Document:

exv10w77

 

Exhibit 10.77

JV 333369

REAL ESTATE PURCHASE AND SALE AGREEMENT

BETWEEN

American Storage Properties North LLC , as SELLER

AND

Acadia Storage Post Metropolitan Avenue LLC, as BUYER

FOR

4805 Metropolitan Avenue, Unit 2, Maspeth, Queens, New York

 

 

REAL ESTATE PURCHASE AND SALE AGREEMENT

Table of Contents

	 	 	 	 	 	 	 
	ARTICLE 1	 	PURCHASE AND SALE
	 
	 	 	 	 	 	 
	ARTICLE 2	 	BASIC TERMS
	 
	 	 	 	 	 	 
	ARTICLE 3	 	REPRESENTATIONS, WARRANTIES, AND COVENANTS
	 
	 	 	 	 	 	 
	 	 	3.1	 	Representations, Warranties, and Covenants by Seller
	 	 	3.2	 	No Other Representations and Warranties by Seller
	 	 	3.3	 	Representations, Warranties, and Covenants by Buyer
	 	 	3.4	 	Buyer’s Reliance on Own Investigation; “AS-IS” Sale
	 
	 	 	 	 	 	 
	ARTICLE 4	 	THE TRANSACTION
	 
	 	 	 	 	 	 
	 	 	4.1	 	Escrow
	 	 	4.2	 	Purchase Price
	 
	 	 	 	4.2.1	 	Earnest Money
	 
	 	 	 	4.2.2	 	Retention and Disbursement of Earnest Money
	 
	 	 	 	4.2.3	 	Cash at Closing
	 	 	4.3	 	Conveyance by Deed
	 
	 	 	 	 	 	 
	ARTICLE 5	 	TITLE AND SURVEY
	 
	 	 	 	 	 	 
	 	 	5.1	 	Title Commitment
	 	 	5.2	 	Subsequent Matters Affecting Title and Survey
	 
	 	 	 	 	 	 
	ARTICLE 6	 	CONDITION OF THE PROPERTY
	 
	 	 	 	 	 	 
	 	 	6.1	 	Inspections
	 	 	6.2	 	Entry onto Property
	 	 	6.3	 	Management of the Property
	 
	 	 	 	 	 	 
	ARTICLE 7	 	CLOSING
	 
	 	 	 	 	 	 
	 	 	7.1	 	Buyer’s Conditions Precedent to Closing
	 	 	7.2	 	Seller’s Conditions Precedent to Closing
	 	 	7.3	 	Deposits in Escrow
	 
	 	 	 	7.3.1	 	Seller’s Deposits
	 
	 	 	 	7.3.2	 	Buyer’s Deposits
	 
	 	 	 	7.3.3	 	Joint Deposits
	 
	 	 	 	7.3.4	 	Other Documents
	 	 	7.4	 	Costs
	 	 	7.5	 	Prorations

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	 	 	7.6	 	Insurance
	 	 	7.7	 	Close of Escrow
	 	 	7.8	 	Possession
	 	 	7.9	 	Recorded Instruments
	 
	 	 	 	 	 	 
	ARTICLE 8	 	CONDEMNATION AND CASUALTY
	 
	 	 	 	 	 	 
	ARTICLE 9	 	NOTICES
	 
	 	 	 	 	 	 
	ARTICLE 10	 	SUCCESSORS AND ASSIGNS
	 
	 	 	 	 	 	 
	ARTICLE 11	 	BROKERS
	 
	 	 	 	 	 	 
	ARTICLE 12	 	COVENANT NOT TO RECORD
	 
	 	 	 	 	 	 
	ARTICLE 13	 	DEFAULT
	 
	 	 	 	 	 	 
	 	 	13.1	 	Default By Buyer
	 	 	13.2	 	Default By Seller
	 
	 	 	 	 	 	 
	ARTICLE 14	 	NON-DEFAULT TERMINATION
	 
	 	 	 	 	 	 
	ARTICLE 15	 	INDEMNITIES
	 
	 	 	 	 	 	 
	 	 	15.1	 	Seller Indemnity
	 	 	15.2	 	Buyer Indemnity
	 	 	15.3	 	Unknown Environmental Liabilities
	 	 	15.4	 	Release
	 	 	15.5	 	Survival

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	ARTICLE 16	 	MISCELLANEOUS
	 
	 	 	 	 	 	 
	 	 	16.1	 	Survival of Representations, Covenants, and Obligations
	 	 	16.2	 	Attorneys’ Fees
	 	 	16.3	 	Publicity
	 	 	16.4	 	Captions
	 	 	16.5	 	Waiver
	 	 	16.6	 	Time
	 	 	16.7	 	Controlling Law
	 	 	16.8	 	Severability
	 	 	16.9	 	Construction
	 	 	16.10	 	Execution
	 	 	16.11	 	Amendments
	 	 	16.12	 	Entire Agreement
	 	 	16.13	 	Tax Free Exchange
	 	 	16.14	 	Counterparts

RECEIPT BY ESCROWHOLDER

Exhibits

	 	 	 
	Exhibit A -

	 	Condominium Unit Deed (Schedule 1 — Legal Description)
	Exhibit B -

	 	Bill of Sale (Schedule 1 — Personal Property, Schedule 2 — Legal Description)
	Exhibit C-1 -

	 	Copy of Construction Contract
	Exhibit C-2 -

	 	Copies of all contracts affecting the Property
	Exhibit D -

	 	Exceptions to Seller’s Representations and Warranties
	Exhibit E -

	 	Certificate of Non-Foreign Status
	Exhibit F -

	 	Assignment and Assumption of Construction and Development Contracts
	Exhibit G -

	 	[Intentionally Deleted]
	Exhibit H -

	 	Seller’s Certificate
	Exhibit I -

	 	Buyer’s Certificate
	Exhibit J -

	 	Assignment and Assumption of Real Estate Purchase and Sale Agreement

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REAL ESTATE PURCHASE AND SALE AGREEMENT

     THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (“Agreement”) is made and entered into as of the
Effective Date (as defined below) between American Storage Properties North LLC, a Delaware limited
liability company, (referred to as “Seller”), and Acadia Storage Post Metropolitan Avenue LLC, a
Delaware limited liability company (hereinafter referred to as “Buyer”).

RECITALS

     A. Seller is the owner of that certain land located at 4805 Metropolitan Avenue, Unit 2, The
48-05 Metropolitan Avenue Condominium, Maspeth, Queens, New York as more completely described on
Schedule 1 attached hereto and made a part hereof.

     B. Seller desires to sell the Property to Buyer and Buyer desires to purchase the Property
from Seller.

AGREEMENT

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the
parties hereto intending to be legally bound hereby, agree as follows:

ARTICLE 1

PURCHASE AND SALE

     1.1 Subject to the terms and conditions contained herein, Buyer agrees to purchase from
Seller, and Seller agrees to sell to Buyer, the Property.

   

 

ARTICLE 2

BASIC TERMS

     2.1 As used herein, the following Basic Terms are hereby defined as follows:

	 	 	 
	Buyer’s Address for Notice

	 	Robert Masters, Esq.
	 

	 	c/o Acadia Realty Trust
	 

	 	1311 Mamaroneck Avenue, Suite 260
	 

	 	White Plains, New York 10605
	 

	 	Telephone: 914-288-8139
	 

	 	Facsimile: 914-428-3646
	 
	 	 
	 

	 	With a copy to:
	 
	 	 
	 

	 	Mr. Marc Slayton
	 

	 	c/o Post Management, LLC
	 

	 	204 West 84th Street, 2nd Floor
	 

	 	New York, New York 10024
	 

	 	Telephone: 212-799-8800
	 

	 	Facsimile: 212-799-8801

	 	 	 
	Buyer’s Taxpayer
	 	 
	Identification Number
	 	 

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	Closing Date

	 	Closing shall occur on the date that Closing occurs
under that certain Real Estate Purchase and Sale
Agreement effective as of November 30, 2007 between
Suffern Self Storage, L.L.C., Jersey City Self
Storage, L.L.C., Linden Self Storage, L.L.C.,
Webster Self Storage, L.L.C., Bronx Self Storage,
L.L.C, American Storage Properties North LLC, and
The Storage Company LLC and Acadia Storage Post LLC
for the sale of ten (10) storage facilities
described in said agreement, as it may be amended
from time to time (the “Portfolio Sale Agreement”).
If Buyer does not proceed to Closing under the
Portfolio Sale Agreement for any reason other than a
default by Seller or failure of Seller to satisfy
conditions precedent to Closing, Buyer shall either
(i) proceed to Closing under this Agreement no later
than March 3, 2008 or such earlier date agreed to by
Seller and Buyer or (ii) terminate this Agreement
and Seller shall be entitled to keep the Earnest
Money as liquidated damages. Any extensions of
the Closing Date for title issues pursuant to
Section 5.2 hereof shall cause the Closing Date of
the Portfolio Sale Agreement to be extended for the
same amount of time. Likewise, any extensions of
the Closing Date for title issues pursuant to
Section 5 of the Portfolio Sale Agreement shall
cause the Closing Date hereunder to be extended for
the same amount of time.
	 
	 	 
	Earnest Money

	 	$500,000 non-refundable deposit in cash to be held
by Escrowholder
	 
	 	 
	Effective Date

	 	The date the last of Buyer or Seller has executed
this Agreement

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	Escrowholder

	 	Lolly Avant
	 

	 	Fidelity National Title Insurance Company
	 

	 	National Title Services
	 

	 	1330 Post Oak Blvd., Suite 2330
	 

	 	Houston, Texas 77056
	 

	 	Office Ph: 713-621-9960
	 

	 	Toll: 800-879-1677
	 

	 	Cell: 281-217-9517
	 

	 	Fax: 713-623-4406
	 

	 	Direct Fax: 713-600-2582
	 
	 	 
	 

	 	Email: lavant@fnf.com
	 
	 	 

	 	 	 
	Involved Seller Representative(s)

	 	Tom Spragg and Robin Smith, employees of
	(re: Representations,

	 	Northwestern Investment Management
	Warranties, and Covenants by Seller)

	 	Company, LLC,
	 

	 	Andrew J. Czekaj, Manager of American

Storage Properties North Investors LLC
	 
	 	 
	Materiality Limit

	 	 $500,000
	(re: Casualty and Condemnation)
	 	 

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	Property

	 	Seller’s interest in the land described in Schedule
1 to Exhibit A attached hereto, together with all
rights, privileges, and easements appurtenant to the
land, including all rights, outlots, privileges,
easements, and rights of way appurtenant to the
land, access to a public way, right, title and
interest in and to any land lying in the bed of any
street, road or avenue opened or proposed,
appurtenant to, abutting or adjoining the Land, to
the center line thereof, right, title and interest
in and to any award made or to be made in lieu
thereof, and in and to any unpaid award for damage
to the Land by reason of change of any grade of any
street and any land use entitlements, including any
certificates of occupancy, special exceptions,
variances or site plan approvals or other
authorizations issued or granted by any governmental
authority (hereinafter referred to as the “Land”),
together with a 50% undivided interest in the common
elements appurtenant thereto (the “Common Elements”)
and (i) all agreements, contracts and/or
governmental approvals relating to securing all
utilities (including, but not limited to, electric,
gas, telephone, cable television, public water and
sanitary sewer facilities) to the Land (ii) all
approvals, licenses permits and contracts for the
proposed development of the Land and construction of
improvements thereon, (iii) agreements with all
vendors relating to the development and construction
of improvements on the Land, including, without
limitation, any plans and specifications, and
agreements and/or contracts for materials and
supplied for said development and construction, to
the extent assignable (the “Personal Property”,
together with the Land and Common Elements, the
“Property”).

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	Purchase Price

	 	$10,653,251.63 as of January 31, 2008, with an
increase in the Purchase Price per day thereafter in
the amount of $2,082.31 through and including the
date of Closing. In the event any additional draws
are to be paid prior to Closing for construction
costs, Buyer shall be responsible for payment of
same either directly or by an increase in the
Purchase Price.
	 
	 	 
	Seller’s Address for Notice

	 	The Northwestern Mutual Life
	 

	 	Insurance Company
	 

	 	720 East Wisconsin Avenue
	 

	 	Milwaukee, WI 53202
	 

	 	Attn: Nicholas DeFino,
	 

	 	Director — Asset Management
	 

	 	Telephone: 414-665-7315
	 

	 	Fax: 414-625-7315
	 

	 	E-Mail: nickdefino@northwesternmutual.com
	 
	 	 
	with copies to:

	 	The Northwestern Mutual Life
	 

	 	Insurance Company
	 

	 	8444 Westpark Drive, Suite 600
	 

	 	McLean, Virginia 22102
	 

	 	Attn: Robin Smith,
	 

	 	Director — Field Asset Management
	 

	 	Telephone: 703-269-6600
	 

	 	Fax: 703-288-9181
	 

	 	E-Mail:

robingsmith@northwesternmutual.com
	 
	 	 
	 

	 	and

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	With copies to:

	 	Stephen J. Garchik
	 

	 	American Storage Properties North Investors, LLC
	 

	 	9001 Congressional Court
	 

	 	Potomac, Maryland 20854
	 

	 	Telephone: 301-299-8616
	 

	 	Fax: 301-365-9154
	 

	 	Email: Garchik@aol.com
	 
	 	 
	 

	 	and
	 
	 	 
	 

	 	Andrew J. Czekaj
	 

	 	American Storage Properties North Investors, LLC
	 

	 	560 Herndon Parkway, Suite 210
	 

	 	Herndon, Virginia 20170
	 

	 	Telephone: 703-925-5215
	 

	 	Fax: 703-709-0638
	 

	 	e-mail: Andrew.czekaj@cambridgeus.com
	 
	 	 
	 

	 	and
	 
	 	 
	 

	 	Kathleen M. Weinstein, Esq.
	 

	 	Snider & Weinstein PLLC
	 

	 	900 17th Street, N.W., Suite 410
	 

	 	Washington, D.C. 20006
	 

	 	Telephone: 202-293-9400
	 

	 	Fax: 202-293-9401
	 

	 	e-mail: 

kathleen.weinstein@sniderweinstein.com
	 
	 	 
	Seller’s Brokers

	 	CB Richard Ellis, Inc.
	 

	 	Steve Hrysko
	 

	 	200 Public Square, Suite 2560
	 

	 	Cleveland, OH 44114
	 

	 	Telephone: 216-363-6475
	 
	 	 
	 

	 	Transwestern Commercial Services
	 

	 	Attn: Gerald Trainor
	 

	 	1667 K Street, N.W., Suite 300
	 

	 	Washington, D.C. 20006
	 

	 	Telephone: 202-775-7091

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	Title Insurer

	 	First American Title Insurance Company of New York
	 

	 	633 Third Avenue
	 

	 	New York, NY 10017-6706
	 

	 	Attn: Phillip Salomon
	 

	 	Telephone: 212-551-9437
	 

	 	Facsimile: 212-331-1559
	 

	 	E-mail: psalomon@firstam.com

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ARTICLE 3

REPRESENTATIONS, WARRANTIES, AND COVENANTS

     3.1 Representations, Warranties, and Covenants by Seller. Subject to the limitations
set forth in Sections 3.2 and 15.1 hereof, Seller hereby represents and warrants to Buyer that:

	 	(a)	 	Seller has the full legal power, authority, and right to execute, deliver, and
perform its obligations under this Agreement, and Seller’s performance hereunder has
been duly authorized by all requisite action on the part of Seller, and no remaining
corporate action is required to make this Agreement binding on Seller. Seller has duly
executed this Agreement and it is binding on and enforceable against Seller.
	 
	 	(b)	 	Seller has no employees and shall have none as of the Closing Date and there
are no employment agreements with Seller which shall be binding on Purchaser after the
Closing.
	 
	 	(c)	 	None of the entities comprising Seller, any person or entity owning (directly
or indirectly) a ten percent (10%) or greater ownership interest in any of the entities
comprising Seller, nor any guarantor and/or indemnitor of the obligations of Seller
hereunder: (i) is now or shall become, a person or entity with whom Buyer is
restricted from doing business with under regulations of the Office of Foreign Assets
Control (“OFAC”) of the Department of the Treasury (including, but not limited to,
those names on OFAC’s Specially Designated Nationals and Blocked Person list) or under
any statute, executive order (including, but not limited to, the September 24, 2001,
Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism), or other governmental action: (ii) is now
or shall become, a person or entity with whom Buyer is restricted from doing business
with under the International Money Laundering Abatement and Financial Anti-Terrorism
Act of 2001, or the regulations or orders thereunder: and (iii) is not knowingly
engaged in, and shall not engage in, any dealings or transaction, or be otherwise
associated with such persons or entities described in (i) and (ii) above.
	 
	 	(d)	 	Except as set forth on Exhibit D, Seller has not been served in any
litigation involving or related to the Property which is currently pending and which
would have a material impact on Buyer’s ownership or operation of the Property.
	 
	 	(e)	 	Seller has received no written governmental notice of any actual condemnation
of the Property or any part thereof nor, to Seller’s Actual Knowledge, has Seller
received any written governmental notice of any threatened condemnation of the Property
or any part thereof.

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	 	(f)	 	To Seller’s Actual Knowledge, and to the actual knowledge of Frederick W.
Bessette, Esq., Assistant General Counsel for The Northwestern Mutual Life Insurance
Company, Seller has not received any written notice from a governmental agency of a
violation of any Hazardous Substance Laws. For purposes of this Agreement, the term:

	 	(i)	 	“Hazardous Substance Laws” means any local, state or federal
law or regulation relating to the use or disposition of Hazardous Material,
including, without limitation, the Clean Air Act, the Federal Water Pollution
Control Act, the Resource Conservation and Recovery Act, the Toxic Substance
Control Act, the Safe Drinking Water Control Act, the Federal Comprehensive
Environmental Response Compensation and Liability Act, the Hazardous Materials
Transportation Act, and the Occupational Safety and Health Act, as the same may
be amended from time to time.

	 	(g)	 	Based upon the Seller’s title insurance policy for the Property, Seller owns
good and marketable title to the Property, free and clear of all liens and encumbrances
except for the Permitted Exceptions and all agreements and contracts entered into in
connection with the construction and development of the Property.
	 
	 	(h)	 	There are no special or other governmental, quasi-governmental, public or
private assessments for public improvements or otherwise now affecting the Property
(other than those special assessments or typical municipal maintenance and operation of
such items as sewer, water, drainage, and the like which appear annually as a part of
the real estate tax bills affecting the Property) and (b) to Seller’s Actual Knowledge,
there are no contemplated improvements affecting the Property that may result in
special assessments affecting the Property;
	 
	 	(i)	 	Seller has not received any notice from the insurance company insuring the
Property to correct any deficiencies in the physical condition of the Property.
	 
	 	(j)	 	Seller has entered into a contract for the construction of the “Contemplated
Improvements” as described on Exhibit C-1. Such contract is in full force and
effect and neither Seller nor, to the Seller’s Actual Knowledge, the General Contractor
is in default thereunder.
	 
	 	(k)	 	Seller has delivered true, correct and complete copies of all contracts it has
entered into with respect to the Property which it has listed on Exhibit C-2,
all of which, to Seller’s Actual Knowledge, are in full force and effect except for
those listed on Exhibit C-2.
	 
	 	(l)	 	Except for this Agreement and any documents relating to the condominium, to
Seller’s Actual Knowledge, there are no outstanding agreements, options, rights of
first offer, rights of first refusal, conditional sales agreements or other agreements

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	 	 	 	or amendments, regarding the purchase and sale of the Property or the lease or
occupancy of any part of the Land.
	 
	 	(m)	 	Seller is current in the payment of all of its Condominium common charges.

     Buyer hereby acknowledges that (i) Seller makes no representations or warranties concerning
any patents, trademarks, copyrights, or other intellectual property rights and (ii) “Seller’s
Actual Knowledge,” upon which all of the representations and warranties set forth in this Article
are based, means only the current actual knowledge of the Involved Seller Representative(s),
without conducting any investigations whatsoever, or inquiry or review of files in Seller’s
possession or control in connection with this transaction or the making of the representations
contained in this Article. To Seller’s Actual Knowledge, there are no employees of Seller or
Northwestern Investment Management Company, LLC, who have information regarding the representations
and warranties set forth in this Section which would be superior to that of the Involved Seller
Representative(s). Seller shall promptly notify Buyer of any event or circumstance which makes any
representation or warranty by Seller in this Agreement untrue. At Closing, as defined in Section
7.7 hereof, Seller shall deliver to Buyer a Seller’s Certificate in the form of Exhibit H attached
hereto.

     The representations of Seller in this Section 3.1 shall survive Closing for nine months.

     3.2 No Other Representations and Warranties by Seller. Except as set forth in Section
3.1 hereof and the representations expressly set forth in any documents executed by Seller and to
be delivered to Buyer at Closing, Seller makes no other, and specifically negates and disclaims any
other representations, warranties, promises, covenants, agreements, or guarantees of any kind or
character whatsoever, whether express or implied, oral, or written, past, present, or future, with
respect to the Property, including, without limitation: (i) the ownership, management, and
operation of the Property; (ii) title to the Property; (iii) the physical condition, nature, or
quality of the Property, including, without limitation, the quality of the soils on and under the
Property, and the quality of the labor and materials included in the Improvements, fixtures,
equipment, or Personal Property comprising a portion of the Property; (iv) the fitness of the
Property for any particular purpose; (v) the presence or suspected presence of Hazardous Material
on, in, under, or about the Property (including, without limitation, the soils and groundwater on
and under the Property); (vi) the compliance of the Property with applicable governmental laws or
regulations, including, without limitation, the Americans with Disabilities Act of 1990,
environmental laws and laws or regulations dealing with zoning or land use; or (vii) the past or
future operating results and value of the Property (which matters described in clauses (i)-(vii)
above are hereinafter collectively referred to as “Condition and Quality of the Property”). Except
as is expressly set forth in this Agreement to the contrary, Buyer acknowledges that it is not
relying upon any representation of any kind or nature made by Sellers or Broker or any of Seller’s
respective direct or indirect members, partners, officers, directors, employees or agents
(collectively, the “Seller Related Parties”) with respect to the Property, and that, in fact, no
such representations were made except as expressly set forth in this Agreement.

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     3.3 Representations, Warranties, and Covenants by Buyer. Buyer hereby represents and
warrants to Seller that:

	 	(a)	 	Buyer has the full legal power, authority, and right to
execute, deliver, and perform its legal obligations under this Agreement, and
Buyer’s performance hereunder has been duly authorized by all requisite action
on the part of Buyer, and no remaining action is required to make this
Agreement binding on Buyer. Buyer has duly executed this Agreement and it is
binding on and enforceable against Buyer.
	 
	 	(b)	 	Buyer shall deliver to Seller, pursuant to the provisions of
Subsection 6.3.1 hereof, any and all environmental reports on or concerning the
Property that will be prepared by Buyer or on Buyer’s behalf.
	 
	 	(c)	 	All documents and information relating to the Property which
are disclosed to or obtained by Buyer during the term of this Agreement
(“Property Information”) shall be held by Buyer in strict confidence. Buyer
shall not disclose Property Information to any third party except (a) to
Buyer’s partners, directors, officers and employees, investors and/or to its
lenders, professional advisors, outside counsel, and employees (“Buyer
Parties”), and if so disclosed, then only to the extent necessary to
facilitate Buyer’s evaluation of the condition of the Property or its
financing of the same on a “need-to-know” basis; (b) a required disclosure to
any governmental, administrative, or regulatory authority having or asserting
jurisdiction over either Buyer, Seller, or the Property; or (c) to any person
entitled to receive such information pursuant to a subpoena or other legal
process. Notwithstanding the foregoing, Property Information shall not
include the following: (i) information which has been or becomes generally
available to the public other than as a result of a disclosure by Seller; or
(ii) information which was available to Buyer on a non-confidential basis
prior to its disclosure to Buyer by Seller. Buyer shall inform all Buyer
Parties to whom it has disclosed Property Information of the confidential
nature of the same, and Buyer shall be responsible in the event that such
Buyer Parties fail to treat such Property Information confidentially.
	 
	 	(d)	 	Buyer has the financial capacity to perform its obligations under
this Agreement.
	 
	 	(e)	 	Neither Buyer, any person or entity owning (directly or
indirectly) a ten percent (10%) or greater ownership interest in Buyer, nor any
guarantor and/or indemnitor of the obligations of Buyer hereunder: (i) is now
or shall become, a person or entity with whom Seller is restricted from doing
business with under regulations of the Office of Foreign Assets Control (“OFAC”)
of the Department of the Treasury (including, but not limited to, those named on
OFAC’s Specially Designated Nationals and Blocked

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	 	 	 	Persons list) or under any statute, executive order (including, but not
limited to, the September 24, 2001, Executive Order Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism), or other governmental action; (ii) is now or shall
become, a person or entity with whom Seller is restricted from doing
business with under the International Money Laundering Abatement and
Financial Anti-Terrorism Act of 2001, or the regulations or orders
thereunder; and (iii) is not knowingly engaged in, and shall not engage in,
any dealings or transaction, or be otherwise associated with such persons or
entities described in (i) and (ii) above.

     Buyer shall promptly notify Seller of any event or circumstance which makes any representation
or warranty by Buyer under this Agreement untrue. At Closing, Buyer shall deliver to Seller a
Buyer’s Certificate in the form of Exhibit I attached hereto. The provisions of Subsections
3.3(b) and (c) shall survive the termination of this Agreement indefinitely.

     3.4 Buyer’s Reliance on Own Investigation; “AS-IS” Sale.

	 	(a)	 	Buyer agrees and acknowledges that, as of the Closing Date,
Buyer shall have made such feasibility studies, investigations, title searches,
environmental studies, engineering studies, inquiries of governmental
officials, and all other inquiries and investigations as Buyer shall deem
necessary to satisfy itself as to the Condition and Quality of the Property.
	 
	 	(b)	 	Except as represented and warranted by Seller pursuant to the
terms and provisions of Section 3.1 hereof, or in any document required to be
executed by Seller and delivered to Buyer at Closing, Buyer acknowledges and
agrees that, at Closing, Buyer shall buy the Property in its then condition,
“AS IS, WHERE IS,” with all faults and solely in reliance on Buyer’s own
investigation, examination, inspection, analysis, and evaluation. Buyer is not
relying on any statement or information made or given, directly or indirectly,
orally or in writing, express or implied, by Seller, its agents or broker as to
any aspect of the Property, including without limitation, the Condition and
Quality of the Property (as defined in Section 3.2 hereof), but rather, is and
will be relying on independent evaluations by its own personnel or consultants
to make a determination as to the physical and economic nature, condition, and
prospects of the Property.
	 
	 	(c)	 	The agreements and acknowledgments contained in this Section
3.4 constitute a conclusive admission that Buyer, as a sophisticated,
knowledgeable investor in real property, shall acquire the Property solely upon
its own judgment as to any matter germane to the Property or to Buyer’s
contemplated use or investment in the Property, and not upon any statement,
representation or warranty by Seller or any agent or

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	 	 	 	representative of Seller (including Seller’s Broker), which is not expressly
set forth in this Agreement.
	 
	 	(d)	 	Notwithstanding anything in this Agreement to the contrary, as
a sophisticated and knowledgeable investor in real property, Buyer is aware
that mold, water damage, fungi, bacteria, indoor air pollutants or other
biological growth or growth factors (collectively called “Indoor Air
Pollutants”) may exist at the Property and that such Indoor Air Pollutants may
be undiscoverable during routine or invasive inspections, ownership, or
operations of the Property. In evaluating its purchase of the Property and
determining the Purchase Price, Buyer has taken (or shall take) these matters
into account, and Buyer shall assume, at Closing, the risk of all Indoor Air
Pollutants, including, without limitation, those resulting from patent or
latent construction defects.

     The provisions of this Section 3.4 shall survive Closing.

ARTICLE 4

THE TRANSACTION

     4.1 Escrow. In order to effectuate the conveyance contemplated by this Agreement, the
parties hereto agree to open an escrow account with Escrowholder. A copy of this Agreement shall
be delivered to, and receipt thereof shall be acknowledged by, Escrowholder upon full execution
hereof by Seller and Buyer.

     4.2 Purchase Price. Subject to the provisions hereof, Buyer agrees to pay the
Purchase Price for the Property to Seller as follows:

          4.2.1 Earnest Money. Simultaneously with full execution of this Agreement, Buyer
shall deposit with Escrowholder the Earnest Money in cash or other immediately payable funds. If
Buyer fails to timely deposit the Earnest Money with Escrowholder this Agreement shall become null
and void.

          4.2.2 Retention and Disbursement of Earnest Money. If the transaction contemplated by
this Agreement closes in accordance with the terms and conditions of this Agreement, then at
Closing the Earnest Money and all interest earned thereon shall be applied against the Purchase
Price. In the event of a default by Buyer, the Earnest Money shall be delivered to Seller pursuant
to the terms herein and all interest earned thereon shall be paid to Seller. The Earnest Money, if
in the form of cash, shall be held in an interest-bearing account at a federally-insured bank in
the name of Buyer. Escrowholder shall not disburse any of the Earnest Money except in accordance
with (a) this Agreement; (b) written instructions executed by both Buyer and Seller; or (c) as
follows:

          If Buyer or Seller, by notice to Escrowholder, makes demand upon Escrowholder for the Earnest
Money (the “Demanding Party”), Escrowholder shall, at the expense of the

- 14 -

 

Demanding Party, give notice of such demand (the “Notice of Demand”) to the other party (the
“Other Party”). If Escrowholder does not receive notice from the Other Party contesting such
disbursement of the Earnest Money within five (5) business days from the date on which the Notice
of Demand was given, Escrowholder shall disburse the Earnest Money to the Demanding Party. If
Escrowholder does receive notice from the Other Party contesting such disbursement of the Earnest
Money within five (5) business days from the date on which the Notice of Demand was given, then
Escrowholder shall thereafter disburse the Earnest Money only in accordance with written
instructions executed by both Buyer and Seller, or if non, then in accordance with a final,
non-appealable court order.

Seller and Buyer shall indemnify and hold Escrowholder harmless from all costs and expenses
incurred by Escrowholder, including reasonable attorneys’ fees, by reason of Escrowholder being a
party to this Agreement, except for any costs and expenses (a) incurred by Escrowholder as a result
of any failure by Escrowholder to perform its obligations under this Agreement or (b) arising out
of the negligence or misconduct of Escrowholder. In the event of any disagreement between Seller
and Buyer resulting in adverse claims or demands being made in connection with the Earnest Money,
Escrowholder, upon written notice to Seller and Buyer, may commence an interpleader action and
deposit the Earnest Money with a court of competent jurisdiction.

          4.2.3 Cash at Closing. Buyer shall pay to Seller, by depositing with Escrowholder, in
cash or other immediately payable funds, the Purchase Price less the Earnest Money (plus the
accrued interest thereon) held by Escrowholder, plus costs to be paid by Buyer pursuant to Section
7.4 hereof, and plus or minus prorations and adjustments shown on the closing statements executed
by Buyer and Seller.

     4.3 Conveyance by Deed. Subject to the provisions hereof, on the Closing Date Seller
shall convey the Property to Buyer by a bargain and deed with covenants against grantor’s acts (the
“Deed”) in the form of Exhibit A attached hereto, subject to those matters set forth therein and a
Bill of Sale. If necessary, the form of Deed shall be modified so as to be recordable in the
jurisdiction where the Property is located.

ARTICLE 5

TITLE AND SURVEY

     5.1 Title Commitment. Buyer shall, as soon as reasonably possible after the Effective
Date, cause Title Insurer to deliver to Buyer and Seller, a title commitment (the “Commitment”)
with respect to the Property, together with a legible copy of each instrument that is listed as an
exception in the Commitment, with the cost thereof to be paid in accordance with Section 7.4
hereof. All matters affecting title to the Property and set forth in the Commitment shall be
deemed approved by Buyer and shall be deemed to be “Permitted Exceptions.”

     At Closing, Seller and Marc Slayton shall provide Title Insurer with a Title Affidavit and GAP
Indemnity in a form reasonably acceptable to Seller and Title Insurer. Under no circumstances
shall Seller be obligated to give Title Insurer any certificate, affidavit, or other undertaking of
any sort which would have the effect of increasing the potential liability of Seller

- 15 -

 

over that which it would have by giving Buyer the Deed required hereunder.

     5.2 Subsequent Matters Affecting Title and Survey. If Buyer’s survey or the title
insurance policy which would otherwise be delivered to Buyer at Closing, reflects as exceptions to
the Title Policy, any items other than Permitted Exceptions, such items shall if and only if Buyer
shall give written notice thereof to Seller no later than the Closing Date, be deemed
“Objectionable Items,” and if Buyer shall so give notice to Seller, then:

	 	(a)	 	the Closing shall be postponed to the first business day which
is fifteen (15) days after the Closing Date, or such earlier date as may be
mutually agreed to between Buyer and Seller; and
	 
	 	(b)	 	Seller shall notify Buyer within five (5) days after Seller’s
receipt of Buyer’s notice of Objectionable Items, as to which Objectionable
Items Seller is unwilling or unable to cure, in which event Buyer may elect to
terminate this Agreement in accordance with Article 14 or proceed to Closing
without a reduction in the Purchase Price.
	 
	 	(c)	 	Notwithstanding (b) above, (i) Seller shall be obligated to
remove only those Objectionable Items which were voluntarily caused or
permitted by the Seller, (ii) Seller shall obtain a satisfaction and release of
or bond over any monetary liens, including, without limitation, any and all
mortgages, mechanics liens and judgment liens which are Objectionable Items and
(iii) Seller shall be obligated to spend $75,000 to cure any other
Objectionable Items not set forth in the preceding subsections (i) and (ii).

ARTICLE 6

CONDITION OF THE PROPERTY

     6.1 Inspections. BUYER HAS BEEN EXPRESSLY ADVISED BY SELLER TO CONDUCT AN INDEPENDENT
INVESTIGATION AND INSPECTION OF THE PROPERTY (subject to the provisions hereof), UTILIZING EXPERTS
AS BUYER DEEMS NECESSARY. Prior to the Effective Date, Buyer had the right to conduct at its own
expense, an inspection of the Property. Buyer hereby confirms that it has approved all aspects of
the Property, including title, survey and environmental condition.

     6.2 Entry onto Property. Notwithstanding anything contained herein to the contrary,
Buyer, its contractors and/or agents, may only enter onto the Property during the term of this
Agreement provided Buyer has obtained the prior authorization of Seller, which includes
authorization from Marc Slayton, and then only in the company of Seller or its agents, which
includes Marc Slayton. Seller shall respond to Buyer’s requests for authorization to enter onto
the Property within a reasonable period of time, and shall cooperate with Buyer in good faith to
make arrangements for Seller or its agents to so accompany Buyer, its contractors and/or agents.
Buyer’s rights to enter the Property shall be subject to the rights of the tenant(s), including

- 16 -

 

without limitation, rights of quiet enjoyment, and Buyer agrees that it will not unreasonably
interfere with any tenant or contractor on the Property or Seller’s operation of the Property.

     Upon Buyer’s execution of this Agreement and prior to Buyer entering onto the Property, Buyer
and/or its agents or contractors shall obtain and keep in full force and effect, insurance as set
forth, with Seller listed as certificate holder and naming Seller and its wholly-owned affiliates,
subsidiaries, and agents as additional insureds on the Commercial General Liability and Business
Automobile insurance policies, and shall provide Seller with certificates of insurance satisfactory
to Seller evidencing such insurance.

	 	 	 
	Type	 	Limits
	Worker’s Compensation/Employer’s Liability

	 	Statutory/$500,000
	 
	 	 
	Commercial General Liability

	 	$1,000,000/occurrence
	 

	 	$2,000,000/aggregate
	 
	 	 
	Business Automobile Liability

	 	$1,000,000 Combined
	 

	 	Single Limit

     The aforesaid coverages shall be maintained throughout the term of this Agreement.
Furthermore, any coverage written on a “Claims-Made” basis shall be kept in force, either by
renewal or the purchase of an extended reporting period, for a minimum period of one (1) year
following the Closing or other termination of this Agreement. Such insurance shall be issued by an
insurer with an A.M. Best financial strength and size rating of “A-/XV” or better. Nothing herein
contained shall in any way limit Buyer’s liability under this Agreement or otherwise.

     Buyer shall observe, and cause its agents and contractors to observe, all appropriate safety
precautions in connection with Buyer’s entry onto the Property and cause its agents and contractors
not to cause any damage to the Property, injury to any person or to the environment, or
interference with any ongoing operations at the Property. Buyer shall indemnify, defend, and hold
Seller and its wholly-owned affiliates, subsidiaries, agents, employees, officers, directors,
trustees, or other representatives of Seller (collectively, the “Indemnified Parties”) harmless
from and against any losses, damages, expenses, liabilities, claims, demands, and causes of action
(together with any legal fees and other expense incurred by any of the Indemnified Parties in
connection therewith), resulting directly or indirectly from, or in connection with, any entry upon
the Property by Buyer, or its agents, employees, contractors, or other representatives, including,
without limitation, any losses, damages, expenses, liabilities, claims, demands, and causes of
action resulting, or alleged to be resulting, from injury or death of persons, or damage to the
Property or any other property, or mechanic’s or materialmen’s liens placed against the Property in
connection with Buyer’s inspection thereof. Buyer agrees to promptly repair any damage to the
Property directly or indirectly caused by any acts of Buyer, or its agents or contractors, and to
restore the Property to the condition that existed prior to Buyer’s entry. Notwithstanding the
foregoing, Buyer shall have no liability or obligation with respect to any adverse condition which
existed at the Property prior to Buyer’s inspection, except to the extent Buyer’s inspection

- 17 -

 

exacerbates such adverse condition. This Section shall survive Closing or other termination
of this Agreement.

     6.3 Management of the Property.

     A. Prior to the Closing Date, Seller shall, at Seller’s sole cost and expense:

          1. Promptly deliver to Buyer a copy of any notice issued or received by Involved Seller
Representatives (including, without limitation, a notice of default) received under any mortgage or
insurance policy and comply with such notice provided same is correct;

          2. Promptly deliver notice to the Buyer of all correspondence, actions, suits, claims and
other proceedings of which the Involved Seller Representatives have received written notice,
affecting the Property, or the use, possession or occupancy thereof received by the Involved Seller
Representatives or of any damage or proposed taking or of any violations of any Hazardous
Substances Laws of which notice was provided to the Involved Seller Representatives;

          3. Promptly deliver copies of notices to Buyer of releases of Hazardous Material received by
Involved Seller Representatives or any actual or threatened condemnation of the Property or any
portion thereof, which, to Seller’s Actual Knowledge, has been given by or on behalf of any
federal, state or local agency;

          4. Maintain all existing and current licenses, permits and governmental approvals
(collectively referred to as the “Permits”) in full force and effect and promptly deliver notice to
Buyer of any intention of Seller or its affiliates to seek any new Permit as well as copies of any
written notices of violations;

          5. Maintain the current insurance policies on the Property;

          6. Seller agrees to cooperate with Buyer’s reasonable requests for documents or information in
connection with Buyer’s acquisition of the Property (excluding forecasts, budgets and projections),
provided there is no additional expense to Seller and that such information is readily available to
Seller and that such cooperation does not create any additional financial obligations or liability
for the Seller

     B. Prior to the Closing Date, Seller shall not and shall cause its affiliates not to:

          1. Modify, amend, renew, extend, terminate or otherwise alter any contracts of the Seller or
its affiliates affecting the Property , which will remain in effect more than thirty (30) days
after Closing, except for change orders relating to construction, which shall not require the
consent of Buyer;

     C. Buyer shall be notified by Seller promptly if the occurrence of any of the following has
occurred to Seller’s Actual Knowledge: fire or other casualty causing damage to

- 18 -

 

the Property, or any portion thereof; receipt of notice of eminent domain proceedings or
condemnation of or affecting the Property, or any portion thereof; receipt of notice from any
governmental authority or insurance underwriter relating to the condition, use or occupancy of the
Property, or any portion there of, setting forth any requirements with respect thereto receipt of
any notice of default from the holder of any lien or security interest in or encumbering the
Property, or any portion thereof; notice of any actual litigation against Seller or affecting or
relating to the Property, or any portion thereof; or the commencement of any strike, lock-out,
boycott or other labor trouble affecting the Property, or any portion thereof.

ARTICLE 7

CLOSING

     7.1 Buyer’s Conditions Precedent to Closing. The obligations of Buyer with regard to
Closing under this Agreement are, at its option, subject to the fulfillment of each and all of the
following conditions prior to or at the Closing:

	 	(a)	 	Seller shall have performed and complied with all the
agreements and conditions required in this Agreement to be performed and
complied with by Seller prior to Closing; and Buyer and Seller agree that
Escrowholder may deem all such items to have been performed and complied with
when Seller has deposited all items in Escrow as required hereunder.
	 
	 	(b)	 	Title Insurer is prepared to issue its ALTA Owner’s Policy of
Title Insurance in the amount of the Purchase Price showing title vested in
Buyer subject only to the Permitted Exceptions and the usual exceptions found
in said policy.
	 
	 	(c)	 	The representations by Seller contained herein shall be true
and correct in all material respects as of the Closing Date.
	 
	 	(d)	 	Seller under the Portfolio Sale Agreement has performed and
complied with the agreements and conditions required in the Portfolio Sale
Agreement to be performed and complied with by Seller prior to Closing and
Seller under the Portfolio Sale Agreement has deposited all items in Escrow as
required thereunder unless waived in writing by Buyer.

     If any one or more items listed above have not been satisfied as of the Closing Date, Buyer
shall have the right to terminate this Agreement pursuant to Article 14 hereof.

     7.2 Seller’s Conditions Precedent to Closing. The obligations of Seller with regard
to Closing under this Agreement are, at Seller’s option, subject to the fulfillment of all of the
following conditions prior to or at the Closing:

	 	(a)	 	Buyer shall have performed and complied with all the agreements
and conditions required by this Agreement to be performed and complied with

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	 	 	 	by Buyer prior to Closing; and Buyer and Seller agree that Escrowholder may
deem all such items to have been performed and complied with when Buyer has
deposited with Escrowholder all items required hereunder.
	 
	 	(b)	 	The representations by Buyer contained herein shall be true and
correct in all material respects as of the Closing Date.
	 
	 	(c)	 	Buyer under the Portfolio Sale Agreement has performed and
complied with the agreements and conditions required in the Portfolio Sale
Agreement to be performed and complied with by Buyer prior to Closing and Buyer
under the Portfolio Sale Agreement has deposited all items in Escrow as
required thereunder unless waived in writing by Seller.

     If any one or more items listed above have not been satisfied as of the Closing Date, Seller
shall have the right to terminate this Agreement pursuant to Article 14 hereof.

     7.3 Deposits in Escrow. On or before the day preceding the Closing Date:

          7.3.1 Seller’s Deposits. Seller shall deliver to Escrowholder the following to be
held in escrow:

	 	(a)	 	The Deed in the form of Exhibit
A attached hereto, or in the form required by the jurisdiction in
which the Property is located in which the Grantee shall be either
Buyer or Buyer’s subsidiary at Buyer’s option;
	 
	 	(b)	 	Certificate of Non-Foreign Status in
the form of Exhibit E attached hereto;
	 
	 	(c)	 	Bill of Sale in the form of Exhibit
B attached hereto;
	 
	 	(d)	 	TitleAffidavits and GAP Indemnity in
the form reasonably acceptable to Seller and Title Insurer;
	 
	 	(f)	 	Seller’s Certificate in the form of
Exhibit H attached hereto; and
	 
	 	(g)	 	Seller’s closing instructions to
Escrowholder.
	 
	 	(h)	 	Originals or certified copies of all drawings,
plans and specifications for the construction of the Contemplated
Improvements;

          7.3.2 Buyer’s Deposits. Buyer shall deliver to Escrowholder the following to be held
in escrow:

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	 	(a)	 	the balance of the Purchase Price, as provided
herein;
	 
	 	(b)	 	Buyer’s closing instructions to
Escrowholder; and
	 
	 	(c)	 	Buyer’s Certificate in the form of
Exhibit I attached hereto.

          7.3.3 Joint Deposits. Buyer and Seller shall jointly deposit with Escrowholder the
following documents, each executed by persons or entities duly authorized to execute same on behalf
of Buyer and Seller:

	 	(a)	 	Closing Statement prepared by
Escrowholder for approval by Buyer and Seller prior to the Closing Date
and such closing statements shall be deposited with Escrowholder after
the same has been executed by Buyer and Seller.
	 
	 	(b)	 	Assignment and Assumption of Development
and Construction Contracts in the form of Exhibit F. 

	 
	 	(b)	 	New York State Combined Real Estate
Transfer Tax Return and Credit Line Mortgage Certificate, Form
TP-584
	 
	 	(c)	 	New York City Department of Finance Real
Property Transfer Tax Return
	 
	 	(d)	 	New York State Real Estate Real Property
Transfer Report
	 
	 	(e)	 	Written confirmation from the escrowholder
under the Portfolio Sale Agreement that all closing deliveries by
Seller have been received by said escrowholder

          7.3.4 Other Documents. Buyer and Seller shall deposit with Escrowholder all other
documents which are required to be deposited in escrow by the terms of this Agreement.

     7.4 Costs. Buyer shall pay the cost of (i) a standard ALTA Owner’s Title Insurance
Policy, and the cost of all endorsements to such owner’s policy; (ii) the updated survey; (iii) the
realty transfer or stamp taxes on any mortgages or deeds of trust placed on the Property by Buyer
at Closing; (iv) recording fees; (v) all other costs and expenses of Buyer relating to the sale and
Closing. Seller shall pay the cost of realty transfer or stamp taxes on the recordation of the
Deeds. Buyer and Seller shall pay all of the cost of Escrow holder’s charge for the escrow, if
any. Buyer and Seller shall each pay its own legal fees incurred in connection with the drafting
and negotiating of this Agreement and the Closing of the transaction contemplated herein. Buyer
shall be responsible for the payment of all unpaid costs incurred in connection with the
development and construction of the Property regardless of when incurred and agrees to assume all
obligations of Seller under all construction and development-related contracts.

     7.5 Prorations. There shall be no prorations at settlement. All unpaid costs

- 21 -

 

applicable to the development and construction of the Property (including, without limitation,
real estate taxes, insurance, soft costs etc.) shall be assumed by Buyer at closing.

     7.6 Insurance. The fire, hazard, and other insurance policies relating to the
Property shall be canceled by Seller as of the Closing Date and shall not, under any circumstances,
be assigned to Buyer. All unearned premiums for fire and any additional hazard insurance premium
or other insurance policy premiums with respect to the Property shall be retained by Seller.

     7.7 Close of Escrow. As soon as Buyer and Seller have deposited all items required
with Escrowholder, and upon satisfaction of Sections 7.1 and 7.2, Escrowholder shall cause the sale
and purchase of the Property to be consummated (the “Closing”) in accordance with the terms hereof
by immediately and in the order specified:

	 	(a)	 	Wire Transfer. Wire transferring the Purchase Price
less (i) Seller’s Broker’s commission (ii) the amount of costs paid by Seller
at Closing, and (iii) plus or minus the amount of any prorations pursuant to
the terms hereof, all as set forth on the closing statement signed by Seller
and Buyer, directly to Seller pursuant to Seller’s written closing
instructions. If, in the opinion of Escrowholder, the wire transfer cannot be
initiated by Escrowholder on or before 2 p.m., Central Time, on the Closing
Date, then after Escrowholder obtains Seller’s approval upon telephonic
consultation with Seller, the Closing shall be consummated on the next business
day, but the net sales proceeds shall be invested overnight in federal
securities, or in a federally insured bank account, in the name of
Escrowholder, and such net sales proceeds plus the interest earned thereon
shall be disbursed by Escrowholder the next business day, after which the Deeds
shall be recorded. Such delay of the Closing will not release Buyer or Seller
from their obligations under this Agreement.
	 
	 	(b)	 	Recordation. Recording the Deeds.
	 
	 	(c)	 	Delivery of Other Escrowed Documents.

	 	(i)	 	Joint Delivery. Delivering to each of Buyer
and Seller at least one executed counterpart of each of the (a) closing
statement and (b) all applicable state and county transfer tax returns.
	 
	 	(ii)	 	Buyer’s Delivery. Delivering to Buyer the (a)
Certificate of Non-Foreign Status; (b) Certificate of Corporate
Authorization; (c) Seller’s Certificate; and (d) Title Affidavit and
GAP Coverage.
	 
	 	(iii)	 	Seller’s Delivery. Delivering to Seller the
(a) Buyer’s Certificate, and (b) Assignment and Assumption of Real
Estate Purchase Sale Agreement, if applicable.

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	 	(d)	 	Broker’s Commission. Delivering to Seller’s Broker,
the commission as reflected on the closing statement executed by Seller and
Buyer.

     7.8 Possession. As of the Closing Date, possession of the Property, along with the
following items shall be delivered to Buyer:

	 	(a)	 	Keys. Any keys and or key cards to any door or lock on
the Property in the possession of Seller.
	 
	 	(d)	 	Licenses and Permits. All original licenses or permits
or certified copies thereof issued by governmental authorities having
jurisdiction over the Property which Seller has in its possession and which are
transferable.

     7.9 Recorded Instruments. As soon after the Closing as possible, Escrowholder shall
deliver to Buyer the original recorded Deed, and shall deliver to Seller a copy of the recorded
Deed, with recordation information noted thereon.

ARTICLE 8

CONDEMNATION AND CASUALTY

     If any condemnation, loss, damage by fire, or other casualty to the Property occurs prior to
the Closing Date, Seller shall give prompt written notice to Buyer.

     If any condemnation or taking of the Property, or loss or damage by fire or other casualty to
the Property occurs prior to the Closing, which does not exceed the Materiality Limit, the Closing
shall occur just as if such condemnation, loss, or damage had not occurred, and Seller shall assign
to Buyer all of Seller’s interest in any condemnation actions and proceeds, or deliver to Buyer any
and all proceeds paid to Seller by Seller’s insurer with respect to such fire or other casualty;
provided, however, that Seller shall be entitled to retain an amount of such insurance proceeds
equal to Seller’s reasonable expenses, if any, incurred by Seller in repairing the damage caused by
fire or other casualty. At Closing, in the case of a fire or other casualty, Seller shall give
Buyer a credit on the Purchase Price equal to the lesser of the estimated cost of restoration or
the amount of any deductible, unless Seller has repaired the damage caused by such fire or other
casualty. Seller shall maintain its current insurance coverage in place on the Property at all
times prior to the Closing.

     In the event, prior to the Closing, of any condemnation of all or a part of the Property, or
loss or damage by fire or other casualty to the Property, which exceeds the Materiality Limit, at
Buyer’s sole option, either:

	 	(a)	 	this Agreement shall terminate in accordance with Article 14 hereof if Buyer
shall so notify Seller in writing within ten (10) days of Buyer receiving notice from
Seller of the casualty or condemnation; or

- 23 -

 

	 	(b)	 	if Buyer shall not have timely notified Seller of its election to terminate
this Agreement in accordance with paragraph (a) above, the Closing shall occur just as
if such condemnation, loss, or damage had not occurred, without reduction in the
Purchase Price, and Seller shall assign to Buyer all of Seller’s interest in any
condemnation actions and proceeds or deliver to Buyer any and all proceeds paid to
Seller by Seller’s insurer with respect to such fire or other casualty; provided,
however, that Seller shall be entitled to retain an amount of such insurance proceeds
equal to Seller’s reasonable expenses, if any, incurred by Seller in repairing the
damage caused by such fire or other casualty. At Closing, in the case of a fire or
other casualty, Seller shall give Buyer a credit on the Purchase Price equal to the
lesser of the estimated cost of restoration or the amount of the deductible, unless
Seller has repaired the damage caused by such fire or other casualty.

     Notwithstanding anything contained herein to the contrary, the insurance proceeds to be
credited or delivered to Buyer pursuant to this Article will exclude business interruption or
rental loss insurance proceeds, if any, allocable to the period through the Closing Date, which
proceeds will be retained by Seller. Any condemnation proceeds or business interruption or rental
loss insurance proceeds received by Seller and allocable to the period after the Closing Date shall
be delivered to Buyer. This provision shall survive Closing.

ARTICLE 9

NOTICES

     All notices, requests, demands, and other communications given pursuant to this Agreement
shall be in writing and shall be deemed to have been duly delivered, (i) when hand delivered to the
addressee; (ii) one (1) business day after having been deposited, properly addressed and prepaid
for guaranteed next-business-day delivery with a nationally recognized, overnight courier service
(e.g., FedEx, or U.S. Express Mail); or (iii) when received via facsimile transmission as evidenced
by a receipt transmission report, provided that a copy is also promptly delivered pursuant to
either of the methods set forth in (i) or (ii) immediately above. All such notices, requests, or
demands shall be addressed to the party to whom notice is intended to be given at the addresses set
forth in Article 2 hereof or to such other address as a party to this Agreement may from time to
time designate by notice given to the other party(ies) to this Agreement.

ARTICLE 10

SUCCESSORS AND ASSIGNS

     Neither this Agreement nor any interest therein shall be assigned or transferred by Seller.
However, Buyer may assign or otherwise transfer all of its interest under this Agreement to an
entity or entities directly or indirectly controlled by Buyer (“Assignee”) provided that, in such
event, (i) Buyer and Assignee shall be jointly and severally liable for all of the representations,
warranties, indemnities, waivers, releases and other obligations and undertakings set forth in this

- 24 -

 

Agreement, and (ii) not less than ten (10) business days prior to the Closing Date, Buyer shall
deliver to Seller (a) written notice of such assignment in which the exact nature of Assignee’s
affiliation with Buyer is set forth, along with the precise signature block to be included in all
closing documents; and (b) a copy of an Assignment and Assumption of Real Estate Purchase and Sale
Agreement in the form of Exhibit J attached hereto. Subject to the foregoing, this
Agreement shall inure to the benefit of, and shall be binding upon, Seller and Buyer and their
respective successors and assigns.

ARTICLE 11

BROKERS

     Buyer and Seller represent to each other that they have dealt with no broker or other person
except Seller’s Brokers in connection with the sale of the Property in any manner which might give
rise to any claim for commission. Seller agrees to be responsible for payment of Seller’s Brokers’
fees only, and does not assume any liability with respect to any fee or commission payable to any
co-broker or any other party. No broker or person other than Seller’s Brokers is entitled to
receive any broker’s commissions, finder’s fees, or similar compensation from Seller in connection
with any aspect of the transaction contemplated herein. It is agreed that if any claims for
brokerage commissions or fees are ever made against Seller or Buyer in connection with this
transaction, all such claims shall be handled and paid by the party whose actions or alleged
commitments form the basis of such claim, and said party who is responsible shall indemnify and
hold the other party harmless against any claim for brokerage or finder’s fees, or other like
payment based in any way upon agreements, arrangements, or understandings made or claimed to have
been made by Buyer or Seller with any third person. This provision shall survive the Closing or
other termination of this Agreement.

ARTICLE 12

COVENANT NOT TO RECORD

     Buyer will not record this Agreement or any memorandum or other evidence thereof. Any such
recording shall constitute a material default hereunder on the part of Buyer.

ARTICLE 13

DEFAULT

     In the event of a default by either Seller or Buyer, the remedies for default provided for in
this Article 13 shall constitute the sole and exclusive remedies of the other party.

     13.1 Default by Buyer. If Buyer fails to deposit the Earnest Money when required,
this Agreement shall automatically terminate and both parties shall be released of all further
liability hereunder, except for the obligations hereunder which expressly survive the termination
of this Agreement. If Buyer fails to consummate the Closing on the Closing Date, this Agreement
shall automatically terminate and Seller’s sole and exclusive remedy shall be to retain all Earnest

- 25 -

 

Money (including all interest thereon) as liquidated damages and both parties shall be
released of all further liability hereunder, except for the obligations hereunder which expressly
survive the termination of this Agreement. In the event of any default on the part of Buyer, other
than its failure to deposit the Earnest Money when required hereunder or to consummate the Closing
on the Closing Date as set forth above, Seller, as Seller’s sole and exclusive remedy, shall have
the right, following Seller’s giving Buyer written notice of such default on Buyer’s failure to
cure such default within five (5) business days following such notice being given, to terminate
this Agreement and retain all Earnest Money (including all interest thereon) as liquidated damages,
in which event, both parties shall be released of all further liability hereunder, except for the
obligations hereunder which expressly survive the termination of this Agreement. The Earnest Money
amount is agreed upon by both parties as liquidated damages, acknowledging the difficulty and
inconvenience of ascertaining and measuring actual damages and the uncertainty thereof.
Notwithstanding the foregoing, Buyer and Seller agree that nothing contained herein shall limit
Seller’s right to seek and obtain damages from Buyer due to Buyer defaulting in its obligations
hereunder which expressly survive the termination of this Agreement.

     13.2 Default by Seller. In the event of default by Seller, Buyer, as Buyer’s sole and
exclusive remedies, may elect either (i) to terminate this Agreement and receive reimbursement of
the Earnest Money (including all interest thereon), in which event both parties shall be released
of all further liability hereunder, except for the obligations hereunder which expressly survive
the termination of this Agreement or (ii) to file, within thirty (30) days of the Closing Date, an
action for specific performance of Seller’s express obligations hereunder, without abatement of,
credit against, or reduction in the Purchase Price. Neither Escrowholder nor Seller shall be
obligated to return the Earnest Money (including all interest thereon) to Buyer unless Buyer gives
Seller and Escrowholder written notice terminating all of Buyer’s interest in the Property and this
Agreement; provided, however, that failure of Buyer to give Seller such notice shall not be
construed to expand Buyer’s rights or remedies in any manner. Notwithstanding the foregoing, Buyer
and Seller agree that nothing contained herein shall limit Buyer’s right to seek and obtain damages
from Seller due to Seller defaulting in its obligations hereunder which expressly survive the
termination of this Agreement.

ARTICLE 14

NON-DEFAULT TERMINATION

     In the event of any termination of this Agreement pursuant to a provision expressly stating
that the provisions of this Article are applicable, the following provisions shall apply:

	 	(a)	 	except for those obligations which expressly survive termination of this
Agreement, neither Buyer nor Seller shall have any further obligations hereunder; and
	 
	 	(b)	 	upon satisfaction of all of Buyer’s monetary obligations under this Agreement,
which shall include Buyer’s obligation to restore the Property to the condition that
existed prior to Buyer’s entry pursuant to Section 6.2 hereof, the Earnest Money
(including interest earned thereon) shall be returned to Buyer upon Seller’s receipt

- 26 -

 

	 	 	 	of (i) written notice from Buyer expressly acknowledging the termination of all of
Buyer’s interest in the Property and this Agreement; and (ii) all materials provided
to Buyer by Seller or Seller’s agents, and any copies made by Buyer or Buyer’s
agents pursuant to this Agreement; provided, however, that failure of Buyer to give
Seller such notice shall not be construed to expand Buyer’s rights or remedies in
any manner.

ARTICLE 15

INDEMNITIES

     15.1 Seller Indemnity.

          (a) Effective as of the Closing Date, Seller shall indemnify, defend and hold Buyer
harmless from and against any actual, direct damages (and reasonable attorneys’ fees and
other reasonable legal costs) incurred by Buyer within nine (9) months of the Closing Date
(“Limitation Period”) resulting from an inaccuracy as of the Closing Date in the
representations and warranties of Seller set forth in Section 3.1 hereof, of which
inaccuracy Buyer had no knowledge of on or before the Closing Date. Such agreement by
Seller to so indemnify, defend and hold Buyer harmless shall be null and void except to the
extent that, prior to the expiration of the Limitation Period, Seller shall have received
notice from Buyer pursuant to Article 9 hereof referring to this Section and specifying the
amount, nature, and facts underlying any claim being made by Buyer hereunder. Seller’s
liability under this Section 15.1(a) shall be limited to damages, which, in the aggregate
(i) exceed Fifty Thousand Dollars ($50,000.00) and (ii) are less than Two Hundred Fifty
Thousand Dollars ($250,000). In no event shall Seller be liable for consequential,
punitive and/or exemplary damages of any nature whatsoever.

          (b) Effective as of the Closing Date, Seller shall indemnify, defend and hold Buyer
harmless from and against any actual, direct damages (but not for any attorneys’ fees and
other legal costs incurred by Buyer if Seller or its insurer shall conduct the defense)
incurred by Buyer with respect to a claim which (a) is made by a third party alleging a tort
committed by Seller or (b) alleges bodily injury or property damage related to the Property
and occurring before the Closing Date; provided that such claim does not arise out of or in
any way relate to Hazardous Material or Indoor Air Pollutants.

- 27 -

 

     15.2 Buyer Indemnity.

     (a) Effective as of the Closing Date, Buyer shall indemnify, defend and hold Seller
harmless from and against any actual, direct damages (and reasonable attorneys’ fees and
other reasonable legal costs) incurred by Seller within nine (9) months of the Closing Date
(“Limitation Period”) resulting from an inaccuracy as of the Closing Date in the
representations and warranties of Buyer set forth in Section 3.3, of which inaccuracy Seller
had no knowledge of on or before the Closing Date. Such agreement by Buyer to so indemnify,
defend and hold Seller harmless shall be null and void except to the extent that, prior to
the expiration of the Limitation Period, Buyer shall have received notice from Seller
pursuant to Article 9 referring to this Section and specifying the amount, nature, and facts
underlying any claim being made by Seller hereunder. In no event shall Buyer be liable for
consequential, punitive and/or exemplary damages of any nature whatsoever. Buyer’s liability
under this Section 15.2(a) shall be limited to damages which in the aggregate (i) exceed
Fifty Thousand Dollars ($50,000.00) and (ii) are less than Two Hundred Fifty Thousand
Dollars ($250,000).

     (b) Effective as of the Closing Date, Buyer shall indemnify, defend and hold Seller
harmless from and against any actual, direct damages (but not for any attorneys’ fees and
other legal costs incurred by Seller if Buyer or its insurer shall conduct the defense)
incurred by Seller in connection with or arising out of a claim which (a) is made by a third
party alleging a tort committed by Buyer or (b) alleges bodily injury or property damage
related to the Property occurring on or after the Closing Date; provided that such claim does
not arise out of or in any way relate to Hazardous Material or Indoor Air Pollutants.

     15.3 Unknown Environmental Liabilities. Unknown environmental liabilities (as defined
below) shall be allocated in accordance with applicable law. As used herein, “Unknown
Environmental Liabilities” means future obligations to remediate Hazardous Material contamination
located on, or originating from the Property which occurred on or before the Closing Date, but only
to the extent (a) neither Seller nor Buyer has notice of such Hazardous Material as of the Closing
Date, and (b remediation or other action with respect to such Hazardous Material is then required
by an applicable governmental agency under then current state or federal environmental laws or
regulations and also would have been required under state or federal environmental laws or
regulations existing as of the Closing Date. Neither Seller nor Buyer shall solicit the
involvement of local, state or federal governmental agencies in any of the aforesaid
determinations, except only to the extent required by law.

     15.4 Release. Except with respect to Seller’s indemnification obligations set forth
in Section 15.1 hereof and Seller’s obligations, if any, under Section 15.3 hereof, Buyer, for
itself and any of its designees, successors and assigns, hereby irrevocably and absolutely waives,
releases, and forever discharges, and covenants not to file or otherwise pursue any legal action
(whether based on contract, statutory rights, common law or otherwise) against the Indemnified
Parties with respect to any and all suits, claims, damages, losses, causes of action, and all other
expenses and liabilities relating to this Agreement or the Property, whether direct or indirect,
known or unknown, contingent or otherwise (including, without limitation, suits, claims,

- 28 -

 

damages, losses, causes of action, and all other expenses and liabilities relating to
environmental law and/or the presence of Hazardous Materials or Indoor Air Pollutants), whether
direct or indirect, known or unknown, foreseeable or unforeseeable, and whether relating to any
period of time either before or after the Closing Date. In connection with this Section 15.4,
Buyer hereby expressly waives the benefits of any provision or principle of federal or state law,
or regulation that may limit the scope or effect of the foregoing waiver and release to the extent
applicable.

          Except with respect to Buyer’s indemnification obligations set forth in Section 15.2 hereof
and Buyer’s obligations, if any, under Section 15.3 hereof, Seller, for itself and any of its
designees, successors and assigns, hereby irrevocably and absolutely waives, releases, and forever
discharges, and covenants not to file or otherwise pursue any legal action (whether based on
contract, statutory rights, common law or otherwise) against the Indemnified Parties with respect
to any and all suits, claims, damages, losses, causes of action, and all other expenses and
liabilities relating to this Agreement or the Property, whether direct or indirect, known or
unknown, contingent or otherwise, whether direct or indirect, known or unknown, foreseeable or
unforeseeable, and whether relating to any period of time either before or after the Closing Date.
In connection with this Section 15.4, Seller hereby expressly waives the benefits of any provision
or principal of federal or state law, or regulation that may limit the scope or effect of the
foregoing waiver and release to the extent applicable.

     15.5 Survival. All of the provisions of this Article 15 shall survive the Closing.

ARTICLE 16

MISCELLANEOUS

     16.1 Survival of Representations, Covenants, and Obligations. Except as otherwise
expressly provided herein, no representations, covenants, or obligations contained herein shall
survive Closing or termination of this Agreement.

     16.2 Attorneys’ Fees. In the event of any litigation between the parties hereto
concerning this Agreement, the subject matter hereof or the transactions contemplated hereby, the
losing party shall pay the reasonable attorneys’ fees and costs incurred by the prevailing party in
connection with such litigation, including appeals.

- 29 -

 

     16.3 Publicity. Buyer and Seller agree to treat this transaction as strictly
confidential prior to Closing. Without limiting the foregoing, neither party will make any public
announcement of the transactions contemplated herein, and will not directly or indirectly contact
the Property’s vendors or contractors until after Closing occurs. Neither party will publicly
advertise or announce the sale of the Property, except by mutual written consent, until after the
Closing Date. In no event will either party advertise or announce the terms of this Agreement,
except by mutual written consent.

     16.4 Captions. The headings or captions in this Agreement are for convenience only,
are not a part of this Agreement, and are not to be considered in interpreting this Agreement.

     16.5 Waiver. No waiver by any party of any breach hereunder shall be deemed a waiver
of any other or subsequent breach.

     16.6 Time. Time is of the essence with regard to each provision of this Agreement,
including, without limitation, the Closing Date. If the final date of any period provided for
herein for the performance of an obligation or for the taking of any action falls on a Saturday,
Sunday, or national/banking holiday, then the time of that period shall be deemed extended to the
next day which is not a Saturday, Sunday, or national/banking holiday. If the Closing Date
provided for herein should fall on a Friday, Saturday, Sunday, or national/banking holiday, then
the Closing Date shall be deemed extended to the next day which is not a Friday, Saturday, Sunday,
or banking holiday. Each and every day described herein shall be deemed to end at 5:00 p.m.
Central Time.

     16.7 Controlling Law. This Agreement shall be construed in accordance with the laws
of the state of New York (without regard to principles of conflicts of law).

     16.8 Severability. If any one or more of the provisions of this Agreement shall be
determined to be void or unenforceable by a court of competent jurisdiction or by law, such
determination will not render this Agreement invalid or unenforceable, and the remaining provisions
hereof shall remain in full force and effect.

     16.9 Construction. Buyer and Seller agree that each party and its counsel have
reviewed, and if necessary, revised this Agreement, and that the normal 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 or any amendments, exhibits, or schedules hereto.

     16.10 Execution. This Agreement may be executed in any number of counterparts, each
of which, when so executed and delivered, shall be deemed an original, but such counterparts
together shall constitute but one agreement.

     16.11 Amendments. This Agreement may be modified, supplemented, or amended only by a
written instrument executed by Buyer and Seller.

- 30 -

 

     16.12 Entire Agreement. This Agreement constitutes the entire and complete agreement
between the parties relating to the transactions contemplated hereby, and all prior or
contemporaneous agreements, understandings, representations, warranties, and statements, oral or
written, are merged herein. No representation, warranty, covenant, agreement, or condition not
expressed in this Agreement shall be binding upon the parties hereto or shall affect or be
effective to interpret, change, or restrict the provisions of this Agreement.

     16.13 Tax Free Exchange. Notwithstanding anything to the contrary contained in this
Agreement, Seller and Buyer acknowledge that Seller shall have the right at Closing to exchange the
Property in a transaction intended to qualify as a tax free exchange under Section 1031 of the Code
(a “Tax Free Exchange”). If Seller elects to effect a Tax Free Exchange pursuant to this Section
161.3, Seller shall provide written notice to Buyer prior to Closing, in which case Buyer shall
enter into an exchange agreement and other exchange documents with a “qualified intermediary” (as
defined in Treas. Reg. §1.103(k)-1(g)(4) of the Code) (the “Exchange Party”), pursuant to which
Seller shall execute and deliver such documents as maybe required to complete the transactions
contemplated by the Tax Free Exchange which are in form and substance reasonably acceptable to
Buyer, and otherwise cooperate with Seller in all reasonable respects to effect the Tax Free
Exchange. In no event shall Seller’s consummate of a Tax Free Exchange be a condition to Closing
or delay or postpone the Closing. Seller shall indemnify, defend and hold Buyers harmless from and
against any and all losses that may be incurred by Buyer in connection with Seller’s use of the
transaction as a Tax Free Exchange. The provisions of this Section 16.13 shall survive the Closing
or earlier termination of this Agreement.

     16.14 Counterparts. This Agreement may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original document, but all of which counterparts shall together constitute
one and the same instrument.

- 31 -

 

     IN WITNESS WHEREOF, this Agreement has been executed as of the Effective Date.

     SELLER:

American Storage Properties North LLC,

a Delaware limited liability company,

	 	 	 	 	 	 	 	 	 
	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Northwestern Investment Management Company, LLC,	 	 
	 	 	 	 	a Delaware limited liability company, its wholly-owned	 	 
	 	 	 	 	affiliate and authorized representative	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	 	 	                                        , Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North Investors LLC, a	 	 
	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Stephen J. Garchik, Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Andrew J. Czekaj, Manager	 	 

	 	 	 	 	 
	 

	 	BUYER:	 	 
	 
	 	 	 	 
	Acadia Storage Post Metropolitan Avenue LLC
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

- 32 -

 

RECEIPT BY ESCROWHOLDER

     Fidelity National Title Insurance Company shall serve as Escrowholder pursuant to the terms
and provisions of that certain Real Estate Purchase and Sale Agreement between American Storage
Properties North LLC and Acadia Storage Post Metropolitan Avenue LLC (the “Agreement”), and hereby
acknowledges receipt of a fully executed copy of the Agreement and the Earnest Money referred to
therein in the sum of                     . Fidelity National Title Insurance Company agrees to accept,
hold, apply, and/or return such Earnest Money, and disburse any funds received pursuant to the
provisions of the Agreement, and otherwise comply with the obligations of Escrowholder as set forth
in the Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	Fidelity National Title Insurance Company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Date of receipt:	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

 

 

EXHIBIT A

CONDOMINIUM UNIT DEED

THIS INDENTURE, made as of the ___day of                     , 2008, by and between American Storage Properties
North LLC, a Delaware limited liability company, having an address at 9001 Congressional Court,
Potomac, Maryland 20854 (hereinafter referred to as the “Grantor”) and Acadia Realty Trust, with
an address at                      (hereinafter referred to as the “Grantee”)

WITNESSETH:

          That the Grantor, in consideration of Ten ($10.00) Dollars and other valuable consideration
paid by the Grantee, does hereby grant and release unto the Grantee, the heirs or successors and
assigns of the Grantee, forever:

ALL OF THE PROPERTY DESCRIBED IN “SCHEDULE A” ANNEXED HERETO,

KNOWN AS CONDOMINIUM UNIT 2,

THE 48-05 METROPOLITAN AVENUE CONDOMINIUM,

RIDGEWOOD, NEW YORK, TAX BLOCK 2611, LOT 1002

WHICH IS ALSO KNOWN BY THE STREET ADDRESS

48-05 METROPOLITAN AVENUE, RIDGEWOOD NEW YORK

     Together with the appurtenances and all the estate and rights of the Grantor in and to the
Unit;

     Together with, and subject to the rights, obligations, easements, restrictions, agreements and
other provisions set forth in the Declaration and the By-Laws of THE 48-05 METROPOLITAN AVENUE
CONDOMINIUM, as the same may be amended from time to time (hereinafter referred to as the
“By-Laws”), all of which shall constitute the covenants running with the Land and shall bind any
person having at any time any interest or estate in the Unit as though recited and stipulated at
length herein;

     Subject also to such other liens, agreements, covenants, easements, restrictions, consents and
other matters of record and any agreements as pertain to the Unit, to the Land and or any
improvements thereon (which is collectively referred to as the “Property”).

     TO HAVE AND TO HOLD the same unto Grantee, and the heirs or successors or assigns of the
Grantee, forever.

     If any provision of the Declaration or By Laws is invalid under, or would cause the
Declaration or the By-Laws to be insufficient to submit the Property to, the provision of the
Condominium Act, or if any provision that is necessary to cause the Declaration and the By-laws to
be sufficient to submit the Property to the provisions of the Condominium Act is missing from the
Declaration or the By-Laws, or if the By-Laws are insufficient to submit the Property to the

 

 

provisions of the Condominium Act, the applicable provision of Article 17 of the Declaration shall
control.

     The Grantor, in compliance with Section 13 of the Lien Law of the State of New York, covenants
that the Grantor will receive the consideration for this conveyance and will hold the right to
receive such consideration as a trust fund for the purpose of paying the cost of improvements at
the Property and will apply the same first to the payment of the cost of such improvements before
using any part of the same for any other purposes.

     The Grantee accepts and ratifies the provisions of the Declaration and the By-Laws (and any
Rules and Regulations adopted under the By-laws) and agrees to comply with all the terms and
provisions thereof.

     The Grantee has examined the Unit and is purchasing the same in its existing condition.

     Grantor hereby covenants with Grantee, its heirs, successors, and assigns, to forever WARRANT
AND DEFEND the same against the lawful claims and demands of all persons claiming by, through or
under Grantor, but against none other.

     IN WITNESS WHEREOF, this deed has been executed as of the day and year first written above.

GRANTOR:

2

 

TO BE INSERTED IN DEED:

Terms used in this Agreement and not otherwise defined herein shall have the meanings set forth in
that certain Declaration recorded in the Queens County Office of the Register of the City of New
York on 12/26/2001 in Reel 6143, Page 2230 with respect to the 48-05 Metropolitan Avenue
Condominium (such Declaration, together with any amendments thereto recorded prior to the date
hereof, is hereinafter referred to as the “Declaration”).

Unit: Seller agrees to sell and convey, and purchaser agrees to purchase Unit No. 2 in the
premises known as 48-05 Metropolitan Avenue, Ridgewood, New York and designated as the building
shown on the floor plans attached hereto as Exhibit A and marked with the letter “Z” at the 48-05
Metropolitan Avenue Condominium (the “Condominium”), together with an undivided 50% percent
interest in the Common Elements appurtenant to such Unit (the “Unit”), as designated in the
Declaration or the By-laws (as same may be amended from time to time), all upon and subject to the
terms and conditions set forth herein.

3

 

	 	 	 	 	 	 	 	 	 
	STATE OF WISCONSIN
	 	 	)	 	 	 	 	 
	 
	 	 	)	 	SS.	 
	COUNTY OF MILWAUKEE
	 	 	)	 	 	 	 	 

     On this ___day of                     , 20___, before me appeared
                                         and                                         
who are personally to me known and known to me to be a                      and Assistant Secretary of
Northwestern Investment Management Company, LLC, and to be the same persons who, as such officers,
executed the foregoing instrument of writing in the name of said limited liability company and duly
and severally acknowledged the execution thereof as the free act and deed of said limited liability
company as an authorized representative of The Northwestern Mutual Life Insurance Company.

     And then and there the said                                          and                      
                   , being
by me first duly sworn, did say, each for himself/herself, that the said                                          is
                                         and the said                                        
  is Assistant Secretary of Northwestern Investment
Management Company, LLC, that the seal affixed to the foregoing instrument is the corporate seal of
The Northwestern Mutual Life Insurance Company and that said instrument was signed and sealed in
its behalf.

                                                                
               

Notary Public, State of Wisconsin

My Commission expires:                     

This instrument was prepared by                                         .

4

 

SCHEDULE 1

TO

SPECIAL WARRANTY DEED

LEGAL DESCRIPTION

 

 

EXHIBIT B

BILL OF SALE

       
              
              
            
                 ,
                                        ,                                          (“Seller”), in
consideration of the sum of Ten and no/100 Dollars ($10.00) and other good and valuable
consideration, to it in hand paid by                                          (“Buyer”), the receipt and sufficiency
of which is hereby acknowledged, sells to Buyer the personal property described on Schedule 1
attached hereto which is located on the land described on Schedule 2 attached hereto.

     SELLER MAKES NO WARRANTIES OR REPRESENTATIONS WHATSOEVER, INCLUDING WITHOUT LIMITATION,
WARRANTIES OF CONDITION, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE.

     IN
WITNESS WHEREOF, Seller has executed this instrument as of                                         , 20___ to be
effective as of the Closing Date. All capitalized terms used, but not defined herein, shall have
the meanings ascribed to them in that certain Real Estate Purchase and Sale Agreement with an
Effective Date of                                         , 20___, between Seller and Buyer.

 

 

SCHEDULE 1

TO

BILL OF SALE

PERSONAL PROPERTY

None

 

 

SCHEDULE 2

TO

BILL OF SALE

Legal Description

 

 

EXHIBIT C-1

Copy of Construction Contract

 

 

Exhibit C-2

Copy of all contracts affecting the Property

2

 

EXHIBIT D

EXCEPTIONS TO SELLER’S REPRESENTATIONS AND WARRANTIES

 

 

EXHIBIT E

CERTIFICATE OF NON-FOREIGN STATUS

     Section 1445 of the Internal Revenue Code provides that a transferee of a U.S. real property
interest must withhold tax if the transferor is a foreign person. To inform the transferee that
withholding of tax is not required upon the disposition of a U.S. real property interest by
                                                            , the undersigned hereby certifies the following on behalf of
                                                            :

	 	1.	 	                                                             is a                    
  limited liability company and is
not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as
those terms are defined in the Internal Revenue Code and Income Tax Regulations);
	 
	 	2.	 	                                                            ‘s U.S. employer identification number is
                    ; and
	 
	 	3.	 	                                                            ‘s home office address is        
                                 .

                                              understands that this certification may be disclosed to the Internal
Revenue Service by transferee and that any false statement contained herein could be punished by
fine, imprisonment, or both.

     Under penalty of perjury, I declare that I have examined this certificate and to the best of
my knowledge and belief, it is true, correct, and complete, and I further declare that I have
authority to sign this document on behalf of                                                             .

     Dated
as of the ___ day of                                         , 20_.

 

 

EXHIBIT F

ASSIGNMENT AND ASSUMPTION OF CONSTRUCTION AND DEVELOPMENT

CONTRACTS

ASSIGNMENT AND ASSUMPTION OF CONSTRUCTION CONTRACTS

     KNOW ALL MEN BY THESE PRESENTS, THAT American Storage Properties North LLC, a Delaware limited
liability company (“Assignor”), in consideration of Ten Dollars ($10.00) and other good and
valuable consideration in hand paid, the receipt and sufficiency of which is hereby acknowledged,
hereby assigns unto                                          (“Assignee”):

     ALL of Assignor’s right, title and interest in and to (i) any and all contracts and agreements
which relate to the development and construction of the Ridgewood storage facility (the “Property”)
located on the land described on Exhibit A attached hereto and made a part hereof (the “Contracts”)
and (ii) any warranties, guaranties and certifications in connection with the development or
construction of the improvements on the Property and as to which Assignor is the beneficiary (the
“Assigned Assets”)

     TO HAVE AND TO HOLD the Assigned Assets unto Assignee, its successors and assigns from and
after the date of execution and delivery hereof (the “Delivery Date”) for all the rest of the
respective terms, if any, mentioned in the Assigned Assets, subject to the covenants, conditions
and provisions of such Assigned Assets.

     Assignee hereby assumes all of the duties or obligations to the Contracts from and after the
___ day of                     , 2008 (the “Assignment Effective Date”).

     Assignee hereby agrees to indemnify and hold Assignor harmless from all loss, cost, damage and
expense (including without limitation, reasonable attorney’s fees) arising as a result of the
breach by Assignee, on or after the Delivery Date, of any obligation or covenant under the
Contracts.

     Assignor hereby agrees to indemnify and hold Assignee harmless from all loss, cost, damage and
expense (including without limitation, reasonable attorney’s fees) arising as a result of the
breach by Assignor, prior to the Delivery Date, of any obligations or covenant under the Contracts.

2

 

     IN WITNESS WHEREOF, this Assignment and Assumption of Construction Contracts has been duly
signed and sealed by the parties hereto, in multiple counterpart
copies, as of the ___ day of
                    , 2008.

ASSIGNOR:

ASSIGNEES:

3

 

ACKNOWLEDGEMENT AND CONSENT BY CONTRACTOR

     The undersigned,                                                     
         (“Contractor”),
 hereby acknowledges consents
and/or agrees as follows:

     1. Contractor acknowledges that                                         
 (“Original Owner”) intends to, effective as of
the ___ day of ___, 2008 (the “Assignment Effective Date”) assign, transfer and set over, or
has assigned, transferred and set over unto                                          (“New Owner”) all of Original Owner’s
right, title and interest in and to, and all of its duties and obligations, if any, under those
certain contracts, agreements, certificates, warranties and other documents identified on
Exhibit A attached hereto and incorporated herein by this reference (the “Assigned
Agreements”).

     2. Contractor consents to the foregoing assignment(s).

     3. Contractor agrees that, from and after the Assignment Effective Date, New Owner shall be
entitled to all of the rights and benefits under the Assigned Agreements enjoyed by Original Owner
thereunder prior to such assignment and that Contractor agrees that from and after the Assignment
Effective Date, New Owner shall be liable for and responsible for all duties and obligations under
the Assigned Agreements and that Original Owner is, from and after the date hereof, released from
any and all duties and obligations under the Assigned Agreements..

     We need estoppel language including amounts to be paid and amounts paid.

Dated:

CONTRACTOR:

4

 

EXHIBIT G

Intentionally Deleted

5

 

EXHIBIT H

SELLER’S CERTIFICATE

     THIS
CERTIFICATE (this “Certificate”) is made as of this ___ day of                     , 20___, to
be effective as of the Closing Date, by
                                                             (“Seller”) in
favor of                                          (“Buyer”).

RECITALS:

     Seller and Buyer entered into that certain Real Estate Purchase and Sale Agreement (the
“Agreement”) with an Effective Date of                     , 20___, with respect to the purchase and sale
of property commonly known as                                         , located at  
                 
                
     in the City of
                                        , County of                     , State of  
                
                      , described therein, and
the Agreement provides that all of the representations and warranties and covenants of Seller in
the Agreement shall be reaffirmed by Seller at Closing.

     Therefore, Seller hereby certifies to Buyer as follows:

	 	1.	 	As of the date hereof, Seller’s representations and warranties set forth in the
Agreement, including, but not limited to, those set forth in Section 3.1 of the
Agreement, remain true, correct, and complete in all material respects. To the extent
the representations and warranties of Seller in the Agreement were qualified to
Seller’s Actual Knowledge in the Agreement, this reaffirmation of such representations
and warranties is also qualified to Seller’s Actual Knowledge.
	 
	 	2.	 	All capitalized terms used in this Certificate without separate definition
shall have the same meanings assigned to them in the Agreement.

     IN WITNESS WHEREOF, this Certificate has been executed by the duly authorized representative
of Seller the day and year first above written.

     SELLER:

 

 

EXHIBIT I

BUYER’S CERTIFICATE

     THIS
CERTIFICATE (this “Certificate”) is made as of this ___ day of                     , 20___, to
                                        , by                                    
      (“Buyer”), in favor of                                                             
(“Seller”).

RECITALS

     Seller and Buyer entered into that certain Real Estate Purchase and Sale Agreement (the
“Agreement”) with an Effective Date of                     , 20___, with respect to the purchase and sale of
property commonly known as                                         , located at  
                  
               
     , in the City of                     ,
County of                                         , State of                                
         , described therein. The Agreement provides
that all of the representations and warranties of Buyer in the Agreement shall be reaffirmed by
Buyer at Closing.

     Therefore, Buyer hereby certifies to Seller effective as of the Closing Date (as defined in
the Agreement) as follows:

	 	1.	 	Buyer hereby reaffirms as of the date hereof, Seller’s representations and
warranties set forth in the Agreement, including, but not limited to, those set forth
in Section 3.3 of the Agreement, remain true, correct, and complete in all material
respects.
	 
	 	2.	 	All capitalized terms used in this Certificate without separate definition
shall have the same meanings assigned to them in the Agreement.

     IN WITNESS WHEREOF, this Certificate has been executed by the duly authorized representative
of Buyer the day and year first above written.

	 	 	 	 	 	 	 
	 	 	BUYER:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Its:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

EXHIBIT J

ASSIGNMENT AND ASSUMPTION OF REAL ESTATE PURCHASE AND SALE

AGREEMENT

     This ASSIGNMENT AND ASSUMPTION OF REAL ESTATE PURCHASE AND SALE AGREEMENT
(“Assignment”) is made as of           
                 
             ,
20___ by and
 between                 
                 
        (“Original Buyer”) and    
                
              
      (“Assuming Buyer”) with respect to
the following:

RECITALS

     A. Original Buyer and                                                              (“Sell
er”) have entered into that
certain Real Estate Purchase and Sale Agreement dated as of                                          (the
“Agreement”), wherein Seller has agreed to sell to Original Buyer, and Original Buyer has
agreed to purchase from Seller, certain real property and improvements located thereon as
described in the Agreement (“Property”).

     B. Original Buyer desires to assign its interest in the Agreement to Assuming Buyer, and
Assuming Buyer desires to assume such interest, all as hereinafter provided.

AGREEMENT 

     In consideration of the foregoing Recitals and the mutual covenants and agreements contained
in this Assignment, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Original Buyer and Assuming Buyer agree as follows:

     1. Assignment of Agreement Original Buyer hereby assigns to Assuming Buyer all of
Original Buyer’s right, title and interest in and to the Agreement, and Assuming Buyer hereby
accepts such assignment. Assuming Buyer hereby assumes and agrees to perform, and to be bound by,
all of the terms, covenants, conditions, and obligations imposed upon or assumed by Original Buyer
under the terms of the Agreement.

     2. Joint and Several Liability Original Buyer shall not be released from any existing
obligations under the Agreement as a result of this Assignment, and Assuming Buyer hereby agrees to
be jointly and severally liable with Original Buyer for all representations, warranties,
indemnities, waivers, releases, and other obligations and undertakings set forth in the Agreement,
including, without limitation, the obligations and undertakings set forth in the Sections of the
Agreement entitled “Buyer’s Reliance on Own Investigations; “AS-IS” Sale,”
“Buyer Indemnity” and “Release”.

     3. Representations and Warranties of Assuming Buyer Assuming Buyer hereby represents
and warrants to Seller that:

 

 

(a) Assuming Buyer is directly or indirectly controlled by Original Buyer;

(b) Assuming Buyer, and the individuals signing this Assignment on behalf of Assuming Buyer,
have the full, legal power, authority, and right to execute and deliver and to perform their legal
obligations under this Assignment. Assuming Buyer’s performance hereunder and the transactions
contemplated hereby have been duly authorized by all requisite action on the part of Assuming Buyer
and no remaining action is required to make this Agreement binding on Assuming Buyer.

(c) Assuming Buyer is not, and shall not become, a person or entity with whom U. S. persons or
entities are restricted from doing business with under regulations of the Office of Foreign Asset
Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially
Designated and Blocked Persons list) or under any statute, executive order (including the September
24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not
engage in any dealings or transactions or be otherwise associated with such persons or entities.

4. Miscellaneous

     (a) Entire Agreement. The Agreement, together with this Assignment, embodies
the entire understanding between Original Buyer and Assuming Buyer with respect to its
subject matter and can be changed only by an instrument in writing signed by Original Buyer
and Assuming Buyer and approved in writing by Seller.

     (b) Time of Essence. Time is of the essence of each and every term, condition,
obligation and provision hereof.

     (c) Counterparts. This Assignment may be executed in one or more counterparts,
including facsimile counterparts, each of which shall be deemed an original but all of
which, taken together, shall constitute the same Assignment.

     (d) Applicable Law. This Assignment shall be governed by and construed and
enforced in accordance with the laws of the state in which the Property is located without
regard to conflicts of law principles.

     (e) Capitalized Terms. Capitalized terms used in this Assignment shall have
the same meaning as set forth in the Agreement unless otherwise specifically defined herein.

2

 

     IN WITNESS WHEREOF, this Assignment has been executed as of the day and year second set forth
above.

	 	 	 	 	 	 	 
	ORIGINAL BUYER:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	ASSUMING BUYER:
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

3exv10w78

 

Exhibit 10.78

First Amendment to Real Estate Purchase and Sale Agreement 

     THIS FIRST AMENDMENT TO REAL ESTATE PURCHASE AND SALE AGREEMENT (the “Amendment”) is made and
entered into this 1st day of February, 2008 by and between Suffern Self Storage,
L.L.C., Jersey City Self Storage, L.L.C., Linden Self Storage, L.L.C., Webster Self Storage,
L.L.C., Bronx Self Storage, L.L.C., American Storage Properties North LLC and The Storage Company
LLC (collectively, “Seller”), and Acadia Storage Post LLC (“Buyer”)

RECITALS

     A. Seller and Buyer entered into that certain Real Estate Purchase and Sale Agreement, dated
as of November 30, 2007, regarding the sale of certain real property and storage facilities located
in New York and New Jersey (the “Agreement”).

     B. Seller and Buyer now desire to amend the Agreement, as described more fully below.

AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing, of the mutual promises set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending legally to be bound, hereby covenant and agree as
follows:

     1. Recitals; Defined Terms. The foregoing Recitals are hereby incorporated by this
reference and made a substantive part hereof. Any capitalized terms not otherwise defined herein
shall have the meaning set forth in the Agreement.

     2. Amendment.

     (a) The Buyer hereby elects to extend the Closing Date. Accordingly, the definition of
Closing Date pursuant to Section 2.1 of the Agreement is hereby amended by deleting only the first
paragraph of the definition and inserting the following in lieu thereof:

	 	 	 
	“Closing Date.

	 	On or before March 3, 2008; provided, however, prior written notice of the
date Buyer elects to proceed to Closing hereunder shall be provided three (3)
business days prior to the Closing. Closing hereunder shall occur simultaneously
with the Closing under that certain Real Estate Purchase and Sale Agreement between
American Storage Properties North LLC and Acadia Storage Post Metropolitan Avenue,
LLC regarding 4805 Metropolitan Avenue, Unit 2, Maspeth, Queens, New York, dated as
of the date hereof (the “Ridgewood Agreement”). Any extensions of the Closing

 

 

	 	 	 
	 

	 	Date for title issues under Section 5 of this Agreement shall
cause the Closing Date of the Ridgewood Agreement to be
extended for the same amount of time. Likewise, any extensions
of the Closing Date for title issues pursuant to Section 5.2 of
the Ridgewood Agreement shall cause the Closing Date hereunder
to be extended for the same amount of time.”

     (b) Notwithstanding anything to the contrary in the Agreement, no later than Monday, February
4, 2008 Buyer shall wire in immediately available funds to Seller in accordance with the wire
instructions attached hereto as Exhibit A, a payment in the amount of Five Hundred Thousand
Dollars ($500,000)(the “Extension Payment”). Failure of Buyer to timely deposit the Extension
Payment with Seller shall be a default by Buyer under this Agreement. This Extension Payment
shall be non-refundable to Buyer except as expressly set forth in the following sentences. If
Closing occurs under this Agreement and the Ridgewood Agreement, the Extension Payment will be
added to the Purchase Price; provided, however, that for each day prior to March 3, 2008 that
Closing actually occurs, the Purchase Price shall be reduced by an amount equal to $16,129.00 per
diem (the “Early Closing Reduction”). Notwithstanding the foregoing, in the event Buyer fails to
close under the Ridgewood Agreement for any reason other than a default by Seller or failure of
Seller to satisfy conditions precedent to Closing set forth in Section 7.1 of the Ridgewood
Agreement, there will be no Early Closing Reduction hereunder. The Purchase Price allocable to the
Lawrence Property, which is owned by American Storage Properties North LLC, shall be increased by
the amount of the Extension Payment less the Early Closing Reduction, if any. For purposes of
clarity, Seller shall have no obligation to return the Extension Payment to Buyer if Buyer
terminates the Agreement prior to Closing or if Buyer defaults under the Agreement. In the event
of a default by Seller hereunder, if Buyer elects to terminate this Agreement and receive
reimbursement of the Earnest Money pursuant to the terms of Section 13.2 hereof, Buyer shall also
receive reimbursement of the Extension Payment.

     (c) The Seller and Buyer hereby confirm that Buyer desires to acquire the Storage Facilities
in newly-created entities as hereinafter designated:

	 	 	 
	Name of Property	 	Entity to Acquire the Property
	Bruckner

	 	Acadia Storage Company LLC
	Fordham

	 	Acadia Storage Post Portfolio Company LLC
	Jersey City

	 	Acadia Storage Post Portfolio Company LLC
	Lawrence

	 	Acadia Storage Post Portfolio Company LLC
	Linden

	 	Acadia Storage Post Portfolio Company LLC
	Long Island City

	 	Acadia Storage Company LLC
	New Rochelle

	 	Acadia Storage Company LLC
	Suffern

	 	Acadia Suffern LLC
	Webster

	 	Acadia Storage Post Portfolio Company LLC
	Yonkers

	 	Acadia Storage Company LLC

 

 

     3. Binding Effect. This Amendment shall be binding upon, and shall inure to the
benefit of, the parties hereto and their respective successors and assigns.

     4. Conflicts. In the event any provision of this Amendment conflicts with a provision
of the Contract, such provision of this Amendment shall govern and control for all purposes and in
all respects.

     5. Ratification. Except as modified hereby, the Agreement is hereby ratified and
confirmed for all purposes and in all respects.

     6. Counterparts. This Amendment may be executed in multiple counterpart copies, all
of which constitute a single document, and may be delivered by facsimile transmission.

\

[Signatures appear on following page]

 

 

        IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Purchase and Sale
Agreement as of the date first above written.

SELLER:

Suffern Self Storage, L.L.C., a Delaware limited liability company

	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North LLC,	 	 
	 	 	a Delaware limited liability company,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	 	 	A Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,	 	 
	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned	 	 
	 	 	 	 	 	 	affiliate and authorized representative	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	, Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage Properties North Investors LLC, a	 	 
	 	 	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stephen J. Garchik, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Andrew J. Czekaj, Manager	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	Suffern Manager, LLC, a Delaware limited liability company,	 	 	 	 
	 	 	A member	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage Properties North LLC,	 	 	 	 
	 	 	 	 	a Delaware limited liability company,	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	 	 	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,	 	 
	 	 	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned	 	 
	 	 	 	 	 	 	 	 	affiliate and authorized representative	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	, Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	And	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	American Storage Properties North Investors LLC, a	 	 
	 	 	 	 	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Stephen J. Garchik, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Andrew J. Czekaj, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jersey City Self Storage, L.L.C.,	 	 	 	 
	a Delaware limited liability company	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North LLC,	 	 	 	 
	 	 	a Delaware limited liability company,	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,	 	 
	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned	 	 
	 	 	 	 	 	 	affiliate and authorized representative	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	, Managing Director	 	 		 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage Properties North Investors LLC, a
	 	 	 	 	Delaware limited liability company, a member
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 	Stephen J. Garchik, Manager
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 	Andrew J. Czekaj, Manager
	 
	Bronx Self Storage, L.L.C.,	 	 
	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North LLC,	 	 
	 	 	a Delaware limited liability company,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	
	 	 	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,
	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned
	 	 	 	 	 	 	affiliate and authorized representative
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	, Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage Properties North Investors LLC, a	 	 
	 	 	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 	Stephen J. Garchik, Manager
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 	Andrew J. Czekaj, Manager

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Linden Self Storage, L.L.C.,	 	 
	A New Jersey limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North LLC,	 	 
	 	 	a Delaware limited liability company,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,
	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned
	 	 	 	 	 	 	affiliate and authorized representative
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	, Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage
Properties North Investors LLC, a	 	 
	 	 	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stephen J. Garchik, Manager
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 
	 	 	 	 
	 	 	 	 	 	 	Andrew J. Czekaj, Manager
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Webster Self Storage, L.L.C., a	 	 
	Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North LLC,	 	 
	 	 	a Delaware limited liability company,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,
	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned
	 	 	 	 	 	 	affiliate and authorized representative
	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	,	 Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage Properties North Investors LLC, a
	 	 	 	 	Delaware limited liability company, a member
	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stephen J. Garchik, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Andrew J. Czekaj, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	The Storage Company LLC,	 	 
	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North LLC,	 	 
	 	 	a Delaware limited liability company,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Northwestern Investment Management Company, LLC,
	 	 	 	 	 	 	a Delaware limited liability company, its wholly-owned
	 	 	 	 	 	 	affiliate and authorized representative
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	,	 Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	American Storage Properties North Investors LLC, a	 	 
	 	 	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stephen J. Garchik, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Andrew J. Czekaj, Manager	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	American Storage Properties North LLC,	 	 
	a Delaware limited liability company,	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	The Northwestern Mutual Life Insurance Company,	 	 
	 	 	a Wisconsin corporation, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Northwestern Investment Management Company, LLC,
	 	 	 	 	a Delaware limited liability company, its wholly-owned
	 	 	 	 	affiliate and authorized representative	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	  
	,	 Managing Director	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	And	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	American Storage Properties North Investors LLC, a	 	 
	 	 	Delaware limited liability company, a member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Stephen J. Garchik, Manager	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Andrew J. Czekaj, Manager	 	 

 

 

BUYER:

	 	 	 	 	 
	Acadia Storage Post LLC,	 	 
	a Delaware limited liability company	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

 

Exhibit A

Wire Instructions for:

THE STORAGE COMPANY

MASTER ACCOUNT

	 	 	 
	BANK:

	 	BANK OF AMERICA
	 

	 	301 Carnegie Center
	 

	 	Princeton, NJ 08540
	 
	 	 
	ABA #:
	 	 
	ACCOUNT #:
	 	 
	 
	 	 
	CREDIT:

	 	The Storage Company
	 

	 	Master Account
	 
	 	 
	NOTIFY:

	 	Kristina Fisher

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