Document:

Executive Officers' Incentive Plan

 Exhibit 10.20 
 Executive Officers’ Incentive Plan 
 July 17, 2009 
 Executive officer’s will earn their respective target annual incentive compensation (the “Annual Bonus”) based on achievement of annual
financial goals as follows: 
  

	 	•	 	 In the event that the Company achieves 100% of the cash EPS bonus target for the fiscal year, as set by the Board (the “Cash EPS Target”), 100% of the
Annual Bonus will be earned. 

  

	 	•	 	 In the event that the Company achieves 73% of the Cash EPS Target, 50% of the Annual Bonus will be earned. 

  

	 	•	 	 In the event that the Company achieves less than 73% of the Cash EPS Target, no Annual Bonus will be earned. 

  

	 	•	 	 In the event that the Company achieves between 73% and 100% of the Cash EPS Target, the percent of Annual Bonus earned (beyond the 50% earned as a result of
achieving 73% of plan) will be calculated on a straight-line basis based upon the percent of the Cash EPS Target achieved between such 73% and 100%. 

  

	 	•	 	 In the event that the Company achieves 133% or more of the Cash EPS Target, 200% of the Annual Bonus will be earned. 

  

	 	•	 	 In the event that the Company achieves between 100% and 133% of the Cash EPS Target, the percent of Annual Bonus earned (beyond the 100% earned as a result of
achieving 100% of plan) will be calculated on a straight-line basis based upon the percent of the Cash EPS Target achieved between such 100% and 133%. 

 The Annual Bonus awards to executive officers may also be subject to individualized performance criteria apart from the Company’s EPS performance. 
 In addition, the Board and/or Compensation Committee may in its discretion authorize the payment of the target incentive compensation or such other amount irrespective of the achievement of the foregoing financial
objectives. 
 For fiscal 2010, the annual base salary and target Annual Bonus for each of the Named Executive Officers is as follows: 
  

									
	 Title
	  	 Name
	  	 Base Salary
	  	 Target Annual
Bonus

	 Chairman and Chief Executive Officer
	  	Bobby Yazdani	  	$	450,000	  	$	315,000
	 Chief Financial Officer
	  	William Slater	  	$	280,000	  	$	196,000
	 President, Global Field Operations
	  	Jeffrey T. Carr	  	$	290,000	  	$	290,000
	 Executive Vice President, Corporate Development and Secretary
	  	Peter E. Williams III	  	$	275,000	  	$	192,500

 To the extent the foregoing Executive Officer Incentive Plan provisions are not consistent with existing
employment arrangements, such provisions are intended to govern.Purchase and Sale Agreement

 Exhibit 10.1 
 PURCHASE AND SALE AGREEMENT 
 This PURCHASE AND SALE AGREEMENT (this “Agreement”),
dated as of July 15, 2009 (the “Closing Date”), is entered into by and between Taberna Loan Holdings I, L.L.C., a Delaware limited liability company (“Seller”) and AG Park Lane I Corp., a Delaware corporation
(“Purchaser”). 
 RECITALS 
 WHEREAS, Seller is the holder of and beneficial owner of the assets described on the attached Schedule A (the “Subject Assets”); and 
 WHEREAS, Purchaser desires to purchase from Seller, and Seller desires to sell to Purchaser, all of Seller’s right, title and interest in and to the
Subject Assets for the Purchase Price (defined below) and subject to the terms set forth herein; 
 NOW THEREFORE, in consideration of the
recitals and mutual promises herein and other good and valuable consideration, the parties hereto agree as follows: 
 ARTICLE I

 PURCHASE AND SALE 
 Section 1.01 Subject to the terms and conditions hereof, and in reliance upon the representations and warranties of Seller set forth herein, Seller hereby agrees to sell, transfer, convey, assign and deliver to Purchaser with full
title guarantee, and Purchaser hereby agrees to purchase from Seller, all of Seller’s right, title and interest in the Subject Assets, in each case, on the Closing Date, subject to the payment of the Purchase Price on the Transfer Date (as
defined below). 
 Section 1.02 On the Transfer Date, Purchaser shall pay to Seller an amount equal to $15,800,000 plus accrued interest
of $705,000 for the Subject Assets (the “Purchase Price”), less an amount equal to $250,000 (the “Holdback”). Seller shall, on the Transfer Date, reimburse Purchaser for its reasonable out-of-pocket expenses in
connection with its purchase of the Purchased Assets, up to $50,000. 
 The Purchase Price, minus the Holdback, shall be paid by Purchaser to
Seller or its designee by federal funds wire transfer of immediately available federal funds no later than 5:00 p.m. (New York City time) on the Transfer Date in accordance with the wiring instructions specified in Schedule B
attached hereto. The Holdback shall be deposited with Citibank, N.A. (the “Escrow Agent”), subject to the terms of that certain Indemnification Escrow Agreement, dated as of the date hereof (the “Escrow Agreement”),
by and among Seller, Purchaser and the Escrow Agent. In respect of all Subject Assets, other than Zeroed-Out Bonds that cannot be registered in the Purchaser’s name, upon receipt of evidence from all applicable transfer agents for such Subject
Assets that either (a) the applicable Subject Assets have been re-registered from Seller to Purchaser or (b) all transfer agents have received 

 
all necessary assignments, certificates and other documents necessary to effectuate a transfer of all the applicable Subject Assets from Seller to Purchaser,
Purchaser shall provide written instruction to the Escrow Agent to release the Holdback to Seller pursuant to the Escrow Agreement. As used in this Agreement, “Zeroed-Out Bond” means any Subject Asset for which the par amount of
such Subject Asset has been reduced to zero under the governing documents of such Subject Asset. 
 Section 1.03 The settlement of the
purchase and sale of the Subject Assets shall take place via email or at the offices of Cadwalader, Wickersham & Taft LLP, One World Financial Center, New York, New York 10281 no later than 5:00 p.m. on July 16, 2009 (the
“Transfer Date”), time being of the essence. 
 Section 1.04 All of Seller’s right, title and interest in the
Subject Assets and the Original Assignment Documents (as defined below) shall pass to Purchaser on the Closing Date, subject to the payment of the Purchase Price on the Transfer Date. On or before the Transfer Date, Seller shall (a) for each
Subject Asset that is in uncertificated form, transfer such Subject Asset to Wilmington Trust Company’s Account #2215 held with The Depository Trust Corporation in New York, New York to be held by Wilmington Trust Company for the benefit of
Purchaser and (b) deliver, or cause to be delivered (as applicable), to Purchaser or its designee (i) for each Subject Asset, an irrevocable direction letter executed by Seller, in the form attached as Exhibit I to this Agreement,
instructing the recipient to pay with respect to such Subject Asset, all amounts payable under such Subject Asset as directed by Purchaser (a “Direction Letter”), to be sent to and countersigned by the applicable recipient,
(ii) for each Subject Asset, copies of the agreements, contracts, certificates and other documents pursuant to which Seller acquired any right or interest in, or title to, such Subject Asset (collectively, the “Original Assignment
Documents”), (iii) for each Subject Asset registered in the name of Seller, (1) with respect to any Subject Asset that is a certificated security, such certificated security and (2) a complete executed set of any transfer
documents (including, without limitation, all other certificates, assignments and bond powers), in form sufficient to allow transfer and registration of the Subject Assets in the name of Purchaser and (iv) for each Subject Asset registered in
the name of a party other than the Seller, (1) with respect to any Subject Asset that is a certificated security, such certificated security, (2) a complete executed set of any transfer documents (including, without limitation, all other
certificates, assignments and bond powers), in form sufficient to allow transfer and registration of such Subject Asset in the name of Seller and (3) a complete executed set of any transfer documents from Seller, in form sufficient to allow
transfer and registration of such Subject Asset in the name of Purchaser. The Subject Assets shall not remain in the possession of Seller or any of its agents. 
 Section 1.05 As of the Closing Date, subject to the payment of the Purchase Price on the Transfer Date, Purchaser shall be entitled to (i) receive all interest and principal payments and other distributions
paid in respect of all Subject Assets and (ii) exercise all rights, including voting and corporate rights and rights previously held by Seller under the corresponding Original Assignment Documents, with respect to the Subject Assets, and Seller
shall exercise such rights on Purchaser’s behalf during the time in which Purchaser is not the registered holder of any Subject Asset, solely as directed by Purchaser. Seller hereby agrees to instruct each applicable trustee and servicer to
transfer all income in respect of Subject Assets directly to Purchaser. Notwithstanding the foregoing, if any payment of income or other distribution from Subject Assets is paid directly to Seller, each such payment received by Seller 

  

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shall be held by Seller for Purchaser’s benefit and promptly, but in no event later than two (2) business days after receipt by Seller from
Purchaser of a notice of such misdirected payment, shall be remitted to Purchaser. Notwithstanding the foregoing, if any payment of income or other distribution from Subject Assets for the period prior to the Closing Date is paid directly to
Purchaser, each such payment received by Purchaser shall be held by Purchaser for Seller’s benefit and promptly, but in no event later than two (2) business days after receipt by Purchaser from Seller of a notice of such misdirected
payment, shall be remitted to Seller. 
 Section 1.06 Seller shall (i) convey to Purchaser good title to the Subject Assets, free
and clear of any liens, claims, encumbrances or rights of others and (ii) not claim that the Subject Assets are part of the estate of Seller in the event of the insolvency or bankruptcy of Seller. 
 Section 1.07 If (a) other than with respect to the Zeroed-Out Bonds that cannot be registered in the Purchaser’s name, any Subject Asset
is not transferred and registered in the name of Purchaser on or before the earlier of (i) the date that is 60 calendar days after Seller obtains knowledge or receives notice originating from the applicable transfer agent for such Subject Asset
that such transfer agent is unable or unwilling to register such Subject Asset in the name of Purchaser after Purchaser and Seller have, in good faith, delivered all documents requested by such transfer agent or (ii) April 15, 2010 (the
“Final Registration Date”), in each case, for any reason, or (b) for any Subject Asset, the Seller fails to comply with the provisions of Section 1.06, Seller shall immediately repurchase the applicable Subject
Asset, together with all other Subject Assets issued by the issuer of such Subject Asset for which a copy of an opinion to the effect that such Subject Asset constitutes indebtedness or will not constitute equity for federal income tax purposes has
not also been delivered to Purchaser (collectively, the “Returned Assets”), at a purchase price, not less than zero, equal to (A) the sum of (1) the aggregate Return Price for such Returned Assets and (2) interest
equal to the daily application of the Interest Rate to the aggregate Return Price for such Returned Assets during the Holding Period, minus (B) the sum of (i) any interest, principal and other income actually received by Purchaser in
respect of such Returned Assets and (ii) any amount of the Holdback in respect of such Returned Assets that is either actually received by Purchaser or for which Seller has provided the Escrow Agent with an unqualified instruction to release
such funds; provided that, if the failure to re-register such Subject Asset as described in clause (a) above is due solely to an act or omission of Purchaser, Seller shall have no obligation to repurchase such Subject Asset;
provided further, that, if the applicable transfer agent has received all necessary documents to re-register such Subject Asset (as requested by the applicable transfer agent), the Final Registration Date shall be automatically
extended to June 1, 2010. As used herein, (x) “Holding Period” means, for any Returned Assets, the period beginning on the Transfer Date and ending on the date on which Seller repurchases such Returned Assets pursuant to
this 0, (y) “Interest Rate” shall mean a rate per annum equal to 10.5% and (z) “Return Price” shall mean, for such Returned Assets, the amount listed for such Returned Assets on Schedule E.

  

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 ARTICLE II 
 SECURITY INTEREST 
 Section 2.01 Purchaser and Seller confirm that the transaction contemplated
herein (the “Transaction”) is a purchase and sale of the Subject Assets and is not loan transaction. In the event, for any reason, that the Transaction is deemed by any court or regulatory authority, as a result of a change of law
or otherwise, not to be a purchase and sale of the Subject Assets, then the parties understand and intend that this Agreement constitutes a “securities contract” as that term is defined in Section 741(7) of the United States
Bankruptcy Code. In addition to the foregoing, (x) Seller hereby pledges to Purchaser as security for the performance by Seller of its obligations under this Agreement and hereby grants, assigns and pledges to Purchaser a fully perfected
first-priority security interest in the Subject Assets, together with any documents related or ancillary thereto (including, without limitation, the Original Assignment Documents) and all products and proceeds of any and all of the foregoing, in all
instances, whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Collateral”) and (y) possession of any other documentation relating to the Subject Assets by Seller shall constitute
constructive possession by Purchaser. 
 Section 2.02 For purposes of the grant of the security interest pursuant to this Article, the
Agreement shall be deemed to constitute a security agreement under the New York Uniform Commercial Code (the “UCC”). Purchaser shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC and
the other laws of the State of New York and Seller shall have all of the rights and may exercise all of the remedies of a debtor under the UCC and the other laws of the State of New York. In furtherance of the foregoing, (a) Seller, at its sole
cost and expense, shall cause to be filed in such locations as may be necessary to perfect and maintain perfection and priority of the security interest granted hereby, UCC 1 financing statements and continuation statements (collectively, the
“Filings”), and shall forward copies of such Filings to Purchaser upon completion thereof, (b) Seller shall from time to time take such further actions as may be reasonably requested by Purchaser to maintain and continue the
perfection and priority of the security interest granted hereby (including marking its records and files to evidence the interests granted to Purchaser hereunder) and (c) Seller hereby authorizes Purchaser, at Purchaser’s option, to file
any such Filings. 
 ARTICLE III 
 REPRESENTATIONS; WARRANTIES AND COVENANTS OF SELLER 
 Seller hereby represents, warrants and covenants to Purchaser, its
successors and assigns, that, as of the Transfer Date and, unless otherwise specified, as of the date hereof: 
 Section 3.01 It is
limited liability company, duly formed, validly existing and in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such
business is presently conducted and has been at all relevant times, and such execution and delivery does not and will not violate any law, regulation, ordinance, certificate of formation, limited liability company agreement or rule applicable to it.

  

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 Section 3.02 It has the requisite power and authority to execute and deliver this Agreement and to
carry out its terms; the execution, delivery and performance of this Agreement have been duly authorized by it by all necessary action; and this Agreement is its legal, valid, binding and enforceable obligation, subject to (i) any applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the enforceability of creditors’ rights generally and (ii) general equitable principles, whether applied in a
proceeding at law or in equity. 
 Section 3.03 This Agreement has been duly executed and delivered by it. 
 Section 3.04 On the date hereof, it has delivered to Purchaser a certificate of Seller, dated as of the date hereof, substantially in the form of
Exhibit II, with appropriate insertions and attachments (including, without limitation, (i) copies of the resolutions of Seller’s sole member authorizing the execution of this Agreement and the transactions contemplated herein,
(ii) true, correct and complete copies of the organizational documents of Seller and (iii) a certificate as of a recent date from the Delaware Secretary of State evidencing the good standing of Seller in the State of Delaware),
satisfactory in form and substance to Purchaser, executed by a duly authorized officer of the Seller. 
 Section 3.05 Reserved.

 Section 3.06 It is currently solvent and able to pay its debts as they become due. It is not subject and does not expect to be
subject to (a) the institution of proceedings to be adjudicated as bankrupt or insolvent, (b) the consent by it to the institution of bankruptcy or insolvency proceedings against it, (c) the filing by it of a petition or answer or
consent seeking reorganization or relief under the United States Bankruptcy Code or any other similar applicable law of any applicable jurisdiction, (d) the consent by it to the filing of any such petition or to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator or examiner (or other similar official) or of any substantial part of its property or to the ordering of the winding up or liquidation of its affairs, respectively, or the making by it of an assignment for
the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of any action by it in furtherance of any such action; or (e) the entry of a decree or order by a court
having competent jurisdiction in the premises adjudging it as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, examination, adjustment or composition of or in respect of it under the United States
Bankruptcy Code or any other applicable law of any applicable jurisdiction, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of it or of any substantial part of its property or ordering the winding up or
liquidation of its affairs. 
 Section 3.07 As of the Closing Date, it has and will deliver to Purchaser good title to and is the sole
beneficial owner of the Subject Assets free and clear of any liens, security interests, pledges, claims, charges or other encumbrances, whether under the Uniform Commercial Code as in effect in any applicable jurisdiction or otherwise and, upon
delivery of the Subject Assets to Purchaser, Purchaser shall have good title to and will be the sole beneficial owner of, the Subject Assets free and clear of any liens, security interests, pledges, claims, charges or other encumbrances. It has not
assigned, pledged or otherwise encumbered any interest in any of the Subject Assets and there is no purchaser in good faith having taken the Subject Assets without notice of Adverse Claim (as such term is defined under Article 9 of the Uniform
Commercial Code as in effect in any applicable jurisdiction). 
  

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 Section 3.08 It has complied with all requirements of any applicable law and of the underlying
instruments governing (i) the transfer to it of the Subject Assets and (ii) all transfers of the Subject Assets to Purchaser by it. 
 Section 3.09 It intends to treat the transfer of the Subject Assets to Purchaser as a sale for accounting and any applicable regulatory purposes and its records will reflect the transfer of the Subject Assets as a sale. 
 Section 3.10 No consent, license, approval or authorization of, filing with, notice to or other act by or in respect of, any agency or governmental
authority or any other person is required of or with respect to it in connection with the execution, delivery, performance, validity or enforceability of this Agreement. 
 Section 3.11 Each Subject Asset sold hereunder conforms in all material respects to the applicable representations and warranties set forth in Exhibit IV attached hereto, except as disclosed to Purchaser
in writing prior to the Closing Date. 
 Section 3.12 With respect to all of the Subject Assets sold hereunder, Seller shall execute an
omnibus power of attorney substantially in the form of Exhibit V attached hereto irrevocably appointing Purchaser its attorney in fact with full power and authority to (i) prepare and complete any transfer documentation required by
the applicable transfer agent for any Subject Asset to effectuate the sale and transfer of such Subject Asset to Purchaser from Seller and (ii) take such other steps as may be necessary or desirable to enforce Purchaser’s rights in respect
of such Subject Asset, including, but not limited to, the right to prepare and execute bond powers, complete blanks in documents, and sign assignments on behalf of Seller as its agent and attorney in fact. All powers, authorizations and agencies
contained in this Agreement are coupled with an interest and are irrevocable without Purchaser’s consent. 
 Section 3.13 Seller is
owned 100% by Taberna Realty Finance Trust and is and has always been treated as a qualified REIT subsidiary of Taberna Realty Finance Trust as defined in Section 856 of Internal Revenue Code of 1986, as amended (the “Code”).

 Section 3.14 As of the Transfer Date, all of the equity of each Subject Asset Issuer is and has always been 100% owned by Seller for
federal income tax purposes and each Subject Asset Issuer is and has always been a qualified REIT subsidiary of Taberna Realty Finance Trust as defined in Section 856 of the Code. For purposes of this representation, “Subject Asset
Issuer” shall mean each of (a) Bear Stearns ARM Trust Series 2005-7, (b) Bear Stearns ARM Trust Series 2005-9, (c) Citigroup Mortgage Loan Trust 2005-11, (d) Merrill Lynch Mortgage Investors Trust, Series 2005-A9,
(e) CWABS Trust 2005-HYB9, and (f) Merrill Lynch Mortgage Backed Securities Trust, Series 2007-2. 
 Section 3.15 Taberna
Realty Finance Trust is and has always been a real estate investment trust (a “REIT”) for federal income tax purposes and is and has always been entitled to a dividends paid deduction under Section 857 of the Code. 

 

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 Section 3.16 RAIT Financial Trust is and has always been a REIT for federal income tax purposes and
is and has always been entitled to a dividends paid deduction under Section 857 of the Code. 
 Section 3.17 Other than as
described on Schedule D attached hereto, Seller and each of its affiliates has timely filed all federal income and state income and franchise Tax returns and all other material Tax returns that are required to be filed by them and have timely paid
all Taxes due, except for any such taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves in conformity with GAAP have been provided. The charges, accruals
and reserves on the books of Seller and its affiliates in respect of Taxes and other governmental charges are adequate and maintained in accordance with GAAP. For purposes of this representation, “Tax” means any Federal, state,
local or foreign tax, fee or other like assessment or charge of any kind, including, without limitation, any net income, alternative or add-on minimum tax, gross income, gross receipts, sales, use, ad valorem, value-added, transfer, franchise,
profits, license, withholding on amounts paid to or by the taxpayer, payroll, employment, excise, severance, stamp, capital stock, occupation, property, environmental or windfall tax, premium, customs duty or other tax, together with any interest
and penalty additions to tax. 
 Section 3.18 Seller has transferred to Purchaser all of the equity of Bear Stearns ARM Trust Series
2005-7 for federal income tax purposes and has provided Purchaser with an opinion for any financial instrument issued by Bear Stearns ARM Trust Series 2005-7, or of which Bear Stearns ARM Trust Series 2005-7 is a counterparty, that is not
transferred to Purchaser to the effect that each such instrument constitutes indebtedness or will not constitute equity for federal income tax purposes. 
 Section 3.19 Seller has transferred to Purchaser all of the equity of Bear Stearns ARM Trust Series 2005-9 for federal income tax purposes and has provided Purchaser with an opinion for any financial instrument
issued by Bear Stearns ARM Trust Series 2005-9, or of which Bear Stearns ARM Trust Series 2005-9 is a counterparty, that is not transferred to Purchaser to the effect that each such instrument constitutes indebtedness or will not constitute equity
for federal income tax purposes. 
 Section 3.20 Seller has transferred to Purchaser all of the equity of Citigroup Mortgage Loan Trust
2005-11 for federal income tax purposes and has provided Purchaser with an opinion for any financial instrument issued by Citigroup Mortgage Loan Trust 2005-11, or of which Citigroup Mortgage Loan Trust 2005-11 is a counterparty, that is not
transferred to Purchaser to the effect that each such instrument constitutes indebtedness or will not constitute equity for federal income tax purposes. 
 Section 3.21 Seller has transferred to Purchaser all of the equity of Merrill Lynch Mortgage Investors Trust, Series 2005-A9 for federal income tax purposes and has provided Purchaser with an opinion for any
financial instrument issued by Merrill Lynch Mortgage Investors Trust, Series 2005-A9, or of which Merrill Lynch Mortgage Investors Trust, Series 2005-A9 is a counterparty, that is not transferred to Purchaser to the effect that each such instrument
constitutes indebtedness or will not constitute equity for federal income tax purposes. 
  

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 Section 3.22 Seller has transferred to Purchaser all of the equity of CWABS Trust 2005-HYB9 for
federal income tax purposes and has provided Purchaser with an opinion for any financial instrument issued by CWABS Trust 2005-HYB9, or of which CWABS Trust 2005-HYB9 is a counterparty, that is not transferred to Purchaser to the effect that each
such instrument constitutes indebtedness or will not constitute equity for federal income tax purposes. 
 Section 3.23 Seller has
transferred to Purchaser all of the equity of Merrill Lynch Mortgage Backed Securities Trust, Series 2007-2 for federal income tax purposes and has provided Purchaser with an opinion for any financial instrument issued by Merrill Lynch Mortgage
Backed Securities Trust, Series 2007-2, or of which Merrill Lynch Mortgage Backed Securities Trust, Series 2007-2 is a counterparty, that is not transferred to Purchaser to the effect that each such instrument constitutes indebtedness or will not
constitute equity for federal income tax purposes. 
 Section 3.24 Seller shall deliver to Purchaser at or prior to the Closing Date a
certificate, in form and substance satisfactory to Purchaser and consistent with Treasury Regulation Section 1.897-2(h)/1.1445-2, certifying that the transfer of each Subject Asset is exempt from withholding pursuant to the Foreign Investment
in Real Property Tax Act. 
 Section 3.25 From time to time, Seller shall execute and deliver, or cause to be executed and delivered,
such additional instruments, certificates or documents, and take such actions, as Purchaser may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement, or of more fully transferring or renewing the
rights of Purchaser with respect to the Subject Assets and the Collateral (or with respect to any additions thereto or replacements or proceeds thereof) pursuant hereto. Upon the exercise by Purchaser of any power, right, privilege or remedy
pursuant to this Agreement which requires any consent, approval, recording, qualification or authorization of any governmental authority, Seller will execute and deliver, or will cause the execution and delivery of, all applications, certifications,
instruments and other documents and papers that the Purchaser may be required to obtain from Seller for such governmental consent, approval, recording, qualification or authorization. Notwithstanding anything contained herein to the contrary, in the
event that the Purchaser determines in good faith that the Zeroed-Out Bonds can be registered in the name of the Purchaser, Seller shall execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or
documents, and take such actions, as Purchaser may request for the purposes of implementing or effectuating (a) the transfer and registration of such Zeroed-Out Bonds in the name of Purchaser and (b) the provisions of this Agreement, or of
more fully transferring or renewing the rights of Purchaser with respect to such Zeroed-Out Bonds and the Collateral ancillary and related thereto (or with respect to any additions thereto or replacements or proceeds thereof) pursuant hereto.

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser hereby represents, warrants and covenants to Seller, its successors
and assigns, that, as of the Transfer Date and, unless otherwise specified, as of the date hereof: 
 Section 4.01 Purchaser has been
duly formed and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are presently owned and such business is
presently conducted and has been at all relevant times and such execution and delivery does not and will not violate any law, regulation, ordinance, certificate of incorporation, bylaw or rule applicable to it. Purchaser is, and will be upon
completion of an offering and sale of preferred shares to 100 or more shareholders on or before January 30, 2010, organized in conformity with the requirements for qualification and taxation as a REIT pursuant to Section 856 through 860 of
the Code, and that it will qualify as a REIT for its taxable year ending December 31, 2009. 
  

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 Section 4.02 Purchaser is acquiring the Subject Assets for its own account for investment purposes
only and not with a view to, or for the resale in connection with, any “distribution” thereof in violation of the Securities Act of 1933, as amended (the “Act”). 
 Section 4.03 Purchaser understands that the Subject Assets have not been registered under the Act in reliance upon a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 
 Section 4.04 Purchaser further understands that the Subject Assets must be held indefinitely unless subsequently registered under the Act and qualified under any applicable state securities laws, or unless exemptions from registration
and qualification are otherwise available. 
 Section 4.05 Purchaser is an “accredited investor” as such term is defined in
Rule 501 of Regulation D promulgated under the Act and is a Delaware corporation whose principal office is located in New York. 
 Section 4.06 Purchaser has the requisite power and authority to execute and deliver this Agreement and to carry out its terms; the execution, delivery and performance of this Agreement have been duly authorized by it by all necessary
action; and this Agreement is its legal, valid, binding and enforceable obligation, subject to (i) any applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or affecting the
enforceability of creditors’ rights generally and (ii) general equitable principles, whether applied in a proceeding at law or in equity. 
 Section 4.07 This Agreement has been duly executed and delivered by Purchaser. 
 Section 4.08 On the date hereof, it has
delivered to Seller a certificate of Purchaser, dated as of the date hereof, substantially in the form of Exhibit III, with appropriate insertions and attachments (including, without limitation, (i) copies of the resolutions of Purchaser’s
board of directors authorizing the execution of this Agreement and the transactions contemplated herein, (ii) true, correct and complete copies of the organizational documents of Purchaser and (iii) a certificate as of a recent date from
the Delaware Secretary of State evidencing the good standing of Purchaser in the State of Delaware), satisfactory in form and substance to Seller, executed by a duly authorized officer of the Purchaser. 
  

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 Section 4.09 Purchaser is currently solvent and able to pay its debts as they become due.

 Section 4.10 It has complied with all requirements of any applicable law and of the underlying instruments governing the transfer to
it of the Subject Assets. 
 Section 4.11 Purchaser intends to treat the transfer of the Subject Assets from Seller to Purchaser as a
sale for accounting and any applicable regulatory purposes and Purchaser’s records will reflect the transfer from Seller to Purchaser as a sale. 
 Section 4.12 No consent, license, approval or authorization of, filing with, notice to or other act by or in respect of, any agency or governmental authority or any other person is required of or with respect to
it in connection with the execution, delivery, performance, validity or enforceability of this Agreement 
 Section 4.13 From time to
time, Purchaser shall execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as Seller may reasonably request for the purposes of implementing or effectuating the
provisions of this Agreement, or of more fully transferring or renewing the rights of Purchaser with respect to the Subject Assets pursuant hereto. 
 ARTICLE V 
 NOTICES 
 All demands, notices and communication hereunder shall be in writing and shall be deemed to have been duly given if personally delivered to or mailed by registered mail, postage prepaid, or transmitted by facsimile
and confirmed by a similar mailed writing, as follows: 
 If to Seller: 
 c/o RAIT Financial Trust 
 2929 Arch Street

 17th Floor 
 Philadelphia,
PA 19104 
 Attention: Chief Legal Officer 
 Tel: (215) 243-9033 
 Fax: (215) 243-9064 
  

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 with a copy to: 
 Ledgewood 
 1900 Market Street, Suite 750 
 Philadelphia, PA 19103 
 Attention: Lisa A.
Ernst 
 Tel: (215) 731-9450 
 Fax: (215) 735-2513 
 If to Purchaser: 
 c/o Angelo Gordon & Co. 
 245 Park Avenue 
 New York, NY 10167 
 Attention:
Mr. Jonathan Lieberman and Mr. Aaron Ong 
 Tel: (212) 883-4136 
 Fax: (212) 972-0867 
 with a copy to:

 Cadwalader Wickersham & Taft LLP 
 One World Financial Center 
 New York, New York 10281 
 Attention: Karen Gelernt 
 Tel:
(212) 504-6000 
 Fax: (212) 504-6666 
 ARTICLE VI 
 RESERVED. 
 ARTICLE VII 
 SET-OFF 
 In addition to any rights and remedies of Purchaser or Seller provided by law, each party shall have the right, without prior notice to the other party,
any such notice being expressly waived by each party to the extent permitted by applicable law, upon any amount becoming due and payable by one party hereunder (including, without limitation, any repurchase price) to set-off and appropriate and
apply against such amount any and all credits, indebtedness or claims (including without limitation, any holdbacks of Purchase Price) to the other party, in any currency, in each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by one party to or for the credit or the account of the other party. 
  

 -11- 

 ARTICLE VIII 
 SEVERABILITY 
 Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 ARTICLE IX 
 GOVERNING LAW 
 THIS AGREEMENT AND ALL
MATTERS RELATING TO OR ARISING OUT OF THIS AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 ARTICLE X 
 SUBMISSION TO JURISDICTION 
 AND WAIVER OF JURY TRIAL 
 The parties
hereto hereby irrevocably submit to the non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan in the city of New York in any action or proceeding arising out of or relating to this Agreement, and such
parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York state or federal court. The parties hereto hereby irrevocably waive, to the fullest extent that they may legally do
so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto irrevocably consent to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process
to each such party at the address specified in Article V of this Agreement. The parties hereto agree that a final non-appealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. 
 EACH OF SELLER AND PURCHASER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM HEREIN. 
  

 -12- 

 ARTICLE XI 
 COUNTERPARTS 
 This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one instrument. 
 ARTICLE XII 
 AMENDMENTS 
 This Agreement shall not
be amended without the written agreement of each party hereto. 
 ARTICLE XIII 
 SURVIVAL 
 The representations, warranties and covenants of the parties
contained in this Agreement shall survive the Closing Date for three years; provided, that any liability of either party arising under this Agreement prior to the third anniversary of the Closing Date shall survive such termination.

 ARTICLE XIV 
 GENERAL
INTERPRETIVE PRINCIPLES 
 For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires: 
 (a) the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as
the singular, and the use of any gender herein shall be deemed to include the other gender; 
 (b) accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with generally accepted accounting principles (“GAAP”); 
 (c)
references herein to “Articles”, “Sections”, “Subsections”, “Paragraphs”, and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other
subdivisions of this Agreement; 
 (d) a reference to a Subsection without further reference to a Section is a reference to such Subsection
as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 
 (e)
the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; 
  

 -13- 

 (f) the term “include” or “including” shall mean without limitation by reason of
enumeration; 
 (g) all times specified herein (unless expressly specified otherwise) are local times in New York, New York unless otherwise
stated; and 
 (h) all references herein to “good faith” means good faith as defined in Section 1-201(19) of the UCC as in
effect in the State of New York. 
 [SIGNATURE PAGES FOLLOW] 
  

 -14- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date hereof.

  

			
	TABERNA LOAN HOLDINGS I, L.L.C.,
	    a Delaware limited liability company
		
	By:	 	Taberna Realty Finance Trust,
		 	its sole member
		
	By:	 	 /s/ James J. Sebra

	Name:	 	 James J. Sebra

	Its:	 	Authorized Signatory

 Purchase and Sale Agreement Signature Page 

			
	AG PARK LANE I CORP.
		
	By:	 	 /s/ Jonathan Lieberman

	Name:	 	Jonathan Lieberman
	Title:	 	Authorized Signatory

 Purchase and Sale Agreement Signature Page 

 Schedule A 
 Subject Assets 
  

										
	Bloomberg
Deal Name	 	Bond
Name	 	Original Face
Amount	 	CUSIP	 	ISIN
	BSARM
2005-7	 	B-1	 	$	17,554,000	 	07387ADA0	 	US07387ADA07
	 	B-2	 	$	4,760,000	 	07387ADB8	 	US07387ADB89
	 	B-3	 	$	2,975,000	 	07387ADC6	 	US07387ADC62
	 	B-4	 	$	2,975,000	 	07387ADD4	 	US07387ADD46
	 	B-5	 	$	2,083,000	 	07387ADE2	 	US07387ADE29
	 	B-6	 	$	1,486,936	 	07387ADF9	 	US07387ADF93
	 	X	 	$	563,209,000	 	07387ACZ6	 	US07387ACZ66
	BSARM
2005-9	 	B-1	 	$	24,250,000	 	07387AEK7	 	US07387AEK79
	 	B-2	 	$	7,895,000	 	07387AEL5	 	US07387AEL52
	 	B-3	 	$	4,512,000	 	07387AEM3	 	US07387AEM36
	 	B-4	 	$	5,076,000	 	07387AEN1	 	US07387AEN19
	 	B-5	 	$	3,948,000	 	07387AEP6	 	US07387AEP66
	 	B-6	 	$	2,255,635	 	07387AEQ4	 	US07387AEQ40
	 	X	 	$	1,079,988,000	 	07387AEJ0	 	US07387AEJ07
	CMLTI
2005-11	 	M	 	$	6,462,000	 	17307GX37	 	US17307GX371
	 	B-1	 	$	12,542,000	 	17307GX45	 	US17307GX454
	 	B-2	 	$	4,561,000	 	17307GX52	 	US17307GX520
	 	B-3	 	$	3,041,000	 	17307GX60	 	US17307GX603
	 	B-4	 	$	1,520,000	 	17307GX78	 	US17307GX785
	 	B-5	 	$	1,520,000	 	17307GX86	 	US17307GX868
	 	B-6	 	$	1,520,139	 	17307GX94	 	US17307GX942
	 	X	 	$	728,972,000	 	17307GX29	 	US17307GX298
	MLMI
2005-A9	 	M-1	 	$	16,230,000	 	59020UW92	 	US59020UW927
	 	M-2	 	$	7,419,000	 	59020UX26	 	US59020UX263
	 	M-3	 	$	4,637,000	 	59020UX34	 	US59020UX347
	 	1-A-2	 	$	2,383,000	 	59020UV85	 	US59020UV853
	 	3-A-2	 	$	6,108,000	 	59020UW35	 	US59020UW356
	 	4-A-2	 	$	4,885,000	 	59020UW50	 	US59020UW505
	 	5-A-2	 	$	3,153,000	 	59020UW76	 	US59020UW760
	 	B-1	 	$	3,709,000	 	59020UX42	 	US59020UX420
	 	B-2	 	$	3,246,000	 	59020UX59	 	US59020UX594
	 	B-3	 	$	2,321,200	 	59020UX67	 	US59020UX677
	CWHL
2005-HYB9	 	M-2	 	$	5,426,000	 	126670KC1	 	US126670KC14
	 	B-1	 	$	17,135,000	 	126670KD9	 	US126670KD96
	 	B-2	 	$	12,556,000	 	126670KE7	 	US126670KE79
	 	B-3	 	$	9,710,000	 	126670KF4	 	US126670KF45
	 	B-4	 	$	5,141,000	 	126670KG2	 	US126670KG28
	 	B-5	 	$	3,426,827	 	126670KH0	 	US126670KH01

  

 A-1 

										
	Bloomberg
Deal Name	 	Bond
Name	 	Original Face
Amount	 	CUSIP	 	ISIN
		 	1-IO	 	$	63,153,489	 	126670JR0	 	US126670JR02
		 	2-IO	 	$	144,278,090	 	126670JS8	 	US126670JS84
		 	3-IO	 	$	353,685,016	 	126670JT6	 	US126670JT67
		 	4-IO	 	$	113,572,450	 	126670JU3	 	US126670JU31
		 	5-IO	 	$	84,873,485	 	126670LG1	 	US126670LG19
	MLMBS
2007-2	 	XA	 	$	619,161,000	 	59025GAC5	 	
	 	M-1	 	$	14,212,000	 	59025GAD3	 	
	 	M-2	 	$	4,844,000	 	59025GAE1	 	
	 	M-3	 	$	2,584,000	 	59025GAF8	 	
	 	B-1	 	$	1,938,000	 	59025GAG6	 	
	 	B-2	 	$	1,615,000	 	59025GAH4	 	
	 	B-3	 	$	1,615,567	 	59025GAJ0	 	

 Bear Stearns ARM Trust Series 2005-7 Certificate No. 4 
 Percentage Interest: 100% 
 Bear Stearns ARM Trust Series 2005-9
Certificate No. 4 
 Percentage Interest: 100% 
 Citigroup
Mortgage Loan Trust 2005-11 Certificate No. 1 
 Percentage Interest: 100% 
 Merrill Lynch Mortgage Investors Trust, Series 2005-A9 Certificate No. OT_2 
 Percentage Interest: 100% 
 CWABS Trust 2005-HYB9 Certificate No. 1 
 Percentage Interest: 100%

 Merrill Lynch Mortgage Backed Securities Trust, Series 2007-2 Certificate No. 1 
 Percentage Interest: 100% 
  

 A-2 

 Schedule B 
 Wiring Instructions 
 [Omitted] 
  

 B-1 

 Schedule C 
 Reserved. 
  

 C-1 

 Schedule D 
 Tax Issues 
 1. Seller failed to pay franchise tax in the State of Delaware for tax year 2008. Seller paid such tax
on July 10, 2009. 
  

 D-1 

 Schedule E 
  

				
	 Bloomberg Deal Name
	  	Return Price
	 MLMBS 2007-2
	  	$	1,300,000
	 CWHL 2005-HYB9
	  	$	1,605,000
	 MLMI 2005-A9
	  	$	3,200,000
	 BSARM 2005-7
	  	$	3,000,000
	 BSARM 2005-9
	  	$	4,500,000
	 CMLTI 2005-11
	  	$	2,900,000

  

 E-1 

 Exhibit I 
 FORM OF DIRECTION LETTER 
 TABERNA LOAN HOLDINGS I, LLC 
 2929 ARCH STREET 
 17th FLOOR 
 PHILADELPHIA, PENNSYLVANIA 19104 
 DIRECTION
LETTER 
 AS OF JULY 15, 2009 
 Ladies and
Gentlemen: 
 Please refer to that certain [Indenture], dated [Date] among [Issuer] and [Indenture Trustee] (the “Indenture Trustee”).

 You are advised as follows, effective as of the date of this letter. 
 Assignment of Interest. Taberna Loan Holdings I, L.L.C. (“Taberna”) has entered into a Purchase and Sale Agreement, dated as July 15, 2009 (as the same may be amended and/or restated from time to time, the
“Purchase and Sale Agreement”), with AG Park Lane I Corp. (“Purchaser”) and has assigned all of its rights, interests and remedies to Purchaser in the following notes with respect to [Issuer] (collectively, the
“Notes”): 
  

			
	 Note
	  	 CUSIP

	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 
	 	 
	 	  	 

 Zeroed-Out Bonds. By its refusal , if any, to re-register any of the Notes in the name of Purchaser due to
such Notes having a principal balance of zero, [Indenture Trustee] indicates that such Notes (“Zeroed-Out Bonds”) are no longer outstanding. However, to the extent any registered holder of a Zeroed-Out Bond is or becomes entitled to
exercise any rights in respect of any Zeroed-Out Bond, only Purchaser may exercise such rights as if Purchaser were the registered holder of such Zeroed-Out Bonds. 
  

 Exhibit I-1 

 Direction of Funds. In connection with the sale of the Notes by Taberna to Purchaser pursuant to the Purchase and
Sale Agreement, Taberna and Purchaser hereby direct the [Indenture Trustee] to disburse, by wire transfer, any and all payments to be made under or in respect of the Notes to the following account at Wilmington Trust Company, for the benefit of
Purchaser: 
 Wilmington Trust Company 
 ABA 031 100 092

 Acct Name: AG Park Lane I Corp. Account 
 Acct. # 093997-000

 Attn: Dorri Costello, Ext. 6194 
 This direction shall remain
in effect unless and until Purchaser has notified the [Indenture Trustee] otherwise in writing. 
 Modifications, Waivers, Etc. No modification,
waiver, deferral, or release (in whole or in part) of any party’s obligations in respect of the Notes, or of any collateral for any obligations in respect of the Notes, shall be effective without the prior written consent of Purchaser.

 [Signature Pages Follows] 
  

 Exhibit I-2 

 Very truly yours, 
  

			
	TABERNA LOAN HOLDINGS I, LLC
		
	By:	 	Taberna Realty Finance Trust, its sole member
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	

  

 Exhibit I-3 

 Exhibit II 
 FORM OF OFFICER’S CERTIFICATE OF SELLER 
 TABERNA LOAN HOLDINGS I, LLC 

ASSISTANT SECRETARY’S CERTIFICATE 
 I, Siu Yan Chan, being the duly elected Assistant Secretary of Taberna Realty Finance Trust, a Maryland real estate investment trust (the “Trust”), the sole member of TABERNA LOAN HOLDINGS I, LLC, a
Delaware limited liability company (the “Company”) do hereby certify that: 
 1. Attached hereto as Exhibit “A” is
a true and complete copy of the Certificate of Formation of the Company certified by the Secretary of the State of Delaware and said Certificate has not been otherwise amended, modified or cancelled and is in full force and effect as of the date
hereof. 
 2. Attached hereto as Exhibit “B” is a true and complete copy of the Amended and Restated Limited Liability Company
Agreement of the Company, as amended, and said Agreement has not been otherwise amended, modified or cancelled and is in full force and effect as of the date hereof. 
 3. Attached hereto as Exhibit “C” is a true and complete copy of the resolutions duly adopted by the Company’s sole member, and such resolutions have not been rescinded, amended or modified, and remain
in full force and effect as of the date hereof. 
 4. Attached hereto as Exhibit “D” is a Certificate of Good Standing for the
Company issued by the Secretary of the State of Delaware confirming that the Company remains in good standing as of the date thereon. 
 I
further certify that the below named persons have been duly elected (or appointed) and have duly qualified as, and on this day are, officers of the Trust as sole member of the Company holding their respective offices below set opposite their names,
and the signatures below set opposite their names are their genuine signatures: 
  

									
	 NAME
	 	 	  	 OFFICE
	  	 	  	 SIGNATURE

					
	Raphael Licht	 		  	Chief Operating Officer	  		  	  

					
	James Sebra	 		  	Chief Accounting Officer	  		  	  

  

 Exhibit II-1 

 IN WITNESS WHEREOF, the undersigned has executed this Assistant Secretary’s Certificate this
            day of July, 2009. 
  

	
	  

	Siu Yan Chan, Assistant Secretary

  

 Exhibit II-2 

 Exhibit III 
 FORM OF OFFICER’S CERTIFICATE OF PURCHASER 
 AG PARK LANE I CORP. 
 OFFICER’S CERTIFICATE 
 The
undersigned, Joseph R. Wekselblatt, hereby certifies that he is the Secretary of AG Park Lane I Corp., a Delaware corporation (the “Company”). The undersigned, in his capacity as an officer of the Company, hereby certifies as follows:

 1. Attached as Exhibit A is a true and complete copy of the Certificate of Incorporation of the Company, dated July 10, 2009, and it
has not been modified, amended or rescinded and remains in full force and effect at and as of the date hereof. 
 2. Attached as Exhibit B is
a true and complete copy of By-Laws of the Company, and it has not been modified, amended or rescinded and remains in full force and effect at and as of the date hereof. 
 3. Attached as Exhibit C is a copy of the unanimous written consent of the directors of the Company (the “Directors”), dated as of July    , 2009, and it has not been modified, amended or
rescinded and remains in full force and effect at and as of the date hereof. 
 4. Each of the following individual is duly qualified to act
as an officer of the Company, in the capacity set forth opposite his respective name at and as of the date hereof. The signature set forth opposite his respective name is a true and genuine signature, and he is authorized to execute any and all
documents on behalf of the Company: 
  

									
	 Name
	 	 	  	 Office
	  	 	  	 Signature

					
	John M. Angelo	 		  	Chief Executive Officer	  		  	  

					
	Michael L. Gordon	 		  	Chief Operating Officer	  		  	  

					
	Kirk Wickman	 		  	Chief Administrative Officer, General Counsel; Treasurer	  		  	  

					
	Joseph R. Wekselblatt	 		  	Chief Financial Officer, Secretary	  		  	  

					
	Jonathan Lieberman	 		  	President	  		  	  

  

 Exhibit III-1 

 IN WITNESS WHEREOF, the undersigned has hereunto set his hand as of July     , 2009 
  

	
	  

	Joseph R. Wekselblatt

 I, Kirk Wickman, as Chief Administrative Officer and General Counsel of the Company, hereby certify that
Joseph R. Wekselblatt is the Secretary of the Company and that the signature above is his genuine signature. 
 IN WITNESS WHEREOF, I have hereunto signed my
name as of July     , 2009. 
  

	
	  

	Kirk Wickman

  

 Exhibit III-2 

 Exhibit A 
 [Certificate of Incorporation] 
  

 Exhibit III-3 

 Exhibit B 
 [By-Laws] 
  

 Exhibit III-4 

 Exhibit C 
 [Unanimous Written Consent of the Directors] 
  

 Exhibit III-5 

 Exhibit IV 
 REPRESENTATIONS AND WARRANTIES 
 REGARDING THE SUBJECT ASSETS 
  

	1.	Such Subject Asset is a certificated security in registered form, or is in uncertificated form and held through the facilities of (a) The Depository Trust Corporation in New
York, New York, or (b) such other clearing organization or book-entry system as is approved in writing by the Purchaser. 

  

	2.	As of the date of its issuance, such Subject Asset complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the
issuance thereof including, without limitation, any registration requirements of the Act. 

  

	3.	Except as provided to Purchaser on or before the Closing Date, there is no document that by its terms modifies or affects the rights and obligations of the holder of such Subject
Asset or any other agreement relating to such Subject Asset, and, since issuance, there has been no material change or waiver to any term or provision of any such document, instrument or agreement. 

  

	4.	Seller has provided Purchaser with all reports from the applicable trustee and servicer for each Subject Asset. The Seller does not know of any material inaccuracy in any such
servicer report or trustee report. 

  

 Exhibit IV-1 

 Exhibit V 
 FORM OF POWER OF ATTORNEY 
 Know All Men by These Presents, that TABERNA LOAN HOLDINGS I, L.L.C.
(“Seller”), does hereby irrevocably appoint AG PARK LANE I CORP. (“Purchaser”), its attorney-in-fact to act in Seller’s name, place and stead in any way which Seller could do with respect to (i) the
preparation and completion of any transfer documentation required by the applicable transfer agent for any Subject Asset purchased by Purchaser pursuant to the Purchase and Sale Agreement, dated as of July 15, 2009, between Seller and
Purchaser, to effectuate the sale and transfer of such Subject Asset to Purchaser from Seller and (ii) take such other steps as may be necessary or desirable to enforce Purchaser’s rights in respect of such Subject Asset and any related
documentation including, but not limited to, the right to prepare and execute bond powers, complete blanks in documents, and sign assignments on behalf of Seller as its agent and attorney in fact. This power of attorney is a power coupled with an
interest and is irrevocable without Purchaser’s consent. 
 TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY
THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OR SUCH REVOCATION OR
TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY FROM PURCHASER, AND SELLER ON ITS OWN BEHALF AND ON BEHALF OF SELLER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT
MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING RELIED ON THE PROVISIONS OF THIS INSTRUMENT. 
 IN WITNESS WHEREOF,
Seller has caused this Power of Attorney to be executed this 15th day of July, 2009. 
  

			
	TABERNA LOAN HOLDINGS I, L.L.C.,
	    a Delaware limited liability company
		
	By:	 	Taberna Realty Finance Trust,
		 	its managing member
		
	By:	 	  

	Name:	 	  

	Its:	 	Authorized Signatory

  

 Exhibit V-1

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