Document:

Exhibit 10.14

	
  Loan No.: 502856399

  	
   

  	
  51 Imclone Drive,
  Branchburg, New Jersey

  

PROMISSORY NOTE

	
  $4,500,000.00

  	
   

  	
  May 9, 2006

  

FOR VALUE RECEIVED, the
undersigned, 51 CHUBB SPE LLC, a Delaware limited liability company (“Borrower”), having an
address c/o Mack-Cali
Realty, L.P. at 11 Commerce Drive, Cranford, New Jersey 07016, promises
to pay to the order of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association (together with its successors and assigns, “Lender”), at the
office of Lender at Commercial Real Estate Services, 8739 Research Drive URP -
4, NC 1075, Charlotte, North Carolina 28262, or at such other place as Lender
may designate to Borrower in writing from time to time, the principal sum of FOUR
MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000.00), together with
interest on so much thereof as is from time to time outstanding and unpaid,
from the date of the advance of the principal evidenced hereby, at the rate of
six and twenty-seven hundredths percent (6.27%) (the “Note Rate”), together with all other amounts due
hereunder or under the other Loan Documents (as defined herein), in lawful
money of the United States of America, which shall at the time of payment be
legal tender in payment of all debts and dues, public and private.

ARTICLE I

TERMS AND CONDITIONS

Section 1.1             Computation of Interest. Interest
shall be computed hereunder based on a 360-day year and based on the
actual number of days elapsed for any period in which interest is being
calculated including, without limitation, the Interest Only Period (hereinafter
defined), as more particularly set forth on Annex 1 attached hereto and
incorporated by this reference. Interest shall accrue from the date on which
funds are advanced hereunder (regardless of the time of day) through and
including the day on which funds are credited pursuant to Section 1.2
hereof.

Section 1.2             Payment of Principal and
Interest. Payments in federal funds immediately available at the place
designated for payment received by Lender prior to 2:00 p.m. local time on
a day on which Lender is open for business at said place of payment shall be
credited prior to close of business, while other payments, at the option of
Lender, may not be credited until immediately available to Lender in federal
funds at the place designated for payment prior to 2:00 p.m. local time on
the next day on which Lender is open for business. Such principal and interest
shall be payable in consecutive monthly installments of $27,765.83 each,
beginning on June 11, 2006 (the “First Payment Date”), and continuing on the
eleventh (11th) day of each and every calendar month thereafter through and
including April 11, 2016 (each, a “Payment Date”). On May 11, 2016 (the “Maturity Date”) (provided that in the event that there is a
Defeasance of the Loan pursuant to Section 1.5(d) hereof, the
Maturity Date shall

 

automatically be the Lockout
Expiration Date), the entire outstanding principal balance
hereof, together with all accrued but unpaid interest thereon, shall be due and
payable in full.

Section 1.3             Application of Payments. So
long as no Event of Default (as hereinafter defined) exists hereunder or under
any other Loan Document, each such monthly installment shall be applied, first,
to any amounts hereafter advanced by Lender hereunder or under any other Loan
Document, second, to any late fees and other amounts payable to Lender, third,
to the payment of accrued interest and last to reduction of principal.

Section 1.4             Payment of “Short Interest”.
If the advance of the principal amount evidenced by this Note is made on a date
other than a Payment Date, Borrower shall pay to Lender contemporaneously with
the execution hereof interest at the Note Rate for a period from the date
hereof through and including the tenth (10th) day of either (x) this month, in
the event that the date hereof is on or prior to the 11th of the month, and (y) the
immediately succeeding month, in the event that the date hereof is after the 11th of the month.

Section 1.5             Prepayment; Defeasance.

(a)           This Note may not be prepaid, in whole or in part (except
as otherwise specifically provided herein), at any time prior to the Payment
Date occurring three (3) Payment Dates immediately prior to the Maturity
Date (the “Lockout Expiration Date”). In the event that Borrower wishes
to have the Property (as hereinafter defined) released from the lien of the
Security Instrument prior to the Lockout Expiration Date, Borrower’s sole
option shall be a Defeasance (as hereinafter defined) upon satisfaction of the
terms and conditions set forth in Section 1.5(d) hereof. This
Note may be prepaid in whole but not in part without premium or penalty on any
Payment Date occurring on or after the Lockout Expiration Date provided (i) written
notice of such prepayment is received by Lender not more than ninety (90) days
and not less than thirty (30) days prior to the date of such prepayment, and (ii) such
prepayment is accompanied by all interest accrued hereunder through and
including the date of such prepayment and all other sums due hereunder or under
the other Loan Documents. If, upon any such permitted prepayment on any Payment
Date occurring on or after the Lockout Expiration Date, the aforesaid prior
written notice has not been timely received by Lender, there shall be due a
prepayment fee equal to the lesser of (i) thirty (30) days’ interest
computed at the Note Rate on the outstanding principal balance of this Note so
prepaid and (ii) interest computed at the Note Rate on the outstanding
principal balance of this Note so prepaid that would have been payable for the
period from, and including, the date of prepayment through the Maturity Date,
as though such prepayment had not occurred.

(b)           If, prior to the Lockout Expiration Date, the indebtedness
evidenced by this Note shall have been declared due and payable by Lender
pursuant to Article II hereof or the provisions of any other Loan Document
due to a default by Borrower, then, in addition to the indebtedness evidenced
by this Note being immediately due and payable, there shall also then be
immediately due and payable a prepayment fee in an amount equal to the Yield
Maintenance Premium (as hereinafter defined) based on the entire indebtedness
on the date of such acceleration. In addition to the amounts described in the
preceding sentence, in the event of any such acceleration or tender of payment
of such indebtedness occurs or is made on or prior to the first (1st)
anniversary of the date of this Note, there shall also then be immediately due
and 

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payable an additional prepayment fee of three
percent (3%) of the principal balance of this Note. The term “Yield Maintenance Premium”
shall mean an amount equal to the greater of (A) one percent (1%) of the
principal amount being prepaid, and (B) the present value of a series of
payments each equal to the Payment Differential (as hereinafter defined) and
payable on each Payment Date over the remaining original term of this Note and
on the Maturity Date, discounted at the Reinvestment Yield (as hereinafter defined)
for the number of months remaining as of the date of such prepayment to each
such Payment Date and the Maturity Date. The term “Payment Differential” shall mean an amount equal
to (i) the Note Rate less the Reinvestment Yield, divided by (ii) twelve
(12) and multiplied by (iii) the principal sum outstanding under this Note
after application of the constant monthly payment due under this Note on the
date of such prepayment, provided that the Payment Differential shall in no
event be less than zero. The term “Reinvestment Yield” shall mean an amount equal to
the lesser of (i) the yield on the U.S. Treasury issue (primary issue)
with a maturity date closest to the Maturity Date, or (ii) the yield on
the U.S. Treasury issue (primary issue) with a term equal to the remaining
average life of the indebtedness evidenced by this Note, with each such yield
being based on the bid price for such issue as published in the Wall Street
Journal on the date that is fourteen (14) days prior to the date of such prepayment
(or, if such bid price is not published on that date, the next preceding date
on which such bid price is so published) and converted to a monthly compounded
nominal yield. In the event that any prepayment fee is due hereunder, Lender
shall deliver to Borrower a statement setting forth the amount and
determination of the prepayment fee, and, provided that Lender shall have in
good faith applied the formula described above, Borrower shall not have the
right to challenge the calculation or the method of calculation set forth in
any such statement in the absence of manifest error, which calculation may be
made by Lender on any day during the fifteen (15) day period preceding the date
of such prepayment. Lender shall not be obligated or required to have actually
reinvested the prepaid principal balance at the Reinvestment Yield or otherwise
as a condition to receiving the prepayment fee.

(c)           Partial prepayments of this Note shall not be permitted,
except for partial prepayments resulting from Lender’s election to apply
insurance or condemnation proceeds to reduce the outstanding principal balance
of this Note as provided in the Security Instrument, in which event no
prepayment fee or premium shall be due unless, at the time of either Lender’s
receipt of such proceeds or the application of such proceeds to the outstanding
principal balance of this Note, an Event of Default, or an event which, with
notice or the passage of time, or both, would constitute an Event of Default,
shall have occurred, which default or Event of Default is unrelated to the
applicable casualty or condemnation, in which event the applicable prepayment
fee or premium shall be due and payable based upon the amount of the prepayment.
No notice of prepayment shall be required under the circumstances specified in
the preceding sentence. No principal amount repaid may be reborrowed. Any such
partial prepayments of principal shall be applied to the unpaid principal
balance evidenced hereby but such application shall not reduce the amount of
the fixed monthly installments required to be paid pursuant to Section 1.2
above. Except as otherwise expressly provided in this Section, the prepayment
fees provided above shall be due, to the extent permitted by applicable law,
under any and all circumstances where all or any portion of this Note is paid
prior to the Maturity Date, whether such prepayment is voluntary or
involuntary, including, without limitation, if such prepayment results from
Lender’s exercise of its rights upon Borrower’s default and acceleration of the
Maturity Date of this Note (irrespective of whether foreclosure proceedings
have been commenced), and shall be in addition to any other sums due hereunder
or under any of the other Loan Documents. No tender of a 

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prepayment of this Note with respect to which
a prepayment fee is due shall be effective unless such prepayment is
accompanied by the applicable prepayment fee.

(d)           (i)  On any Payment Date on or after the earlier to
occur of (x) three (3) years following the first Payment Date hereunder,
and (y) the day immediately following the date which is two (2) years
after the “startup day,” within the meaning of Section 860G(a) (9) of
the Internal Revenue Code of 1986, as amended from time to time or any
successor statute (the “Code”),
of a “real estate mortgage investment conduit,” within the meaning of Section 860D
of the Code (a “REMIC Trust”),
that holds this Note, and provided no Event of Default has occurred and is
continuing hereunder or under any of the other Loan Documents, at Borrower’s
option, Lender shall cause the release of the Property from the lien of the
Security Instrument and the other Loan Documents (a “Defeasance”) upon the satisfaction of the
following conditions:

(A)          Borrower
shall give not more than ninety (90) days’ or less than sixty (60) days’ prior
written notice to Lender specifying the date Borrower intends for the
Defeasance to be consummated (the “Release Date”), which date shall be a Payment
Date.

(B)           All
accrued and unpaid interest and all other sums due under this Note and under
the other Loan Documents up to and including the Release Date shall be paid in
full on or prior to the Release Date.

(C)           Borrower
shall deliver to Lender on or prior to the Release Date:

(1)           a
sum of money in immediately available funds (the “Defeasance Deposit”) equal to the outstanding
principal balance of this Note plus an amount, if any, which together with the
outstanding principal balance of this Note, shall be sufficient to enable
Lender to purchase, through means and sources customarily employed and
available to Lender, for the account of Borrower, (x) direct,
non-callable, fixed rate obligations of the United States of America or (y) non-callable,
fixed rate obligations, other than U.S. Treasury Obligations, that are “government
securities” within the meaning of Section 2(a)(16) of the Investment
Company Act of 1940, as amended, that provide for payments prior, but as close
as possible, to all successive monthly Payment Dates occurring after the
Release Date and to the Lockout Expiration Date, with each such payment being
equal to or greater than the amount of the corresponding installment of
principal and/or interest required to be paid under this Note (including, but
not limited to, the scheduled outstanding principal balance of the Loan due on
the Maturity Date based upon payments of principal and interest through the
Lockout Expiration Date) for the balance of the term hereof (the “Defeasance Collateral”),
each of which shall be duly endorsed by the holder thereof as directed by Lender
or accompanied by a written instrument of transfer in form and substance
satisfactory to Lender in its sole discretion (including, without limitation,
such instruments as may be required by the depository institution holding such
securities or the issuer 

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thereof, as the case may be, to effectuate book-entry transfers and
pledges through the book-entry facilities of such institution) in order to
perfect upon the delivery of the Defeasance Security Agreement (as hereinafter
defined) the first priority security interest in the Defeasance Collateral in
favor of Lender in conformity with all applicable state and federal laws
governing granting of such security interests.

(2)           a
pledge and security agreement, in form and substance satisfactory to Lender,
creating a first priority security interest in favor of Lender in the
Defeasance Collateral (the “Defeasance
Security Agreement”);

(3)           a
certificate of Borrower certifying that all of the requirements set forth in
this subsection 1.5(d)(i) have been satisfied;

(4)           one
or more opinions of counsel for Borrower in form and substance and delivered by
counsel which would be satisfactory to Lender stating, among other things, that
(i) Lender has a perfected first priority security interest in the
Defeasance Collateral and that the Defeasance Security Agreement is enforceable
against Borrower in accordance with its terms, (ii) in the event of a
bankruptcy proceeding or similar occurrence with respect to Borrower, none of
the Defeasance Collateral nor any proceeds thereof will be property of Borrower’s
estate under Section 541 of the U.S. Bankruptcy Code, as amended, or any
similar statute and the grant of security interest therein to Lender shall not
constitute an avoidable preference under Section 547 of the U.S. Bankruptcy
Code, as amended, or applicable state law, (iii) the release of the lien
of the Security Instrument and the pledge of Defeasance Collateral will not
directly or indirectly result in or cause any REMIC Trust that then holds this
Note to fail to maintain its status as a REMIC Trust and (iv) the
defeasance will not cause any REMIC Trust to be an “investment company” under
the Investment Company Act of 1940;

(5)           evidence
in writing from any applicable Rating Agency (as defined in the Security
Instrument) to the effect that the Defeasance will not result in a downgrading,
withdrawal or qualification of the respective ratings in effect immediately
prior to such Defeasance for any Securities (as hereinafter defined) issued in
connection with the securitization which are then outstanding; provided,
however, no evidence from a Rating Agency shall be required if this Note
does not meet the then-current review requirements of such Rating Agency.

(6)           a
certificate in form and scope acceptable to Lender in its sole discretion from
an acceptable independent accountant certifying that the Defeasance Collateral
will generate amounts sufficient to make all payments of principal and interest
due under this Note through the Lockout Expiration Date and the outstanding
principal balance of the Loan 

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due on the Maturity Date based upon payments of principal and interest
through the Lockout Expiration Date;

(7)           Borrower
and any guarantor or indemnitor of Borrower’s obligations under the Loan
Documents for which Borrower has personal liability executes and delivers to
Lender such documents and agreements as Lender shall reasonably require to
evidence and effectuate the ratification of such personal liability and
guaranty or indemnity, respectively;

(8)           such
other certificates, documents or instruments as Lender may reasonably require;
and

(9)           payment
of all fees, costs, expenses and charges incurred by Lender in connection with
the Defeasance of the Property and the purchase of the Defeasance Collateral,
including, without limitation, all legal fees and costs and expenses incurred
by Lender or its agents in connection with release of the Property, review of
the proposed Defeasance Collateral and preparation of the Defeasance Security
Agreement and related documentation, any revenue, documentary, stamp,
intangible or other taxes, charges or fees due in connection with transfer of
the Note, assumption of the Note, or substitution of collateral for the
Property shall be paid on or before the Release Date. Without limiting Borrower’s
obligations with respect thereto, Lender shall be entitled to deduct all such
fees, costs, expenses and charges from the Defeasance Deposit to the extent of
any portion of the Defeasance Deposit which exceeds the amount necessary to
purchase the Defeasance Collateral.

(D)          In
connection with the Defeasance Deposit, Borrower hereby authorizes and directs
Lender using the means and sources customarily employed and available to Lender
to use the Defeasance Deposit to purchase for the account of Borrower the Defeasance
Collateral. Furthermore, the Defeasance Collateral shall be arranged such that
payments received from such Defeasance Collateral shall be paid directly to
Lender to be applied on account of the indebtedness of this Note. Any part of
the Defeasance Deposit in excess of the amount necessary to purchase the
Defeasance Collateral and to pay the other and related costs Borrower is
obligated to pay under this Section 1.5 shall be refunded to
Borrower.

(ii)      Upon
compliance with the requirements of subsection 1.5(d)(i), the Property shall be
released from the lien of the Security Instrument and the other Loan Documents,
and the Defeasance Collateral shall constitute collateral which shall secure
this Note and all other obligations under the Loan Documents. Lender will, at
Borrower’s expense, execute and deliver any agreements reasonably requested by
Borrower to release the lien of the Security Instrument from the Property.

(iii)     Upon
the release of the Property in accordance with this Section 1.5(d),
Borrower shall assign all its obligations and rights under this Note, together
with the 

 6
 

 

pledged Defeasance Collateral, to a newly created successor entity
which complies with the terms of Section 2.29 of the Security
Instrument designated by Lender in its sole discretion. Such successor entity
shall execute an assumption agreement in form and substance satisfactory to
Lender in its sole discretion pursuant to which it shall assume Borrower’s
obligations under this Note and the Defeasance Security Agreement. As conditions
to such assignment and assumption, Borrower shall (x) deliver to Lender an
opinion of counsel in form and substance satisfactory to a prudent lender and
delivered by counsel satisfactory to a prudent lender stating, among other
things, that such assumption agreement is enforceable against Borrower and such
successor entity in accordance with its terms and that this Note and the
Defeasance Security Agreement as so assumed, are enforceable against such
successor entity in accordance with their respective terms, and (y) pay
all costs and expenses (including, but not limited to, legal fees) incurred by
Lender or its agents in connection with such assignment and assumption
(including, without limitation, the review of the proposed transferee and the
preparation of the assumption agreement and related documentation). Upon such
assumption, Borrower shall be relieved of its obligations hereunder, under the
other Loan Documents other than as specified in Section 1.5(d)(i)(C)(7) above
and under the Defeasance Security Agreement (or other Defeasance document).

Section 1.6             Security. The indebtedness
evidenced by this Note and the obligations created hereby are secured by, among
other things, that certain mortgage, deed of trust or deed to secure debt,
security agreement and fixture filing (the “Security Instrument”) from Borrower for the
benefit of Lender, dated of even date herewith, covering the Property. The
Security Instrument, together with this Note and all other documents to or of
which Lender is a party or beneficiary now or hereafter evidencing, securing,
guarantying, modifying or otherwise relating to the indebtedness evidenced
hereby, are herein referred to collectively as the “Loan Documents”. All of the
terms and provisions of the Loan Documents are incorporated herein by reference.
Some of the Loan Documents are to be filed for record on or about the date
hereof in the appropriate public records.

ARTICLE II

DEFAULT

Section 2.1             Events of Default. It is
hereby expressly agreed that should any default occur in the payment of
principal or interest as stipulated above and such payment is not made on the
date such payment is due, or should any other default occur under any other
Loan Document and not be cured within any applicable grace or notice period (if
any), then an Event of Default (an “Event of Default”) shall exist hereunder, and in
such event the indebtedness evidenced hereby, including all sums advanced or
accrued hereunder or under any other Loan Document, and all unpaid interest
accrued thereon, shall, at the option of Lender and without notice to Borrower,
at once become due and payable and may be collected forthwith, whether or not
there has been a prior demand for payment and regardless of the stipulated date
of maturity.

Section 2.2             Late Charges. In the event
that any payment is not received by Lender on the date when due (subject to any
applicable grace period), then, in addition to any 

 7
 

 

default interest payments due hereunder,
Borrower shall also pay to Lender a late charge in an amount equal to five
percent (5%) of the amount of such overdue payment.

Section 2.3             Default Interest Rate. So
long as any Event of Default exists hereunder or under any other Loan Document,
regardless of whether or not there has been an acceleration of the indebtedness
evidenced hereby, and at all times after maturity of the indebtedness evidenced
hereby (whether by acceleration or otherwise), interest shall accrue on the
outstanding principal balance of this Note, from the date due until the date
credited, at a rate per annum equal to five percent (5%) in excess of the Note
Rate, or, if such increased rate of interest may not be collected under
applicable law, then at the maximum rate of interest, if any, which may be
collected from Borrower under applicable law (as applicable, the “Default Interest Rate”),
and such default interest shall be immediately due and payable.

Section 2.4             Borrower’s Agreements. Borrower
acknowledges that it would be extremely difficult or impracticable to determine
Lender’s actual damages resulting from any late payment or default, and such
late charges and default interest are reasonable estimates of those damages and
do not constitute a penalty. The remedies of Lender in this Note or in the Loan
Documents, or at law or in equity, shall be cumulative and concurrent, and may
be pursued singly, successively or together, in Lender’s discretion.

Section 2.5             Borrower to Pay Costs. In
the event that this Note, or any part hereof, is collected by or through an
attorney-at-law, Borrower agrees to pay all costs of collection, including, but
not limited to, reasonable attorneys’ fees.

Section 2.6             Exculpation. Notwithstanding
anything in this Note or the Loan Documents to the contrary, but subject to the
qualifications hereinbelow set forth, Lender agrees that:

(a)           Borrower shall be liable upon the indebtedness evidenced
hereby and for the other obligations arising under the Loan Documents to the
full extent (but only to the extent) of the security therefor, the same being
all properties (whether real or personal), rights, estates and interests now or
at any time hereafter securing the payment of this Note and/or the other
obligations of Borrower under the Loan Documents (collectively, the “Property”);

(b)           if a default occurs in the timely and proper payment of
all or any part of such indebtedness evidenced hereby or in the timely and
proper performance of the other obligations of Borrower under the Loan
Documents, any judicial proceedings brought by Lender against Borrower shall be
limited to the preservation, enforcement and foreclosure, or any thereof, of
the liens, security titles, estates, assignments, rights and security interests
now or at any time hereafter securing the payment of this Note and/or the other
obligations of Borrower under the Loan Documents, and no attachment, execution
or other writ of process shall be sought, issued or levied upon any assets,
properties or funds of Borrower other than the Property, except with respect to
the liability described below in this section; and

(c)           in the event of a foreclosure of such liens, security
titles, estates, assignments, rights or security interests securing the payment
of this Note and/or the other obligations of Borrower under the Loan Documents,
no judgment for any deficiency upon the 

 8
 

 

indebtedness evidenced hereby shall be sought
or obtained by Lender against Borrower, except with respect to the liability
described below in this section; provided, however, that,
notwithstanding the foregoing provisions of this section, Borrower shall be
fully and personally liable and subject to legal action (i) for proceeds
paid under any insurance policies (or paid as a result of any other claim or
cause of action against any person or entity) by reason of damage, loss or
destruction to all or any portion of the Property, to the full extent of such
proceeds not previously delivered to Lender, but which, under the terms of the
Loan Documents, should have been delivered to Lender, (ii) for proceeds or
awards resulting from the condemnation or other taking in lieu of condemnation
of all or any portion of the Property, to the full extent of such proceeds or
awards not previously delivered to Lender, but which, under the terms of the
Loan Documents, should have been delivered to Lender, (iii) for all tenant
security deposits or other refundable deposits paid to or held by Borrower or
any other person or entity in connection with leases of all or any portion of
the Property which are not applied in accordance with the terms of the
applicable lease or other agreement, except if Lender receives such tenant
security deposits or other refundable deposits and fails to refund same to the
applicable tenant(s) in accordance with such tenant’s lease, (iv) for
rent and other payments received from tenants under leases of all or any portion
of the Property paid more than one (1) month in advance, provided that
with respect to any taxes and/or operating expenses paid by any tenants in
other than monthly installments under the applicable lease, such payments shall
not be paid more than one installment in advance, (v) for rents, issues,
profits and revenues of all or any portion of the Property received or
applicable to a period after the occurrence of any Event of Default hereunder
or under the Loan Documents which are not either applied to the ordinary and
necessary expenses of owning and operating the Property or paid to Lender, (vi) for
waste committed on the Property, damage to the Property as a result of the
intentional misconduct or gross negligence of Borrower or any of its principals,
officers, general partners or members, any guarantor, any indemnitor, or any
agent or employee of any such person, or any removal of  all or any portion of the Property in
violation of the terms of the Loan Documents, to the full extent of the losses or
damages incurred by Lender on account of such occurrence, (vii) for
failure to pay any valid taxes, assessments, mechanic’s liens, materialmen’s
liens or other liens which could create liens on any portion of the Property
which would be superior to the lien or security title of the Security
Instrument or the other Loan Documents, to the full extent of the amount
claimed by any such lien claimant except, with respect to any such taxes or
assessments, to the extent that funds have been deposited with Lender pursuant
to the terms of the Security Instrument specifically for the applicable taxes
or assessments and not applied by Lender to pay such taxes and assessments, (viii) for
all obligations and indemnities of Borrower under the Loan Documents relating
to Hazardous Substances (as defined in the Security Instrument) or radon or
compliance with Environmental Laws (as defined in the Security Instrument) and
regulations to the full extent of any losses or damages (including those
resulting from diminution in value of any Property) incurred by Lender and/or
any of its affiliates as a result of the existence of such Hazardous Substances
or radon or failure to comply with such Environmental Laws or regulations, and (ix) for
fraud, material misrepresentation or failure to disclose a material fact, any
untrue statement of a material fact or omission to state a material fact in the
written materials and/or information provided to Lender or any of its
affiliates by or on behalf of Borrower or any of its affiliates, principals,
officers, general partners or members, any guarantor, any indemnitor or any
agent, employee or other person authorized or apparently authorized to make
statements, representations or disclosures on behalf of Borrower, any
affiliate, principal, officer, general 

 9
 

 

partner or member of Borrower, any guarantor
or any indemnitor, to the full extent of any losses, damages and expenses of
Lender and/or any of its affiliates on account thereof. References herein to
particular sections of the Loan Documents shall be deemed references to such
sections as affected by other provisions of the Loan Documents relating thereto.
Nothing contained in this section shall (1) be deemed to be a release or
impairment of the indebtedness evidenced by this Note or the other obligations
of Borrower under the Loan Documents or the lien of the Loan Documents upon the
Property, or (2) preclude Lender from foreclosing the Loan Documents in
case of any default or from enforcing any of the other rights of Lender except
as stated in this section, or (3) limit or impair in any way whatsoever (A) the
Indemnity and Guaranty Agreement (the “Indemnity Agreement”) or (B) the
Environmental Indemnity Agreement (the “Environmental Indemnity Agreement”), each of even
date herewith executed and delivered in connection with the indebtedness
evidenced by this Note or release, relieve, reduce, waive or impair in any way
whatsoever, any obligation of any party to the Indemnity Agreement or the
Environmental Indemnity Agreement.

Notwithstanding the foregoing,
the agreement of Lender not to pursue recourse liability as set forth in this Section 2.6
SHALL BECOME NULL AND VOID and shall be of no further force and effect in the
event of (i) a default by Borrower, Indemnitor (as defined in the Security
Instrument) or any general partner, manager or managing member of Borrower of
any of the covenants set forth in Section 2.9 of the Security Instrument
or a default by Borrower, Indemnitor or any general partner, manager or
managing member of Borrower which is a Single-Purpose Entity (as defined in the
Security Instrument) (if any) of the covenants set forth in Section 2.29
of the Security Instrument, or (ii) if the Property or any part thereof
shall become an asset in (A) a voluntary bankruptcy or insolvency proceeding
of Borrower or Indemnitor, or (B) an involuntary bankruptcy or insolvency
proceeding of Borrower or Indemnitor in which the Borrower or the Indemnitor
colludes or any of their affiliates with creditors in such bankruptcy or
insolvency proceeding and which is not dismissed within sixty (60) days of
filing or (C) Borrower
or Indemnitor or any of their affiliates intentionally interferes in any
material respect, directly or indirectly, with Lender’s exercise and/or
realization of Lender’s remedies under and as set forth in the Loan Documents
other than by the assertion of a good faith defense based upon a failure by
Lender to observe the provisions of this Section 2.6 of this Note.

Notwithstanding anything
to the contrary in this Note, the Security Instrument or any of the other Loan
Documents, Lender shall not be deemed to have waived any right which Lender may
have under Section 506(a), 506(b), 1111(b) or any other provisions of
the U.S. Bankruptcy Code to file a claim for the full amount of the indebtedness
evidenced hereby or secured by the Security Instrument or any of the other Loan
Documents or to require that all collateral shall continue to secure all of the
indebtedness owing to Lender in accordance with this Note, the Security
Instrument and the other Loan Documents.

ARTICLE III

GENERAL CONDITIONS

Section 3.1             No Waiver; Amendment. No
failure to accelerate the indebtedness evidenced hereby by reason of default
hereunder, acceptance of a partial or past due payment, or indulgences granted
from time to time shall be construed (i) as a novation of this Note or as
a 

 10
 

 

reinstatement of the indebtedness evidenced
hereby or as a waiver of such right of acceleration or of the right of Lender
thereafter to insist upon strict compliance with the terms of this Note, or (ii) to
prevent the exercise of such right of acceleration or any other right granted
hereunder or by any applicable laws; and Borrower hereby expressly waives the
benefit of any statute or rule of law or equity now provided, or which may
hereafter be provided, which would produce a result contrary to or in conflict
with the foregoing. No extension of the time for the payment of this Note or
any installment due hereunder made by agreement with any person now or
hereafter liable for the payment of this Note shall operate to release,
discharge, modify, change or affect the original liability of Borrower under
this Note, either in whole or in part, unless Lender agrees otherwise in
writing. This Note may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.

Section 3.2             Waivers. Presentment for
payment, demand, protest and notice of demand, protest and nonpayment and all
other notices are hereby waived by Borrower. Borrower hereby further waives and
renounces, to the fullest extent permitted by law, all rights to the benefits
of any moratorium, reinstatement, marshaling, forbearance, valuation, stay,
extension, redemption, appraisement, exemption and homestead now or hereafter
provided by the Constitution and laws of the United States of America and of
each state thereof, both as to itself and in and to all of its property, real
and personal, against the enforcement and collection of the obligations
evidenced by this Note or the other Loan Documents.

Section 3.3             Limit of Validity. The
provisions of this Note and of all agreements between Borrower and Lender,
whether now existing or hereafter arising and whether written or oral,
including, but not limited to, the Loan Documents, are hereby expressly limited
so that in no contingency or event whatsoever, whether by reason of demand or
acceleration of the maturity of this Note or otherwise, shall the amount
contracted for, charged, taken, reserved, paid or agreed to be paid (“Interest”) to Lender
for the use, forbearance or detention of the money loaned under this Note
exceed the maximum amount permissible under applicable law. If, from any
circumstance whatsoever, performance or fulfillment of any provision hereof or
of any agreement between Borrower and Lender shall, at the time performance or
fulfillment of such provision shall be due, exceed the limit for Interest
prescribed by law or otherwise transcend the limit of validity prescribed by
applicable law, then, ipso facto, the obligation to be performed or fulfilled
shall be reduced to such limit, and if, from any circumstance whatsoever,
Lender shall ever receive anything of value deemed Interest by applicable law
in excess of the maximum lawful amount, an amount equal to any excessive
Interest shall be applied to the reduction of the principal balance owing under
this Note in the inverse order of its maturity (whether or not then due) or, at
the option of Lender, be paid over to Borrower, and not to the payment of
Interest. All Interest (including any amounts or payments judicially or
otherwise under the law deemed to be Interest) contracted for, charged, taken,
reserved, paid or agreed to be paid to Lender shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the
full term of this Note, including any extensions and renewals hereof until
payment in full of the principal balance of this Note so that the Interest
thereon for such full term will not exceed at any time the maximum amount
permitted by applicable law. To the extent United States federal law permits a
greater amount of interest than is permitted under the law of the State in
which the Property is located, Lender will rely on United States federal law
for the purpose of determining the maximum amount permitted 

 11
 

 

by applicable law. Additionally, to the
extent permitted by applicable law now or hereafter in effect, Lender may, at
its option and from time to time, implement any other method of computing the
maximum lawful rate under the law of the State in which the Property is located
or under other applicable law by giving notice, if required, to Borrower as
provided by applicable law now or hereafter in effect. This Section 3.3
will control all agreements between Borrower and Lender.

Section 3.4             Use of Funds. Borrower
hereby warrants, represents and covenants that no funds disbursed hereunder
shall be used for personal, family or household purposes.

Section 3.5             Unconditional Payment. Borrower
is and shall be obligated to pay principal, interest and any and all other
amounts which become payable hereunder or under the other Loan Documents
absolutely and unconditionally and without any abatement, postponement,
diminution or deduction and without any reduction for counterclaim or setoff. In
the event that at any time any payment received by Lender hereunder shall be
deemed by a court of competent jurisdiction to have been a voidable preference
or fraudulent conveyance under any bankruptcy, insolvency or other debtor
relief law, then the obligation to make such payment shall survive any
cancellation or satisfaction of this Note or return thereof to Borrower and
shall not be discharged or satisfied with any prior payment thereof or
cancellation of this Note, but shall remain a valid and binding obligation
enforceable in accordance with the terms and provisions hereof, and such
payment shall be immediately due and payable upon demand.

Section 3.6             Governing Law. THIS NOTE
SHALL BE INTERPRETED, CONSTRUED AND ENFORCED ACCORDING TO THE LAWS OF THE STATE
IN WHICH THE PROPERTY IS LOCATED.

Section 3.7             Waiver of Jury Trial. BORROWER,
TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, WAIVES,
RELINQUISHES AND FOREVER FORGOES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO THE DEBT
EVIDENCED BY THIS NOTE OR ANY CONDUCT, ACT OR OMISSION OF LENDER OR BORROWER,
OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, PARTNERS, MEMBERS, EMPLOYEES,
AGENTS OR ATTORNEYS, OR ANY OTHER PERSONS AFFILIATED WITH LENDER OR BORROWER,
IN EACH OF THE FOREGOING CASES, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE.

ARTICLE IV

MISCELLANEOUS PROVISIONS

Section 4.1             Successors and Assigns; Joint
and Several; Interpretation. The terms and provisions hereof shall be
binding upon and inure to the benefit of Borrower and Lender and their
respective heirs, executors, legal representatives, successors, successors in
title and assigns, whether by voluntary action of the parties or by operation
of law. As used herein, 

 12
 

 

the terms “Borrower” and “Lender” shall be
deemed to include their respective heirs, executors, legal representatives,
successors, successors in title and assigns, whether by voluntary action of the
parties or by operation of law. If Borrower consists of more than one person or
entity, each shall be jointly and severally liable to perform the obligations
of Borrower under this Note. All personal pronouns used herein, whether used in
the masculine, feminine or neuter gender, shall include all other genders; the
singular shall include the plural and vice versa. Titles of articles and
sections are for convenience only and in no way define, limit, amplify or
describe the scope or intent of any provisions hereof. Time is of the essence
with respect to all provisions of this Note. This Note and the other Loan
Documents contain the entire agreements between the parties hereto relating to
the subject matter hereof and thereof and all prior agreements relative hereto
and thereto which are not contained herein or therein are terminated.

Section 4.2             Taxpayer Identification. Borrower’s
Tax Identification Number is 01-0817668.

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 13

IN WITNESS WHEREOF,
Borrower has executed this Note as of the date first written above.

	
   

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
  51 CHUBB SPE LLC,

  
	
   

  	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  	
  By: 

  	
  /s/ Mitchell E. Hersh

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Mitchell E. Hersh

  
	
   

  	
   

  	
   

  	
  Title: President and Chief Executive Officer

  
	
  STATE OF New Jersey

  	
   

  	
   

  	
   

  
	
   

  	
  SS:

  	
   

  	
   

  
	
  COUNTY OF Union

  	
   

  	
   

  	
   

  

 

BE IT REMEMBERED that on the 8th day of May, 2006, Mitchell
E. Hersh personally came before me, and
this person acknowledged under oath, to my satisfaction, that he is the
President and Chief Executive Officer of 51 CHUBB SPE LLC, a Delaware limited
liability company, the entity named in this document, and this document was
signed and delivered by the entity as its voluntary act duly authorized by a
proper resolution of the limited liability company.

	
   

  	
  /s/ Beverly E. Sturr

  	
   

  
	
   

  	
  Beverly E. Sturr

  
	
   

  	
  Notary Public of New Jersey

  
	
   

  	
  My Commission expires on March 30, 2010Exhibit 10.15

EMPLOYMENT AGREEMENT

FOR

MARK YEAGER

 
  

Table of Contents

	
  1.

  	
   

  	
  Employment

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Employment Period

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Services / Place of
  Employment

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Compensation and
  Benefits

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Termination of Employment
  and Change in Control

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Compensation Upon
  Termination of Employment By the Company for Cause or By Executive without
  Good Reason  

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Compensation Upon
  Termination of Employment Upon Death or Disability

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Compensation Upon
  Termination of Employment By the Company Without Cause or By Executive for
  Good Reason  

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Change in Control

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Mitigation / Effect on
  Employee Benefit Plans and Programs

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Confidential
  Information

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Return of Documents

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Noncompete

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Remedies

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Indemnification/Legal
  Fees

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Successors and Assigns

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Timing of and No
  Duplication of Payments

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  18.

  	
   

  	
  Modification or Waiver

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  19.

  	
   

  	
  Notices

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
  20.

  	
   

  	
  Governing Law

  	
  21

  
	
   

  	
   

  	
   

  	
   

  
	
  21.

  	
   

  	
  Severability

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  22.

  	
   

  	
  Legal Representation

  	
  22

  

 

 i
 

 
  

 

	
  

  	
   

  	
   

  	
   

  
	
  23.

  	
   

  	
  Counterparts

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  24.

  	
   

  	
  Headings

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  25.

  	
   

  	
  Entire Agreement

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  26.

  	
   

  	
  Survival of Agreements

  	
  23

  

 

 ii

MARK YEAGER EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the
“Agreement”) is entered into as of May 9, 2006, by and between Mark
Yeager, an individual residing at 72 Fernwood Road, Summit, New Jersey 07901 (“Executive”),
and Mack-Cali Realty Corporation, a Maryland corporation with offices at 11
Commerce Drive, Cranford, New Jersey 07016 (the “Company”).

RECITALS

WHEREAS, the Company has acquired the membership interests in a group
of companies referred to collectively as The Gale Service Companies and a
portfolio of assets referred to collectively as the New Jersey Bellemead
Portfolio; and

WHEREAS, the Company desires to employ Executive in the capacity of
Executive Vice President of the Company, and Executive desires to be employed
by the Company in this capacity, pursuant to the terms set forth herein.

NOW THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein, the parties hereby agree as follows:

1.                                      Employment.

The Company hereby agrees to employ Executive, and Executive
hereby agrees to accept such employment during the period and upon the terms
and conditions set forth in this Agreement.

2.                                      Employment
Period.

(a)           Except as otherwise provided in this
Agreement to the contrary, the terms and conditions of this Agreement shall be
and remain in effect during the period of employment (the “Employment Period”)
established under this Paragraph 2. The initial Employment Period

 

shall be
for a term commencing on the Effective Date and ending on the third (3rd) anniversary
of the Effective Date provided,
however, that commencing on the third (3rd) anniversary of the Effective Date and
on each day thereafter, the Employment Period shall be extended automatically
for one additional day so that a constant one (1) year Employment Period
shall be in effect unless the Company or Executive elects not to extend the
term of this Agreement by giving written notice to the other party not less
than six (6) months prior to the designated expiration date, in which
case, the term of this Agreement shall become fixed for the balance of the
designated term. Any extension of this Agreement shall not create an obligation
of the Company to issue new awards to Executive hereunder. The “Effective Date”
shall be the “Closing Date” as defined in Section 2.03 of the Membership
Interest Purchase and Contribution Agreement dated March 7, 2007 by and
among Mr. Stanley C. Gale, SCG Holding Corp., Mack-Cali Realty Acquisition
Corp., and Mack-Cali Realty L.P.

(b)           Notwithstanding anything contained
herein to the contrary:  (i) Executive’s
employment with the Company may be terminated by the Company or Executive
during the Employment Period subject to the terms and conditions of this
Agreement; and (ii) nothing in this Agreement shall mandate or prohibit a
continuation of Executive’s employment following the expiration of the
Employment Period upon such terms and conditions as the Board of Directors of
the Company (the “Board”) and Executive may mutually agree.

(c)           If Executive’s employment with the
Company is terminated, for purposes of this Agreement the term “Unexpired
Employment Period” shall mean the period commencing on the date of such
termination and ending on the last day of the Employment Period.

 2
 

 

3.             Services / Place of Employment.

Services. During
the Employment Period, Executive shall hold the position of Executive Vice
President of the Company. Executive shall devote his best efforts and
substantially all of his business time, skill and attention to the business of
the Company and its affiliates (other than absences due to vacation, illness,
disability or approved leave of absence), and shall perform such duties as are
customarily performed by similar executive officers and as may be more
specifically enumerated from time to time by the Chief Executive Officer; provided,
however, that the foregoing is not intended to (a) preclude
Executive from (i) owning and managing personal investments, including
real estate investments, subject to the restrictions set forth in Paragraph 13
hereof or (ii) engaging in charitable activities and community affairs, or
(b) restrict or otherwise limit Executive from conducting real estate
development, acquisition or management activities with respect to, and/or
additional investment in, those properties described in Schedule A attached
hereto (the “Excluded Properties”) provided that the performance of the
activities referred to in clauses (a) and (b) does not prevent
Executive from devoting substantially all of his business time to the Company.

4.                                      Compensation
and Benefits.

(a)           Salary. During the Employment
Period, the Company shall pay Executive a minimum annual base salary in the
amount of $370,000 (the “Annual Base Salary”) payable in accordance with the
Company’s regular payroll practices. Executive’s Annual Base Salary shall be
reviewed annually in accordance with the policy of the Company from time to
time and may be subject to upward adjustment based upon, among other things,
Executive’s performance, as determined in the sole discretion of the Chief
Executive Officer. In no event shall Executive’s Annual Base Salary in effect
at a particular time be reduced without his prior written consent.

 3
 

 

(b)           Incentive Compensation/Bonuses.
In addition, Executive shall be eligible for incentive compensation payable
each year in such amounts as may be determined by the Option and Executive
Compensation Committee of the Board (the “Compensation Committee”). Executive
shall be entitled to receive such bonuses, restricted share awards and options
to purchase shares of common stock, par value $0.01 per share, of the Company
(the “Common Stock”) as the Board or the Compensation Committee as the case may
be shall approve, in its sole discretion, including, without limitation,
options, restricted share awards and bonuses contingent upon Executive’s
performance and the achievement of specified financial and operating objectives.
In addition to the foregoing, Company shall pay Executive an Initial Year Bonus
on or before December 31, 2006, so long as the Executive’s employment has
not been terminated by the Company for Cause or by Executive without Good
Reason on or before such date. For the purposes of the foregoing, “Initial Year
Bonus” shall mean a single cash payment in an amount equal to $350,000.

(c)           ­Restricted Share Award/Tax Gross-Up
Payment. Pursuant to the 2000 Employee Stock Option Plan of Mack-Cali
Realty Corporation, which was effective as of September 11, 2000 (the “SOP”),
Executive will be awarded a restricted share award of ten thousand (10,000)
shares of Common Stock (collectively, the “Restricted Shares”) as of the
Effective Date, five thousand (5,000) shares of which will have a Vesting Date
of January 1, 2007 and the remaining five thousand (5,000) shares of which
will have a Vesting Date of January 1, 2008, subject to the terms of the
Restricted Share Award Agreement between Company and Executive. Upon vesting of
each portion of the Restricted Shares, Executive shall be entitled to receive a
tax gross-up payment (the “Tax Gross-Up Payment”) from the Company with respect
to each tax year in which Restricted Shares granted pursuant to the Restricted
Share

 4
 

 

Awards
vest and are distributed to him. Each Tax Gross-Up Payment shall be a dollar
amount equal to forty-three (43%) percent of the fair market value of the
Restricted Shares at time of vesting, exclusive of dividends. In the event
vesting occurs with respect to any Restricted Shares as a result of the
achievement of the required performance goals, such payment shall be made as
soon as practicable after a determination that the performance goals have been
achieved but in no event later than the 90th day of the fiscal year of the Company
immediately following the fiscal year as to which the performance goals were
achieved. In the event vesting occurs for any other reason, including, without
limitation, termination of Executive’s employment by the Company without Cause
or by Executive for Good Reason (but excluding a termination by the Company for
Cause or a voluntary quit without Good Reason by Executive), such payment shall
be made as soon as practicable after the date of vesting but in no event later
than the tenth (10th)
business day following such vesting.

(d)           Taxes and Withholding. The
Company shall have the right to deduct and withhold from all compensation all
social security and other federal, state and local taxes and charges which
currently are or which hereafter may be required by law to be so deducted and
withheld.

(e)           Additional Benefits. In
addition to the compensation specified above and other benefits provided pursuant
to this Paragraph 4, Executive shall be entitled to the following benefits:

(i)                                     participation
in the SOP, the Mack-Cali Realty Corporation 401(k) Savings and Retirement
Plan (subject to statutory rules and maximum contributions and
non-discrimination requirements applicable to 401(k) plans) and such other
benefit plans and programs, including but not limited to restricted stock,
phantom stock and/or unit awards, loan programs and any other incentive
compensation plans or programs (whether or not employee benefit

 5
 

 

plans or
programs), as maintained by the Company from time to time and made generally
available to executives of the Company with such participation to be consistent
with reasonable Company guidelines;

(ii)                                  participation
in any health insurance, disability insurance, paid vacation, group life
insurance or other welfare benefit program made generally available to
executives of the Company; and

(iii)                               reimbursement
for reasonable business expenses incurred by Executive in furtherance of the
interests of the Company including a monthly allowance of one thousand two
hundred ($1,200) dollars which is intended to cover the cost of local
business-related travel expenses exclusive of amounts paid to third-parties (e.g.
taxi service).

5.                                      Termination
of Employment and Change in Control.

(a)           Executive’s employment hereunder may
be terminated during the Employment Period under the following circumstances:

(i)                                     Cause.
The Company shall have the right to terminate Executive’s employment for Cause
upon Executive’s: (A) willful and continued failure to use best efforts to
substantially perform his duties hereunder (other than any such failure
resulting from Executive’s incapacity due to physical or mental illness) for a
period of thirty (30) days after written demand for substantial performance is
delivered by the Company specifically identifying the manner in which the
Company believes Executive has not substantially performed his duties; (B) willful
misconduct and/or willful violation of Paragraph 11 hereof, which is materially
economically injurious to the Company, its affiliates, or the partnership taken
as a whole; (C) the willful violation of the provisions of Paragraph 13
hereof; or (D) conviction of, or plea of guilty to a felony. For purposes
of this sub-paragraph 5(a), no act, or failure to act, on Executive’s
part shall be considered “willful” unless done, or omitted to be done, by him (I) not
in good faith and (II) without reasonable belief that his action or
omission was in furtherance of the interests of the Company.

(ii)                                  Death.  Executive’s employment hereunder shall
terminate upon his death.

(iii)                               Disability.
The Company shall have the right to terminate Executive’s employment due to “Disability”
in the event that there

 6
 

 

is a
determination by the Company, upon the advice of an independent qualified
physician, reasonably acceptable to Executive, that Executive has become
physically or mentally incapable of performing his duties under this Agreement
and such disability has disabled Executive for a cumulative period of one
hundred eighty (180) days within a twelve (12) month period.

(iv)                              Good
Reason. Executive shall have the right to terminate his employment for “Good
Reason”: (A) upon the occurrence of any material breach of this Agreement
by the Company which shall include but not be limited to an assignment to
Executive of duties materially and adversely inconsistent with Executive’s
status as Executive Vice President of the Company, or a material adverse
alteration in the nature of a diminution in Executive’s duties and/or
responsibilities, reporting obligations, titles or authority; (B) upon a
reduction in Executive’s Annual Base Salary or a material reduction in other
benefits (except for bonuses or similar discretionary payments) as in effect at
the time in question, a failure to pay such amounts when due or any other
failure by the Company to comply with Paragraph 4 hereof; or (C) upon any
purported termination of Executive’s employment for Cause which is not effected
pursuant to the procedures of sub-paragraph 5(a)(i) (and for purposes of
this Agreement, in the event of such failure to comply, no such purported
termination shall be effective).

(v)                                 Without
Cause. The Company shall have the right to terminate the Executive’s
employment hereunder without Cause subject to the terms and conditions of this
Agreement.

(vi)                              Without
Good Reason. The Executive shall have the right to terminate his employment
hereunder without Good Reason subject to the terms and conditions of this
Agreement.

(vii)                           Change
in Control. For purposes of this Agreement “Change in Control” shall mean
that any of the following events has occurred: 
(A) any “person” or “group” of persons, as such terms are used in
Sections 13 and 14 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), other than any employee benefit plan sponsored by the Company, becomes
the “beneficial owner”, as such term is used in Section 13 of the Exchange
Act, (irrespective of any vesting or waiting periods) of (I) Common Stock
or any class of stock convertible into Common Stock and/or (II) Common OP
Units or preferred units or any other class of units convertible into Common OP
Units, in an amount equal to twenty (20%) percent or more of the sum total of
the Common Stock and

 7
 

 

the Common OP
Units (treating all classes of outstanding stock, units or other securities
convertible into stock units as if they were converted into Common Stock or
Common OP Units as the case may be and then treating Common Stock and Common OP
Units as if they were a single class) issued and outstanding immediately prior
to such acquisition as if they were a single class and disregarding any equity
raise in connection with the financing of such transaction; (B) any Common
Stock is purchased pursuant to a tender or exchange offer other than an offer
by the Company; (C) the dissolution or liquidation of the Company or the
consummation of any merger or consolidation of the Company or any sale or other
disposition of all or substantially all of its assets, if the shareholders of the
Company and unitholders of the partnership taken as a whole and considered as
one class immediately before such transaction own, immediately after
consummation of such transaction, equity securities and partnership units
possessing less than fifty (50%) percent of the surviving or acquiring company
and partnership taken as a whole; or (D) a turnover, during any two (2) year
period, of the majority of the members of the Board, without the consent of the
remaining members of the Board as to the appointment of the new Board members.

(b)           Notice of Termination. Any
termination of Executive’s employment by the Company or any such termination by
Executive (other than on account of death) shall be communicated by written
Notice of Termination to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon and shall set
forth in reasonable detail the facts and circumstances claimed to provide a
basis for termination of Executive’s employment under the provision so
indicated. In the event of the termination of Executive’s employment on account
of death, written Notice of Termination shall be deemed to have been provided
on the date of death.

 8
 

 

6.                                         Compensation
Upon Termination of Employment By the Company for Cause or By Executive without
Good Reason.

In the
event the Company terminates Executive’s employment for Cause or Executive
terminates his employment without Good Reason, the Company shall pay Executive
any unpaid Annual Base Salary at the rate then in effect accrued through and
including the date of termination, Expense Reimbursement (as hereinafter
defined) and amounts payable under Company programs in accordance with their
terms (“Applicable Benefits”). In addition, in such event, Executive shall be
entitled (i) to receive any earned but unpaid incentive compensation or
bonuses and (ii) to exercise any options which have vested and are
exercisable in accordance with the terms of the applicable option grant
agreement or plan, and (iii) to retain and/or receive any Restricted
Shares which have vested as of the last day of the Company’s fiscal year
coincident or immediately preceding Executive’s termination of employment and
the corresponding Tax Gross-Up Payment (irrespective of whether the
determination is made after Executive’s termination of employment).

Except
for any rights which Executive may have to unpaid salary amounts through and
including the date of termination (“Accrued Salary”), Expense Reimbursement,
Applicable Benefits, earned but unpaid incentive compensation or bonuses,
vested options, vested Restricted Shares and the corresponding Tax Gross-Up
Payment, the Company shall have no further obligations hereunder following such
termination. The aforesaid amounts shall be payable in full immediately upon
such termination.

7.                                      Compensation
Upon Termination of Employment Upon Death or Disability.

In
the event of termination of Executive’s employment as a result of either
Executive’s death or Disability, the Company shall pay to Executive, his estate
or his personal representative

 9
 

 

the aggregate of (i) a cash payment of one million
dollars ($1,000,000) in full immediately upon such termination (the “Fixed
Amount”) and (ii) reimbursement of expenses incurred prior to date of
termination (“Expense Reimbursement”). Executive (and Executive’s dependents)
shall also receive continuation of health coverage through the end of the
Unexpired Employment Period on the same basis as health coverage is provided by
the Company for active employees and as may be amended from time to time (“Medical
Continuation”).

In
addition, all (A) incentive compensation payments or programs of any
nature whether stock based or otherwise that are subject to a vesting schedule
including, without limitation, the Restricted Share Awards or any other
restricted stock, phantom stock, units and any loan forgiveness arrangements
granted to Executive (“Incentive Compensation”) shall immediately vest as of
the date of such termination (“Vested Incentive Compensation”), (B) options
granted to Executive shall immediately vest as of the date of such termination
(the “Vested Options”) and Executive shall be entitled at the option of
Executive, his estate or his personal representative, within one (1) year
of the date of such termination, to exercise the Vested Options and/or other
options which have vested (including, without limitation, all other options
which have previously vested in accordance with any applicable option grant agreement
or plan) (the “Total Vested Options”) and are exercisable in accordance with
the terms of the applicable option grant agreement or plan and/or any other
methods or procedures for exercise applicable to optionees or to require the
Company (upon written notice delivered within one hundred eighty (180) days
following the date of Executive’s termination) to repurchase all or any portion
of Executive’s vested options to purchase shares of Common Stock at a price
equal to the difference between the Repurchase Fair Market Value (as
hereinafter defined) of the shares of Common Stock for which the options to be
repurchased are exercisable and the exercise price of

 10
 

 

such
options as of the date of Executive’s termination of employment (the “Vested
Option Exercise Election”), and (C) the Tax Gross-Up Payment(s) applicable
to the Restricted Share Awards shall vest and be paid to Executive at such time
as provided in sub-paragraph 4(c) above (the “Vested Tax Gross-Up
Payments”). In the event of a conflict between any Incentive Compensation grant
agreement or program or any option grant agreement or plan and this Agreement,
the terms of this Agreement shall control.

Except for any rights which Executive or Executive’s estate
in the event of Executive’s death may have to all of the above including the
Fixed Amount, Vested Incentive Compensation, Total Vested Options and the
Vested Option Exercise Election, the Vested Tax Gross-Up Payment, Accrued
Salary, Accrued Benefits, Expense Reimbursement and Medical Continuation (which,
in the event of Executive’s death, shall be provided to Executive’s
dependents), the Company shall have no further obligations hereunder following
such termination.

For purposes of this Agreement, “Repurchase Fair Market Value”
shall mean the average of the closing price on the New York Stock Exchange (or
such other exchange on which the Common Stock is primarily traded) of the
Common Stock on each of the trading days within the thirty (30) days
immediately preceding the date of termination of Executive’s employment.

8.                                      Compensation
Upon Termination of Employment By the Company Without Cause or By Executive for
Good Reason.

In
the event the Company terminates Executive’s employment for any reason other
than Cause or Executive terminates his employment for Good Reason, the Company
shall pay to Executive and Executive shall be entitled to receive the aggregate
of (i) the Fixed Amount and (ii) Vested Incentive Compensation, Total
Vested Options and the Vested Option Exercise Election, the Vested Tax Gross-Up
Payment, Expense Reimbursement and Medical

 11
 

 

Continuation. In the event of a conflict between any
incentive Compensation grant agreement or program or any option grant agreement
or plan and this Agreement, the terms of this Agreement shall control. Executive
understands that any options exercised more than ninety (90) days following the
date of his termination of employment which were granted as incentive stock
options shall automatically be converted into non-qualified options.

Except for any rights which Executive may have to the Fixed
Amount, Vested Incentive Compensation, Total Vested Options and the Vested
Option Exercise Election, the Vested Tax Gross-Up Payment, Accrued Salary,
Accrued Benefits, Expense Reimbursement and Medical Continuation, the Company
shall have no further obligations hereunder following such termination. The
parties both agree that the agreement to make these payments was consideration
and an inducement to obtain Executive’s consent to enter into this Agreement.
The payments are not a penalty and neither party will claim them to be a
penalty. Rather, the payments represent a fair approximation of reasonable
amounts due to Executive for the Employment Period.

9.                                      Change
in Control.

(a)           Options. Any Incentive
Compensation and options granted to Executive that have not vested as of the
date of a Change in Control shall immediately vest upon the date of the Change
in Control. Neither the occurrence of a Change in Control, nor the vesting in
any options as a result thereof shall require Executive to exercise any
options. In the event of a conflict between any Incentive Compensation grant
agreement or program or any option grant agreement or plan and this Agreement,
the terms of this Agreement shall control.

(b)           Excise Tax Gross Up. If it is
determined by an independent accountant mutually acceptable to the Company and
Executive that as a result of any payment in the nature of compensation made by
the Company to (or for the benefit of) Executive pursuant to this

 12
 

 

Agreement
or otherwise, an excise tax may be imposed on Executive pursuant to Section 4999
of the Internal Revenue Code (or any successor provisions), the Company shall
pay Executive in cash an amount equal to X determined under the following
formula: (the “Excise Tax Gross Up”):

E x P

X = __________________________________

         1-[(FI
x (1-SLI)) + SLI + E + M]

	
  

  	
   

  	
  where

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  E

  	
   

  	
  =

  	
   

  	
  the rate at which the
  excise tax is assessed under Section 4999 of the Code (or any successor
  provisions);

  
	
   

  	
   

  	
  P

  	
   

  	
  =

  	
   

  	
  the amount with respect
  to which such excise tax is assessed, determined without regard to the Excise
  Tax Gross Up;

  
	
   

  	
   

  	
  FI

  	
   

  	
  =

  	
   

  	
  the highest effective
  marginal rate of income tax applicable to Executive under the Code for the
  taxable year in question (taking into account any phase-out or loss of
  deductions, personal exemptions or other similar adjustments);

  
	
   

  	
   

  	
  SLI

  	
   

  	
  =

  	
   

  	
  the sum of the highest
  effective marginal rates of income tax applicable to Executive under all
  applicable state and local laws for the taxable year in question (taking into
  account any phase-out or loss of deductions, personal exemptions and
  other similar adjustments); and

  
	
   

  	
   

  	
  M

  	
   

  	
  =

  	
   

  	
  the highest marginal
  rate of Medicare tax applicable to Executive under the Code for the taxable
  year in question.

  

 

With
respect to any payment in the nature of compensation that is made to (or for
the benefit of) Executive under the terms of this Agreement or otherwise and on
which an excise tax under Section 4999 of the Code (or any successor
provisions) may be assessed, the payment determined under this sub-paragraph 9(c) shall
be paid to Executive at the time of the Change in Control but prior to the
consummation of the transaction with any successor. It is the intention of the
parties that the Company provide Executive with a full tax Gross-Up under the
provisions

 13
 

 

of this
sub-paragraph, so that on a net after-tax basis, the result to Executive shall
be the same as if the excise tax under Section 4999 of the Code (or any
successor provisions) had not been imposed. The Excise Tax Gross Up may be
adjusted if alternative minimum tax rules are applicable to Executive.

10.                               Mitigation
/ Effect on Employee Benefit Plans and Programs.

(a)             Mitigation. Executive shall
not be required to mitigate amounts payable under this Agreement by seeking
other employment or otherwise, and there shall be no offset against amounts due
Executive under this Agreement on account of subsequent employment. Amounts
owed to Executive under this Agreement shall not be offset by any claims the
Company may have against Executive and such payment shall not be affected by
any other circumstances, including, without limitation, any counterclaim,
recoupment, defense, or other right which the Company may have against Executive
or others.

(b)           Effect on Employee Benefit
Programs. The termination of Executive’s employment hereunder, whether by
the Company or Executive, shall have no effect on the rights and obligations of
the parties hereto under the Company’s (i) welfare benefit plans
including, without limitation, Medical Continuation as provided for herein and,
health coverage thereafter but only to the extent required by law, and on the
same basis applicable to other employees and (ii) 401(k) Plan but
only to the extent required by law and pursuant to the terms of the 401(k) Plan.

11.                               Confidential
Information.

(a)           Executive understands and
acknowledges that during his employment with the Company, he will be exposed to
Confidential Information (as defined below), all of which is proprietary and
which will rightfully belong to the Company. Executive shall hold in a
fiduciary

 14
 

 

capacity
for the benefit of the Company such Confidential Information obtained by
Executive during his employment with the Company and shall not, directly or
indirectly, at any time, either during or after his employment with the
Company, without the Company’s prior written consent, use any of such
Confidential Information or disclose any of such Confidential Information to
any individual or entity other than the Company or its employees, attorneys,
accountants, financial advisors, consultants, or investment bankers except as
required in the performance of his duties for the Company or as otherwise
required by law. Executive shall take all reasonable steps to safeguard such
Confidential Information and to protect such Confidential Information against
disclosure, misuse, loss or theft.

(b)           The term “Confidential Information”
shall mean any information not generally known in the relevant trade or
industry or otherwise not generally available to the public, which was obtained
from the Company or its predecessors or which was learned, discovered,
developed, conceived, originated or prepared during or as a result of the
performance of any services by Executive on behalf of the Company or its
predecessors, but shall not include information in the public domain through no
wrongdoing of Executive or information given to Executive by a third party
under no duty of confidentiality to the Company. For purposes of this Paragraph
11, the Company shall be deemed to include any entity which is controlled,
directly or indirectly, by the Company and any entity of which a majority of
the economic interest is owned, directly or indirectly, by the Company.

 15
 

 

12.          Return of Documents.

Except for such items which are of a
personal nature to Executive (e.g., daily business planner), all
writings, records, and other documents and things containing any Confidential
Information shall be the exclusive property of the Company, shall not be copied,
summarized,  extracted from, or removed
from the premises of the Company, except in pursuit of the business of the
Company and at the direction of the Company, and shall be delivered to the
Company, without retaining any copies, upon the termination of Executive’s
employment or at any time as requested by the Company.

13.                               Noncompete.

Executive
agrees that:

(a)          During the Employment Period and, in
the event (i) the Company terminates Executive’s employment for Cause, or (ii) Executive
terminates his employment without Good Reason, for a one (1) year period
thereafter, Executive shall not, directly or indirectly, within the continental
United States, engage in, or own, invest in, manage or control any venture or
enterprise primarily engaged in any office-service, flex, or office property
development, acquisition or management activities without regard to whether or
not such activities compete with the Company. Nothing herein shall prohibit
Executive from being a passive owner of not more than five percent (5%) of the
outstanding stock of any class of securities of a corporation or other entity
engaged in such business which is publicly traded, so long as he has no active
participation in the business of such corporation or other entity. Moreover,
the foregoing limitations shall not be deemed to restrict or otherwise limit
Executive from conducting real estate development, acquisition or management
activities with respect to, or additional investment in, the Excluded
Properties, if any, provided that during the Employment

 16
 

 

Period
the performance of such activities does not prevent Executive from devoting
substantially all of his business time to the Company.

(b)          If, at the time of enforcement of this
Paragraph 13, a court shall hold that the duration, scope, area or other
restrictions stated herein are unreasonable, the parties agree that reasonable
maximum duration, scope, area or other restrictions may be substituted by such
court for the stated duration, scope, area or other restrictions and upon
substitution by such court, this Agreement shall be automatically modified
without further action by the parties hereto.

(c)          For purposes of this Paragraph 13, the
Company shall be deemed to include any entity which is controlled, directly or
indirectly, by the Company and any entity of which a majority of the economic
interest is owned, directly or indirectly, by the Company.

14.                               Remedies.

The
parties hereto agree that the Company would suffer irreparable harm from a
breach by Executive of any of the covenants or agreements contained in
Paragraphs 11, 12 or 13 of this Agreement. Therefore, in the event of the
actual or threatened breach by Executive of any of the provisions of Paragraphs
11, 12 or 13 of this Agreement, the Company may, in addition and supplementary
to other rights and remedies existing in its favor, apply to any court of law
or equity of competent jurisdiction for specific performance and/or injunctive
or other relief in order to enforce or prevent any violation of the provisions
thereof.

15.                               Indemnification/Legal
Fees.

(a)           Indemnification. In the event
the Executive is made party or threatened to be made a party to any action,
suit or proceeding, whether civil, criminal, administrative or investigative (a
“Proceeding”), by reason of Executive’s employment with or serving as an
officer or director of the Company, whether or not the basis of such Proceeding
is alleged action

 17
 

 

in an
official capacity, the Company shall indemnify, hold harmless and defend
Executive to the fullest extent authorized by Maryland law, as the same exists
and may hereafter be amended, against any and all claims, demands, suits,
judgments, assessments and settlements including all expenses incurred or
suffered by Executive in connection therewith (including, without limitation, all
legal fees incurred using counsel reasonably acceptable to Executive) and such
indemnification shall continue as to Executive even after Executive is no
longer employed by the Company and shall inure to the benefit of his heirs,
executors, and administrators. Expenses incurred by Executive in connection
with any Proceeding shall be paid by the Company in advance upon request of
Executive that the Company pay such expenses; but, only in the event that
Executive shall have delivered in writing to the Company an undertaking to
reimburse the Company for expenses with respect to which Executive is not
entitled to indemnification. The provisions of this Paragraph shall remain in
effect after this Agreement is terminated irrespective of the reasons for
termination. The indemnification provisions of this Paragraph shall not
supersede or reduce any indemnification provided to Executive under any
separate agreement, or the by-laws of the Company since it is intended that
this Agreement shall expand and extend the Executive’s rights to receive
indemnity.

(b)           Legal Fees. If any contest or
dispute shall arise between the Company and Executive regarding or as a result
of any provision of this Agreement, the Company shall reimburse Executive for
all legal fees and expenses reasonably incurred by Executive in connection with
such contest or dispute, but only if Executive is successful in respect of
substantially all of Executive’s claims pursued or defended in connection with
such contest or dispute. Such reimbursement shall be made as soon as
practicable following the resolution of such contest or dispute (whether or not
appealed).

 18
 

 

16.          Successors and Assigns.

(a)           The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in form and substance satisfactory to Executive, to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform it if no such
succession had taken place. Failure of the Company to obtain such agreement
prior to the effectiveness of such succession shall be a breach of this
Agreement and shall entitle Executive to compensation from the Company in the
same amount and on the same terms as he would be entitled to hereunder if
Executive terminated his employment hereunder for Good Reason except that for
purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed the date of termination. In the event of such
a breach of this Agreement, the Notice of Termination shall specify such date
as the date of termination. As used in this Agreement, “Company” shall mean the
Company as hereinbefore defined and any successor to all or substantially all
of its business and/or its assets as aforesaid which executes and delivers the
agreement provided for in this Paragraph 16 or which otherwise becomes bound by
all the terms and provisions of this Agreement by operation of law. Any cash
payments owed to Executive pursuant to this Paragraph 16 shall be paid to
Executive in a single sum without discount for early payment immediately prior
to the consummation of the transaction with such successor.

(b)          This Agreement and all rights of
Executive hereunder may be transferred only by will or the laws of descent and
distribution. Upon Executive’s death, this Agreement and all rights of
Executive hereunder shall inure to the benefit of and be enforceable by
Executive’s beneficiary or beneficiaries, personal or legal representatives, or
estate, to the extent any such

 19
 

 

person
succeeds to Executive’s interests under this Agreement. Executive shall be
entitled to select and change a beneficiary or beneficiaries to receive any
benefit or compensation payable hereunder following Executive’s death by giving
the Company written notice thereof. If Executive should die following the date
of termination while any amounts would still be payable to him hereunder if he
had continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement to such person or
persons so appointed in writing by Executive, including, without limitation,
under any applicable plan, or otherwise to his legal representatives or estate.

17.                               Timing
of and No Duplication of Payments.

All
payments payable to Executive pursuant to this Agreement shall be paid as soon
as practicable after such amounts have become fully vested and determinable. In
addition, Executive shall not be entitled to receive duplicate payments under
any of the provisions of this Agreement.

18.                               Modification
or Waiver.

No
amendment, modification, waiver, termination or cancellation of this Agreement
shall be binding or effective for any purpose unless it is made in a writing
signed by the party against whom enforcement of such amendment, modification,
waiver, termination or cancellation is sought. No course of dealing between or
among the parties to this Agreement shall be deemed to affect or to modify,
amend or discharge any provision or term of this Agreement. No delay on the
part of the Company or Executive in the exercise of any of their respective
rights or remedies shall operate as a waiver thereof, and no single or partial
exercise by the Company or Executive of any such right or remedy shall preclude
other or further exercise thereof. A waiver of right or

 20
 

 

remedy
on any one occasion shall not be construed as a bar to or waiver of any such
right or remedy on any other occasion.

The
respective rights and obligations of the parties hereunder shall survive the
Executive’s termination of employment and termination of this
Agreement to the extent necessary for the intended preservation of such rights
and obligations.

19.                               Notices.

All notices or other communications
required or permitted hereunder shall be made in writing and shall be deemed to
have been duly given if delivered by hand or delivered by a recognized delivery
service or mailed, postage prepaid, by express, certified or registered mail,
return receipt requested, and addressed to the Chief Executive Officer of the
Company or Executive, as applicable, at the address set forth above (or to such
other address as shall have been previously provided in accordance with this
Paragraph 19).

20.                               Governing
Law.

This
Agreement will be governed by and construed in accordance with the laws of the
State of New Jersey except as to Paragraph 15(a), without regard to principles
of conflicts of laws thereunder.

 21
 

 

21.          Severability.

Whenever possible, each provision and
term of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision or term of this Agreement
shall be held to be prohibited by or invalid
under such applicable law, then, subject to the provisions of Paragraph 13(b) above,
such provision or term shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating or affecting in any manner
whatsoever the remainder of such provisions or term or the remaining provisions
or terms of this Agreement.

22.                               Legal
Representation.

Each of
the Company and Executive have been represented by counsel with respect to this
Agreement.

23.                               Counterparts.

This Agreement may be executed in
separate counterparts, each of which is deemed to be an original and both of
which taken together shall constitute one and the same agreement.

24.                               Headings.

The
headings of the Paragraphs of this Agreement are inserted for convenience only
and shall not be deemed to constitute a part hereof and shall not affect the
construction or interpretation of this Agreement.

25.                               Entire
Agreement.

This
Agreement constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other prior agreements and undertakings,
both written and oral, among the parties with respect to the subject matter
hereof.

 22
 

 

26.          Survival of Agreements.

The covenants made in Paragraphs 5
through 15 and 21 each shall survive the termination of this Agreement.

*              *              *              *

IN WITNESS WHEREOF, the undersigned have executed
this Agreement as of the date first above written.

	
   

  	
  MACK-CALI REALTY CORPORATION

  
	
   

  	
   

  
	
   

  	
  By: /s/ 

  	
  Mitchell E.
  Hersh

  
	
   

  	
   

  	
  Mitchell E.
  Hersh

  
	
   

  	
   

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Mark Yeager

  
	
   

  	
   

  	
  Mark Yeager

  

 

 23

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