights under this Article
V; (vi) interview or communicate with any Tenants or service providers except in accordance with Section 5.1(b); or (vii) reveal or disclose any information obtained concerning the Property and the Documents to anyone outside
Purchaser’s organization, except in accordance with the confidentiality standards set forth in Section 5.2(b) and Article XII. Purchaser will: (i) maintain and cause those entering the Real Property or Improvements to maintain
comprehensive general liability (occurrence) insurance in terms (including contractual indemnity coverage with respect to the indemnity in Section 5.3(b)) and amounts satisfactory to Seller covering any accident arising in connection with the
presence or activities of Purchaser or the other Licensee Parties on the Real Property and Improvements, and, prior to any entry upon the Real Property or Improvements, deliver to Seller a certificate of insurance verifying such coverage and
verifying that Seller is named as an additional insured on such coverage; (ii) promptly pay when due the costs of all inspections, entries, samplings and tests and examinations done with regard to the Property; and (iii) promptly restore
the Property to its condition as existed immediately prior to any such inspection, investigations, examinations, entries, samplings and tests, but in no event later than ten (10) days after the damage occurs. Nothing contained in this
Section 5.3 shall be deemed or construed as Seller’s consent to any further physical testing or sampling with respect to the Property after the date hereof. 

(b)    Purchaser hereby indemnifies, defends and holds Seller and its members, partners, agents,
officers, directors, employees, successors, assigns and Affiliates harmless from and against any and all liens, claims, causes of action, damages, liabilities, demands, suits, and obligations, together with all losses, penalties, costs and expenses
relating to any of the foregoing (including but not limited to court costs and reasonable attorneys’ fees) arising out of any inspections, investigations, examinations, entries, samplings or tests conducted by Purchaser or any Licensee Party,
whether prior to or after the date hereof, with respect to the Property or any violation of the provisions of this Section 5.3; provided, however, Purchaser shall not be obligated to indemnify Seller for (i) the mere discovery of
unfavorable conditions existing at or on the Property unless Purchaser’s or any Licensee Party’s actions exacerbate such unfavorable 

 

 19 

 
conditions or cause further damage or destruction to the Property; or (ii) any matters caused by the gross negligence or willful misconduct of Seller. 

(c)    Notwithstanding any provision of this Agreement to the contrary, neither the Closing nor a
termination of this Agreement will terminate Purchaser’s obligations pursuant to this Section 5.3. 

Section 5.4    No Right of Termination.    Purchaser acknowledges
and agrees that the right to enter and inspect and examine the Property and communicate with Tenants pursuant to Article V has been given to Purchaser solely as an accommodation to Purchaser in connection with Purchaser’s contemplated ownership
and operation of the Property following the Closing. Prior to the expiration of the Inspection Period, Purchaser shall conduct such inspections, examinations, tests, evaluations and assessments of the Property as Purchaser deems necessary,
appropriate and prudent (subject to the provisions of this Article V) and Purchaser shall have no right to terminate this Agreement after the end of the Inspection Period based upon the results of any inspections, examinations, tests, evaluations or
assessments. 
 Section 5.5    Sale “As
Is”.    THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT HAS BEEN NEGOTIATED BETWEEN SELLER AND PURCHASER, THIS AGREEMENT REFLECTS THE MUTUAL AGREEMENT OF SELLER AND PURCHASER, AND PURCHASER HAS CONDUCTED (OR WILL
CONDUCT PRIOR TO THE EXPIRATION OF THE INSPECTION PERIOD) ITS OWN INDEPENDENT EXAMINATION OF THE PROPERTY AND THE DOCUMENTS. OTHER THAN THE SPECIFIC MATTERS REPRESENTED IN SECTION 8.1 HEREOF (AS LIMITED BY SECTION 16.1 OF THIS AGREEMENT) OR IN ANY
OF THE CLOSING DOCUMENTS, WHICH EXCEPTIONS SHALL APPLY TO ALL OF THE FOLLOWING PROVISIONS OF THIS SECTION 5.5, PURCHASER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION, WARRANTY OR STATEMENT OF SELLER
OR ANY OF SELLER’S AFFILIATES, AGENTS OR REPRESENTATIVES, AND PURCHASER HEREBY ACKNOWLEDGES THAT NO SUCH REPRESENTATIONS, WARRANTIES OR STATEMENTS HAVE BEEN MADE EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.1 OF THIS AGREEMENT (AS LIMITED BY
SECTION 16.1 OF THIS AGREEMENT) OR IN ANY OF THE CLOSING DOCUMENTS. EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.1 OF THIS AGREEMENT (AS LIMITED BY SECTION 16.1 OF THIS AGREEMENT) OR IN ANY OF THE CLOSING DOCUMENTS, SELLER SPECIFICALLY
DISCLAIMS, AND NEITHER IT NOR ANY OF ITS AFFILIATES NOR ANY OTHER PERSON IS MAKING, ANY REPRESENTATION, WARRANTY, STATEMENTS OR ASSURANCE WHATSOEVER TO PURCHASER AND NO WARRANTIES, REPRESENTATIONS, STATEMENTS OR ASSURANCES OF ANY KIND OR CHARACTER,
EITHER EXPRESS OR IMPLIED, ARE MADE BY SELLER OR RELIED UPON BY PURCHASER WITH RESPECT TO THE STATUS OF TITLE TO OR THE MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY, OR ANY PORTION THEREOF, INCLUDING BUT NOT LIMITED TO
(a) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (b) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (c) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS
OF PURCHASER UNDER APPROPRIATE STATUTES TO 
  

 20 

 
CLAIM DIMINUTION OF CONSIDERATION, (e) ANY CLAIM BY PURCHASER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN, OR UNKNOWN, OR LATENT, WITH RESPECT TO THE PROPERTY, (f) THE FINANCIAL
CONDITION OR PROSPECTS OF THE PROPERTY OR THE TENANTS AND (g) THE COMPLIANCE OR LACK THEREOF OF THE PROPERTY WITH GOVERNMENTAL REGULATIONS, IT BEING THE EXPRESS INTENTION OF SELLER AND PURCHASER THAT, EXCEPT AS EXPRESSLY SET FORTH TO THE
CONTRARY IN SECTION 8.1 OF THIS AGREEMENT (AS LIMITED BY SECTION 16.1 OF THIS AGREEMENT) OR IN ANY OF THE CLOSING DOCUMENTS, THE PROPERTY WILL BE CONVEYED AND TRANSFERRED TO PURCHASER IN ITS PRESENT CONDITION AND STATE OF REPAIR, “AS IS”
AND “WHERE IS”, WITH ALL FAULTS. Purchaser represents that it is a knowledgeable, experienced and sophisticated purchaser of real estate and the other types of interests contemplated to be sold hereunder, and that it is relying solely on
the express representations and warranties contained in Section 8.1 of this Agreement (as limited by Section 16.1 of this Agreement), the Closing Documents and its own expertise and that of Purchaser’s consultants in purchasing the
Property. Prior to the expiration of the Inspection Period, Purchaser shall have conducted such inspections, investigations and other independent examinations of the Property and related matters as Purchaser deems necessary, including but not
limited to the physical and environmental conditions thereof, and will rely upon same and not upon any statements of Seller (excluding the specific matters represented by Seller in Section 8.1 of this Agreement (as limited by Section 16.1
of this Agreement) and the Closing Documents) or any of its Affiliates, or any of their respective partners, members, owners, officers, directors, employees, agents, representatives or attorneys. Purchaser acknowledges that all information obtained
by Purchaser was obtained from a variety of sources and Seller will not be deemed to have represented or warranted the completeness, truth or accuracy of any of the Documents or other such information heretofore or hereafter furnished to Purchaser
except as expressly stated in Section 8.1 of this Agreement (as limited by Section 16.1 of this Agreement) or the Closing Documents. Subject to the express representations and warranties contained in Section 8.1 of this Agreement (as
limited by Section 16.1 of this Agreement) and in the Closing Documents, upon Closing, Purchaser will assume the risk that adverse matters, including, but not limited to, adverse physical and environmental conditions, may not have been revealed
by Purchaser’s inspections and investigations. Purchaser further hereby assumes the risk of changes in applicable Environmental Laws relating to past, present and future environmental health conditions on, or resulting from the ownership or
operation of, the Property. Purchaser acknowledges and agrees that upon Closing, except as expressly set forth to the contrary in Section 8.1 of this Agreement (as limited by Section 16.1 of this Agreement) and in the Closing Documents,
Seller will sell and convey to Purchaser, and Purchaser will accept the Property, “AS IS, WHERE IS,” with all faults. Purchaser further acknowledges and agrees that there are no oral agreements, warranties or representations, collateral to
or affecting the Property, by Seller, any Affiliate of Seller, any agent of Seller or its Affiliates or any third party. Seller is not liable or bound in any manner by any oral or written statements, representations or information pertaining to the
Property furnished by any real estate broker, agent, employee, servant or other person, except for the express representations and warranties contained in Section 8.1 of this Agreement (as limited by Section 16.1 of this Agreement) and in
the Closing Documents. Purchaser acknowledges that the Purchase Price reflects the “AS IS, WHERE IS” nature of this sale and any faults, liabilities, defects or other adverse matters that may be associated with the Property. Purchaser,
with 
  

 21 

 Purchaser’s counsel, has fully reviewed the disclaimers and waivers set forth in this
Agreement, and understands the significance and effect thereof. Purchaser acknowledges and agrees that the disclaimers and other agreements set forth herein are an integral part of this Agreement, and that Seller would not have agreed to sell the
Property to Purchaser for the Purchase Price without the disclaimer and other agreements set forth in this Agreement. The terms and conditions of this Section 5.5 will expressly survive the Closing without limitation and will not merge with the
provisions of any Closing documents. 
 Section 5.6    Purchaser’s Release of
Seller. 
 (a)    Seller Released From
Liability.    Purchaser, on behalf of itself and its Affiliates, and their respective partners, members, owners, officers, directors, agents, representatives and controlling persons, hereby releases Seller and Seller’s
Affiliates, and their respective partners, members, owners, officers, directors, agents, representatives and controlling persons (collectively, the “Seller Released Parties”) from any and all liability, responsibility, claims,
damages, losses and expenses arising out of or related to the condition (including the presence in the soil, air, structures and surface and subsurface waters, of Hazardous Substances that have been or may in the future be determined to be toxic,
hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or guidelines), valuation, salability or utility
of the Property, or its suitability for any purpose whatsoever. Without limiting the foregoing, Purchaser, on behalf of itself and its Affiliates, and their respective partners, members, owners, officers, directors, agents, representatives and
controlling persons, specifically releases the Seller Released Parties from any and all responsibility, claims, damages, losses and expenses Purchaser may have against any of the Seller Released Parties now or in the future arising from the
environmental condition of the Property or the presence of Hazardous Substances or contamination on or emanating from the Property. The foregoing waivers and releases by Purchaser shall survive, without limitation, either (i) the Closing and
shall not be deemed merged into the provisions of any Closing documents or (ii) any termination of this Agreement. 

(b)    Purchaser’s Waiver of Objections.    Purchaser acknowledges
that it has (or shall have prior to the expiration of the Inspection Period) inspected the Property, observed its physical characteristics and existing conditions and had the opportunity to conduct such investigations and studies on and of said
Property and adjacent areas as it deems or deemed necessary, and Purchaser, on behalf of itself and its Affiliates, and their respective partners, members, owners, officers, directors, agents, representatives and controlling persons, hereby waives
any and all objections to or complaints (including but not limited to actions based on federal, state or common law and any private right of action under CERCLA, RCRA or any other state and federal law to which the Property is or may be subject)
against any of the Seller Released Parties regarding physical characteristics and existing conditions, including without limitation structural and geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous
Substances on, under, adjacent to or otherwise affecting the Property or related to prior uses of the Property. The foregoing waivers by Purchaser shall survive, without limitation, either (i) the Closing and shall not be deemed merged into the
provisions of any Closing documents or (ii) any termination of this Agreement. 
  

 22 

 (c)    Changes in
Laws.    Purchaser further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental, safety or health conditions on, or resulting from the ownership or operation
of, the Property, and the risk that adverse physical characteristics and conditions, including without limitation the presence of Hazardous Substances or other substances, may not be revealed by its investigation. 

(d)    Limitation on Release and Waiver.    Notwithstanding the
provisions of Section 5.5 above or this Section 5.6, the releases and waivers and other matters set forth herein shall not, however, relieve Seller of its liability for: (i) any breach of any express representation or warranty of
Seller contained in Section 8.1 of this Agreement (subject to the limitations of Section 16.1 of this Agreement) or in any of the Closing Documents; or (ii) any breach by Seller of its covenants or agreements contained in this
Agreement which are Closing Surviving Obligations (subject to the limitations in this Agreement applicable thereto). 

(e)    Survival.    The provisions of this Section 5.6 shall
survive, without limitation, either (i) the Closing and shall not be deemed merged into the provisions of any closing documents or (ii) any termination of this Agreement. 

Section 5.7    Property Management Agreement.    Purchaser is
obligated to engage HILP as the property manager for the Property commencing on the Closing Date pursuant to the Real Estate Property Management Agreement (herein so called) attached hereto as Exhibit J and made a part hereof. On
the Closing Date, (i) Purchaser (as owner of the Property) is obligated to execute the Real Estate Property Management Agreement, and (ii) Seller is obligated to cause HILP to execute the Real Estate Property Management Agreement.

 Section 5.8    Subcontract of Certain Obligations of HILP under Property Management
Agreement.    On the Closing Date, Purchaser is obligated to (i) execute, or cause an Affiliate of Purchaser to execute, the Subcontract, and (ii) execute the Joinder of Owner attached to the Subcontract. On the
Closing Date, Seller is obligated to cause HILP to execute the Subcontract. 
 Section
5.9    Hines Lease.    During the Inspection Period, Seller and Purchaser shall negotiate and attempt to agree upon the form of a lease to be executed by Seller or an Affiliate of Seller, as tenant,
and Purchaser, as landlord, for 40,000 rentable square feet in the Improvements for a three (3) year term commencing on the Closing Date at a gross rate of $50.00 per rentable square foot and on such other terms agreed upon by Seller and
Purchaser (the “Hines Lease Form”). If the Hines Lease Form is agreed to by Seller and Purchaser prior to the expiration of the Inspection Period as evidenced by an amendment to this Agreement with the agreed upon lease form
attached thereto (the “Approved Hines Lease”), Seller shall execute, or shall cause an Affiliate of Seller to execute, and Purchaser shall execute the Approved Hines Lease on the Closing Date. If the Hines Lease Form is not so
agreed to by Seller and Purchaser as evidenced as provided above prior to the expiration of the Inspection Period, this Agreement shall automatically terminate, the Initial Deposit shall be returned to Purchaser by the Title Company, and all further
rights and obligations of the parties under this Agreement shall terminate (except for the Termination Surviving Obligations). 
  

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 ARTICLE VI 

TITLE AND SURVEY MATTERS 

Section 6.1    Survey.    Prior to the execution and delivery of
this Agreement, Seller has delivered to Purchaser a copy of that certain survey of the Real Property, dated March 23, 2010, prepared by National Survey Service, Inc. (the “Existing Survey”). Seller shall have no obligation to
obtain any modification, update or recertification of the Existing Survey. 
 Section
6.2    Title Commitment. 
 (a)    Prior to the execution
and delivery hereof, Seller has caused the Title Company to furnish to Purchaser a preliminary title report or title commitment with an effective date of May 27, 2010 and a draft date of June 10, 2010 (the “Commitment”),
by the terms of which the Title Company agrees to issue to Purchaser at Closing an owner’s policy of title insurance (the “Title Policy”) in the amount of the Purchase Price on the ALTA Owner Policy of Title Insurance with
extended coverage (subject to the terms of this Section 6.2(a)), Standard Form Rev. 6/17/06 (as amended to date), insuring Purchaser’s fee simple title to the Real Property to be good and indefeasible, subject to the terms of such policy
and the exceptions described therein. Notwithstanding anything to the contrary contained in this Section 6.2(a), the Title Policy may except from extended coverage any unrecorded liens or claims (or right to liens or claims) for work, services,
labor or materials performed or supplied by, for or on behalf of any Tenants under the Tenant Leases other than work being performed directly by Seller or Seller’s agents for or on behalf of any Tenant (each lien or claim hereinafter referred
to as, a “Tenant Lien Exception”); provided, however, if a Tenant Lien Exception has been filed or recorded in the Official Records prior to the Closing Date, then the terms and conditions of Sections 6.2(b) and (c) shall apply
with respect to such Tenant Lien Exception. As a condition to Purchaser’s obligation to close, the Title Company shall deliver the Title Policy to Purchaser at Closing effective as of the date and time of the recording of the Deed, in the
amount of the Purchase Price, insuring Purchaser as owner of fee simple title to the Real Property, and subject only to the Permitted Exceptions. Notwithstanding the foregoing, the Title Policy may be delivered after Closing if at the Closing the
Title Company issues a currently effective, duly executed “marked up” Commitment and irrevocably commits in writing to issue the Title Policy in the form of the “marked up” Commitment promptly after the Closing Date. 

(b)    Purchaser shall have until the date which is three (3) Business Days prior to the
expiration of the Inspection Period to notify Seller, in writing (the “Title Notice”), of such objections as Purchaser may have to anything contained in the Title Commitment or the Existing Survey. In the event Purchaser delivers
timely notice of objections to title or to matters shown on the Existing Survey, Seller shall have two (2) Business Days after receipt of the Title Notice (the “Cure Period”) to notify Purchaser in its sole and absolute
discretion: (i) that Seller has removed such objectionable exceptions from title or otherwise obtained affirmative insurance over such objectionable exceptions (and provided reasonable evidence thereof); or (ii) that Seller elects not to
cause such exceptions to be removed or to be affirmatively insured over. Notwithstanding anything to the contrary in this Section 6.2, Seller agrees that Seller shall not be permitted to obtain affirmative insurance pursuant to clause
(i) for any matters with respect to the Property whatsoever except for Permissible Matters (however, Purchaser acknowledges that Seller is not obligated to remove any such matters and this sentence does not negate Seller’s right

  

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to not cure any exceptions objected to by Purchaser pursuant to this Section 6.2). If Seller gives Purchaser notice under clause (ii) above or if Seller fails to give any notice to
Purchaser within the two (2) Business Day period, Seller shall be deemed to have elected not to cure such exceptions and Purchaser shall have until the expiration of the Inspection Period to notify Seller that Purchaser will take title to the
Property subject to all uncured exceptions or that Purchaser will terminate this Agreement (failing which, Purchaser shall be deemed to have elected to take title to the Property subject to all uncured exceptions). If this Agreement is terminated by
Purchaser pursuant to the foregoing provisions of this paragraph, then neither party shall have any further rights or obligations hereunder (except for the Termination Surviving Obligations) and the Independent Consideration shall be paid to Seller
and the Earnest Money Deposit shall be returned to Purchaser upon Purchaser’s compliance with Section 4.5. Notwithstanding anything to the contrary provided in this Section 6.2, to the extent Seller notifies Purchaser in writing under
this Section 6.2(b) that Seller shall affirmatively insure over any matter objected to by Purchaser in the Title Notice, then Seller’s obtaining such affirmative insurance shall be a condition to Seller’s obligation to close the
transaction contemplated hereunder; provided, however, in no event shall Seller’s failure to obtain such affirmative insurance constitute a default by Seller under this Agreement. 

(c)    Purchaser may, at or prior to Closing, notify Seller in writing (the “Gap
Notice”) of any objections to title (i) raised by the Title Company between the expiration of the Inspection Period and the Closing, (ii) not disclosed in writing by the Title Company to Purchaser prior to the expiration of the
Inspection Period, and (iii) not disclosed in writing by Seller to Purchaser and the Title Company prior to the expiration of the Inspection Period (“New Exceptions”); provided that Purchaser must notify Seller of any objection
to any such New Exception prior to the date which is the earlier to occur of (x) two (2) Business Days after being made aware of the existence of such New Exception and (y) the Closing Date. If Purchaser fails to deliver to Seller a
notice of objections on or before such date, Purchaser will be deemed to have waived any objection to the New Exceptions, and the New Exceptions will be included as Permitted Exceptions subject to the provisions of Section 6.2(e). Seller will
have not less than five (5) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such five (5) day period and for two (2) days following such period for
Purchaser’s response), within which time Seller may, but is under no obligation to, remove or otherwise obtain affirmative insurance over the objectionable New Exceptions except as provided for in Section 6.2(e). If, within the five
(5) day period, Seller does not remove or otherwise obtain affirmative insurance over the objectionable New Exceptions (to the extent permitted in Section 6.2(b) above as to Permissible Matters only), then Purchaser may terminate this
Agreement upon notice to Seller no later than two (2) days following expiration of the five (5) day cure period. If this Agreement is terminated by Purchaser pursuant to the foregoing provisions of this paragraph, then neither party shall
have any further rights or obligations hereunder (except for the Termination Surviving Obligations) and the Independent Consideration shall be paid to Seller and the Earnest Money Deposit shall be returned to Purchaser upon Purchaser’s
compliance with Section 4.5. If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller has removed or otherwise affirmatively insured over (as to Permissible Matters only) or is
obligated by Section 6.2(e) to remove) will be included as Permitted Exceptions. 
  

 25 

 (d)    The term “Permitted Exceptions”
means: 
 (i)    those matters noted in the Commitment that either are not
timely objected to in writing in the Title Notice or the Gap Notice, or if timely objected to in writing by Purchaser, are those which Seller has elected (or is deemed to have elected) not to remove or cure or has been unable to remove or cure prior
to the expiration of the Cure Period, and subject to which Purchaser has elected or is deemed to have elected to accept the conveyance of the Property; 

(ii)    taxes and assessments for the year of Closing and for any other year if not
yet due and payable as of Closing and all matters either shown on the Existing Survey or listed in Schedule B of the Commitment; 

(iii)    Permissible Matters which have been removed or affirmatively insured over
through the use of a bond or otherwise; and 
 (iv)    any liens or claims
of liens for work, services, labor or materials performed or supplied by, for or on behalf of any Tenants under the Tenant Leases first recorded in the Official Records after the effective date of the last title commitment which was issued by the
Title Company prior to the Closing Date, provided that if any such recorded lien is known to the parties prior to the Closing Date, then such lien will be deemed a New Exception and the terms of Section 6.2(c) above shall apply in lieu of this
Section 6.2(d)(iv) with respect to such recorded lien. 
 (e)    Notwithstanding any
provision of this Section 6.2 to the contrary, on or before Closing, Seller will be obligated to cause the following items to be released of record and removed from the Title Policy: (i) that certain Construction Mortgage, Security
Agreement, Assignment of Leases and Rents and Fixture Filing dated as of May 17, 2006 and recorded in the Official Records as Document Number 0615735286 and (ii) that certain Assignment of Lessor’s Interest in Leases and Rents
recorded in the Official Records as Document Number 0615735287. 
 ARTICLE VII 

INTERIM OPERATING COVENANTS AND ESTOPPELS 

Section 7.1    Interim Operating Covenants.    Seller covenants to
Purchaser that Seller will: 
 (a)    Operations.    From the
Effective Date until Closing, (i) continue to operate, manage and maintain the Improvements in the ordinary course of Seller’s business and substantially in accordance with Seller’s present practice, subject to ordinary wear and tear
and further subject to Article IX of this Agreement; (ii) other than the transaction contemplated by this Agreement and leasing activities and service contracts as permitted pursuant to this Agreement, refrain from voluntarily encumbering the
Property (unless such encumbrance is released prior to Closing) or voluntarily modifying any Permitted Exceptions; and (iii) not enter into any back-up or stand-by purchase contracts with respect to the Property. 

 

 26 

 (b)    Maintain
Insurance.    From the Effective Date until Closing, maintain fire and extended coverage insurance on the Improvements which is at least equivalent in all material respects to Seller’s insurance policies covering the
Improvements as of the Effective Date. 
 (c)    Personal
Property.    From the Effective Date until Closing, not transfer or remove any Personal Property from the Improvements except for the purpose of repair or replacement (if such item cannot be repaired) thereof. Any items of
Personal Property replaced after the Effective Date will be installed prior to Closing and will be of substantially similar quality of the item of Personal Property being replaced. 

(d)    Comply with Governmental Regulations.    From the Effective Date
until Closing, not knowingly take any action that Seller knows would result in a failure to comply in all material respects with all Governmental Regulations applicable to the Property, it being understood and agreed that prior to Closing, Seller
will have the right to contest any such Governmental Regulations. 

(e)    Leases.    From the Effective Date until the expiration of the
Inspection Period, not enter into any new lease or any amendments, expansions or renewals of Tenant Leases without the prior written consent of Purchaser, which consent will not be unreasonably withheld and will be deemed given unless written
objection thereto is given within two (2) Business Days after receipt of the relevant information. From the day immediately following the end of the Inspection Period until Closing, Seller shall not enter into any new lease or any amendments,
expansions or renewals of Tenant Leases without the prior written consent of Purchaser, which consent may be withheld in Purchaser’s sole discretion and shall be deemed withheld unless such consent is given within two (2) Business Days
after receipt of the relevant information. However, nothing herein shall be deemed to require Purchaser’s consent to (i) any amendment, expansion or renewal which Seller, as landlord, is required to honor pursuant to any Tenant Lease or
(ii) any new lease with Vestian Group, Inc., the terms of which are substantially the same as those set forth in the letter of intent signed by Seller and Vestian Group, Inc. dated June 4, 2010. 

(f)    Service Contracts.    From the Effective Date until Closing, not
enter into any service contract other than in the ordinary course of business, unless such service contract is terminable on thirty (30) days notice without penalty or unless Purchaser consents thereto in writing, which approval will not be
unreasonably withheld, delayed or conditioned. 

(g)    Notices.    To the extent received by Seller, from the Effective
Date until Closing, promptly deliver to Purchaser copies of written default notices under Tenant Leases, notices of lawsuits and notices of violations affecting the Property. 

Section 7.2    Estoppels.    It will be a condition to Closing that
Seller obtain and deliver to Purchaser from the Major Tenants and other Tenants leasing space which when added to the Major Tenants aggregates at least 85% of the leased space within the Improvements, executed estoppel certificates, with no material
modifications from the estoppel certificate form attached hereto as Exhibit D-2; provided, however, (i) the modification or deletion of paragraph 8 of such estoppel certificate (regarding renewal, expansion and termination
options) by any Tenant will not be deemed a material modification which would cause such tenant estoppel 
  

 27 

 
certificate to fail to satisfy the requirements for an acceptable estoppel certificate under this Section 7.2; (ii) except as provided in (iii) below, to the extent that the form
as so completed requires information not required of a Tenant under the provisions of its Tenant Lease, Seller will exercise good faith efforts to obtain an estoppel certificate for such Tenant in the form completed as provided below, or in a form
as close thereto as reasonably possible, but in any event an estoppel certificate executed by a Tenant in the form prescribed by its Tenant Lease shall satisfy the requirement of this Section 7.2; (iii) Seller will submit (x) the form
attached hereto as Exhibit D-3 to Kirkland & Ellis LLP and (y) the form attached hereto as Exhibit D-4 to GTCR Leasing LLC, but in any event an estoppel certificate executed by either such Tenant
in the form prescribed by its respective Tenant Lease shall satisfy the requirement of this Section 7.2; (iv) Purchaser will not unreasonably withhold approval of any estoppel certificate as modified by a Tenant and delivered by Seller to
Purchaser, provided that the information included in such estoppel is not materially inconsistent with the information included in the estoppel form completed for such Tenant pursuant to the provisions of this Section 7.2; and (v) if
Purchaser does not furnish written notice to Seller of any specific objections to any estoppel certificate modified by a Tenant (whether in draft form or executed by the Tenant) and submitted to Purchaser within three (3) days of receipt, such
revised estoppel shall be deemed approved by Purchaser. No later than three (3) Business Days after the Effective Date, Seller will deliver to Purchaser completed forms of estoppel certificates, in the form attached hereto as
Exhibit D-2 or for any Tenant in the form prescribed by its Tenant Lease and containing the information contemplated thereby, for all Tenants. Within two (2) Business Days following Purchaser’s receipt thereof, Purchaser
will send to Seller notice either (a) approving such forms as completed by Seller or (b) setting forth in detail all changes to such forms which Purchaser believes to be appropriate to make the completed forms of estoppel certificates
accurate and complete. Seller will make such changes to the extent Seller agrees such changes are appropriate, except that Seller will not be obligated to make any changes which request more expansive information than is contemplated by
Exhibit D-2 or the form prescribed by any Tenant’s Tenant Lease. Within one (1) Business Day following Seller’s receipt of Purchaser’s approval of the completed forms and/or the changes Purchaser desires to be
made to the forms, Seller shall deliver to the Tenants the forms approved by Purchaser and the other forms completed by Seller pursuant to the immediately preceding sentence and Seller shall make reasonable inquiries to Tenant to encourage Tenant to
return the estoppels prior to the expiration of the Inspection Period. Notwithstanding anything contained herein to the contrary, in no event shall Seller’s failure to obtain the required number of acceptable estoppel certificates in accordance
with the provisions of this Section 7.2 constitute a default by Seller under this Agreement. 
 Section
7.3    SNDAS.    Seller agrees to provide to the Tenants specified by Purchaser in writing on or after the Effective Date a subordination, non-disturbance and attornment agreement in the form
provided by Purchaser or Purchaser’s lender (“SNDA”) and completed by Purchaser at no cost to Seller, to the extent any such SNDA is actually delivered by Purchaser to Seller. Seller shall request that each such Tenant execute
and deliver such executed SNDA (“Executed SNDA”) to Purchaser (with a copy to Seller) on or before the Closing Date; provided, however, it will not be a condition to Purchaser’s or Seller’s obligation to close hereunder
that any such Executed SNDA be so delivered. If any Executed SNDA is not delivered to Purchaser on or prior to the Closing Date, neither Purchaser nor Seller shall have the right to extend the Closing Date or terminate this Agreement as the result
thereof. 
  

 28 

 
Notwithstanding anything herein to the contrary, in no event shall Purchaser’s failure to receive any such SNDA constitute a default by Seller under this Agreement. 

ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES 

Section 8.1    Seller’s Representations and Warranties.    The
representations and warranties of Seller set forth below in this Section 8.1 constitute the sole representations and warranties of Seller. If any such representations and warranties contained in this Section 8.1 are, or have become, not
true and correct in any immaterial respect prior to Closing, then Seller shall not be in breach of this Agreement with respect thereto, and Purchaser shall have no remedy therefor. If any such representations and warranties contained in this
Section 8.1 are, or have become, not true and correct in any material respect prior to Closing, then Seller shall not be in breach of this Agreement with respect thereto, and Purchaser’s sole and exclusive remedy (Purchaser hereby waiving
all other remedies it may have, whether at law or in equity or otherwise) with respect thereto shall be (i) to waive same and consummate the transaction contemplated in this Agreement or (ii) to terminate this Agreement by furnishing
written notice thereof to the Seller on or prior to the Closing Date (in which event this Agreement shall terminate and neither party shall have any further rights or obligations under this Agreement (except with respect to the Termination Surviving
Obligations) and the Earnest Money Deposit shall be disbursed in accordance with and subject to the provisions of Section 4.5). Subject to the limitations set forth in Article XVI of this Agreement (including, without limitation, Seller’s
right to disclose information to Purchaser contrary to such representations and warranties and to update such representations and warranties as of the Closing), Seller represents and warrants to Purchaser the following (which representations and
warranties are made, subject to Section 16.1(b), as of the Effective Date and shall be deemed remade, subject to Section 16.1(b), as of the time immediately prior to Closing): 

(a)    Status.    Seller is a limited liability company duly organized
and validly existing under the laws of the State of Delaware. 

(b)    Authority.    The execution and delivery of this Agreement and the
performance of Seller’s obligations hereunder have been or will be duly authorized by all necessary action on the part of Seller, and this Agreement constitutes the legal, valid and binding obligation of Seller, subject to equitable principles
and principles governing creditors’ rights generally. 
 (c)    Suits and
Proceedings.    To Seller’s Knowledge (x) as of the Effective Date, except as listed in Exhibit E, there are no legal actions, suits or similar proceedings pending and served, or threatened
against Seller relating to the Property or Seller’s ownership or operation of the Property, and (y) as of the Closing Date, there are no legal actions, suits or similar proceedings pending and served, or threatened against Seller relating
to the Property or Seller’s ownership or operation of the Property except those which satisfy any one or more of the following: (i) are listed on Exhibit E, (ii) are adequately covered by existing insurance or
bonded in accordance with applicable law, and/or (iii) the amount of monetary relief requested in connection therewith is less than $5,000,000.00. 
  

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 (d)    Non-Foreign
Entity.    Seller is not a “foreign person” or “foreign corporation” as those terms are defined in the Code (and the regulations promulgated thereunder). 

(e)    Tenants.    To Seller’s Knowledge, (i) there are no
written leases or occupancy agreements affecting the Real Property or Improvements to which Seller is a party and bound with any parties other than the Tenants listed on Exhibit F and Tenants who entered into Tenant Leases with
Landlord pursuant to Section 7.1(e) after the Effective Date, and (ii) Seller has not received any written notice from a Tenant that Seller is in default of any material obligations of Seller with respect to the Property under Tenant
Leases, which default has not been cured. 
 (f)    Service
Contracts.    To Seller’s Knowledge, the Documents made available to Purchaser pursuant to Section 5.2(a) hereof include copies of all service contracts listed on Exhibit C under which Seller is
currently paying for services rendered in connection with the Property. 
 (g)    No
Violations.    To Seller’s Knowledge, Seller has not received prior to the Effective Date any written notification from an Authority (i) that the Real Property and Improvements are in violation of any applicable
fire, health, building, use, occupancy or zoning laws or (ii) that any work is required to be done to the Real Property and Improvements by Seller to comply with applicable laws and regulations where such work remains outstanding and, if
unaddressed, would have a material adverse affect on the Property or use of the Property as currently operated. 

(h)    Non-Contravention.    The execution and delivery of this Agreement
by Seller and the consummation by Seller of the transactions contemplated hereby will not violate any judgment, order, injunction, decree, regulation or ruling of any court or Authority or conflict with, result in a breach of, or constitute a
default under the organizational documents of Seller, any note or other evidence of indebtedness, any mortgage, deed of trust or indenture, or any lease or other material agreement or instrument to which Seller is a party or by which it is bound.

 Section 8.2    Purchaser’s Representations and
Warranties.    Purchaser represents and warrants to Seller the following (which representations and warranties are made as of the Effective Date and shall be deemed remade as of Closing): 

(a)    Status.    Purchaser is a limited liability company duly organized
and validly existing under the laws of the State of Delaware. 

(b)    Authority.    The execution and delivery of this Agreement and the
performance of Purchaser’s obligations hereunder have been or prior to the end of the Inspection Period will be duly authorized by all necessary action on the part of Purchaser and its constituent owners and/or beneficiaries and this Agreement
constitutes the legal, valid and binding obligation of Purchaser, subject to equitable principles and principles governing creditors’ rights generally. 

(c)    Non-Contravention.    The execution and delivery of this Agreement
by Purchaser and the consummation by Purchaser of the transactions contemplated hereby will not 
  

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violate any judgment, order, injunction, decree, regulation or ruling of any court or Authority or conflict with, result in a breach of, or constitute a default under the organizational documents
of Purchaser, any note or other evidence of indebtedness, any mortgage, deed of trust or indenture, or any lease or other material agreement or instrument to which Purchaser is a party or by which it is bound. 

(d)    Consents.    No consent, waiver, approval or authorization is
required from any person or entity (that has not already been obtained or will be obtained on or prior to the Closing Date) in connection with the execution and delivery of this Agreement by Purchaser or the performance by Purchaser of the
transactions contemplated hereby. 
 ARTICLE IX 

CONDEMNATION AND CASUALTY 

Section 9.1    Significant Casualty.    If, prior to the Closing
Date, all or a Significant Portion of the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will notify Purchaser of such casualty. Purchaser will have the option to terminate this Agreement upon notice to
Seller given not later than the earlier to occur of (x) the Closing Date or (y) ten (10) days after receipt of Seller’s notice. If this Agreement is terminated, the Earnest Money Deposit will be returned to Purchaser upon
Purchaser’s compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. If Purchaser does not
elect to terminate this Agreement, Seller will not be obligated to repair such damage or destruction but (a) as to the Real Property and/or Improvements, Seller will assign and turn over to Purchaser all of the insurance proceeds paid to Seller
(or, if such proceeds have not been awarded, any and all of Seller’s right, title and interest therein), net of reasonable collection costs and any costs incurred by Seller to restore the Property, with respect to such fire or other casualty,
and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that, as to the Real Property and/or Improvements Purchaser will receive a credit for the lesser of (i) any insurance
deductible amount or (ii) the cost of such repairs which have not been made by Seller, if any (other than repairs which are the responsibility of Tenants under Tenant Leases) as reasonably estimated by Seller. Notwithstanding the foregoing, if
(A) the insurance proceeds to be assigned to Purchaser as provided in this Section 9.1 plus the credit in the immediately preceding sentence are less than (B) the amount required to restore the Improvements (excluding repairs which
are the responsibility of Tenants under Tenant Leases) to the condition which existed prior to the casualty, as reasonably estimated by Seller (“Uninsured Significant Casualty”), Seller may, but is not obligated to, provide a credit
to Purchaser at Closing equal to the amount of such Uninsured Significant Casualty. If Seller agrees to provide such credit at Closing in a written notice to Purchaser given prior to the Closing Date, the parties will proceed to Closing pursuant to
the terms hereof. If Seller does not agree to provide such credit at Closing, Purchaser will have the option to terminate this Agreement upon notice to Seller given not later than the earlier to occur of (x) the Closing Date or (y) ten
(10) days after receipt of Seller’s notice, failing which Purchaser shall be obligated to close without any credit for the Uninsured Significant Casualty. If this Agreement is terminated, the Earnest Money Deposit will be returned to
Purchaser upon Purchaser’s compliance with Section 4.5 and thereafter neither Seller nor Purchaser will have any 
  

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further rights or obligations to the other hereunder except with respect to the Termination Surviving Obligations. 

Section 9.2    Casualty of Less Than a Significant Portion.    If
less than a Significant Portion of the Real Property and/or Improvements is damaged as aforesaid, Purchaser shall not have the right to terminate this Agreement and Seller will not be obligated to repair such damage or destruction but (a) as to
the Real Property and/or Improvements, Seller will assign and turn over to Purchaser all of the insurance proceeds paid to Seller (or, if such proceeds have not been awarded, any and all of its right, title and interest therein), net of reasonable
collection costs and costs incurred by Seller to restore the Property, with respect to such fire or other casualty, and (b) the parties will proceed to Closing pursuant to the terms hereof without abatement of the Purchase Price, except that,
as to the Real Property and/or Improvements, Purchaser will receive a credit for the lesser of (i) any insurance deductible amount or (ii) the cost of such repairs which have not been made by Seller, if any (other than repairs which are
the responsibility of Tenants under Tenant Leases) as reasonably estimated by Seller. 
 Section
9.3    Condemnation of Property.    In the event of condemnation or sale in lieu of condemnation of all or any portion of the Real Property and/or Improvements prior to the Closing, Purchaser will
have the option, by providing Seller written notice prior to the earlier of (x) the Closing Date or (y) ten (10) days after receipt of Seller’s notice of such condemnation or sale, of terminating Purchaser’s obligations
under this Agreement or electing to have this Agreement remain in full force and effect. In the event Purchaser does not terminate this Agreement pursuant to the preceding sentence, Seller will assign to Purchaser any and all claims for the proceeds
of such condemnation or sale to the extent the same are applicable to the Real Property and/or Improvements, net of reasonable collection costs and any costs incurred by Seller to restore the Property, and Purchaser will take title to the Property
with the assignment of such proceeds and subject to such condemnation and without reduction of the Purchase Price. Should Purchaser elect to terminate Purchaser’s obligations under this Agreement under the provisions of this Section 9.3,
the Earnest Money Deposit will be returned to Purchaser upon Purchaser’s compliance with Section 4.5, and neither Seller nor Purchaser will have any further obligation under this Agreement except for the Termination Surviving Obligations.
Notwithstanding anything to the contrary herein, if any eminent domain or condemnation proceeding is instituted (or notice of same is given) solely for the taking of any (i) Real Property surrounding the Improvements, or (ii) subsurface
rights for utility easements or for any right-of-way easement, and the surface may, after such taking, be used in substantially the same manner as though such rights have not been taken, Purchaser will not be entitled to terminate this Agreement as
to any part of the Property, but any award resulting therefrom will be assigned to Purchaser at Closing and will be the exclusive property of Purchaser upon Closing. 

ARTICLE X 

CLOSING 

Section 10.1    Closing.    The Closing of the sale of the Property
by Seller to Purchaser will occur on the Closing Date through the escrow established with the Title Company. At Closing, the events set forth in this Article X will occur (provided that the parties hereby acknowledge and agree that the actual
recording of the Deed may occur following Closing, provided that the Title Company complies with Section 6.2 with respect to the issuance of the 
  

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Title Policy), it being understood that the performance or tender of performance of all matters set forth in this Article X are mutually concurrent conditions which may be waived by the party for
whose benefit they are intended. 
 Section 10.2    Purchaser’s Closing
Obligations.    At or before the Deposit Time, Purchaser, at its sole cost and expense, will deliver the following items in escrow with the Title Company pursuant to Section 4.3, for delivery to Seller at Closing as
provided herein: 
 (a)    The Purchase Price, after all adjustments are made at the
Closing as herein provided, by Federal Reserve wire transfer of immediately available funds, in accordance with the timing and other requirements of Section 3.3; 

(b)    Four (4) counterparts of the General Conveyance, Bill of Sale and Assignment and
Assumption substantially in the form attached hereto as Exhibit H (the “General Conveyance”) duly executed by Purchaser; 

(c)    Evidence reasonably satisfactory to the Title Company that the person executing the Closing
documents on behalf of Purchaser has full right, power, and authority to do so; 
 (d)    A
counterpart of each of the Tenant Notice Letters, duly executed by Purchaser; and 

(e)    A counterpart of any required State, County or Municipal transfer declaration forms;

 (f)    A counterpart of the Real Estate Property Management Agreement duly executed by
Purchaser; 
 (g)    A counterpart of the Subcontract duly executed by Purchaser (or an
Affiliate of Purchaser) and the Joinder by Owner attached to the Subcontract duly executed by Purchaser; 

(h)    A counterpart of the Approved Hines Lease duly executed by Purchaser; and 

(i)    Such other documents as may be reasonably necessary or appropriate to effect the consummation
of the transactions which are the subject of this Agreement. 
 Section
10.3    Seller’s Closing Obligations.    At or before the Deposit Time, Seller, at its sole cost and expense, will deliver the following items (a), (b), (c), (d), (e), (f), (g), (k), (l), (m),
(n), (o) and (p) in escrow with the Title Company pursuant to Section 4.3; and upon receipt of the Purchase Price, Seller shall deliver the following items (h), (i) and (j) to Purchaser at the Improvements: 

(a)    A special warranty deed substantially in the form attached hereto as
Exhibit I (the “Deed”), duly executed and acknowledged by Seller conveying to Purchaser the Real Property and the Improvements subject only to the Permitted Exceptions, which Deed shall

  

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be delivered to Purchaser by the Title Company agreeing to cause same to be recorded in the Official Records; 

(b)    Four (4) counterparts of the General Conveyance duly executed by Seller; 

(c)    A counterpart of each of the Tenant Notice Letters, duly executed by Seller; 

(d)    A counterpart of any required State, County or Municipal transfer declaration forms;

 (e)    Evidence reasonably satisfactory to Title Company and Purchaser that the person
executing the Closing documents on behalf of Seller has full right, power and authority to do so; 

(f)    A certificate in the form attached hereto as Exhibit G
(“Certificate as to Foreign Status”), duly executed by Seller, certifying that Seller is not a “foreign person” as defined in section 1445 of the Code; 

(g)    The Tenant Deposits, at Seller’s option, either (i) in the form of a cashier’s
check issued by a bank reasonably acceptable to Purchaser or (ii) as part of an adjustment to the Purchase Price. In the event the Tenant Deposits are in the form of a letter of credit, then Seller shall deliver at Closing the original
letter(s) of credit, together with such documentation required to be executed by Seller to enable the letter(s) of credit to be assigned to Purchaser upon approval thereof by the issuer of the letter(s) of credit; 

(h)    The Personal Property; 

(i)    Originals (if any) of the Licenses and Permits, the Tenant Leases, and the Operating
Contracts in Seller’s possession and control; 
 (j)    All keys to the Improvements
which are in Seller’s possession; 
 (k)    A counterpart of the Real Estate Property
Management Agreement duly executed by HILP; 
 (l)    A counterpart of the Subcontract duly
executed by HILP; 
 (m)    A counterpart of the Approved Hines Lease duly executed by
Seller (or an Affiliate of Seller); 
 (n)    A termination agreement with respect to, and
waiver of all outstanding claims under, that certain Property Management Agreement by and between Owner and HILP dated May 17, 2009; 

(o)    A Statement Required for the Issuance of ALTA Owners and Loan Policies in the form attached
hereto as Exhibit M; and 
  

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 (p)    Such other documents as may be reasonably
necessary or appropriate to effect the consummation of the transactions which are the subject of this Agreement. 

Section 10.4    Prorations. 

(a)    Seller and Purchaser agree to adjust, as of 11:59 p.m. on the day immediately preceding the
Closing Date (the “Closing Time”), the following (collectively, the “Proration Items”) on an accrual basis (except for real estate and personal property taxes and assessments which will be on a cash basis): real
estate and personal property taxes and assessments which are required to be paid during the calendar year in which the Closing occurs (on a cash basis so that such proration pursuant to this Section 10.4(a) shall be with respect to taxes
payable in the year in which the Closing occurs and not the taxes which are attributable to such year but payable the following year), utility bills (except as hereinafter provided), collected Rentals (subject to the terms of (c) below) and
operating expenses payable by the owner of the Property. Seller will be charged and credited for the amounts of all of the Proration Items relating to the period up to and including the Closing Time, and Purchaser will be charged and credited for
all of the Proration Items relating to the period after the Closing Time. Such preliminary estimated Closing prorations shall be set forth on a preliminary closing statement to be prepared by Seller and submitted to Purchaser for Purchaser’s
approval (which approval shall not be unreasonably withheld, delayed or conditioned) five (5) days prior to the Closing Date (the “Closing Statement”). The Closing Statement, once agreed upon, shall be signed by Purchaser and
Seller and delivered to the Title Company for purposes of making the preliminary proration adjustment at Closing subject to the final cash settlement provided for below. The preliminary proration shall be paid at Closing by Purchaser to Seller (if
the preliminary prorations result in a net credit to Seller) or by Seller to Purchaser (if the preliminary prorations result in a net credit to Purchaser) by increasing or reducing the cash to be delivered by Purchaser in payment of the Purchase
Price at the Closing. If the actual amounts of the Proration Items are not known as of the Closing Time, the prorations will be made at Closing on the basis of the best evidence then available; thereafter, when actual figures are received,
re-prorations will be made on the basis of the actual figures, and a final cash settlement will be made between Seller and Purchaser. No prorations will be made in relation to insurance premiums (except to the extent covered by the proration of
Operating Expense Recoveries), and Seller’s insurance policies will not be assigned to Purchaser. Final readings and final billings for utilities will be made if possible as of the Closing Time, in which event no proration will be made at the
Closing with respect to utility bills (except to the extent covered by the proration of Operating Expense Recoveries). Seller will be entitled to all deposits presently in effect with the utility providers, and Purchaser will be obligated to make
its own arrangements for deposits with the utility providers. A final reconciliation of Proration Items shall be made by Purchaser and Seller on or prior to April 30, 2011. The provisions of this Section 10.4 (excluding subsection
(e) which is governed by Section 3.2 above and subsection (f) which is governed by Section 16.1 below) will survive the Closing until May 31, 2011. 

(b)    Purchaser will receive a credit on the Closing Statement for the prorated amount (as of the
Closing Time) of all Rentals previously paid to and collected by Seller and attributable to any period following the Closing Time. After the Closing, Seller will cause to be paid or turned over to Purchaser all Rentals, if any, received by Seller
after Closing and properly attributable to any period following the Closing Time. “Rentals” as used herein includes fixed 

 

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monthly rentals, additional rentals, percentage rentals, escalation rentals (which include each Tenant’s proportionate share of building operation and maintenance costs and expenses as
provided for under the applicable Tenant Lease, to the extent the same exceeds any expense stop specified in such Tenant Lease), retroactive rentals, all administrative charges, utility charges, tenant or real property association dues, storage
rentals, special event proceeds, temporary rents, telephone receipts, locker rentals, vending machine receipts and other sums and charges payable to Seller or its successor by Tenants under the Tenant Leases or from other occupants or users of the
Property, excluding specific tenant billings which are governed by Section 10.4(d) below. Rentals are “Delinquent” if they were due prior to the Closing Time and payment thereof has not been made on or before the Closing Time.
Delinquent Rentals will not be prorated. Purchaser agrees to send monthly bills to Tenants with respect to the collection of any Delinquent Rentals, but Purchaser will have no liability for the failure to collect any such amounts and will not be
required to conduct lock-outs or take any other legal action to enforce collection of any such amounts owed to Seller by Tenants of the Property. All sums collected by Purchaser from and after Closing from each Tenant (excluding Tenant payments for
Operating Expense Recoveries attributable to the period prior to the Closing Time governed by Section 10.4(c) below and tenant specific billings for tenant work orders and other specific services as described in and governed by
Section 10.4(d) below) will be applied first to current amounts owed by such Tenant to Purchaser and then to prior delinquencies owed by such Tenant to Seller. Any sums collected by Purchaser and due Seller will be promptly remitted to Seller.
Notwithstanding the foregoing, however, after the date which is six (6) months following the Closing Date, Seller may collect Delinquent Rentals, amounts owed for Operating Expense Recoveries and billings for tenant work orders directly from
Tenants, provided, however, in no event will Seller have the right to threaten termination of any Tenant Lease. 

(c)    Seller will prepare a reconciliation as of the Closing Time of the amounts of all billings
and charges for operating expenses and taxes in excess of the applicable expense stop, if any, specified in each Tenant Lease (collectively, “Operating Expense Recoveries”) for calendar year 2010. If less amounts have been collected
from Tenants for Operating Expense Recoveries for calendar year 2010 than would have been owed by Tenants under the Tenant Leases if the reconciliations under such Tenant Leases were completed as of the Closing Time based on the operating expenses
and taxes incurred by Seller for calendar year 2010 up to the Closing Time (as prorated pursuant to Section 10.4(a) above), Purchaser, upon completion of 2010 year-end operating expense and tax reconciliations in 2011, shall use reasonable
efforts to collect such underpayments and shall pay to Seller Seller’s share of said underpayments (after deducting from all such collected amounts the reasonable out-of-pocket costs incurred by Purchaser to collect from any such delinquent
Tenant) promptly upon collection thereof, and notwithstanding anything to the contrary in the last sentence of Section 10.4(a) above, Purchaser’s obligation to pay Seller under this sentence shall survive Closing without limitation. For
purposes of the immediately preceding sentence, reasonable efforts shall not require Purchaser to institute any lawsuit to collect such underpayments. If more amounts have been collected from Tenants for Operating Expense Recoveries for calendar
year 2010 than would have been owed by Tenants under the Tenant Leases if the reconciliations under such Tenant Leases were completed as of the Closing Time based on the operating expenses and taxes incurred by Seller for calendar year 2010 up to
the Closing Time (as prorated pursuant to Section 10.4(a) above), Seller will pay to Purchaser at Closing as a credit against the Purchase Price such excess collected amount. Purchaser and Seller agree that such proration of Operating Expense

  

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Recoveries at Closing for calendar year 2010 will fully relieve Seller from any responsibility to Tenants or Purchaser for such matters subject to Seller’s and Purchaser’s right and
obligation to finalize prorations within sixty (60) days after Closing solely to make adjustments necessary to the extent estimates used in the calculation of such reconciliation at Closing differ from actual bills received after Closing for
those items covered by such reconciliation at Closing or to correct any errors. In this regard, Purchaser will be solely responsible, from and after Closing, for (i) collecting from Tenants the amount of any outstanding Operating Expense
Recoveries for calendar year 2010 for periods before and after Closing, and (ii) where appropriate, reimbursing Tenants for amounts attributable to Operating Expense Recoveries for calendar year 2010, as may be necessary based on annual
reconciliations for Operating Expense Recoveries for such calendar year. 
 (d)    With
respect to specific tenant billings for work orders, special items performed or provided at the request of a given Tenant or other specific services, which are collected by Purchaser or Seller after the Closing Time but relate to any such specific
services rendered by Seller or its property manager prior to the Closing Time and which are identified on the Tenant’s payment as relating to such specific services or which are clearly identifiable as being payment for any such specific
services, Purchaser shall cause such collected amounts to be paid to Seller, or Seller may retain such payment if such payment is received by Seller after the Closing Time. 

(e)    Notwithstanding any provision of this Section 10.4 to the contrary, Purchaser will be
solely responsible for all Leasing Costs under or with respect to Tenant Leases entered into on or prior to the Effective Date to the extent such Leasing Costs are unpaid as of the Closing Date and payable pursuant to the terms of or with respect to
the Tenant Leases after the Closing Date to the extent such Leasing Costs are included in the Tenant Leases, in the leasing commission agreements noted on Exhibit C or otherwise included in a written notice delivered to Purchaser
prior to the expiration of the Inspection Period; provided, however, Purchaser shall be entitled to a credit against the Purchase Price at Closing solely for the specific Leasing Costs and rental abatements identified on
Exhibit L, but such credit against the Purchase Price (i) as to Leasing Costs identified on Exhibit L shall be reduced at Closing by the amount of any such Leasing Costs which have been paid as of the
Closing Date by Seller, and (ii) with respect to rental abatements shall be based upon the unexpired rental abatement period pursuant to the terms of any corresponding Tenant Lease as of the Closing Date. Subject to any approval rights which
Purchaser may have pursuant to Section 7.1(e) of this Agreement, Purchaser further agrees to be solely responsible for all Leasing Costs (“New Tenant Costs”) incurred or to be incurred in connection with any new Tenant Lease
executed on or after the Effective Date, or with respect to any renewal, expansion or other right exercised under a Tenant Lease after the Effective Date, and Purchaser will pay to Seller at Closing as an addition to the Purchase Price an amount
equal to any New Tenant Costs paid by Seller prior to Closing, but with respect to any new Tenant Lease or new amendment to a Tenant Lease entered into after the Effective Date, only to the extent such New Tenant Costs (other than attorneys’
fees) were included in the leases or lease amendments submitted to Purchaser for approval pursuant to Section 7.1(e) of this Agreement or otherwise expressly disclosed to Purchaser in writing prior to the approval by Purchaser of such Tenant
Lease or amendment. 
  

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 (f)    Subject to Section 16.1, Seller will be
solely responsible for Leasing Costs to the extent unpaid as of the Closing Date which accrued during the period of time Seller owned the Property under Tenant Leases entered into prior to the Effective Date excluding (i) the Leasing Costs
identified on Exhibit L for which Purchaser receives a credit at Closing, and (ii) New Tenant Costs. 

Section 10.5    Delivery of Real Property.    Upon completion of
the Closing, Seller will deliver to Purchaser possession of the Real Property and Improvements, subject to the Tenant Leases and the Permitted Exceptions. 

Section 10.6    Costs of Title Company and Closing Costs.    Costs
of the Title Company and other Closing costs incurred in connection with the Closing will be allocated as follows: 

(a)    Purchaser will pay (i) all premium and other costs for the Title Policy and any
endorsements, except the portion thereof payable by Seller pursuant to Section 10.6(b) below, (ii) all premiums and other costs for any mortgagee policy of title insurance, including but not limited to any endorsements or deletions,
(iii) the costs associated with any modifications, updates or recertifications of the Existing Survey, (iv) Purchaser’s attorneys’ fees, (v) 1/2 of all of the Title Company’s escrow and closing fees, if any,
(vi) all recording fees, (vii) the documentary fee payable at the time of recording the Deed and (viii) any transfer tax imposed by the City in which the Real Property is located; 

(b)    Seller will pay (i) the premium for the basic Title Policy with extended coverage and
the cost for any endorsement with respect to any Permissible Matters which Seller has agreed to bond or for which Seller has agreed to obtain affirmative insurance pursuant to Section 6.2, (ii) 1/2 of all of the Title Company’s escrow
and closing fees, (iii) Seller’s attorneys’ fees and (iv) any transfer taxes imposed by the County and State in which the Real Property is located; 

(c)    Any other costs and expenses of Closing not provided for in this Section 10.6 or in
other provisions of this Agreement shall be allocated between Purchaser and Seller in accordance with the custom in the county in which the Real Property is located; and 

(d)    If the Closing does not occur on or before the Closing Date for any reason whatsoever, the
costs incurred through the date of termination will be borne by the party incurring same. 
 Section
10.7    Post-Closing Delivery of Tenant Notice Letters.    Immediately following Closing, Purchaser will deliver to each Tenant (via messenger or certified mail, return receipt requested) a written
notice executed by Purchaser and Seller (i) acknowledging the sale of the Property to Purchaser, (ii) acknowledging that Purchaser has received and is responsible for the Tenant Deposits (specifying the exact amount of the Tenant Deposits)
and (iii) indicating that rent should thereafter be paid to Purchaser and giving instructions therefor (the “Tenant Notice Letters”). Purchaser shall provide to Seller a copy of each Tenant Notice Letter promptly after delivery
of same, and proof of delivery of same promptly after such proof is available. This Section 10.7 shall survive Closing. 
  

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 Section 10.8    Illinois Tax Withholding and City
of Chicago Tax Withholding. 
 (a)    On or before Closing, Seller shall deliver to
Purchaser: 
 (i)    a certificate or other written instrument issued by the
Illinois Department of Revenue (the “Illinois Tax Certificate”) stating that the withholding obligations under Section 902(d) (“Section 902(d)”) of the Illinois Income Tax Act (“Act”) do
not apply to the transaction contemplated by this Agreement or specifying the holdback of sale proceeds which will satisfy Purchaser’s obligations under said Section 902(d) of the Act; and 

(ii)    a written notice or other written instrument issued by the City of Chicago
Department of Revenue (the “City Notice”) indicating that Purchaser has no obligation to withhold any amounts from the Purchase Price upon the transfer of the Property pursuant to the City of Chicago Bulk Sales Ordinance (Sec.
3-4-140 of the Uniform Revenue Procedures Ordinance of the Municipal Code of Chicago) (the “City Code Bulk Sales Ordinance”) or specifying the holdback of sale proceeds which will satisfy Purchaser’s obligations under the City
Code Bulk Sales Ordinance. 
 Notwithstanding anything to the contrary contained herein (x) if Seller provides evidence to
Purchaser that Seller has furnished the requisite notice to the Illinois Department of Revenue as required by Section 902(d) of the Act and such taxing authority has not responded with a written instrument within the time frame required by
Section 902(d) of the Act, thereby releasing Purchaser of transferee liability, Seller shall be deemed to have obtained and delivered to Purchaser the Illinois Tax Certificate stating that no funds are required to be withheld, and (y) if
Seller provides evidence to Purchaser that Seller has furnished the requisite notice to the City of Chicago Department of Revenue as required by the City Code Bulk Sales Ordinance and such taxing authority has not responded with a written instrument
within the time frame required by the City Code Bulk Sales Ordinance, thereby releasing Purchaser of transferee liability, Seller shall be deemed to have obtained and delivered to Purchaser the City Notice stating that no funds are required to be
withheld. 
 (b)    If the Illinois Tax Certificate or City Notice is not delivered to
Purchaser as required in Section 10.8(a) above on or before three (3) Business Days prior to the Closing Date, Seller may elect to extend the Closing Date for up to thirty (30) days (the “Closing Extension Period”) to
obtain such Illinois Tax Certificate and/or City Notice by notifying Purchaser in writing no less than one (1) Business Day prior to the Closing Date of its election to extend to Closing Date and the number of days by which the Closing Date
will be so extended. If Seller has not delivered to Purchaser the Illinois Tax Certificate or the City Notice (i) prior to the Closing Date and Seller does not elect to extend the Closing Date for the Closing Extension Period as provided above,
or (ii) prior to the expiration of the Closing Extension Period (if Seller extends the Closing Date for the Closing Extension Period as provided above), then Seller shall notify Purchaser which written instrument was not received by Seller and
Seller may notify Purchaser that Seller will provide the Indemnity (as defined below) at Closing pursuant to option (3) in Section 10.8(c) below with respect to the certificate or notice not so obtained. 

 

 39 

 (c)    If the Illinois Tax Certificate and/or City
Notice are delivered prior to the Closing Date or the Closing Extension Period, as applicable, and (i) the Illinois Tax Certificate requires that funds be withheld pursuant to the terms of Section 902(d) of the Act and/or (ii) the
City Notice is delivered specifying the holdback of sale proceeds which will satisfy Purchaser’s obligations under the City Code Bulk Sales Ordinance, Seller may elect any of the following options, in its sole discretion: 

(1)    upon written notice delivered to Purchaser prior to the Closing Date (or prior
to the expiration of the Closing Extension Period, as applicable). extend the Closing Date (or the Closing Extension Period, as applicable) to a date that is no more than thirty (30) days after the date of receipt of the Illinois Tax
Certificate or the City Notice, as applicable (the “Resolution Closing Extension Period”), to resolve any issues it has with the Illinois Tax Certificate and/or the City Notice; 

(2)    proceed to Closing and deposit into escrow, pursuant to an escrow agreement in
form and substance reasonably satisfactory to Seller and Purchaser (“Escrow Agreement”), cash in the amount necessary to comply with the withholding requirements imposed by Section 902(d) of the Act and/or the City Code Bulk
Sales Ordinance; as applicable (collectively, the “Required Withholding Amount”); or 

(3)    Seller may provide Purchaser with an indemnity agreement, in form and
substance reasonably satisfactory to Seller and Purchaser, pursuant to which HILP indemnifies Purchaser with respect to all liabilities which may be imposed upon Purchaser as a result of the Section 902(d) obligations and/or the City Code Bulk
Sales Ordinance, as applicable (the “Indemnity”). 
 (d)    If Seller
elects options (2) or (3) in Section 10.8(c) above and subsequently obtains a written instrument from the Illinois Department of Revenue or a written instrument from the City of Chicago Department of Revenue, as applicable, indicating
that Purchaser is not required to hold back any such sales proceeds, then, (i) in accordance with the express terms of the Indemnity Agreement, the Indemnity Agreement will become null and void, or (ii) in accordance with the express terms
of the Escrow Agreement, any escrowed cash with respect to the obligation covered by the applicable written instrument shall be immediately returned to Seller upon written direction by Seller to the escrowee and Purchaser which is not objected to by
Purchaser within three (3) Business Days after Purchaser’s receipt of such directive from Seller. Purchaser and Seller shall use reasonable efforts to agree upon the form of Indemnity prior to the expiration of the Inspection Period, which
agreement shall be evidenced by an amendment to this Agreement with the agreed upon form of Indemnity agreement attached thereto. If such form of the Indemnity is not so agreed to by Seller and Purchaser as evidenced as provided above prior to the
expiration of the Inspection Period, this Agreement shall automatically terminate, the Initial Deposit shall be returned to Purchaser by the Title Company, and all further rights and obligations of the parties under this Agreement shall terminate
(except for the Termination Surviving Obligations). Purchaser agrees to cooperate with Seller (at no cost, expense, liability or potential liability to Purchaser) to obtain the applicable written instruments and/or releases from the Illinois
Department of Revenue and the City of Chicago Department of Revenue. 
  

 40 

 If Seller elects option (2) in Section 10.8(c) above, Seller
shall deposit the cash in escrow with the Title Company, as escrowee, pursuant to terms and conditions of the Escrow Agreement, but in any event complying with Section 902(d) of the Act and/or the City Code Bulk Sales Ordinance, as applicable.

 (e)    Notwithstanding anything to the contrary set forth in this Section 10.8, if
Seller elects option (3) in Section 10.8(c) above (whether pursuant to Section 10.8(b) or 10.8(c)) with respect to the obligations under Section 902(d) of the Act and/or the City Code Bulk Sales Ordinance, as applicable, and the
Required Withholding Amount is more than $2,000,000 or is unknown because either the City Notice or the Illinois Tax Certificate has not been obtained or deemed obtained and delivered as provided above, within three (3) days after Seller elects
option (3) and notifies Purchaser in writing of such election, Purchaser may by written notice to Seller indicate that Purchaser is unwilling to accept the Indemnity pursuant to option (3), failing which, Seller may provide the Indemnity
with respect to the applicable obligation at Closing. If Purchaser timely furnishes such written notice to Seller stating it is unwilling to accept the option (3) Indemnity, then Seller shall have the right, by furnishing written notice to
Purchaser on or prior to three (3) Business Days following receipt of such written notice from Purchaser, to either elect option (2) above (unless the Required Withholding Amount is unknown) and proceed to Closing or to terminate this
Agreement (failing which, Seller shall be deemed to have elected to terminate this Agreement). If Seller elects or is deemed to have elected to terminate this Agreement, the Earnest Money Deposit shall be returned to Purchaser by the Title Company
in accordance with and subject to Section 4.5, the Independent Consideration shall be paid to Seller, this Agreement shall automatically terminate and all further rights and obligations of the parties under this Agreement shall terminate
(except for the Termination Surviving Obligations). 
 (f)    Seller covenants and agrees
that, no later than three (3) Business Days following the expiration of the Inspection Period, Seller shall (i) submit to the City of Chicago and the Illinois Department of Revenue such applications and documents as are required to procure
the Illinois Tax Certificate and the City Notice, (ii) promptly provide Purchaser copies of such applications and documents submitted to the City of Chicago and the Illinois Department of Revenue, and (iii) promptly provide to Purchaser
with copies of all certificates or other written instruments (including the Illinois Tax Certificate and the City Notice) received by the City of Chicago or the Illinois Department of Revenue in response to the foregoing submissions, as Seller
receives the same. 
 (g)    Notwithstanding anything stated to the contrary in this
Section 10.8, as a condition precedent to Purchaser’s obligation to acquire the Property and to consummate the Closing, Seller acknowledges and agrees that the following shall have occurred in connection with the provisions of this
Section 10.8 and with respect to Section 902(d) of the Act and the City Code Bulk Sales Ordinance: 

(i)    as to Section 902(d) of the Act, either (A) Purchaser has received
the Illinois Tax Certificate and such Illinois Tax Certificate states that no withholding is required or, if it requires withholding, (x) Seller has complied with such withholding requirements in the manner provided above in this
Section 10.8 and in accordance with the Act, or (y) Seller has provided an Indemnity complying with the provisions set forth above in this Section 10.8 (including, without limitation, the requirement that Purchaser

  

 41 

 
shall not be obligated to accept an Indemnity for withholding obligations under Section 902(d) of the Act and the City Code Bulk Sales Ordinance in excess of $2,000,000 in the aggregate
subject to Purchaser’s compliance with the procedures set forth in Section 10.8(e) above); or (B) Seller has provided evidence to Purchaser that Seller has furnished the requisite notice to the Illinois Department of Revenue to obtain
the Illinois Tax Certificate and the Illinois Department of Revenue has not responded with a written instrument within the time frame required by Section 902(d) of the Act such that, as a result, Purchaser is released from any transferee
liability under Section 902(d) of the Act; and 
 (ii)    as to the
City Code Bulk Sales Ordinance, either (A) Purchaser has received the City Notice and the City Notice states that no withholding is required or, if it requires withholding, (x) Seller has complied with such withholding requirements in the
manner provided above in this Section 10.8 and in accordance with the City Code Bulk Sales Ordinance, or (y) Seller has provided an Indemnity complying with the provisions set forth above in this Section 10.8 (including, without
limitation, the requirement that Purchaser shall not be obligated to accept an Indemnity for withholding obligations under Section 902(d) of the Act and the City Code Bulk Sales Ordinance in excess of $2,000,000 in the aggregate subject to
Purchaser’s compliance with the procedures set forth in Section 10.8(e) above); or (B) Seller has provided evidence to Purchaser that Seller has furnished the requisite notice to the City of Chicago to obtain the City Notice and the
City of Chicago has not responded with a written instrument within the time frame required by the City Code Bulk Sales Ordinance such that, as a result, Purchaser is released from any transferee liability under the City Code Bulk Sales Ordinance.

 ARTICLE XI 

BROKERAGE 

Section 11.1    Brokers.    Seller agrees to pay to Holiday
Fenoglio Fowler, L.P. (“Broker”) a real estate commission at Closing (but only in the event of Closing in compliance with this Agreement) pursuant to a separate agreement. The payment of the commission by Seller to Broker will fully
satisfy the obligations of the Seller for the payment of a real estate commission hereunder. Other than as stated in the first sentence of this Section 11.1, Purchaser and Seller represent to the other that no real estate brokers, agents or
finders’ fees or commissions are due or will be due or arise in conjunction with the execution of this Agreement or consummation of this transaction by reason of the acts of such party, and Purchaser and Seller will indemnify, defend and hold
the other party harmless from any brokerage or finder’s fee or commission claimed by any person asserting his entitlement thereto at the alleged instigation of the indemnifying party for or on account of this Agreement or the transactions
contemplated hereby. The provisions of this Article XI will survive any Closing or termination of this Agreement. 
 ARTICLE
XII 
 CONFIDENTIALITY 

Section 12.1    Confidentiality.    Seller and Purchaser each
expressly acknowledges and agrees that, until the Closing occurs, the transactions contemplated by this Agreement and the 
  

 42 

 
terms, conditions and negotiations concerning the same will be held in the strictest confidence by each of them and will not be disclosed by either of them except (i) to their respective
legal counsel, accountants, consultants, officers, investors, lenders, clients, partners, members, owners, directors and shareholders (collectively, the “Representatives”), and except and only to the extent that such disclosure to
such Representatives may be necessary for their respective performances hereunder or (ii) as otherwise required by applicable law (INCLUDING, IN THE CASE OF EITHER PARTY, IF ANY AFFILIATE (OR ENTITY ADVISED BY ANY AFFILIATE) OF A PARTY MUST
DISCLOSE THE TRANSACTION AND/OR THE TERMS OF THE TRANSACTION IN ANY DOCUMENT AS REQUIRED BY THE FEDERAL SECURITIES OR SIMILAR LAWS, OR ANY RULES OR REGULATIONS PROMULGATED THEREUNDER) or for Seller to comply with Section 10.8. Purchaser further
acknowledges and agrees that, until the Closing occurs, all information obtained by Purchaser in connection with the Property will not be disclosed by Purchaser to any third persons without the prior written consent of Seller other than to the
Representatives in accordance with the other provisions of this Article XII. Without limiting the foregoing, in no event shall Seller or Purchaser, prior to Closing, make any public announcements or press statements regarding the transactions
contemplated by this Agreement or the terms, conditions and negotiations concerning the same. Nothing contained in this Article XII will preclude or limit either party to this Agreement from disclosing or accessing any information otherwise deemed
confidential under this Article XII in connection with that party’s enforcement of its rights or its defense against claims (as to each other and as to third parties) under this Agreement, or in response to lawful process or subpoena or other
valid or enforceable order of a court of competent jurisdiction or any filings (including those for financial reporting purposes) with governmental authorities required by reason of the transactions provided for herein pursuant to an opinion of
counsel. Nothing in this Article XII will negate, supersede or otherwise affect the obligations of either party under the Confidentiality Agreement. Notwithstanding the foregoing and anything to the contrary in this Section 12.1, nothing
contained herein shall impair Purchaser’s (or its permitted assignee’s) right to disclose information relating to this Agreement or the Property (a) to any due diligence representatives and/or consultants that are engaged by, work for
or are acting on behalf of, any securities dealers and/or broker dealers evaluating Purchaser or its permitted assignees but only to the extent that Purchaser, or its affiliates, enter into and enforce confidentiality agreements with such
representatives and/or consultants, (b) in connection with any filings (including any amendment or supplement to any S-11 filing) with governmental agencies (including the SEC) by any REIT (“REIT”) holding an interest (direct
or indirect) in any permitted assignee of Purchaser to the extent such information is disclosed in such filings as required by applicable law, such information is customarily disclosed by the REIT in its filings or, in the REIT’s opinion, or
the opinion of its auditors, such information should be disclosed based upon the auditing practices of the REIT’s auditors, and (c) to any broker/dealers in the REIT’s broker/dealer network to the extent the REIT enters into and
enforces confidentiality agreements with such broker/dealers and the REIT customarily discloses such information to such broker/dealers. The provisions of this Article XII will survive any termination of this Agreement. 

 

 43 

 ARTICLE XIII 

REMEDIES 

Section 13.1    Default by Seller.    In the event the Closing of
the purchase and sale transaction provided for herein does not occur as herein provided by reason of any default of Seller, Purchaser may, as Purchaser’s sole and exclusive remedy, elect by notice to Seller within ten (10) Business Days
following the scheduled Closing Date, either of the following: (a) terminate this Agreement, in which event Purchaser will receive from the Title Company the Earnest Money Deposit (and the Independent Consideration shall be paid to Seller),
whereupon Seller and Purchaser will have no further rights or obligations under this Agreement, except with respect to the Termination Surviving Obligations; or (b) seek to enforce specific performance of the Agreement, and in either event,
Purchaser hereby waives all other remedies, including without limitation, any claim against Seller for damages of any type or kind including, without limitation, consequential or punitive damages. Failure of Purchaser to make the foregoing election
within the foregoing ten (10) Business Day period shall be deemed an election by Purchaser to terminate this Agreement and receive from the Title Company the Earnest Money Deposit, whereupon Seller and Purchaser will have no further rights or
obligations under this Agreement, except with respect to the Termination Surviving Obligations. Notwithstanding the foregoing, nothing contained in this Section 13.1 will limit Purchaser’s remedies at law, in equity or as herein provided
in the event of a breach by Seller of any of the Closing Surviving Obligations after Closing or the Termination Surviving Obligations after termination. 

Section 13.2    Default by Purchaser.    IN THE EVENT THE CLOSING
AND THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREIN DO NOT OCCUR AS PROVIDED HEREIN BY REASON OF ANY DEFAULT OF PURCHASER, PURCHASER AND SELLER AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX THE DAMAGES WHICH SELLER MAY
SUFFER. PURCHASER AND SELLER HEREBY AGREE THAT (i) AN AMOUNT EQUAL TO THE EARNEST MONEY DEPOSIT, TOGETHER WITH ALL INTEREST ACCRUED THEREON, IS A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT SELLER WOULD SUFFER IN THE EVENT PURCHASER DEFAULTS
AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY, AND (ii) SUCH AMOUNT WILL BE THE FULL, AGREED AND LIQUIDATED DAMAGES FOR PURCHASER’S DEFAULT AND FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY, AND WILL BE SELLER’S SOLE AND
EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY) FOR ANY DEFAULT OF PURCHASER RESULTING IN THE FAILURE OF CONSUMMATION OF THE CLOSING, WHEREUPON THIS AGREEMENT WILL TERMINATE AND SELLER AND PURCHASER WILL HAVE NO FURTHER RIGHTS OR OBLIGATIONS
HEREUNDER, EXCEPT WITH RESPECT TO THE TERMINATION SURVIVING OBLIGATIONS. NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED HEREIN WILL LIMIT SELLER’S REMEDIES AT LAW, IN EQUITY OR AS HEREIN PROVIDED IN THE EVENT OF A BREACH BY PURCHASER OF ANY
OF THE CLOSING SURVIVING OBLIGATIONS OR THE TERMINATION SURVIVING OBLIGATIONS. 
 Section
13.3    Consequential and Punitive Damages.    Each of Seller and Purchaser waive any right to sue the other for any consequential or punitive damages for matters 

 

 44 

 
arising under this Agreement. This Section 13.3 shall survive Closing or termination of this Agreement. 

ARTICLE XIV 

NOTICES 

Section 14.1    Notices.    All notices or other communications
required or permitted hereunder may be given either by the parties hereto or their respective legal counsel (in which event such notice or communication shall be deemed to have been given by such party) and will be in writing, and will be given by
(a) personal delivery, or (b) professional expedited delivery service with proof of delivery, or (c) United States mail, postage prepaid, registered or certified mail, return receipt requested, or (d) facsimile (provided that
such facsimile is confirmed by the sender by personal delivery or expedited delivery service in the manner previously described), sent to the intended addressee at the address set forth below, or to such other address or to the attention of such
other person as the addressee will have designated by written notice sent in accordance herewith and will be deemed to have been given either at the time of personal delivery, or, in the case of expedited delivery service or mail, as of the date of
first attempted delivery on a Business Day at the address or in the manner provided herein, or, in the case of facsimile transmission, upon receipt if on a Business Day and, if not on a Business Day, on the next Business Day. Unless changed in
accordance with the preceding sentence, the addresses for notices given pursuant to this Agreement will be as follows: 
  

			
	 To Purchaser:
	  	KBS Capital Advisors LLC
		  	205 West Wacker Drive
		  	Suite 1000
		  	Chicago, Illinois 60606
		  	Attn: Bill Rogalla
		  	Telephone: (312) 379-3947 ext. 211
		  	Fax: (312) 795-0152
		
	With a copy to:	  	 KBS Capital Advisors LLC

		  	620 Newport Center Drive, Suite 1300
		  	Newport Beach CA 92660
		  	Attn: Jim Chiboucas, Esq.
		  	Telephone: (949) 417-6555
		  	Fax: (949) 417-6523
		
	 And with a copy to:
	  	Morgan, Lewis & Bockius LLP
		  	5 Park Plaza, Suite 1750
		  	Irvine, CA 92614
		  	Attention: Bruce Fischer, Esq.
		  	Telephone: (949) 399-7145
		  	Facsimile: (949) 399-7001

  

 45 

			
	 To Seller:
	  	300 LaSalle LLC
		  	c/o Hines Interests Limited Partnership
		  	Midwest Regional Office
		  	One South Dearborn
		  	1 South Dearborn Street, Suite 2000
		  	Chicago, Illinois 60603
		  	Attn: C. Kevin Shannahan and John McDermott
		  	Fax: (312) 419-1932
		
	with copy to:	  	 Baker Botts L.L.P.

		  	2001 Ross Avenue, 6th Floor
		  	Dallas, Texas 75201-2980
		  	Attn: Patricia M. Stanton
		  	Fax: (214) 661-4704

 ARTICLE XV 

 ASSIGNMENT AND BINDING EFFECT 

Section 15.1    Assignment; Binding Effect.    Purchaser will not
have the right to assign this Agreement without Seller’s prior written consent. Notwithstanding the foregoing, Purchaser may assign its rights under this Agreement to (i) an Affiliate of Purchaser or (ii) an entity wholly owned
indirectly by KBS Real Estate Investment Trust II, Inc., without the consent of Seller, provided that (x) any such assignment does not relieve the assigning Purchaser of its obligations hereunder, (y) Purchaser gives Seller advance written
notice thereof, and (z) Purchaser executes and delivers, and causes such assignee to execute and deliver, an assignment and assumption agreement in form reasonably satisfactory to Seller in which such assignee assumes all of Purchaser’s
obligations under this Agreement. This Agreement will be binding upon and inure to the benefit of Seller and Purchaser and their respective successors and permitted assigns, and no other party will be conferred any rights by virtue of this Agreement
or be entitled to enforce any of the provisions hereof. Whenever a reference is made in this Agreement to Seller or Purchaser, such reference will include the successors and permitted assigns of such party under this Agreement. 

ARTICLE XVI 

PROCEDURE FOR INDEMNIFICATION AND LIMITED SURVIVAL OF 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 16.1    Survival of Representations, Warranties and Covenants. 

(a)    Notwithstanding anything to the contrary contained in this Agreement, (1) the
representations and warranties of Seller set forth in Section 8.1 and Seller’s liability under Section 8.1, and (2) Seller’s liability under Sections 5.2(f) and 10.4(f), will survive the Closing for a period of six
(6) months. With respect to any suit, claim or cause of action that Purchaser has or may have (i) as a result of any alleged untruth, inaccuracy or breach of such representations or warranties under Section 8.1, and/or (ii) in
connection with Seller’s obligations (or as a result of Seller’s alleged failure to perform same) under Sections 5.2(f) and 10.4(f), Purchaser must give Seller written notice of any such claims, and must file any such suits, claims

  

 46 

 
or causes of action against Seller based thereon, in each instance prior to the expiration of said six (6) month period. In the event Purchaser fails to provide such notice and file such
suits, claims or causes of action within such six (6) month period, Seller shall have no liability whatsoever to Purchaser with respect to (1) the representations and warranties set forth in Section 8.1, and (2) the obligations
of Seller set forth in Sections 5.2(f) and 10.4(f). Purchaser will not have any right to bring any suit, claim or cause of action against Seller as a result of any alleged untruth, inaccuracy or breach of such representations and warranties under
Section 8.1 or in connection with Seller’s obligations (or as a result of Seller’s alleged failure to perform same) under Sections 5.2(f) and 10.4(f) unless and until the aggregate amount of all liability and losses arising out of all
such untruths, inaccuracies, breaches and failures exceeds $150,000.00 and then only to the extent of such excess. In addition, notwithstanding anything to the contrary contained in this Agreement or any of the Closing documents, including, without
limitation, the provisions of Section 17.15 of this Agreement, in no event shall Seller’s liability for all such untruths, inaccuracies, breaches and/or failures under Sections 8.1 and 5.2(f) (including Seller’s liability for
attorneys’ fees and costs in connection with such untruths, inaccuracies and/or breaches) exceed, in the aggregate, $2,500,000.00. 

(b)    Notwithstanding anything to the contrary contained in this Agreement, Seller shall have no
liability with respect to any of Seller’s representations, warranties and covenants herein if, prior to the Closing, Purchaser has actual knowledge of any breach of a representation, warranty or covenant of Seller herein, or Purchaser obtains
actual knowledge (from whatever source, including, without limitation, any tenant estoppel certificates, as a result of Purchaser’s due diligence tests, investigations and inspections of the Property or the Documents; or as a result of written
disclosure by Seller or any of Seller’s agents, representatives or employees) that contradicts any of Seller’s representations, warranties or covenants herein (and the representations and warranties of Seller shall be deemed modified
thereby to be accurate), and Purchaser nevertheless consummates the transaction contemplated by this Agreement (in which event any such breach or contradiction shall be deemed waived by Purchaser). 

(c)    The Closing Surviving Obligations will survive Closing without limitation unless a specified
period is otherwise provided in this Agreement. All other representations, warranties, covenants and agreements made or undertaken by Seller under this Agreement, unless otherwise specifically provided herein, will not survive the Closing Date but
will be merged into the Closing documents delivered at the Closing. The Termination Surviving Obligations shall survive termination of this Agreement without limitation unless a specified period is otherwise provided in this Agreement. 

ARTICLE XVII 

MISCELLANEOUS 

Section 17.1    Waivers.    No waiver of any breach of any covenant
or provisions contained herein will be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant or provision contained herein. No extension of time for performance of any obligation or act will be deemed an extension
of the time for performance of any other obligation or act. 
  

 47 

 Section 17.2    Recovery of Certain
Fees.    In the event a party hereto files any action or suit against another party hereto by reason of any breach of any of the covenants, agreements or provisions contained in this Agreement, then in that event the
prevailing party will be entitled to have and recover of and from the other party all attorneys’ fees and costs resulting therefrom, subject, however, in the case of Seller, to the limitations set forth in Section 16.1 above. For purposes
of this Agreement, the term “attorneys’ fees” or “attorneys’ fees and costs” shall mean all court costs and the fees and expenses of counsel to the parties hereto, which may include printing, photostatting, duplicating
and other expenses, air freight charges, and fees billed for law clerks, paralegals and other persons not admitted to the bar but performing services under the supervision of an attorney, and the costs and fees incurred in connection with the
enforcement or collection of any judgment obtained in any such proceeding. The provisions of this Section 17.2 shall survive the entry of any judgment, and shall not merge, or be deemed to have merged, into any judgment. 

Section 17.3    Time of Essence.    Seller and Purchaser hereby
acknowledge and agree that time is strictly of the essence with respect to each and every term, condition, obligation and provision hereof. 

Section 17.4    Construction.    Headings at the beginning of each
article and section are solely for the convenience of the parties and are not a part of this Agreement. Whenever required by the context of this Agreement, the singular will include the plural and the masculine will include the feminine and vice
versa. This Agreement will not be construed as if it had been prepared by one of the parties, but rather as if both parties had prepared the same. All exhibits and schedules referred to in this Agreement are attached and incorporated by this
reference, and any capitalized term used in any exhibit or schedule which is not defined in such exhibit or schedule will have the meaning attributable to such term in the body of this Agreement. In the event the date on which Purchaser or Seller is
required to take any action under the terms of this Agreement is not a Business Day, the action will be taken on the next succeeding Business Day. 

Section 17.5    Counterparts.    To facilitate execution of this
Agreement, this Agreement may be executed in multiple counterparts, each of which, when assembled to include an original or faxed signature for each party contemplated to sign this Agreement, will constitute a complete and fully executed agreement.
All such fully executed original or faxed counterparts will collectively constitute a single agreement. 

Section 17.6    Severability.    If any term or other provision of
this Agreement is invalid, illegal, or incapable of being enforced by any rule of law or public policy, all of the other conditions and provisions of this Agreement will nevertheless remain in full force and effect, so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any adverse manner to either party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto will negotiate
in good faith to modify this Agreement so as to reflect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

Section 17.7    Entire Agreement.    This Agreement is the final
expression of, and contains the entire agreement between, the parties with respect to the subject matter hereof and 
  

 48 

 
supersedes all prior understandings with respect thereto. This Agreement may not be modified, changed, supplemented or terminated, nor may any obligations hereunder be waived, except by written
instrument, signed by the party to be charged or by its agent duly authorized in writing, or as otherwise expressly permitted herein. 

Section 17.8    Governing Law.    THIS AGREEMENT WILL BE CONSTRUED,
PERFORMED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. 
 Section
17.9    No Recording.    The parties hereto agree that neither this Agreement nor any affidavit concerning it will be recorded. 

Section 17.10    Further Actions.    The parties agree to execute
such instructions to the Title Company and such other instruments and to do such further acts as may be reasonably necessary to carry out the provisions of this Agreement. 

Section 17.11    No Other Inducements.    The making, execution and
delivery of this Agreement by the parties hereto has been induced by no representations, statements, warranties or agreements other than those expressly set forth herein. 

Section 17.12    Exhibits.    Exhibits A through
P, inclusive, are incorporated herein by reference. 
 Section
17.13    No Partnership.    Notwithstanding anything to the contrary contained herein, this Agreement shall not be deemed or construed to make the parties hereto partners or joint venturers, it
being the intention of the parties to merely create the relationship of Seller and Purchaser with respect to the Property to be conveyed as contemplated hereby. 

Section 17.14    Limitations on Benefits.    It is the explicit
intention of Purchaser and Seller that no person or entity other than Purchaser and Seller and their permitted successors and assigns is or shall be entitled to bring any action to enforce any provision of this Agreement against any of the parties
hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, Purchaser and Seller or their respective successors and assigns as permitted hereunder. Nothing
contained in this Agreement shall under any circumstances whatsoever be deemed or construed, or be interpreted, as making any third party (including, without limitation, Broker or any Tenant) a beneficiary of any term or provision of this Agreement
or any instrument or document delivered pursuant hereto, and Purchaser and Seller expressly reject any such intent, construction or interpretation of this Agreement. 

Section 17.15    Limitation of Liability.    In no event whatsoever
shall Seller’s liability (if any) under this Agreement and the Closing documents (including any such liability for attorney’s fees and expenses) exceed, in the aggregate, an amount equal to the Purchase Price. In addition, in no event
whatsoever shall recourse be had or liability asserted against any of Seller’s partners, members, shareholders, employees, agents, directors, officers or other owners of Seller or their respective constituent partners. Seller’s direct and
indirect shareholders, partners, members, beneficiaries and owners and their respective trustees, officers, directors, employees, 
  

 49 

 
agents and security holders, assume no personal liability for any obligations entered into on behalf of Seller under this Agreement and the Closing documents. 

[SIGNATURES FOLLOW ON NEXT SUCCEEDING PAGE] 
  

 50 

 IN WITNESS WHEREOF, Seller and Purchaser have respectively executed this
Agreement to be effective as of the date first above written. 
  

			
	PURCHASER:
	
	KBS CAPITAL ADVISORS LLC,
	a Delaware limited liability company
		
	By:	 	/s/ Charles J. Schreiber, Jr.
		 	Charles J. Schreiber, Jr.
		 	Chief Executive Officer

  

 51 

 SELLER: 

300 LASALLE LLC, 
 a Delaware limited liability
company 
  

																	
	By:	  	300 LaSalle Holdings LLC,	  		  	
		  	a Delaware limited liability company,	  		  	
		  	its sole member	  		  	
					
		  	By:	  	Hines 300 LaSalle Associates LP,	  		  	
		  		  	a Texas limited partnership,	  		  	
		  		  	its managing member	  		  	
						
		  		  	By:	  	Hines 300 LaSalle GP LLC,	  		  	
		  		  		  	a Delaware limited liability company,	  		  	
		  		  		  	its general partner	  		  	
							
		  		  		  	By:	  	Hines Interests Limited Partnership,	  		  	
		  		  		  		  	a Delaware limited partnership,	  		  	
		  		  		  		  	its sole member	  		  	
								
		  		  		  		  	By:	  	Hines Holdings, Inc.,	  		  	
		  		  		  		  		  	a Texas corporation,	  		  	
		  		  		  		  		  	its general partner	  		  	
									
		  		  		  		  		  	By:	  	 /s/ C. Kevin Shannahan
	  		  	
		  		  		  		  		  		  	C. Kevin Shannahan	  		  	
		  		  		  		  		  		  	Executive Vice President	  		  	

  

 52First Amendment to Agreement of Sale and Purchase

 Exhibit 10.53 

FIRST AMENDMENT TO AGREEMENT OF SALE AND PURCHASE 

This FIRST AMENDMENT TO AGREEMENT OF SALE AND PURCHASE (this “Amendment”) is executed as of July 1,
2010, by and between 300 LASALLE LLC, a Delaware limited liability company (“Seller”), and KBS CAPITAL ADVISORS LLC, a Delaware limited liability company (“Purchaser”). 

WITNESSETH: 

WHEREAS, Seller and Purchaser entered into that certain Agreement of Sale and Purchase dated as of June 10, 2010 for
the sale of certain real property commonly known as 300 North LaSalle and located in Chicago, Illinois (the “Agreement”); and 

WHEREAS, Seller and Purchaser now desire to modify certain provisions of the Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Seller and Purchaser agree as follows: 
 1.    Defined
Terms.  All capitalized terms used herein and not defined shall have the meaning set forth in the Agreement. 

2.    Expiration of Inspection Period.  Section 5.1(a) of the Agreement is
hereby amended to provide that the Inspection Period shall expire at 3:00 p.m. Central Time on July 2, 2010 (in lieu of 5:00 p.m. Central Time on the date which is twenty-one (21) days following the Effective Date). 

3.    Failure to Timely Pay Additional Deposit.  The fifth (5th) sentence of
Section 4.1 of the Agreement is hereby deleted in its entirety and the following is substituted therefor: 

“If Purchaser has not timely terminated this Agreement pursuant to Section 5.1(a) on or before
3:00 p.m. Central Time on July 2, 2010 and Purchaser fails to timely deposit the Additional Deposit in accordance with this Section 4.1, notwithstanding anything to the contrary contained in this Agreement, the Initial Deposit and the
Independent Consideration shall be immediately paid to Seller, this Agreement shall automatically terminate and all further rights and obligations of the parties under this Agreement shall terminate (except for the Termination Surviving
Obligations).” 
 4.    Counterparts.  This Amendment may be executed
in multiple counterparts, each of which, when assembled to include an original or faxed signature for each party contemplated to sign this Amendment, will constitute a complete and fully executed agreement. All such fully executed original or faxed
counterparts will collectively constitute a single agreement. 
 5.    Full Force and
Effect.  Except as modified hereby, the Agreement shall remain in full effect and this Amendment shall be binding upon Seller and Purchaser and their respective successors and assigns. If any inconsistency exists or arises between the
terms of this 
  

 1 

 
Amendment and the terms of the Agreement, this Amendment shall prevail. All references in the Agreement to “this Agreement” shall hereafter refer to the Agreement as amended hereby.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW.] 

 

 2 

 Executed on the day and year set forth above. 

SELLER: 

300 LASALLE LLC, 

a Delaware limited liability company 
  

	By:	 	 300 LaSalle Holdings LLC, 

 a Delaware limited liability company, 

 its sole member 
  

	 	By:	 	 Hines 300 LaSalle Associates LP, 

 a Texas limited partnership, 

 its managing member 

 

			
	 By:
	  	 Hines 300 LaSalle GP LLC,

		  	 a Delaware limited liability company,

its general partner

  

			
	 By:
	  	 Hines Interests Limited Partnership,

		  	 a Delaware limited partnership,

its sole member

 

			
	 By:
	  	 Hines Holdings, Inc.,

		  	 a Texas corporation,

its general partner

  

											
		 		 		 		 	 By:
	  	/s/ C. Kevin Shannahan
		 		 		 		 		  	 C. Kevin Shannahan

Executive Vice President

 

 3 

			
	 PURCHASER:
  

KBS CAPITAL ADVISORS LLC,

a Delaware limited liability company

 

		
	 By:
	 	/s/ Charles J. Schreiber, Jr.
		 	 Charles J. Schreiber, Jr.

Chief Executive Officer

 

 4

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