Document:

SALE-PURCHASE AGREEMENT

     SALE-PURCHASE  AGREEMENT (this "AGREEMENT"),  made as of November 5th, 2001
between  WELLSFORD  CAPITAL  PROPERTIES,  L.L.C., a Delaware  limited  liability
company  having an address c/o  Wellsford  Real  Properties,  Inc.,  535 Madison
Avenue,  26th Floor New York, New York 10022  ("SELLER") and THE JUDGE ROTENBERG
EDUCATIONAL  CENTER,  INC., a  Massachusetts  non-profit  corporation  having an
office at 240 Turnpike Street, Canton, Massachusetts 02021 ("PURCHASER").

                              W I T N E S S E T H:
                              - - - - - - - - - -

     Seller and  Purchaser,  in  consideration  of the mutual  covenants  herein
contained, hereby agree as follows:

                         ARTICLE 1. CERTAIN DEFINITIONS
                         ------------------------------

     For  purposes  of this  Agreement,  the  following  terms  shall  have  the
following meanings:

     1.1. "Affiliate" shall mean any entity which controls, is controlled by, or
is under  common  control  with,  Purchaser.  For  purposes of this  definition,
"control"  means the  ownership,  directly  or  indirectly,  of more than  fifty
percent  (50%) of the  beneficial  interests  in an  entity,  together  with the
possession,  directly or  indirectly,  of the power to direct the management and
policies of an entity,  whether through  ownership of beneficial  interests,  by
contract or otherwise.

     1.2. "Broker" shall mean,  collectively,  Trammell Crow Company and Grubb &
Ellis Company.

     1.3. "Business Day" shall mean any day other than a Saturday, Sunday or any
day upon which banks in the  Commonwealth of  Massachusetts  or the State of New
York are required or authorized by law to be closed.

     1.4.  "Effective Date" shall mean the date upon which Purchaser  receives a
fully executed counterpart of this Agreement.  Promptly following the occurrence
of the  Effective  Date,  Purchaser  shall  execute  and  deliver to Seller such
instrument  as  Seller  may  submit  to it to  evidence  the  occurrence  of the
Effective Date.

<PAGE>

     1.5. "Escrowee" shall mean Old Republic National Title Insurance Company.

     1.6.  "Existing  Service  Contracts"  shall  mean  the  service  contracts,
maintenance agreements,  brokerage agreements and other agreements affecting the
Property and set forth in Exhibit C annexed hereto.

     1.7. "Invasive Tests" shall mean any physical  inspection or testing of the
Premises, other than visual examination,  and shall include, without limitation,
sampling of soils and other media.

     1.8.  "JRC  License  Agreement"  shall mean that  certain  Parking  License
Agreement dated October 19, 2001 between Seller and Purchaser.

     1.9. "New Service Contracts" shall mean any service contracts,  maintenance
agreements,  brokerage  agreements or other agreements entered into by Seller in
accordance with the terms of this Agreement.

     1.10.  "Requirements"  shall mean (i) any federal,  state or municipal law,
ordinance,  order  or  requirement  (including  those  pertaining  to  hazardous
substances)  and (ii) any provision of any  municipal  approval or instrument of
record pertaining to the Premises.

     1.11. "Service Contracts" shall mean the Existing Service Contracts and the
New Service Contracts in effect on the Closing Date.

     1.12.  "Title  Insurer" shall mean Old Republic  National  Title  Insurance
Company.

                      ARTICLE 2. SALE-PURCHASE OF PROPERTY
                      ------------------------------------

     2.1.  Agreement to Sell and Purchase.  Seller shall sell to Purchaser,  and
Purchaser  shall purchase from Seller,  at the Purchase Price and upon the terms
and conditions set forth in this  Agreement,  the following  (collectively,  the
"PROPERTY"):  (a) the parcels of land more  particularly  described in Exhibit A
annexed  hereto and as shown on the survey  annexed  hereto as Exhibit  A-1 (the
"LAND");  (b) the buildings and other structures situated on the Land, inclusive
of all  of  Seller's  right,  title  and  interest  in and to the  improvements,
fixtures, systems, plant equipment, apparatus and machinery which form a part of
the buildings or such other structures (collectively,  the "BUILDING") (the Land
and the Building are herein collectively called the "PREMISES");  (c) all right,
title and interest of Seller, if any, in and to (i) the land lying in the bed of
any  street or  highway in front of or  adjoining  the Land to the  center  line
thereof and (ii) any appurtenances in and to the Premises;  (d) all right, title
and interest of Seller in and to any furniture,  furnishings, moveable equipment
and other personal property located at, or used in connection with, the Premises
(herein  collectively  called  the  "PERSONAL  PROPERTY");  (e)  to  the  extent
assignable,  Seller's right, title and interest in and to the Service Contracts;
(f) to the extent  assignable,  Seller's right, title and interest in and to any
licenses and permits in the operation of the Premises

<PAGE>

(collectively,  the "LICENSES") and (g) to the extent assignable, any warranties
given by any contractor or  manufacturer  in favor of Seller in connection  with
the  construction,  repair or  renovation  of the  Premises  (collectively,  the
"WARRANTIES").  The  Premises  are  located  at, and are known as, 250  Turnpike
Street,  Canton,  Massachusetts,  02021,  and  includes  Lots 4 and 8,  as  more
particularly described in Exhibit A annexed hereto.

     2.2. Title to Premises.  Seller shall convey,  and Purchaser  shall accept,
title to and  possession of the Premises on the Closing Date,  free of all Title
Exceptions other than the Permitted Exceptions (each as hereinafter defined).

     2.3. Condition of Property.  Purchaser is a sophisticated  investor and its
valuation  of and  decision  to  purchase  the  Property  is based  upon its own
independent  expert  evaluations of such facts and materials  deemed relevant by
Purchaser and its agents. Other than the express  representations and warranties
of Seller specifically set forth herein,  Purchaser has not relied upon any oral
or  written  information  from  Seller  or its  employees,  affiliates,  agents,
consultants,  advisors or representatives,  including,  without limitation,  any
appraisals,  projections or evaluations of credit quality  prepared by Seller or
any  of  its   employees,   affiliates,   agents,   consultants,   advisors   or
representatives.   Purchaser  further  acknowledges  that  no  employee,  agent,
consultant, advisor or representative of Seller has been authorized to make, and
that Purchaser has not relied upon, any statements or representations other than
those specifically contained in this Agreement.  Without limiting the generality
of the foregoing,  Purchaser  acknowledges and agrees that,  except as expressly
set forth herein, Purchaser is purchasing the Property "as is" and "where is" on
the Closing Date, and, except as expressly set forth herein, Seller is making no
representation or warranty,  express or implied, and Purchaser has not relied on
any  representation  or warranty,  express or implied,  regarding  the Property,
including,  without  limitation,  any representation or warranty with respect to
(a) the physical  condition of any Improvement or Personal  Property  comprising
all or a part of the Property,  or its fitness,  merchantability  or suitability
for any use or purpose,  (b) any rents, income or expenses of the Property,  (c)
the compliance or  non-compliance  with any laws,  codes,  ordinances,  rules or
regulations of any governmental authority (including,  without limitation,  laws
pertaining  to  hazardous  materials)  or (d) the  current  or future use of the
Property,  including,  but not limited to, any  Property's  use for  commercial,
retail,  industrial  or other  purposes.  Seller  is not  liable or bound in any
manner by any verbal or written statements, repre sentations, offering memoranda
or information  pertaining to the Property  furnished by any real estate broker,
advisor, consultant, agent, employee, representative or other person.

                            ARTICLE 3. PURCHASE PRICE
                            -------------------------

     3.1.  Purchase Price. The purchase price (the "PURCHASE  PRICE") to be paid
by  Purchaser  to Seller for the  Property is THREE  MILLION  TWO HUNDRED  FIFTY
THOUSAND  and  00/00  DOLLARS  ($3,250,000.00),   net  of  adjustments  made  in
accordance  with Article 8 below.  The Purchase Price shall be paid by Purchaser
as follows:

<PAGE>

     (a) ONE HUNDRED  THOUSAND and 00/100 DOLLARS  ($100,000.00),  (the "INITIAL
DEPOSIT"),  payable on the Effective  Date by (i) wire  transfer of  immediately
available funds to the account of Escrowee or (ii) Purchaser's check, subject to
collection, drawn to the order of Escrowee;

     (b) Unless this  Agreement is validly  terminated  in  accordance  with the
provisions  of Article 4 below,  ONE HUNDRED  THOUSAND and 00/100  ($100,000.00)
(the  "SECOND   DEPOSIT")   (the  Initial   Deposit  and  the  Second   Deposit,
collectively, the "DEPOSIT"), payable on or before 5:00 P.M. on the Business Day
which  is two  (2)  Business  Days  after  the  Due  Diligence  Expiration  Date
(hereinafter defined) either by (i) wire transfer of immediately available funds
to the account of Escrowee or (ii) check,  subject to  collection,  drawn to the
order of Escrowee; and

     (c) THREE MILLION FIFTY  THOUSAND and 00/100 DOLLARS  ($3,050,000.00)  (the
"CASH  BALANCE"),  payable on the Closing Date by wire  transfer of  immediately
available funds to an account or accounts designated by Seller.

     3.2. Escrow of Deposit.

     The  Deposit  shall be held,  paid  over  and/or  applied  by  Escrowee  in
accordance with the following provisions:

     (a) Escrowee shall hold the Deposit until the Closing or sooner termination
of this Agreement.  Any interest earned on the Deposit shall be paid to the same
party  entitled  to be paid the  Deposit  hereunder  (as and when such  party is
entitled to the Deposit),  except that, at Closing,  interest  shall be credited
against the Cash Balance.  The party  receiving such interest (or the benefit of
such  interest  by virtue of the same  having  been  credited  against  the Cash
Balance)  shall pay any income  taxes  thereon.  For purposes  thereof,  the tax
identification  numbers of the parties are as follows:  13-4027757 (Seller); and
04-2489805 (Purchaser).

     (b) If  this  Agreement  is  validly  terminated  in  accordance  with  the
provisions  of  Article 4 below,  Escrowee  shall  pay the  Initial  Deposit  to
Purchaser.

     (c) At the Closing, the Deposit shall be paid by Escrowee to Seller.

     (d) If for any reason the Closing does not occur, then, except as otherwise
expressly  provided to the contrary in this Section 3.2, Escrowee shall continue
to hold the Deposit until otherwise directed by joint written  instructions from
the  parties  to this  Agreement  or a final  judgment  of a court of  competent
jurisdiction. Escrowee, however, shall have the right at any time to deposit the
Deposit with the clerk of any federal or state court sitting in the Commonwealth
of  Massachusetts.  Escrowee shall give written notice of such deposit to Seller
and Purchaser.  Upon such deposit,  Escrowee shall be relieved and discharged of
all further obligations and responsibilities hereunder first arising or accruing
from and after the date of such deposit.

<PAGE>

     (e) The parties acknowledge that Escrowee is acting solely as a stakeholder
at their request and for their convenience, that Escrowee shall not be deemed to
be the agent of either of the parties and that  Escrowee  shall not be liable to
either  of the  parties  for any act or  omission  on its part  unless  taken or
suffered in bad faith, in willful disregard of this Agreement or involving gross
negligence.  Seller and Purchaser shall jointly and severally indemnify and hold
Escrowee  harmless from and against all costs,  claims and  expenses,  including
reasonable  attorneys'  fees,  incurred in connection  with the  performance  of
Escrowee's duties  hereunder,  except with respect to actions or omissions taken
or suffered by Escrowee in bad faith, in willful  disregard of this Agreement or
involving gross negligence on the part of Escrowee.

     (f) Escrowee  shall cause the Deposit to be  maintained  at Fleet  National
Bank in an interest-bearing money market account or accounts. Escrowee shall not
be liable for any losses  suffered in connection  with any such  investment  and
shall have no obligation to obtain the best (or otherwise  seek to maximize) the
rate  of  interest  earned  on any  such  investment.  Any  fees or  charges  in
connection with such investment  shall be paid out of the amounts held in escrow
before any other payments shall be required to be made from such amounts. Seller
and  Purchaser  acknowledge  that  the  Federal  Deposit  Insurance  Corporation
("FDIC")  insures  individual  depositors  up to a maximum  amount of  $100,000.
Seller and Purchaser  hereby  release  Escrowee from any loss or damage they may
incur by reason of the  Deposit  exceeding  the  maximum  coverage  afforded  to
individual depositors by the FDIC.

     (g) Upon any  delivery  of the amount  remaining  in escrow as  provided in
Sections 3.2(b), (c) or (d) above,  Escrowee shall be relieved of all liability,
responsibility  or  obligation  with  respect to or arising out of the escrow or
under this  Agreement.  Escrowee shall not be bound by any  modification to this
Section 3.2 unless Escrowee shall have agreed to such modification in writing.

     (h) Escrowee  shall be entitled to rely or act upon any notice,  instrument
or document  believed by Escrowee in good faith to be genuine and to be executed
and delivered by the proper  person,  and shall have no obligation to verify any
statements  contained in any notice,  instrument  or document or the accuracy or
due authorization of the execution of any notice, instrument or document.

     (i)  Escrowee  shall be  entitled  to  retain  attorneys  of its  choice in
connection with this escrow.

     (j) Escrowee has acknowledged its agreement to the foregoing  provisions of
this Section 3.2 by signing in the place indicated on the signature page of this
Agreement.

                       ARTICLE 4. PURCHASER'S INSPECTIONS
                       ----------------------------------

     4.1. Due Diligence Period;  Termination Right. During the period commencing
on the  Effective  Date and  ending on the date (the "DUE  DILIGENCE  EXPIRATION
DATE")  which is  forty-five  (45) days  thereafter  (unless  such date is not a
Business Day, in which event the Due Diligence

<PAGE>

Expiration Date shall be the next occurring Business Day),  Purchaser shall have
the right to conduct  such due  diligence  investigations  of the Property as it
deems necessary, including inspections, studies, examinations and investigations
of the Property,  and/or any facts,  circumstances  and matters  relating to the
Property. If Purchaser, in its sole and absolute discretion,  determines for any
reason  whatsoever  that it is  unsatisfied  with the results of, or the matters
disclosed by, its due diligence investigations of the Property,  Purchaser shall
have the  unequivocal  right to terminate this Agreement by written notice given
to Seller prior to 5:00 p.m. New York time on the Due Diligence  Expiration Date
(TIME BEING OF THE ESSENCE).  Upon any termination of this Agreement pursuant to
this  Section 4.1, (i) the Initial  Deposit  shall be refunded to Purchaser  and
(ii) neither party hereto shall have any further  obligation to the other,  with
the exception of those  obligations  which expressly  survive the termination of
this Agreement.  If Purchaser shall fail to terminate this Agreement in the time
and  manner set forth in this  Section  4.1,  Purchaser  shall be deemed to have
irrevocably  waived  its right to  terminate  this  Agreement  pursuant  to this
Section 4.1.

     4.2.  Inspections.  Purchaser and its  authorized  agents,  consultants  or
representatives  shall have the right,  upon  reasonable  prior notice to Seller
(which notice may be telephonic,  to William Darrow at the telephone  number set
forth in Section 16.1  hereof),  to enter upon the Premises from time to time to
conduct such  physical and other  inspections  as Purchaser  deems  appropriate,
provided that Purchaser shall not perform Invasive Tests without first obtaining
Seller's consent,  which consent shall not be unreasonably  withheld or delayed.
Prior to any entrance upon the Premises for the  performance of Invasive  Tests,
Purchaser shall deliver to Seller (or cause the applicable contractor to deliver
to Seller) a certificate of insurance evidencing that Purchaser has procured and
maintains in force and effect commercial  general liability  insurance  covering
Purchaser  and Seller  against  claims for  bodily  injury or death or  property
damage  occurring  in, upon or about the  Premises in an amount of not less than
$2,000,000 (combined single limit), issued by an insurance company with a rating
of "A" or better as established by Best's Rating Guide,  which  insurance  shall
include blanket  contractual  liability  coverage and shall otherwise be in form
reasonably acceptable to Seller.

     4.3.  Restoration and Indemnity.  Following the performance of any Invasive
Tests,  Purchaser  shall  restore the Premises to their  condition  prior to the
performance thereof.  Purchaser shall indemnify and hold harmless Seller and its
officers,  directors,  members,  employees,  successors  and  assigns,  from and
against any and all damages,  losses,  costs,  expenses,  liabilities and claims
that  arise  out of or in any way  relate  to the  conduct  of  Purchaser's  due
diligence  investigations.  The provisions of this Section 4.3 shall survive the
termination of this Agreement for a period of one year.

     4.4. Confidentiality. Prior to the Closing, Purchaser shall not disclose to
any other party the contents of any Confidential Materials (hereinafter defined)
without first  obtaining  Seller's prior written  consent.  For purposes of this
Agreement,  the term "Confidential Materials" shall mean (i) materials delivered
to Purchaser by Seller with  respect to the  Property or any  summaries  thereof
prepared by or at the behest of Purchaser (collectively,  "DELIVERED MATERIALS")
and/or (ii) any reports  summarizing any investigations of the Property prepared
by Purchaser or its  representatives or agents.  Notwithstanding  the foregoing,
Purchaser may, without first

<PAGE>

obtaining such prior written  consent,  disclose  Confidential  Materials to its
officers,   employees,   lenders,   counsel,   lenders'   counsel,   appraisers,
accountants,   insurance   advisors,   environmental   consultants  and  similar
third-party  consultants,  provided  that  such  parties  are  apprised  of  the
confidential  nature of the  Confidential  Materials,  and provided further that
Purchaser  may  make  such  disclosures  as may be  required  by law.  Upon  any
termination  of this  Agreement,  Purchaser  shall  deliver  all  copies  of all
Delivered  Materials to Seller. The provisions of this Section 4.4 shall survive
any termination of this Agreement.

                          ARTICLE 5. TRANSACTION COSTS
                          ----------------------------

     5.1.  Seller's  Costs.  At the  Closing,  Seller shall pay (i) all transfer
taxes  payable  as a  result  of the  conveyance  of title  to the  Property  to
Purchaser pursuant to this Agreement, (ii) costs incurred in connection with the
discharge of any Title  Exceptions  which are not  Permitted  Exceptions,  (iii)
costs incurred in connection with the filing or recording of any certificates or
resolutions  required to record the Deed and (iv)  inspection and transfer fees,
if any,  payable  in  connection  with  Warranties  assigned  to  Purchaser.  In
addition,  Seller  shall be  responsible  for the  costs of its  legal  counsel,
advisors and the other professionals  employed by it in connection with the sale
of the Property.

     5.2.  Purchaser's  Costs.  At the Closing,  Purchaser shall pay the cost of
recording the Deed. In addition,  Purchaser  shall be responsible  for (i) title
insurance   premiums  and  fees  payable  in  connection  with  any  owner's  or
mortgagee's policy of title insurance obtained by Purchaser, (ii) costs incurred
in connection  with any update of the survey of the Premises,  (iii) the cost of
Purchaser's  inspections  of  the  Property,  (iv)  costs  and  expenses  of any
financing  obtained by Purchaser and (v) the costs of Purchaser's legal counsel,
advisors  and  other  professionals  employed  by  it  in  connection  with  its
acquisition of the Property.

                 ARTICLE 6. CLOSING DATE; CONDITIONS TO CLOSING
                 ----------------------------------------------

     6.1.  Closing Date. The closing of the  transactions  contemplated  by this
Agreement (the  "CLOSING")  shall take place on December 27, 2001. The date upon
which the Closing  occurs,  as the same may be adjourned in accordance  with the
terms hereof,  is herein  referred to as the "CLOSING  DATE".  The Closing shall
occur on the Closing Date at 10:00 a.m. at the offices of  Purchaser's  counsel,
Eckert  Seamans  Cherin  &  Mellott,   LLC,  One  International  Place,  Boston,
Massachusetts,  through an escrow established with Title Insurer upon such terms
and conditions as Seller, Purchaser and Title Insurer shall mutually agree. TIME
SHALL BE OF THE ESSENCE WITH RESPECT TO THE  OBLIGATIONS OF PURCHASER AND SELLER
TO BE PERFORMED ON THE CLOSING DATE.

     6.2. Conditions to Closing. Purchaser's obligation to purchase the Property
is subject to the satisfaction of the following conditions precedent, any or all
of which may be waived by Purchaser:

<PAGE>

     (a) this Agreement shall be in full force and effect;

     (b) Seller shall have fully  satisfied,  or shall  therewith fully satisfy,
all of its Closing obligations hereunder; and

     (c) there  shall not  otherwise  then  exist any event  which  would  allow
Purchaser to terminate this Agreement pursuant to the express terms hereof.

     6.3.  Seller's  Conditions.  Seller's  obligation  to sell the  Property is
subject to the satisfaction of the following conditions precedent, any or all of
which may be waived by Seller:

     (a) this Agreement shall be in full force and effect,

     (b) Purchaser shall have fully satisfied, or shall therewith fully satisfy,
all of its Closing obligations hereunder, and

     (c) there shall not otherwise then exist any event which would allow Seller
to terminate this Agreement pursuant to the express terms hereof.

                   ARTICLE 7. CLOSING DOCUMENTS AND DELIVERIES
                   -------------------------------------------

     7.1. Conveyancing Documents and Deliveries.

     At the Closing:

     (a)  Purchaser  shall  deliver  to Seller  the Cash  Balance  and any other
amounts  payable  by  Purchaser  to  Seller  at the  Closing  pursuant  to  this
Agreement;

     (b)  Seller  shall  execute,  acknowledge  and  deliver  a  quitclaim  deed
sufficient  to convey the  Premises to Purchaser  in  accordance  with the terms
hereof, subject only to the Permitted Exceptions (the "DEED");

     (c) Seller shall  deliver to Purchaser  original  counterparts  (or, if the
same are unavailable, copies thereof) of the assignable Service Contracts;

     (d) Seller shall  deliver to Purchaser  original  counterparts  (or, if the
same are unavailable,  copies thereof) of any permits, approvals or certificates
of occupancy pertaining to the Premises,  to the extent the same are in Seller's
possession or control;

     (e) Seller shall  execute and deliver a general bill of sale in the form of
Exhibit E annexed hereto,  conveying to Purchaser all of Seller's  right,  title
and interest in and to the Personal Property;

<PAGE>

     (f)  Subject  to the  provisions  of  Section  7.1(g)  hereof,  Seller  and
Purchaser shall mutually  execute and deliver to each other an instrument in the
form of Exhibit G annexed hereto ( the "SERVICE CONTRACT ASSIGNMENT")  providing
for the  assignment by Seller to Purchaser of all of Seller's  right,  title and
interest in and to the  assignable  Service  Contracts,  Licenses and Warranties
(other than the JRC License  Agreement) and  Purchaser's  assumption of Seller's
obligations  under the  assignable  Service  Contracts,  Licenses and Warranties
(other than the JRC  License  Agreement)  which first arise or accrue  after the
Closing Date;

     (g) Seller shall furnish  Purchaser with evidence of the termination of the
Property Management  Agreement (as defined in Exhibit C annexed hereto).  Seller
and Purchaser mutually  acknowledge and agree that, effective as of the Closing,
the  JRC  License  Agreement  shall  terminate,  whereupon  neither  Seller  nor
Purchaser shall have any further  obligation  thereunder,  with the exception of
those  obligations  which  expressly  survive the termination of the JRC License
Agreement;

     (h) Seller and Purchaser  shall execute and deliver a letter to each of the
other parties to the assignable  Service Contracts  notifying each such party of
the sale of the Premises and  indicating  the new address for notices  under the
Service Contracts;

     (i) Seller shall execute and deliver a FIRPTA affidavit  required  pursuant
to the Treasury  Department  Regulations  promulgated  under Section 1445 of the
Internal  Revenue Code of 1986, as amended,  in respect of the Property.  Seller
understands  that such  certification  will be retained by Purchaser and will be
made available to the Internal Revenue Service on request;

     (j) Seller and Purchaser  shall execute and deliver to each other a closing
statement setting forth with specificity the adjustments made in accordance with
Article 8 hereof;

     (k) Purchaser shall deliver to Seller evidence  reasonably  satisfactory to
Seller of the due  authorization,  execution  and delivery of the  documents and
instruments to be executed by Purchaser at Closing in accordance  with the terms
of this Agreement;

     (l) Seller shall deliver to Purchaser evidence  reasonably  satisfactory to
Purchaser of the due authorization,  execution and delivery of the documents and
instruments to be executed by Seller at Closing in accordance  with the terms of
this Agreement; and

     (m) Seller shall deliver to Purchaser  originals of plans or specifications
for the Building in its possession or control, if any.

<PAGE>

                         ARTICLE 8. CLOSING ADJUSTMENTS
                         ------------------------------

     The following are to be adjusted and prorated  between Seller and Purchaser
as of 11:59 p.m. on the day  preceding  the Closing  Date,  based upon a 365 day
year,  with Seller  deemed to be the owner of the Property on the day  preceding
the Closing  Date and  Purchaser  deemed to be the owner of the  Property on the
Closing Date.

     8.1. Real Estate Taxes. Real estate taxes shall be adjusted and prorated on
the basis of the fiscal  year for which  assessed.  If the  Closing  shall occur
before  the tax rate or  assessed  valuation  is  fixed  for the  Premises,  the
apportionment  of real estate taxes for such Premises shall be upon the basis of
the tax rate for the  preceding  year  applied to the most  recently  applicable
assessed  valuation of such  Premises,  subject to further and final  adjustment
when the tax rate and/or  assessed  valuation for such Premises is fixed for the
year in which the  Closing  occurs.  In  addition,  there shall be a further and
final  adjustment  of real estate taxes for the fiscal year in which the Closing
occurs if after  Closing all or any portion of the Premises is  reclassified  or
reassessed  for real estate tax purposes  pursuant to Chapter 59,  Section 76 of
the General  Laws of  Massachusetts.  In the event that the Premises or any part
thereof shall be or shall have been  affected by an  assessment or  assessments,
Seller shall, at the Closing,  be responsible for any  installments due prior to
the Closing and Purchaser  shall be responsible for any  installments  due on or
after the Closing.

     8.2.  Utility  Charges.  Seller  shall  use  reasonable  efforts  to obtain
readings of meters measuring utility consumption at the Property for all periods
through (and  including) the date preceding the Closing Date.  Seller shall pay,
and be  responsible,  for all bills rendered on the basis of such  readings.  If
such  readings are not obtained for any metered  utility,  then, at the Closing,
apportionment  shall be made on the basis of the most  recent  period  for which
such  readings are  available.  Upon the taking of subsequent  actual  readings,
there shall be a recalculation of the applicable utility charges,  and Seller or
Purchaser,  as the case may be, shall  promptly  remit to the other party hereto
any   amounts  to  which  such  party  shall  be  entitled  by  reason  of  such
recalculation.  Unmetered  water  charges or sewer rents  shall be adjusted  and
prorated as of the Closing Date.

     8.3. Other  Adjustments.  The following  items shall also be adjusted as of
11:59 P.M. on the date  preceding  the Closing  Date:  (i) charges and  payments
under Service Contracts  assigned to Purchaser;  (ii) charges and payments under
the JRC License Agreement;  and (iii) fees and payments,  if any, under Licenses
assigned to Purchaser.

     Any errors or omissions in computing  adjustments  at the Closing  shall be
promptly  corrected,  provided  that the party  seeking to correct such error or
omission  shall have  notified  the other  party of such error or omission on or
prior  to the  date  that  is one (1)  year  following  the  Closing  Date.  The
provisions of this Article 8 shall survive Closing.

                    ARTICLE 9. REPRESENTATIONS AND WARRANTIES
                    -----------------------------------------

     9.1. Basic Representations of Purchaser.

     Purchaser,  as of the date  hereof,  represents  and  warrants to Seller as
follows:

     (a) Purchaser is a non-profit corporation, duly organized, validly existing
and in good standing under the laws of the Commonwealth of Massachusetts.

     (b)  Purchaser  has full power and authority to enter into and perform this
Agreement,  the documents to be executed and delivered pursuant hereto, and each
and all of the transactions  contemplated  hereby and thereby in accordance with
the terms hereof and thereof.

     (c) The individual  executing this Agreement on behalf of Purchaser and the
individual  executing  each of the  documents  to be executed  and  delivered in
connection  herewith on behalf of Purchaser  have full power and authority to do
so. This  Agreement and each of the documents and  instruments to be executed by
Purchaser in connection  herewith  are, or will be when executed and  delivered,
the legal  valid and  binding  obligations  of  Purchaser,  enforceable  against
Purchaser  in  accordance  with  the  terms  hereof  and  thereof.   Purchaser's
performance of its obligations  under this Agreement  shall not  contravene,  or
cause a default under,  any  agreement,  judgment,  order,  writ or decree under
which Purchaser or any of its assets is bound.

     (d)  Purchaser  has not filed any petition  seeking or  acquiescing  in any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar  relief under any law relating to bankruptcy or  insolvency,  nor has
any such petition been filed against  Purchaser.  Purchaser is not insolvent and
the  consummation of the  transactions  contemplated by this Agreement shall not
render Purchaser  insolvent.  No general assignment of Purchaser's  property has
been made for the benefit of creditors, and no receiver,  master,  liquidator or
trustee has been appointed for Purchaser or any of its property.

     (e) There are no actions or proceedings  pending or, to Purchaser's  actual
knowledge,  threatened,  against  Purchaser  which,  in  Purchaser's  reasonable
judgment, could have a material adverse affect on Purchaser's ability to perform
its obligations hereunder.

     9.2. Basic Representations of Seller.

     Seller,  as of the date  hereof,  represents  and  warrants to Purchaser as
follows:

     (a) Seller is a limited  liability  company,  duly  organized  and  validly
existing  and in good  standing  under  the laws of the  State of  Delaware  and
authorized to do business in the Commonwealth of Massachusetts.

     (b) Seller  has full power and  authority  to enter into and  perform  this
Agreement and to enter into the documents to be executed and delivered  pursuant
hereto, and each

<PAGE>

and all of the transactions  contemplated  hereby and thereby in accordance with
the terms hereof and thereof.

     (c) The  individual  executing  this  Agreement on behalf of Seller and the
individuals  executing  each of the  documents to be executed  and  delivered in
connection  herewith on behalf of Seller have full power and authority to do so.
This  Agreement and each of the documents to be executed and delivered by Seller
in connection  herewith are, or will be when executed and  delivered,  the legal
valid  and  binding  obligations  of  Seller,   enforceable  against  Seller  in
accordance  with the terms  hereof  and  thereof.  Seller's  performance  of its
obligations under this Agreement shall not contravene, or cause a default under,
any agreement,  judgment, order, writ or decree under which Seller or any of its
assets is bound.

     (d)  Seller  has not filed  any  petition  seeking  or  acquiescing  in any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar  relief under any law relating to bankruptcy or  insolvency,  nor has
any such  petition been filed  against  Seller.  Seller is not insolvent and the
consummation of the transactions contemplated by this Agreement shall not render
Seller insolvent.  No general  assignment of Seller's property has been made for
the benefit of  creditors,  and no receiver,  master,  liquidator or trustee has
been appointed for Seller or any of its property.

     (e) There are no actions or  proceedings  pending  or, to  Seller's  actual
knowledge,  threatened,  against Seller which, in Seller's reasonable  judgment,
could  have a  material  adverse  affect on  Seller's  ability  to  perform  its
obligations hereunder.

     9.3. Representations of Seller Regarding the Property.

     Seller,  as of the date  hereof,  represents  and  warrants to Purchaser as
follows:

     (a) There are no leases,  licenses or occupancy  agreements  affecting  the
Premises, other than the JRC License Agreement.

     (b)  There  are no  service  contracts,  maintenance  agreements  or  other
agreements affecting the Premises, other than the Existing Service Contracts.

     (c) There are no actions or  proceedings  pending  or, to  Seller's  actual
knowledge, threatened, with respect to the Property.

     (d) There are no pending or, to  Seller's  knowledge,  threatened,  eminent
domain or condemnation proceedings with respect to the Property.

     (e) The Personal Property is free of any lien or encumbrance.

     (f)  Seller  has not  received  written  notice  that the  Premises  are in
violation of  Requirements,  nor, to Seller's  knowledge,  has any  governmental
authority  having  jurisdiction  over the Premises  threatened to issue any such
violation.

<PAGE>

     (g) The  insurance  coverages  with  respect to the  Premises  described in
Exhibit J annexed hereto are in full force and effect.

     The  representations  of Seller  contained in Sections  9.3(a)  through (e)
hereof  shall  survive  Closing  for twelve  (12)  months  (the  "Representation
Survival Period").

     9.4. Closing Certificates of Purchaser and Seller.

     (a) Purchaser,  on the Closing Date, shall execute and deliver to Seller an
instrument by which Purchaser shall remake the representations  made pursuant to
Section  9.1  above  as  of  the  Closing,  provided  that  Purchaser,  in  such
instrument,  shall (i) update such  representations  to reflect events occurring
between the date hereof and the Closing and (ii) correct such representations to
reflect any discovered  inaccuracy therein,  such instrument being herein called
"PURCHASER'S REPRESENTATION CERTIFICATE".

     (b) Seller,  on the Closing Date, shall execute and deliver to Purchaser an
instrument  by which Seller shall remake the  representations  made  pursuant to
Sections 9.2 and 9.3 above as of the  Closing,  provided  that  Seller,  in such
instrument,  shall (i) update such  representations  to reflect events occurring
between the date hereof and the Closing and (ii) correct such representations to
reflect any discovered  inaccuracy therein,  such instrument being herein called
"SELLER'S  REPRESENTATION  CERTIFICATE".   Notwithstanding  the  foregoing,  (i)
Seller's Representation  Certificate shall remake the representations  contained
in Sections 9.3(b) hereof as to the Service  Contracts and (ii) Seller shall not
remake the representation contained in Sections 9.3(f)-(g) hereof.

     9.5. Remedies for Inaccuracies and Other Changes.

     (a)  The  remedies  of  Seller  and  Purchaser  for  an  inaccuracy  in any
representation  or for any update or  correction  set forth in any  Seller's  or
Purchaser's  Representation  Certificate  shall be  solely  as set  forth in the
following  provisions of this Section 9.5.  Each of Seller and Purchaser  hereby
waives any inaccuracy in, or any update made to, any  representation  made to it
pursuant to this Article 9, unless the same is Materially Adverse.  For purposes
of this Section  9.5, the term  "MATERIALLY  ADVERSE"  shall have the  following
meanings in the following contexts:

     (1) An  inaccuracy  in any  representation  by Seller shall be deemed to be
"MATERIALLY  ADVERSE" to Purchaser if, and only if (i) there is an inaccuracy in
such  representation  as of the  date  made and (ii)  Purchaser  may  reasonably
demonstrate  that such  inaccuracy  may  reasonably  be  expected to result in a
diminution  in the value of the Property or the  imposition  of  liability  upon
Purchaser which exceeds $25,000;

     (2) Facts  giving rise to an update or  correction  set forth in a Seller's
Representation  Certificate  shall  be  deemed  to be  "MATERIALLY  ADVERSE"  to
Purchaser if, and only if (i) such update or correction is not  contemplated  or
permitted  by the terms of this  Agreement  and (ii)  Purchaser  may  reasonably
demonstrate that such update or correction  results in a

<PAGE>

diminution  in the value of the Property or the  imposition  of  liability  upon
Purchaser which exceeds $25,000; and

     (3) An inaccuracy in any  representation  by Purchaser or facts giving rise
to an update or correction set forth in a Purchaser's Representation Certificate
shall be deemed to be  "MATERIALLY  ADVERSE"  to Seller if, and only if,  Seller
reasonably  demonstrates that the same renders Purchaser incapable of proceeding
to Closing in accordance with the terms of this Agreement.

     (b) If, prior to Closing,  (i) Seller shall learn of an  inaccuracy  in any
representation  of Purchaser  set forth in Section 9.1 hereof (as made as of the
date hereof)  which is  Materially  Adverse to Seller,  which  inaccuracy is not
cured  within ten days after  notice from  Seller,  (ii) Seller shall know of an
inaccuracy  in any  representation  of Purchaser  made  pursuant to  Purchaser's
Representation  Certificate  (as made as of the  Closing)  which  is  Materially
Adverse  to Seller or (iii)  Purchaser's  Representation  Certificate  shall set
forth any update or  correction  which is  Materially  Adverse  to Seller,  then
Seller,  as its sole  remedy  therefor  in each  case,  shall  have the right to
terminate  this  Agreement  upon  notice to  Purchaser  at any time prior to the
Closing,  whereupon the Deposit shall be paid to Seller as liquidated damages on
account  thereof and  thereafter  neither  party  hereto  shall have any further
rights or obligations  hereunder  other than those which  expressly  survive the
termination  of this  Agreement.  Seller and Purchaser  agree that the aforesaid
liquidated  damages are a fair and reasonable amount to be retained by Seller as
agreed and liquidated  damages in light of Seller's removal of the Premises from
the market and the costs  incurred by Seller and shall not  constitute a penalty
or a forfeiture.  If, however, Seller proceeds to Closing in accordance with the
terms  hereof,  Seller shall be deemed to have waived the same and shall have no
claim on account thereof.  Notwithstanding  the foregoing,  if Seller terminates
this Agreement  pursuant to this Section 9.5(b) at any time on or before the Due
Diligence Expiration Date, the Initial Deposit shall be refunded to Purchaser.

     (c) If, prior to Closing, (i) Purchaser shall learn of an inaccuracy in any
representation  of Seller set forth in Sections 9.2 or 9.3 hereof (as made as of
the date hereof) which is Materially  Adverse to Purchaser,  which inaccuracy is
not cured within ten days after notice from Purchaser, (ii) Purchaser shall know
of an  inaccuracy  in any  representation  of Seller  made  pursuant to Seller's
Representation  Certificate (as made as of the Closing Date) which is Materially
Adverse to  Purchaser or (iii)  Seller's  Representation  Certificate  shall set
forth any update or correction  which is Materially  Adverse to Purchaser,  then
Purchaser,  as its sole remedy  therefor  in each case,  shall have the right to
terminate  this  Agreement  upon  notice to Seller at any time prior to Closing,
whereupon  the Deposit  shall be refunded to Purchaser  and  thereafter  neither
party shall have any further  rights or obligations  hereunder  other than those
which  expressly  survive  the  termination  of  this  Agreement.  If,  however,
Purchaser,  with actual knowledge of any such inaccuracy,  update or correction,
elects to proceed to Closing,  then Purchaser shall be deemed to have waived the
same and shall have no claim on account thereof.  Notwithstanding the foregoing,
if Purchaser  shall elect to terminate this  Agreement  pursuant to this Section
9.5(c) because Seller has (i) knowingly and intentionally (and with knowledge of
the  falsity  thereof)  made a  misrepresentation  or  false  warranty  or  (ii)
knowingly and intentionally caused a breach of representation or warranty, which
in either case is Materially Adverse to Purchaser, Purchaser

<PAGE>

shall  have a claim for  damages  on  account  thereof  in the amount of actual,
out-of-pocket title examination and survey costs, third-party professional costs
(including  reasonable  attorneys'  fees and  disbursements)  and forfeited loan
application or commitment fees incurred in connection  with this Agreement,  not
to exceed $100,000 in the aggregate.

     (d) If, after Closing,  Purchaser shall first learn of an inaccuracy in any
representation  made by Seller pursuant to Seller's  Representation  Certificate
(as made as of the Closing Date),  then Purchaser shall have a claim for damages
on  account  thereof,  provided  that  (i) any  claim  not  brought  within  the
Representation  Survival  Period shall be deemed waived,  (ii) Purchaser  hereby
waives the right to collect or seek to collect consequential or punitive damages
and (iii) the inaccuracy is Materially Adverse to Purchaser.

                                ARTICLE 10. TITLE
                                -----------------

     10.1.  Acceptable Title. Seller shall convey, or cause to be conveyed,  and
Purchaser shall accept,  title to the Premises,  as of the Closing Date, subject
to the Permitted  Exceptions,  and otherwise free of all tenancies and rights to
possession and in broom clean condition.  The term "PERMITTED  EXCEPTIONS" shall
mean, collectively,  (i) the matters set forth in Exhibit K annexed hereto, (ii)
Title  Exceptions  that Title  Insurer shall be willing to omit as exceptions to
coverage in any owner's or mortgagee's  policy of title insurance obtained by or
on behalf of Purchaser and (iii) any  exceptions  and matters that are approved,
waived or deemed to have been approved or waived by Purchaser.

     10.2. Inability to Convey Acceptable Title. Purchaser agrees to obtain from
Title  Insurer,  at  Purchaser's  expense,  a title  report with  respect to the
Premises (the "TITLE REPORT"). Purchaser shall furnish Seller with a copy of the
Title  Report  promptly  after its receipt  thereof,  but in no event later than
twenty-five days after the Effective Date. On or before the date which is thirty
(30) days after the Effective  Date (TIME BEING OF THE  ESSENCE),  Purchaser may
furnish Seller with written notice (a "TITLE  OBJECTION  NOTICE") of those Title
Exceptions  (hereinafter  defined)  noted  in the  Title  Report  which  are not
Permitted Exceptions and as to which Purchaser objects. In addition, within five
days of Purchaser's  receipt of any continuation of the Title Report,  Purchaser
may furnish Seller with written notice of Title  Exceptions  noted therein which
are not Permitted  Exceptions and as to which Purchaser  objects,  provided such
Title  Exceptions were not noted in the Title Report (or any prior  continuation
thereof).  Any such  notice  shall also  constitute  a Title  Objection  Notice.
Purchaser shall be deemed to have waived objection to Title Exceptions set forth
in the Title Report (or any  continuation  thereof) to which timely objection is
not made in a Title Objection Notice.  For purposes of this Agreement,  the term
"TITLE EXCEPTIONS" shall mean any lien, encumbrance,  security interest, charge,
reservation, lease, tenancy, easement, right-of-way,  encroachment,  restrictive
covenant,  condition or limitation or other matter adversely  affecting title to
the Property.

     10.3. Seller's Rights. Seller shall have the right, in its sole discretion,
upon notice to Purchaser  (the "TITLE  RESPONSE  NOTICE")  given within ten (10)
days after  Seller's  receipt of any Title  Objection  Notice (TIME BEING OF THE
ESSENCE), to elect to either (i) take such action

<PAGE>

as Seller  deems  advisable to discharge  those Title  Exceptions  which are not
Permitted Exceptions and are set forth in the Title Objection Notice (the "TITLE
DEFECTS") or (ii) subject to the  provisions  of Section 10.4 hereof,  terminate
this  Agreement,  whereupon  the  Deposit  shall be refunded  to  Purchaser  and
thereafter  neither party hereto shall have any further  obligation to the other
party hereto,  with the exception of those  obligations  which expressly survive
the termination of this  Agreement.  If Seller fails timely to deliver the Title
Response  Notice,  then Seller shall be deemed to have elected to terminate this
Agreement  pursuant  to clause  (ii)  above.  If Seller,  in its Title  Response
Notice,  elects to take  action  to  remove,  remedy  or  comply  with the Title
Defects,  Seller shall be entitled to one or more  adjournment(s) of the Closing
for up to thirty days in the aggregate to discharge the Title Defects,  provided
that such  adjournment  shall not  result in the  forfeiture  of any  commitment
obtained  by  Purchaser  to finance  its  acquisition  of the  Property,  unless
Purchaser  may  extend the time in which to close the loan  contemplated  by the
commitment at no cost to Purchaser (it being agreed that the foregoing shall not
be deemed to  constitute a financing  contingency).  If Seller elects to adjourn
the Closing as aforesaid,  Seller shall thereafter use  commercially  reasonable
efforts to remove,  remedy or comply with the Title Defects. If Seller is unable
to remove,  remedy or comply with such Title  Defects at the  expiration of such
adjournment(s),  then this Agreement  shall be deemed to be terminated as of the
last  adjourned  date of Closing.  Upon such  termination,  the Deposit shall be
refunded to Purchaser and neither party hereto shall have any further obligation
to the other party,  with the  exception of those  obligations  which  expressly
survive the termination of this  Agreement.  Except as set forth in Section 10.5
hereof,  nothing in this Agreement  shall be deemed to require Seller to take or
bring any  action or  proceeding  or any other  steps to remove any defect in or
objection to title or to expend any moneys  therefor,  nor shall  Purchaser have
any right of action against Seller, at law or in equity, therefor.

     10.4. Purchaser's Right to Accept Title. Purchaser may, upon written notice
to Seller at any time on or before the  Closing  Date (as the same may have been
adjourned by Seller in accordance  with the  provisions of Section 10.3 hereof),
elect to accept such title as Seller can convey,  notwithstanding  the existence
of any Title Defects.  In such event,  (i) this Agreement  shall remain in force
and effect,  (ii) the parties shall proceed to Closing and (iii) Purchaser shall
not be entitled to any abatement of the Purchase Price,  any credit or allowance
of any kind or any  claim or right of  action  against  Seller  for  damages  or
otherwise by reason of the Title Defects.

     10.5.  Seller's  Obligation.  Notwithstanding  anything  contained  in this
Article 10 the contrary,  Seller shall at or prior to Closing  discharge (i) any
mortgage affecting the Property,  (ii) any Title Defects which are knowingly and
intentionally  created  by Seller  subsequent  to the date  hereof and (iii) any
Title Defects  which may be discharged  solely by the payment of a sum of money,
not to exceed $200,000 in the aggregate.

     10.6.  Wentworth  Deed.  Seller has  furnished  Purchaser  with a copy of a
mortgagee  policy  of title  insurance  for the  Premises,  issued  by  Fidelity
National  Title,  dated October 22, 1998.  Such policy raises an exception  from
coverage for a  reservation  of right of way  contained in a deed dated July 11,
1927 by E. Francis  Wentworth,  et al, to Samuel R. Wentworth,  recorded in Deed
Book 1956, Page 301,  Norfolk County Records (the "WENTWORTH  DEED").  Purchaser
reserves the right to raise  objection to the Wentworth Deed in accordance  with
the provisions of

<PAGE>

Section 10.2 hereof,  whereupon  Seller and Purchaser  shall have the rights and
remedies accorded to them by this Article 10 with respect to Title Exceptions to
which Purchaser has raised objection in a Title Objection  Notice.  If Purchaser
fails to  raise  object  to the  Wentworth  Deed in the  time and in the  manner
specified  in Section  10.2  hereof,  Purchaser  shall be deemed to have  waived
objection  thereto,  in which event  Purchaser shall close title to the Premises
subject thereto without abatement of the Purchase Price,  credit or allowance of
any kind or claim or right of action  against Seller for damages or otherwise by
reason of the  Wentworth  Deed.  Nothing  in this  Agreement  shall be deemed to
require  Seller to take or bring any action or  proceeding or any other steps to
obtain the discharge of the Wentworth Deed.

     10.7.  Title  Insurance.  Purchaser and Seller shall  cooperate  with Title
Insurer and each other in connection  with obtaining  title  insurance  insuring
title to the Premises  subject to the Permitted  Exceptions.  In furtherance and
not in limitation of the  foregoing,  Seller shall deliver to Title Insurer such
certificates  or resolutions as may be required to obtain the recordation of the
Deed or any instrument  required to discharge any Title Exception which is not a
Permitted  Exception.  In addition,  Seller  shall  execute and deliver to Title
Insurer an Indemnity Agreement in the form annexed hereto as Exhibit L.

     10.8. Violations.  Seller shall have no responsibility to cure, or cause to
be cured, any violations of Requirements noted against the Premises, whether the
same have  been  noted or  issued  as of the date  hereof or are first  noted or
issued  after  the date  hereof,  and  Purchaser  agrees  to close  title to the
Premises subject thereto.

                      ARTICLE 11. CASUALTY AND CONDEMNATION
                      -------------------------------------

          11.1. Casualty.

     (a) For  purposes of this  Article 11, the  following  terms shall have the
meanings indicated:

     "MAJOR  CASUALTY"  means a fire in or other  casualty to the Premises which
causes  damage or injury to the  Premises  and results in  Restoration  Costs in
excess of an amount equal to ten percent (10%) of the Purchase Price.

     "RESTORATION  COSTS"  means the cost to repair or  restore  (as  reasonably
determined  by an  architect  or  engineer  selected  by Seller and  approved by
Purchaser,  which approval shall not be  unreasonably  withheld,  conditioned or
delayed) the damage to the Premises caused by a fire or other casualty.

     (b) If,  between the date hereof and the Closing,  there shall occur a fire
or other  casualty  affecting the Premises which is not a Major  Casualty,  then
Purchaser shall have no right to terminate this Agreement and shall purchase the
Premises in its damaged  condition  without  reduction of or offset  against the
Purchase  Price or any  other  claim  against  Seller.  Seller  shall  assign to
Purchaser  the right to receive any  insurance  proceeds  payable to Seller as a
result of

<PAGE>

such fire or other casualty; provided, however, that Seller shall be entitled to
retain (to the extent theretofore paid to Seller), and shall not be obligated to
assign the right to receive  (to the extent not  theretofore  paid to Seller) an
amount of such insurance proceeds equal to Seller's reasonable expenses, if any,
incurred in collecting  such proceeds and repairing the damage caused by fire or
other casualty and provided further that Purchaser shall be entitled to a credit
against  the Cash  Balance in an amount  equal to any  portion of the  insurance
claim not payable by reason of the existence of a deductible in Seller's  policy
of casualty insurance.

     (c) If,  between the date hereof and the Closing,  there shall occur a fire
or  other  casualty  affecting  the  Premises  which is a Major  Casualty,  then
Purchaser  shall have the option,  to be exercised  upon notice to Seller within
fifteen (15) days after  receiving  notice of such  casualty,  to terminate this
Agreement. If Purchaser shall so elect to terminate this Agreement,  the Deposit
shall be refunded to  Purchaser,  whereupon  neither party hereto shall have any
further  obligation to the other hereunder,  except for those  obligations which
expressly  survive the  termination of this  Agreement.  If Purchaser  shall not
elect to terminate  this  Agreement as provided in this subclause (c), then this
Agreement  shall remain in full force and effect and the  provisions  of Section
11.1(b) above shall apply to such damage and any insurance  proceeds  payable in
connection therewith.

     (d) In no event shall  Seller have any  obligation  to repair any damage or
destruction  to the  Premises,  but  Seller  shall  have the  right to do so and
utilize insurance proceeds for such purpose.

     (e) Seller and  Purchaser  expressly  intend  that the  provisions  of this
Section 11.1 shall govern in the event of a fire or other casualty.

     11.2. Condemnation.

     (a) If,  between  the date  hereof and the  Closing,  any  condemnation  or
eminent  domain  proceedings  are  initiated  which  would  result in a material
taking, then either Seller or Purchaser may elect to terminate this Agreement by
giving  written  notice of its election to the other party  within  fifteen (15)
days after receiving notice of such prospective  taking.  If Seller or Purchaser
shall so elect to terminate  this  Agreement,  the Deposit  shall be refunded to
Purchaser,  whereupon neither party hereto shall have any further  obligation to
the other hereunder,  except for those  obligations  which expressly survive the
termination  of this  Agreement.  If neither  party so elects to terminate  this
Agreement,  then  the  parties  hereto  shall  proceed  to the  Closing  without
reduction of or offset  against the Purchase  Price and Purchaser  shall have no
other claim against  Seller.  In such event,  all of Seller's  right,  title and
interest  in and to any  condemnation  proceeds  paid or payable  in  connection
therewith shall be assigned to Purchaser.

     (b) If,  between  the date  hereof and the  Closing,  any  condemnation  or
eminent domain  proceedings  are initiated  which would not result in a material
taking,  then neither  Seller nor Purchaser may terminate this Agreement and the
parties shall proceed to the Closing without  reduction of or offset against the
Purchase Price and Purchaser shall have no other claim against  Seller.  In such
event,  all of Seller's  right,  title and  interest in and to any  condemnation
proceeds paid or payable in connection therewith shall be assigned to Purchaser.

<PAGE>

     (c) For  purposes of this  Section  11.2,  a taking shall be deemed to be a
material  taking if it would  result in the  taking of in excess of (i)  percent
(10%) of the rentable  square  footage of the Building or (ii) five percent (5%)
of the parking  spaces  located on the Land.  In no event shall  Seller have any
obligation to repair or restore the Premises or any portion thereof by reason of
any condemnation, whether material or otherwise.

                        ARTICLE 12. DEFAULT AND REMEDIES
                        --------------------------------

     12.1.  Default By  Purchaser.  If  Purchaser  (i)  defaults  in its Closing
obligations (i.e., defaults in the payment of the Purchase Price or otherwise in
the  performance of any of its  obligations  hereunder which are to be performed
on, or as of, the Closing Date) or (ii) otherwise  materially defaults hereunder
and such other  material  default is not cured within ten (10) days after notice
thereof from Seller to Purchaser,  then, and in any of such events,  Seller,  as
its sole remedy  therefor,  may terminate  this  Agreement by written  notice to
Purchaser,  whereupon the Deposit shall be paid to Seller as liquidated  damages
on  account of such  default,  and,  thereafter,  neither  party  shall have any
further rights or obligations hereunder other than those which expressly survive
the termination of this Agreement. Seller and Purchaser agree that the aforesaid
liquidated  damages are a fair and reasonable amount to be retained by Seller as
agreed and liquidated  damages in light of Seller's removal of the Premises from
the market and the costs  incurred by Seller and shall not  constitute a penalty
or a  forfeiture.  Except as expressly  provided to the contrary in this Section
12.1,  Seller  waives any other right or remedy which Seller may have, at law or
in equity, by reason of a default by Purchaser hereunder.

     12.2. Default By Seller. If Seller (i) defaults in its Closing  obligations
(i.e., defaults in the performance of any of its obligations hereunder which are
to be performed  on, or as of, the Closing  Date) or (ii)  otherwise  materially
defaults  hereunder and such material  default is not cured within ten (10) days
after notice thereof from  Purchaser to Seller,  then, and in either such event,
Purchaser  may,  as its sole  remedy  therefor,  either (x) pursue an action for
specific  performance of this Agreement by Seller hereunder,  without abatement,
credit  against  or  reduction  of the  Purchase  Price  or (y)  terminate  this
Agreement by written  notice to Seller,  whereupon the Deposit shall be refunded
to Purchaser; it being understood and agreed that in no event shall Purchaser be
entitled  to money  damages.  If  Purchaser  shall  elect to so  terminate  this
Agreement,  then, except as set forth in Section 12.3 below, neither party shall
have any  further  rights  or  obligations  hereunder  other  than  those  which
expressly  survive  the  termination  of this  Agreement.  Except  as  expressly
provided in this Section 12.2,  Purchaser  waives any other right or remedy,  at
law or in equity,  which Purchaser may have or be entitled to as a result of any
default by Seller.

     12.3. Reimbursement of Purchaser. Notwithstanding the provisions of Section
12.2 hereof,  if Purchaser  terminates  this Agreement  pursuant to Section 12.2
hereof  because  Seller  knowingly  and  intentionally  defaulted,   beyond  any
applicable  notice and cure period,  in the performance of any material covenant
of Seller hereunder, Purchaser shall have a claim for damages on account thereof
in the amount of  actual,  out-of-pocket  title  examination  and survey  costs,
third-party   professional  costs  (including  reasonable  attorneys'  fees  and
disbursements) and

<PAGE>

forfeited loan  application or commitment  fees incurred in connection with this
Agreement, not to exceed $100,000 in the aggregate.

                               ARTICLE 13. BROKER
                               ------------------

     13.1. Broker.  Seller and Purchaser each represent and warrant to the other
that each has had no  conversations  or  dealings  with any  broker or finder in
connection  with  the  transactions  contemplated  hereby,  other  than  Broker.
Purchaser and Seller (each, an "INDEMNIFYING PARTY") shall indemnify, defend and
hold the other  harmless  from and  against  any and all loss,  cost or  expense
(including, without limitation, reasonable attorneys' fees) arising by reason of
a claim for a commission or other compensation made by a broker or finder (other
than Broker)  claiming to have dealt with the Indemnifying  Party.  Seller shall
pay any commission due to Broker pursuant to separate  written  agreements.  The
provisions of this Article 13 shall survive  Closing or any  termination of this
Agreement.

                             ARTICLE 14. ASSIGNMENT
                             ----------------------

     14.1. No Assignment  by  Purchaser.  Neither this  Agreement nor any of the
rights of Purchaser hereunder (nor the benefits of such rights) may be assigned,
transferred or encumbered  without Seller's prior written consent (which consent
may be withheld in Seller's  sole and  absolute  discretion)  and any  purported
assignment, transfer or encumbrance without Seller's prior written consent shall
be void.  Purchaser  expressly  covenants  and agrees that (a) if Purchaser is a
corporation,  a sale or transfer  of more than fifty  (50%)  percent (at any one
time or in the  aggregate  from time to time) of the  shares of any class of the
issued and  outstanding  stock of Purchaser,  its successors or assigns,  or the
issuance  of  additional  shares of any class of its stock to the extent of more
than fifty  (50%)  percent  (at any one time or, in the  aggregate  from time to
time) of the number of shares of said class of stock issued and  outstanding  on
the date hereof,  (b) if Purchaser is a  partnership,  joint  venture or limited
liability  company,  a sale or transfer of more than fifty (50%) percent (at any
one  time or in the  aggregate  from  time to time)  of the  partnership,  joint
venture or membership interests of Purchaser,  its successors or assigns, or the
issuance of additional partnership, joint venture or membership interests of any
class to the extent of more than fifty (50%)  percent (at any one time or in the
aggregate  from time to time) of the  amount of  partnership,  joint  venture or
membership  interests  issued  on the  date  hereof  shall,  in any  such  case,
constitute an assignment of this Agreement.  Unless, in each instance, the prior
written  consent  of  Seller  has  been  obtained,  any  such  assignment  shall
constitute a material  default under this  Agreement and shall entitle Seller to
exercise all rights and remedies under this Agreement,  at law or equity, in the
case of such a default.

     14.2. Permitted Assignment to Affiliate.  Notwithstanding the provisions of
Section 14.1 above to the contrary,  the named Purchaser in this Agreement shall
have the  one-time  right to  assign  its  rights  and  obligations  under  this
Agreement  to either (i) an  Affiliate  of such  named  Purchaser  (including  a
Massachusetts  nominee  trust  constituting  an Affiliate of  Purchaser) or (ii)
Matthew Israel,  Purchaser's  executive  director,  in each case effective on or
prior to the Closing,

<PAGE>

provided that, on or prior to the effective date of such assignment,  (i) in the
case of an assignment to an Affiliate,  Purchaser delivers to Seller evidence of
the ownership of Purchaser  and the proposed  assignee so as to permit Seller to
verify  that such  proposed  assignee  is an  Affiliate  of  Purchaser  and (ii)
Purchaser  delivers  to  Seller  a  written   assumption,   in  form  reasonably
satisfactory to Seller and duly executed and  acknowledged  by the assignee,  in
which the assignee agrees to assume all of Purchaser's covenants, agreements and
obligations  under  this  Agreement.  As of the date of the  assignment  of this
Agreement to an  Affiliate or to Mr.  Israel in  accordance  with the  foregoing
provisions of this Section 14.2, the  representations  of Purchaser named herein
set forth in  Section  9.1  hereof  shall be remade as to the  Affiliate  or Mr.
Israel, as the case may be, except that the  representations  and warranties set
forth in Section 9.1(a) hereof shall be modified  accordingly.  Purchaser  named
herein shall remain fully liable for all of  Purchaser's  covenants,  agreements
and  obligations  under  this  Agreement   notwithstanding  any  such  permitted
assignment  pursuant to this Section 14.2. Upon any assignment of this Agreement
in accordance  with the provisions of this Article 14,  Purchaser shall promptly
pay to Seller any  consideration  paid or payable to  Purchaser by reason of the
assignment.

                              ARTICLE 15. COVENANTS
                              ---------------------

     15.1. Operation of Premises.  Between the date hereof and the Closing Date,
Seller  shall  continue to maintain  the  Premises  in the  ordinary  course and
substantially  in  accordance  with the  practices  and  procedures  customarily
followed by Seller in the  maintenance of the Premises prior to the date hereof;
provided,  however,  that Seller shall have no obligation to make any repairs or
expenditures that are capital in nature.

     15.2. Capital Repairs.

     (a) Between the date hereof and the Closing Date, Seller shall not make any
material  capital  repairs or  replacements  to the  Premises  without the prior
written consent of Purchaser,  which consent shall not be unreasonably  withheld
or  delayed,  provided,  however,  that  Seller may  undertake  such  repairs or
replacements  without Purchaser's consent if (i) the performance of such repairs
or replacements is required to avoid an unsafe or hazardous condition,  (ii) the
performance  of  such  repairs  or  replacements  is  required  pursuant  to any
Requirements  or (iii) Seller's  failure to perform such repairs or replacements
would,  in Seller's  reasonable  judgment,  subject  Seller to criminal or civil
liability or result in a forfeiture of the Property or the  imposition of a lien
or  encumbrance  thereon.  Whenever  required  pursuant  to this  Section  15.2,
Purchaser's consent shall be deemed granted if not denied by notice (stating the
grounds for denial with reasonable  specificity) given to Seller within five (5)
Business  Days of  Purchaser's  receipt from Seller of request for such consent.
Whenever  Purchaser's consent to a capital repair or replacement is not required
pursuant to this Section 15.2,  Seller shall furnish  Purchaser with  reasonable
prior notice of the repair or  replacement,  except in the case of an emergency,
in which case Seller shall furnish  Purchaser with such notice as is practicable
under the circumstances.

     (b) Seller and Purchaser  acknowledge  that Seller  anticipates  engaging a
contractor or  contractors to perform  repair work upon an  approximately  1,080
square foot portion

<PAGE>

of the facade (the "FACADE WORK").  Purchaser hereby consents to the performance
of the Facade Work and to Seller's  entrance  into such contract as Seller deems
appropriate  for the performance of the Facade Work  (collectively,  the "FACADE
WORK  CONTRACT").  If the Facade Work is not  completed on or before the Closing
Date,  then,  at Closing,  (i) Seller shall assign to Purchaser  all of Seller's
right, title and interest in and to the Facade Work Contract and Purchaser shall
assume all of Seller's obligations  thereunder in accordance with the provisions
of the Service  Contract  Assignment and (ii)  Purchaser  shall be entitled to a
credit  against the Cash  Balance in an amount  equal to the  remaining  balance
under the Facade Work Contracts. If the Facade Work is completed before Closing,
Seller shall at Closing  assign to Purchaser any  warranties  by the  contractor
under the Facade Work Contract.

     15.3. Insurance. Between the date hereof and the Closing Date, Seller shall
either  (i)  maintain  in full  force and  effect  the fire and  other  casualty
insurance  coverages  described in Exhibit J annexed hereto or (ii) replace such
insurance policies with other policies providing coverage equivalent thereto.

     15.4.  Leases.  Between the date hereof and the Closing Date,  Seller shall
not enter into any lease,  license or  occupancy  agreement  with respect to the
Premises.

     15.5.  Service  Contracts.  Between the date  hereof and the Closing  Date,
Seller shall not enter into any New Service Contracts or modify, renew or extend
the term of any of the  Existing  Service  Contracts  or New  Service  Contracts
without Purchaser's prior written consent in each instance,  which consent shall
not be unreasonably withheld,  conditioned or delayed. If required,  Purchaser's
consent shall be deemed granted if not denied by notice (stating the grounds for
denial with  reasonable  specificity)  given to Seller  within five (5) Business
Days  of   Purchaser's   receipt  from  Seller  of  request  for  such  consent.
Notwithstanding anything contained in this Section 15.4 to the contrary,  Seller
shall have the right,  without Purchaser's consent, to terminate any one or more
of the Existing Service  Contracts and the New Service  Contracts at any time on
or prior to the Closing Date.

     15.6.  Notices.  Seller shall promptly furnish Purchaser with copies of any
written notices Seller receives from  governmental  authorities which pertain to
the Premises.

                            ARTICLE 16. MISCELLANEOUS
                            -------------------------

     16.1. Notices. (a) All notices,  demands, requests and other communications
required  hereunder  shall be in writing and shall be deemed to have been given:
(i) upon delivery, if personally delivered; (ii) three (3) days after deposit in
the  United  States  Mail when  delivered,  postage  prepaid,  by  certified  or
registered  mail;  or (iii) one (1) Business Day after deposit with a nationally
recognized  overnight  delivery service marked for delivery on the next Business
Day.  Notice may also be given by telecopy,  provided that telecopy notice shall
not be  effective  unless  the  sender  (x)  furnishes  the  recipient  with the
telephonic  notice of the telecopy  delivery (which may occur by voice mail) and
(y) retains the telecopy machine confirmation of the telecopy delivery. Telecopy
notice  shall be deemed to have been given on the later to occur of (A) the date
of receipt of telephonic  notice of the telecopy  delivery and (B) the confirmed
date of telecopy

<PAGE>

transmission.  Each  notice  shall  be  addressed  to the  party  for whom it is
intended at its address hereinafter set forth:

                  If to Seller:

                           Wellsford Capital Properties, LLC
                           c/o Wellsford Real Properties, Inc.
                           535 Madison Avenue
                           26th Floor
                           New York, NY 10022
                           Attention: William H. Darrow
                           Telecopy No. (212) 421-7244
                           Telephone No. (212) 819-4903

                  with a mandatory copy to:

                           Robinson Silverman Pearce Aronsohn & Berman LLP
                           1290 Avenue of the Americas
                           New York, New York 10104
                           Attention: Dennis M. Sughrue, Esq.
                           Telecopy No. (212) 541-4630
                           Telephone No. (212) 541-2009

                  If to Purchaser:

                           The Judge Rotenberg Educational Center, Inc.
                           240 Turnpike Street
                           Canton, Massachusetts 02021
                           Attention: Matthew Israel
                           Telecopy No. (781) 828-2804
                           Telephone No. (781) 828-2202

                  with a mandatory copy to:

                           Eckert Seamans Cherin & Melott LLC
                           One International Place, 18th Floor
                           Boston, Massachusetts 02110
                           Attention: Arthur Gold, Esq.
                           Telecopy No.: (617) 342-6899
                           Telephone No.: (617) 342-6834

<PAGE>

                  and a mandatory copy to:

                           Jeffer, Mangels, Butler & Marmaro LLP
                           2121 Avenue of the Stars, 10th Floor
                           Los Angeles, California 90067-5010
                           Attention: Timothy Lappen, Esq.
                           Telecopy No. (310) 201-3539
                           Telephone No. (310) 201-3536

                  If to Escrowee:

                           Old Republic National Title Insurance Company
                           Three Center Plaza
                           Suite 440
                           Boston, Massachusetts 02018
                           Attention: Sophie Stein
                           Telecopy No. (617) 742-5000
                           Telephone No. (617) 742-4000

     (b) Any party may  designate  a change of address by written  notice to the
others given in accordance with the provisions of this Section 16.1.

     (c) The attorney for any party may send notices on that party's behalf.

     16.2.  Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Massachusetts.

     16.3. Successors. All of the provisions of this Agreement and of any of the
documents and instruments  executed in connection herewith shall apply to and be
binding upon, and inure to the benefit of Seller and Purchaser, their successors
and their permitted assigns.

     16.4. No Third Party Beneficiary. This Agreement and each of the provisions
hereof are solely for the benefit of  Purchaser  and Seller and their  permitted
assigns.  No  provisions  of  this  Agreement  or of any of  the  documents  and
instruments  executed in connection  herewith  shall be construed as creating in
any person or entity other than Purchaser and Seller and their permitted assigns
any rights of any nature whatsoever.

     16.5. No Personal  Liability.  Purchaser shall look only to Seller's estate
and  interest  in the  Property  for the  collection  of a  judgement  (or other
judicial  process)  requiring  the  payment of money by Seller in the event that
Purchaser is expressly entitled to a damage claim against Seller pursuant to the
terms of this  Agreement,  and no other  property  or  assets  of  Seller or its
partners, members, officers, managers, shareholders or principals,  disclosed or
undisclosed,   shall  be  subject  to  levy,  execution,   attachment  or  other
enforcement  procedure  for the  satisfaction  of any such damage claim  against
Seller under or with respect to this Agreement. The foregoing provisions of this
Section  are not  intended  to,  and shall  not,  limit any  express  right that
Purchaser might

<PAGE>

otherwise  have to obtain  equitable  relief  (including  the remedy of specific
performance  where  applicable and  appropriate)  against Seller.  The terms and
provisions  of  this  subsection  shall  survive  the  Closing  or  the  earlier
termination of this Agreement.

     16.6.  Entire  Agreement.  This Agreement,  together with the documents and
instruments executed and delivered in connection herewith,  set forth the entire
agreement between Purchaser and Seller relating to the transactions contemplated
hereby  and all  other  prior  or  contemporaneous  agreements,  understandings,
representations  or  statements,  oral  or  written,  relating  directly  to the
Property are superseded hereby.

     16.7. Severability.  If any provision in this Agreement is found by a court
of competent  jurisdiction to be in violation of any applicable law, and if such
court should  declare such  provision  of this  Agreement to be unlawful,  void,
illegal or unenforceable  in any respect,  the remainder of this Agreement shall
be construed as if such unlawful,  void, illegal or unenforceable provision were
not contained therein, and the rights,  obligations and interests of the parties
hereto under the remainder of this  Agreement  shall  continue in full force and
effect undisturbed and unmodified in any way.

     16.8. Modification. This Agreement and the terms hereof may not be changed,
waived, modified,  supplemented,  canceled, discharged or terminated orally, but
only by an instrument or instruments in writing executed and delivered by Seller
and Purchaser.

     16.9.  Waiver of Trial by Jury.  EACH PARTY HEREBY WAIVES,  IRREVOCABLY AND
UNCONDITIONALLY,  TRIAL BY JURY IN ANY ACTION  BROUGHT ON, UNDER OR BY VIRTUE OF
OR RELATING IN ANY WAY TO THIS AGREEMENT OR ANY OF THE DOCUMENTS OR CERTIFICATES
EXECUTED IN CONNECTION HEREWITH, THE PROPERTY, OR ANY CLAIMS,  DEFENSES,  RIGHTS
OF SET-OFF OR OTHER ACTIONS PERTAINING HERETO OR TO ANY OF THE FOREGOING.

     16.10.  Venue.  Purchaser  and Seller  each hereby  irrevocably  waives any
objection  that it may now or hereafter have to the laying of venue of any suit,
action  or  proceeding  arising  out  of  this  Agreement  or  the  transactions
contemplated  hereby  brought  in any  federal  or state  court  sitting  in the
Commonwealth of Massachusetts  and hereby further  irrevocably  waives and claim
that any such  suit,  action or  proceeding  brought  in any such court has been
brought in an inconvenient  forum. Seller and Purchaser further hereby expressly
submits to the  jurisdiction  of all  federal  and state  courts  sitting in the
Commonwealth of Massachusetts.

     16.11. No Recording. Neither this Agreement nor any memorandum hereof shall
be recorded.  Each party hereby agrees to indemnify and hold harmless the others
for all liabilities,  losses,  damages, liens, suits, claims, costs and expenses
(including  reasonable  attorneys'  fees)  incurred by the others by reason of a
breach of the foregoing covenant.

     16.12.  Captions.  The captions and table of contents in this Agreement are
inserted for  convenience  of reference  only and in no way define,  describe or
limit the scope or intent of this Agreement or any of the provisions hereof.

<PAGE>

     16.13.  Counterparts;  Effectiveness  of Agreement.  This  Agreement may be
executed  in any  number of  counterparts,  each of which  shall  constitute  an
original  but  all of  which  together  will  constitute  one  instrument.  This
Agreement shall not be effective unless and until the same has been executed and
delivered by all parties hereto whether in one or more counterparts.

     16.14.  Merger.  The delivery of the Deed to  Purchaser  and the closing of
title to the  Property  shall be  deemed  to  constitute  full  performance  and
discharge by Seller of every  agreement and  obligation on the part of Seller to
be performed hereunder, and no agreement,  promise,  representation or warranty,
express or implied, on the part of Seller shall survive Closing unless expressly
set forth to the contrary herein.

     16.15.  Fair  Interests.  The parties  acknowledge  that each party and its
counsel have reviewed this Agreement and the rule of  construction to the effect
that any ambiguities are to be resolved  against the drafting party shall not be
employed in the interpretation of this Agreement.

     16.16.  Legal Fees.  If either  party brings any action or suit against the
other by reason of any default under this  Agreement,  the prevailing  party, as
finally determined in such action or suit, shall be entitled to recover from the
other party all costs and expenses of such action or suit  (including  appellate
proceedings),  including,  without  limitation,  reasonable  attorneys' fees and
disbursements,  it being  agreed  that the  determination  of which party is the
prevailing  party shall be included in the matters which are the subject of such
action or suit.

     16.17. Time is of the Essence. Time shall be of the essence with respect to
the obligations of Seller and Purchaser hereunder.

<PAGE>

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

                                    Seller:
                                    ------

                                    WELLSFORD CAPITAL PROPERTIES, L.L.C.

                                    By: Wellsford Capital, its sole member

                                    By: /s/ William H. Darrow
                                        ------------------------
                                        William H. Darrow
                                        Vice President

                                    Purchaser:
                                    ---------

                                    THE JUDGE ROTENBERG EDUCATIONAL CENTER, INC.

                                    By: /s/ Matthew L. Israel
                                        -------------------------
                                    Name:  Matthew L. Israel
                                    Title:  President and Treasurer

Agreed as to Section 3.2 only:

Escrowee:
--------

OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY

By:  /s/ Sophie Stein
     --------------------
Name:  Sophie Stein
Partner  Title Counsel

<PAGE>

                                    Exhibit A
                                   (the Land)

<PAGE>

                                   Exhibit A-1
                                    (Survey)

<PAGE>

                                    Exhibit B
                              Intentionally Omitted

<PAGE>

                                    EXHIBIT C
                          (Existing Service Contracts)

1.   Termite  Control  Contract,  dated as of October 18,  2000,  by and between
     Waltham Chemical and Wellsford Capital Properties.

2.   Interior  Plant  Maintenance  Contract,  dated as of April 6, 2000,  by and
     between Rentokil- Tropical Plant Services and Wellsford Capital Properties.

3.   Fire Alarm Monitoring and Testing Contract, dated as of May 2, 2001, by and
     between American Alarm and Communications and Wellsford Capital Properties.

4.   Property  Management  Agreement,  dated as of April 1, 1998, by and between
     Wellsford  Capital and Trammell Crow Operations  (the "Property  Management
     Agreement")

5.   Exterior Landscaping  Contract,  dated as of April 12, 2001, by and between
     Vanaria & Sons Landscaping and Wellsford Capital Properties.

6.   Agreement  dated as of September  12, 2001  between  Seller and Sea & Shore
     Construction Company, Inc.

7.   Parking  License  Agreement  dated  October  19,  2001  between  Seller and
     Purchaser.

<PAGE>

                                    Exhibit D
                              Intentionally Omitted

<PAGE>

                                    Exhibit E

                             (Form of Bill of Sale)

                                  BILL OF SALE
                                  ------------

                         KNOW ALL MEN BY THESE PRESENTS,

     That WELLSFORD CAPITAL PROPERTIES,  L.L.C., having an office at 535 Madison
Avenue,  26th  Floor,  New  York,  New  York  10022  ("GRANTOR"),   for  and  in
consideration  of the sum of Ten Dollars  ($10.00),  lawful  money of the United
States, to it in hand paid, at or before delivery of these presents by THE JUDGE
ROTENBERG  EDUCATIONAL  CENTER,  INC., a  Massachusetts  non-profit  corporation
having  an  office  at  240  Turnpike  Street,   Canton,   Massachusetts   02021
("GRANTEE"), the receipt of which is hereby acknowledged, by these presents does
hereby convey unto Grantee,  its  successors and assigns,  all right,  title and
interest of Grantor in and to all personal  property affixed to, located upon or
used in connection with the real property described in Schedule 1 annexed hereto
and made a part hereof.  The  foregoing  conveyance  is made  without  recourse,
representation  or  warranty  of any  kind,  except  as may be set forth in that
certain  Sale-Purchase  Agreement dated as of November ___, 2001 between Grantor
and Grantee, and subject to the limitations set forth therein.

     TO HAVE AND TO HOLD the same  unto  Grantee,  its  successors  and  assigns
forever.

     This Bill of Sale shall be governed by and construed in accordance with the
laws of the Commonwealth of Massachusetts.

     IN WITNESS WHEREOF,  Grantor has caused this instrument to be duly executed
as of this ___ day of ______, 2001

          WELLSFORD CAPITAL PROPERTIES, L.L.C.

          By:  Wellsford  Capital,  a Maryland real estate investment trust, its
               Manager

              By: _______________________________
                  William H. Darrow
                  Vice President

<PAGE>

                                   Schedule 1

<PAGE>

                                    Exhibit F

                              Intentionally Omitted

<PAGE>

                                    Exhibit G
                       (Form of Assignment and Assumption
                  of Service Contracts, Licenses and Warranties

                          ASSIGNMENT AND ASSUMPTION OF
                          ----------------------------
                   SERVICE CONTRACTS, LICENSES AND WARRANTIES
                   ------------------------------------------

     THIS  ASSIGNMENT  AND  ASSUMPTION  OF  SERVICE   CONTRACTS,   LICENSES  AND
WARRANTIES (this "ASSIGNMENT"),  made as of the ___ day of _______, ____, by and
between WELLSFORD CAPITAL  PROPERTIES,  L.L.C.,  having an office at 535 Madison
Avenue,  26th  Floor,  New  York,  New York  10022  ("ASSIGNOR"),  and THE JUDGE
ROTENBERG EDUCATIONAL CENTER, INC. a Massachusetts non-profit corporation having
an office at 240 Turnpike Street, Canton, Massachusetts 02021 ("ASSIGNEE"),  for
and in  consideration  of the sum of Ten Dollars  ($10.00)  lawful  money of the
United  States to it in hand paid,  at or before  delivery of these  presents by
Assignee with reference to the following:

                                 R E C I T A L S
                                 ---------------

     Pursuant  to a  Sale-Purchase  Agreement  dated as of  November  ___,  2001
between Assignor and Assignee (the "PURCHASE AGREEMENT"),  Assignor is conveying
to Assignee the Property  (as defined in the  Purchase  Agreement).  Capitalized
terms used herein and not  otherwise  defined  shall have the meanings  ascribed
thereto in the Purchase Agreement.

     NOW THEREFORE,  in  consideration of the sum of Ten Dollars  ($10.00),  the
foregoing promises, covenants and undertakings contained in this Assignment, and
other good and valuable consideration,  the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

                            ASSIGNMENT AND ASSUMPTION
                            -------------------------

     1. (a) Assignor hereby assigns to Assignee, without recourse representation
or  warranty  of any kind,  all of its right,  title and  interest in and to the
Service  Contracts  identified on Schedule 1 annexed hereto  (collectively,  the
"ASSIGNED SERVICE CONTRACTS") and the assignable Licenses and Warranties.

     (b) Assignee hereby accepts the foregoing  assignment and agrees to assume,
keep, perform and fulfill all of the terms, conditions and obligations which are
required to be kept,  performed and fulfilled by Assignor in connection  with or
arising out of the Assigned

<PAGE>

Service Contracts and the assignable  Licenses and Warranties from and after the
date hereof.

     2. This Assignment shall be binding upon, enforceable by and shall inure to
the benefit of the parties hereto and their respective successors and assigns.

     3. This Assignment may be signed in multiple counterparts which, when taken
together  and signed by all parties  and  delivered  to any other party  hereto,
shall constitute a binding Assignment between the parties.

     4. This  Assignment  shall be governed by and construed in accordance  with
the laws of the Commonwealth of Massachusetts.

     IN  WITNESS  WHEREOF,   Assignor  and  Assignee  have  duly  executed  this
instrument as of the date first set forth above.

          ASSIGNOR:

          WELLSFORD CAPITAL PROPERTIES, L.L.C.

          By:  Wellsford  Capital,  a Maryland real estate investment trust, its
               Manager

              By:
                    -------------------------
                    William H. Darrow
                    Vice President

             ASSIGNEE:

             THE JUDGE ROTENBERG EDUCATIONAL CENTER, INC.

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

<PAGE>

                                    Exhibit H

                              Intentionally Omitted

<PAGE>

                                    Exhibit I

                              Intentionally Omitted

<PAGE>

                                    Exhibit J

                              (Insurance Coverages)

<PAGE>

                                    Exhibit K

                             (Permitted Exceptions)

1.   Zoning and building  regulations,  ordinances,  and requirements adopted by
     any governmental or municipal  authority having jurisdiction  thereof,  and
     amendments and additions  thereto now in force and effect,  which relate to
     the Premises.

2.   Subject to adjustment as herein provided, assessments due and payable after
     Closing and real estate taxes.

3.   Sewer  Easement taken by the Board of Selectman of the Town of Canton dated
     August 21, 1973 and  recorded  in Book 4975,  Page 27 and filed as Document
     337255.

4.   Rights of Way as set forth in Documents Nos. 101763, 232129 and 233197.

5.   Twenty Foot-Wide Way along southwesterly  portion of Lot 8 as shown on Land
     Court Plan No. 1888F.

6.   Decision by Town of Canton,  Board of Appeals  Zoning Board,  dated October
     13, 1996, filed with Land Court as Document No. 752070.

7.   Conditions  disclosed  by a survey of the  Premises,  prepared  by Selwyn &
     Kirwin Associates, last redated October 16, 1998.

<PAGE>

                                    EXHIBIT L

                               Indemnity Agreement

<PAGE>INDEMNITY AGREEMENT

     This Indemnity  Agreement (this  "Agreement") is made as of the 31st day of
December,  2001 by and  between  Wellsford  Park  Highlands  Corp.,  a  Colorado
corporation  ("WPHC"),  whose address is 1600 Wynkoop Street, Suite 202, Denver,
Colorado  80202,  and Wellsford  Real  Properties,  Inc. a Delaware  corporation
("WRP")  whose address is 535 Madison  Avenue,  26th Floor,  New York,  New York
10022, (WRP and WPHC being herein  collectively  called  "Indemnitors"),  and Al
Feld ("Feld").

     1. Loan Agreement and Note.  This Agreement is executed in connection  with
that certain  Construction  Loan Agreement (the "Loan Agreement") dated February
8, 2000 between  Bank of America,  N.A.  ("Lender")  and Green River at Palomino
Park LLC, a Colorado limited liability company  ("Borrower"),  pursuant to which
Lender has made a loan to Borrower (the "Loan")  evidenced by the Loan Agreement
and by Borrower's  promissory note in the stated principal amount of $39,400,000
(the "Note")  also dated  February 8, 2000.  Unless  otherwise  defined  herein,
capitalized  terms used herein shall have the  meanings  assigned to them in the
Loan Agreement.

     2. Purpose and Consideration.  In consideration of making the Loan pursuant
to the Loan  Agreement,  Lender required that Feld execute and deliver to Lender
that certain Guaranty  Agreement dated as of February 8, 2000 (the  "Guarantee")
in favor of Lender. WRP owns an interest in WPHC, which is a member of Borrower,
and accordingly,  Indemnitors are providing this Indemnity  Agreement to Feld to
satisfy certain  requirements  set forth in the Operating  Agreement of Borrower
dated January 5, 2000 (the  "Operating  Agreement") in connection with the Final
Closing (as such term is defined in the Operating Agreement).

     3.  Indemnity.  Indemnitors  hereby  agree to  indemnify,  defend  and hold
harmless Feld from and against any loss,  cost, fee, damage,  claim,  liability,
demand,  suit,  judgment or expense of any kind  whatsoever,  including  without
limitation  reasonable attorneys' fees and costs (collectively  "Claims"),  that
may be incurred by or asserted against Feld arising out of or related in any way
to the Guarantee, but specifically excluding therefrom the following:

     (i) any Claims  arising out of a default,  or an event that with the giving
of notice or passage of time would  become a default,  under the Loan  occurring
prior  to the date  hereof  and  caused  by any act or  omission  of Feld or any
Affiliate  (such term,  as used herein,  shall have the meaning  given it in the
Operating Agreement) of Feld;

     (ii) any Claims arising from any negligence,  fraud or misrepresentation by
Feld or any  Affiliate  of Feld or from  any  breach  of any  representation  or
warranty   of  Feld  set  forth  in  the   Guarantee,   or  any  breach  of  any
representation,  warranty or covenant  concerning  Feld or any Affiliate of Feld
set forth in the Loan Documents, and

     (iii) any failure of Feld to timely furnish and correctly certify to Lender
the  statements,  certificates  and  other  information  regarding  Feld  or any
Affiliate  of  Feld,  as and  when  required  under  the  Guarantee  or the Loan
Documents.  In the event Feld has or at any time had a claim against Indemnitors
under this paragraph 3 and amounts paid to Feld by

     Indemnitors on account thereof are subsequently  recovered from Feld in any
bankruptcy proceeding, such amounts may be recovered by Feld from Indemnitors to
the  extent of the  amount  recovered  from Feld in any  bankruptcy  proceeding.
Indemnitors  shall be liable to Feld for all  attorneys'  fees and other  costs,
penalties and charges arising out of any claims covered by this paragraph 3.

     4. Offset. Notwithstanding any other provision hereof, any amounts that may
otherwise be due to Feld under this Agreement shall be offset and reduced by any
liability of Feld to Indemnitors or Borrower arising under or in connection with
this Agreement, the Operating Agreement or any agreement delivered in connection
with the Operating Agreement.

     5. Term.  This  Indemnity  shall  remain in full force and effect until the
Loan is paid in full.

     6. Defenses.  In the event of a claim against Feld under the Guarantee that
may give rise to  obligations of Indemnitors  under this  Agreement,  Feld shall
give  notice to  Indemnitors  within ten (10)  business  days of Feld  receiving
notice of such claim, and Feld shall cooperate fully with Indemnitors in raising
and pursuing any and all  defenses,  offsets or waivers that may be available to
Feld under or in connection with the Guarantee.  Any counsel  selected to assert
defenses on behalf of Feld shall be subject to  reasonable  approval by Feld and
Indemnitors.

     7.  Cooperation.  Feld shall cooperate with  Indemnitors,  at not more than
nominal cost to Feld,  in providing any  documents or  information  requested by
Lender or Indemnitors in connection with the Loan and in maintaining the Loan in
good standing.

     8.  Security.  The  obligations of WPHC under this Agreement are secured by
that certain  Pledge and Security  Agreement made as of January 5, 2000, by WPHC
for benefit of Feld (the "Pledge"),  and WPHC hereby agrees that its obligations
hereunder  shall be  included in the term  "Obligations"  as used in the Pledge.
Feld and WPHC hereby agree with respect to the Pledge:

     (a) that  subparagraph (ii) of paragraph 23 of the Pledge is hereby deleted
and replaced with the following:

     "(ii) expiration of that certain  Indemnity  Agreement dated as of December
     31, 2001, from Pledgor and Wellsford Real Properties, Inc. to Pledgee,"

     (b)  that  any  failure  of WPHC to  perform  its  obligations  under  this
Agreement, subject to WPHC's offset rights set forth in this Agreement, shall be
a default by WPHC under the Pledge, and

     (c)  that,  upon  payment  in  full  of the  Loan,  Feld  shall  cause  the
termination of the UCC Financing Statement, file no. 20002062785, filed July 10,
2000 with the Secretary of State of the State of Colorado, given by WPHC to Feld
in connection with the Pledge.

     9. Notices.  All notices and  communications  hereunder shall be in writing
and shall be served by (a) U.S. mail,  certified,  return receipt requested,  or
(b) a nationally  recognized  overnight  delivery  service that routinely issues
receipts,  or (c) personal delivery,  addressed to the party to whom such notice
is  intended  as set forth  below or to such  other  places as the  parties  may
designate in writing,  delivered in the manner aforesaid.  Any such notice shall
be deemed given and  effective  upon the earlier of (i) five (5) days after such
notice has been  deposited in the United States mail as  aforesaid,  (ii) actual
receipt or refusal, or (iii) when personally delivered to the specified parties.

     Notices to Indemnitors shall be addressed to each of the Indemnitors at the
addresses set forth in the first paragraph of this Indemnity Agreement.

                     Notices to Feld shall be addressed:

                     c/o The Feld Company
                     4600 South Ulster Street
                     Suite 350
                     Denver, CO 80237

     10. Indemnitors' Representations and Warranties.  Indemnitors represent and
warrant to Feld that:

     (a) Each of the  Indemnitors is a corporation in good standing in its state
of  organization  and has the full corporate  power and authority to execute and
deliver this Agreement and to perform its obligations hereunder;  the execution,
delivery and  performance of this Agreement by each of the  Indemnitors has been
duly and validly  authorized;  and all requisite corporate action has been taken
by each of the Indemnitors to make this Agreement valid and binding upon each of
the Indemnitors, enforceable in accordance with its terms;

     (b) there is no  action,  suit,  proceeding  or  investigation  pending  or
threatened against either of the Indemnitors  which,  either in any one instance
or in the aggregate,  may result in any material adverse change in the business,
operations,  financial condition,  properties or assets of Indemnitors or in any
material  impairment  of the right or ability of  Indemnitors  to carry on their
business  substantially as now conducted,  or which would draw into question the
validity of this  Agreement or of any action taken or to be taken in  connection
with the  obligations  of  Indemnitors  contemplated  herein,  or which would be
likely to impair  materially  the ability of  Indemnitors  to perform  under the
terms of this Agreement;

     (c)  Indemnitors  do not  believe  nor do they have any  reason or cause to
believe,  that Indemnitors cannot perform each and every covenant of Indemnitors
contained in this Agreement;

     (d)  no  approval,   authorization,   order,  license  or  consent  of,  or
registration or filing with, any governmental  authority or other person, and no
approval,  authorization or consent of any other party is required in connection
with Indemnitors entering into this Agreement; and

     (e) this  Agreement  constitutes a valid,  legal and binding  obligation of
Indemnitors,  enforceable  against  them in  accordance  with the terms  hereof,
except  to  the  extent  such   enforceability  may  be  limited  by  applicable
bankruptcy,  insolvency,  reorganization,  moratorium  or other laws relating to
creditors' rights generally and by principles of equity.

     11.  Applicable  Law. This Agreement and the rights and  obligations of the
parties  hereunder  shall be governed by and  interpreted in accordance with the
laws of the State of Colorado without reference to conflicts of law.

     12. Entire  Agreement.  This  Agreement  embodies the entire  agreement and
understanding  among the  parties  relating  to the  subject  matter  hereof and
supersedes  all prior  agreements  and  understandings  related to such  subject
matter. It is agreed that there are no terms, understandings, representations or
warranties, express or implied, relating to such subject matter other than those
set forth herein.

     13. No Waiver. No delay by any party hereto in exercising any right,  power
or  privilege  under  this  Agreement  shall  operate  as a  waiver  of any such
privilege,  power or right except to the extent such delay damages or causes any
prejudice to any other party hereto.

     14. Duplicate  Originals;  Counterparts.  This Agreement may be executed in
any number of duplicate originals and each duplicate original shall be deemed to
be an original. This Agreement may be executed in several counterparts,  each of
which  counterparts  shall be deemed  an  original  instrument  and all of which
together shall constitute a single Agreement.

     15. No Oral Change.  This Agreement,  and any provisions hereof, may not be
modified, amended, waived, extended, changed, discharged or terminated orally or
by any act or failure to act on the part of  Indemnitors or Feld, but only by an
agreement in writing signed by all parties hereto.

     16.  Headings.  The  headings and  captions of various  paragraphs  of this
Agreement are for  convenience  of reference only and are not to be construed as
defining or limiting, in any way, the scope or intent of the provisions hereof.

     17. Successor and Assigns.  This Agreement shall be binding upon, and inure
to the benefit of, the heirs, executors, administrators and legal representative
of Feld and the  successors  and  assigns of  Indemnitors,  all of whom shall be
bound by the provisions of this Agreement, provided that no rights or obligation
under this  Agreement  may be assigned  except with the written  consent of each
party hereto.

                  (Remainder of page intentionally left blank.)

<PAGE>

     IN WITNESS WHEREOF,  the parties have executed this Indemnity  Agreement as
of the day and year first above written.

                        INDEMNITORS:

                        Wellsford Real Properties, Inc.,
                        a Delaware corporation

                        By:   /s/ David M. Strong
                              ----------------------
                               David M. Strong
                               Vice President

                        Wellsford Park Highlands Corp., a Colorado
                        corporation

                        By:   /s/ David M. Strong
                              ----------------------
                               David M. Strong
                               Vice President

                        FELD:

                         /s/ Al Feld
                        ------------------------------------
                        Al Feld

STATE OF COLORADO         )
                          ) ss.
CITY and COUNTY OF Denver )

     The foregoing was acknowledged before me this 22nd day of February, 2002 by
David M.  Strong,  as Vice  President  of  Wellsford  Real  Properties,  Inc., a
Delaware corporation.

WITNESS my hand and official seal.

My commission expires: July 3, 2002.

                                          /s/
                                          --------------
                                          Notary Public

<PAGE>

STATE OF COLORADO         )
                          ) ss.
CITY and COUNTY OF Denver )

     The foregoing was acknowledged before me this 22nd day of February, 2002 by
by David M. Strong,  as Vice  President of Wellsford  Park  Highlands  Corp.,  a
Colorado corporation.

WITNESS my hand and official seal.

WITNESS my hand and official seal.

My commission expires: July 3, 2002.

                                          /s/
                                          --------------
                                          Notary Public

                                      F-48
<PAGE>

STATE OF ___________           )
                               ) ss.
COUNTY OF ____________________ )

           The  foregoing  was   acknowledged   before  me  this  _____  day  of
_________________, 2002 by Al Feld.

WITNESS my hand and official seal.

My commission expires:                              .
                      ------------------------------

                                          --------------
                                          Notary Public

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