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                                                                   Exhibit 10.14

            COLUMBIA EQUITIES, LTD, A SUBSIDIARY OF OCEANFIRST BANK
                             EMPLOYMENT AGREEMENT

     This AGREEMENT is made effective as of August 18, 2000, by and among
Columbia Equities, Ltd., a subsidiary of OceanFirst Bank (the "Company"), with
its principal administrative office at 150 White Plains Road, Tarrytown, New
York, and Robert M. Pardes ("Executive").

     WHEREAS, the Company wishes to assure itself of the services of Executive
for the period provided in this Agreement; and

     WHEREAS, Executive is willing to serve in the employ of the Company for
said period.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and upon the other terms and conditions hereinafter provided, the parties hereby
agree as follows:

1.   POSITION AND RESPONSIBILITIES
     -----------------------------

     During the period of Executive's employment under this Agreement,
Executive agrees to serve as President of the Company. Executive shall render
administrative and management services to the Company such as are customarily
performed by persons situated in a similar executive capacity, and as the Board
of Directors of the Company (the "Board") and the chief executive officer of
OceanFirst Bank (the "Bank") may from time to time determine.

2.   TERMS AND DUTIES
     ----------------

     (a) The term of Executive's employment under this Agreement shall be deemed
to have commenced as of the date first above written and shall continue for a
period of thirty-six (36) full calendar months thereafter. Commencing on the
first anniversary date of this Agreement, and continuing on each anniversary
thereafter, the Board may extend the Agreement an additional year such that the
remaining term of the Agreement shall be three (3) years unless the Executive
elects not to extend the term of this Agreement by giving written notice in
accordance with Section 8 of this Agreement. The Board will review the Agreement
and Executive's performance annually for purposes of determining whether to
extend the Agreement and the rationale and results thereof shall be included in
the minutes of the Board's meeting. The Board shall give notice to the Executive
as soon as possible after such review as to whether the Agreement is to be
extended.

     (b) During the period of Executive's employment hereunder, the Executive
will devote approximately 50% of his time performing duties as the Executive
Vice President, Director of Residential Lending of the Bank. Except for periods
of time spent by Executive

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performing duties at the Bank, and except for absence occasioned by illness,
reasonable vacation periods, and reasonable leaves of absence, Executive shall
devote all his business time, attention, skill, and efforts to the faithful
performance of his duties hereunder, including activities and services related
to the organization, operation and management of the Company and participation
in community and civic organizations; provided, however, that, with the approval
of the Board, as evidenced by a resolution of such Board, from time to time,
Executive may serve, or continue to serve, on the boards of directors of, and
hold any other offices or positions in, companies or organizations, which, in
such Board's judgment, will not present any conflict of interest with the
Company, or materially affect the performance of Executive's duties pursuant to
this Agreement.

     (c) During the term of this Agreement Executive shall have the right to
select the closing counsel the Company uses in its lending operations,
including, but not limited to, Pardes & Pardes and its network of closing
counsel, provided that any such closing counsel pays its own overhead and
performs all services under terms no less favorable than available generally in
the market.

     (d) Notwithstanding anything in this Agreement to the contrary,
Executive's employment with the Company may be terminated by the Company or the
Executive during the term of this Agreement, subject to the terms and conditions
of this Agreement.

3.   COMPENSATION AND REIMBURSEMENT
     ------------------------------

     (a) Executive shall receive from the Company as compensation a salary of
$81,500 per year ("Base Salary"), plus additional incentive compensation paid
under the Performance Achievement Awards Program ("PAAP") cash bonus plan, which
may entitle Executive to earn additional compensation in a targeted amount equal
to 35% of the Company Base Salary based on the terms of the PAAP. Base Salary
shall be paid in accordance with the normal payroll practices of the Company.
Base Salary shall include any amounts of compensation otherwise payable by the
Company as Base Salary but deferred by Executive under any qualified or
unqualified plan maintained by the Company or the Bank. During the period of
this Agreement, Executive's Base Salary shall be reviewed at least annually; the
first such review will be made no later than one year from the date of this
Agreement. Such review shall be conducted by the Board or by a Committee of the
Board, delegated such responsibility by the Board. The Committee or the Board
may increase Executive's Base Salary. Any increase in Base Salary shall become
the "Base Salary" for purposes of this Agreement.

     (b) The Company will provide Executive with the opportunity to participate
in or receive benefits under any employee benefit plan made available to
employees of the Company, subject to and on a basis consistent with the terms,
conditions and overall administration of such plans and arrangements. Nothing
paid to Executive under any such plan or arrangement will be deemed to be in
lieu of other compensation to which Executive is entitled under this Agreement.

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     (c) In addition to the Base Salary provided for by paragraph (a) of this
Section 3 and other compensation provided for by paragraph (b) of this Section
3, the Company shall pay or reimburse Executive for all reasonable travel,
automobile, telephone and other reasonable expenses incurred in the performance
of Executive's obligations under this Agreement and may provide such additional
compensation in such form and such amounts as the Board may from time to time
determine.

4.   PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION
     --------------------------------------------------

     (a) Upon the occurrence of an Event of Termination (as defined in this
Agreement) during Executive's term of employment under this Agreement, the
provisions of this Section shall apply. As used in this Agreement, an "Event of
Termination" shall mean and include any one or more of the following: (i) the
termination by the Company of Executive's full-time employment hereunder
(including termination of the Executive by the Bank from his position as a
Senior Vice President of the Bank) for any reason except for Termination for
Cause, as defined in Section 7 of this Agreement; (ii) Executive's resignation
from the Company's or the Bank's employ upon any (A) failure to appoint or
reappoint Executive as President of the Company or Senior Vice President of the
Bank, unless consented to by the Executive, (B) a material change in Executive's
function, duties, or responsibilities, which change would cause Executive's
position to become one of lesser responsibility, importance, or scope from the
position and attributes thereof described in Section 1 of this Agreement or
which has a similar effect on Executive's position as a Senior Vice President of
the Bank, unless consented to by Executive, (C) a relocation of Executive's
place of employment by more than 25 miles from either the Tarrytown, New York
office of the Company or the main office of the Bank in Toms River, New Jersey,
unless consented to by the Executive, a material reduction in the benefits and
perquisites to the Executive from those being provided by Company as of the
effective date of this Agreement, unless consented to by the Executive, or (D)
breach of this Agreement by the Company or a breach of the Executive's Change in
Control Agreement by the Bank. Upon the occurrence of any event described in
clauses (A), (B), (C) or (D) above, Executive shall have the right to elect to
terminate his employment under this Agreement by resignation upon not less than
sixty (60) days prior written notice given within six full months after the
event giving rise to said right to elect.

     (b) Upon the occurrence of an Event of Termination, on the Date of
Termination, as defined in Section 8 of this Agreement, the Company shall be
obligated to pay Executive, or, in the event of his subsequent death, his
beneficiary or beneficiaries, or his estate, as the case may be, an amount equal
to the sum of the remaining payments of Company Base Salary and base salary at
the Bank, including any incentive compensation under the PAAP (determined by
reference to the rate of Base Salary payable to Executive as of his Date of
Termination) that the Executive would have earned from the Company if he had
continued his employment with the Company during the remaining term of this
Agreement. At the election of the Executive, which election is to be made prior
to an Event of Termination, such payments shall be made in a lump sum as of the
Executive's Date of Termination. In the event that no election is made, payment
to Executive will be made on a monthly basis in approximately equal installments
during the

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remaining term of the Agreement. Such payments shall not be reduced in the event
the Executive obtains other employment following termination of employment with
the Company.

     (c) Upon the occurrence of an Event of Termination, the Company will cause
to be continued life, medical, dental and disability coverage substantially
identical to the coverage provided by the Company for Executive prior to his
termination at no premium cost to the Executive, except to the extent such
coverage may be changed in its application to all Company employees. Such
coverage shall cease upon the expiration of the remaining term of this
Agreement.

5.   CHANGE IN CONTROL
     -----------------

     (a) For purposes of this Agreement, a Change in Control of the Company
shall be deemed to have occurred if and when:

          (i)  the Company transfers substantially all of its assets to another
               corporation or entity which is not an affiliate of the Bank or
               OceanFirst Financial Corp. (the "Holding Company"); and

          (ii) the Company is merged or consolidated with another corporation or
               entity (other than the Bank or OceanFirst Financial Corp. or
               affiliate thereof) and, as a result of the such merger or
               consolidation, less than fifty-one (51) percent of the
               outstanding proxies relating to the surviving or resulting
               corporation are given, in the aggregate, by the former members of
               the Company.

     In addition to the foregoing, a Change in Control shall include a "Change
in Control" of the Bank or the Holding Company shall mean an event of a nature
that:  (i) would be required to be reported in response to Item 1(a) of the
Current Report on Form 8-K, as in effect on the date hereof, pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); or (ii)
results in a Change in Control of the Bank or  the Holding Company within the
meaning of the Home Owners' Loan Act of 1933, as amended, the Federal Deposit
Insurance Act, or the Rules and Regulations promulgated by the Office of Thrift
Supervision ("OTS") (or its predecessor agency), as in effect on the date hereof
(provided, that in applying the definition of change in control as set forth
under the rules and regulations of the OTS, the Board shall substitute its
judgment for that of the OTS); or (iii) without limitation such a Change in
Control shall be deemed to have occurred at such time as (A) any "person" (as
the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes
the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of voting securities of the Bank or the Holding Company
representing 20% or more of the Bank's or the Holding Company's outstanding
voting securities or right to acquire such securities except for any voting
securities purchased by any employee benefit plan of the Bank or the Holding
Company, or (B) individuals who constitute the Board on the date hereof (the
"Incumbent Board") cease for any reason to constitute at least a majority
thereof, provided that any person becoming a director subsequent to

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the date hereof whose election was approved by a vote of at least three-quarters
of the directors comprising the Incumbent Board, or whose nomination for
election by the Holding Company's stockholders was approved by the same
Nominating Committee serving under an Incumbent Board, shall be, for purposes of
this clause (B), considered as though he were a member of the Incumbent Board,
or (C) a plan of reorganization, merger, consolidation, sale of all or
substantially all the assets of the Bank or the Holding Company or similar
transaction occurs in which the Bank or the Holding Company is not the resulting
entity; provided, however, that such an event listed above will be deemed to
have occurred or to have been effectuated upon the receipt of all required
federal regulatory approvals not including the lapse of any statutory waiting
periods, or (D) a proxy statement is distributed soliciting proxies from
stockholders of the Holding Company, by someone other than the current
management of the Holding Company, seeking stockholder approval of a plan of
reorganization, merger or consolidation of the Bank or the Holding Company with
one or more corporations as a result of which the outstanding shares of the
class of securities then subject to such plan or transaction are exchanged for
or converted into cash or property or securities not issued by the Bank or the
Holding Company shall be distributed, or (E) a tender offer is made for 20% or
more of the voting securities of the Bank or the Holding Company then
outstanding.

     (b) If a Change in Control has occurred pursuant to Section 5(a) or the
Board has determined that a Change in Control has occurred, Executive shall be
entitled to the benefits provided in paragraphs (c), and (d) of this Section 5
upon his subsequent termination of employment at any time during the term of
this Agreement due to: (1) Executive's dismissal, or (2) Executive's voluntary
resignation following any demotion, loss of title, office or significant
authority or responsibility (including at the Bank level) material reduction in
annual Base Salary or benefits or material change in his place of employment as
reflected by past practice (it being understood that Executive will spend
approximately 50% of his time working at the executive office of the Company in
Tarrytown, New York and 50% of his time at the Bank's administrative office in
Toms River, New Jersey), by more than 25 miles from its location immediately
prior to the Change in Control, unless such termination is because of his death
or termination for Cause.

     (c) Upon Executive's entitlement to benefits pursuant to Section 5(b), the
Company shall pay Executive, or in the event of his subsequent death, his
beneficiary or beneficiaries, or his estate, as the case may be, a sum equal to
three (3) times Executive's average annual Company compensation for the five
most recent taxable years that Executive has been employed by the Company or
such lesser number of years in the event Executive has been employed by the
Company for less than five years. For purposes of this Section 5, average annual
Company compensation shall include base salary, commissions and bonuses and
exclude any compensation received by the Executive for services rendered to the
Bank. At the election of the Executive, which election is to be made prior to a
Change in Control, such payment shall be made in a lump sum as of the
Executive's Date of Termination. In the event that no election is made, payment
to the Executive will be made in approximately equal installments on a monthly
basis over a period of thirty-six (36) months following the Executive's
termination. Such payments shall not be reduced in the event Executive obtains
other employment following termination of employment.

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     (d) Upon the Executive's entitlement to benefits pursuant to Section 5(b),
the Company will cause to be continued life, medical, dental and disability
coverage substantially identical to the coverage provided by the Company for
Executive prior to his severance at no premium cost to the Executive, except to
the extent that such coverage may be changed in its application for all Company
employees on a non-discriminatory basis. Such coverage and payments shall cease
upon the expiration of thirty-six (36) months following the Date of Termination.

6.   CHANGE OF CONTROL RELATED PROVISIONS
     ------------------------------------

     Notwithstanding the provisions of Section 5, in no event shall the
aggregate payments or benefits to be made or afforded to Executive under said
paragraphs (the "Termination Benefits") or otherwise constitute an "excess
parachute payment" under Section 280G of the Code or any successor thereto, and
in order to avoid such a result, Termination Benefits will be reduced, if
necessary, to an amount (the "Non-Triggering Amount"), the value of which is one
dollar ($1.00) less than an amount equal to three (3) times Executive's "base
amount", as determined in accordance with said Section 280G. The allocation of
the reduction required hereby among the Termination Benefits provided by Section
5 shall be determined by Executive.

7.   TERMINATION FOR CAUSE
     ---------------------

     The term "Termination for Cause" shall mean termination because of
Executive's personal dishonesty, incompetence, willful misconduct, any breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order or material
breach of any provision of this Agreement. Notwithstanding the foregoing,
Executive shall not be deemed to have been Terminated for Cause unless and until
there shall have been delivered to him a Notice of Termination which shall
include a copy of a resolution duly adopted by the affirmative vote of not less
than a majority of the members of the Board at a meeting of the Board called and
held for that purpose (after reasonable notice to Executive and an opportunity
for him, together with counsel, to be heard before the Board), finding that in
the good faith opinion of the Board, Executive was guilty of conduct justifying
Termination for Cause and specifying the particulars thereof in detail.
Executive shall not have the right to receive compensation or other benefits for
any period after Termination for Cause. During the period beginning on the date
of the Notice of Termination for Cause pursuant to Section 8 of this Agreement
through the Date of Termination for Cause, stock options granted to Executive
under any stock option plan shall not be exercisable, nor shall any unvested
stock awards granted to Executive under any stock benefit plan of Ocean
Financial Corp. vest. At the Date of Termination for Cause, such stock options
and such unvested stock awards shall become null and void and shall not be
exercisable by or delivered to Executive at any time subsequent to such
Termination for Cause.

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8.   NOTICE
     ------

     (a) Any purported termination by the  Company or by Executive shall be
communicated by Notice of Termination to the other party hereto.  For purposes
of this Agreement, a "Notice of Termination" shall mean a written notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of Executive's employment under the provision so
indicated.

     (b) "Date of Termination" shall mean the date specified in the Notice of
Termination (which, in the case of a Termination for Cause, shall not be less
than thirty days from the date such Notice of Termination is given.).

     (c) If, within thirty (30) days after any Notice of Termination is given,
the party receiving such Notice of Termination notifies the other party that a
dispute exists concerning the termination, the Date of Termination shall be the
date on which the dispute is finally determined, either by mutual written
agreement of the parties, by a binding arbitration award, or by a final
judgment, order or decree of a court of competent jurisdiction (the time for
appeal therefrom having expired and no appeal having been perfected) and
provided further that the Date of Termination shall be extended by a notice of
dispute only if such notice is given in good faith and the party giving such
notice pursues the resolution of such dispute with reasonable diligence.
Notwithstanding the pendency of any such dispute, in the event the Executive is
terminated for reasons other than Termination for Cause, the Company will
continue to pay Executive his Base Salary in effect when the notice giving rise
to the dispute was given until the earlier of: 1) the resolution of the dispute
in accordance with this Agreement or 2) the expiration of the remaining term of
this Agreement as determined as of the Date of Termination. Amounts paid under
this Section are in addition to all other amounts due under this Agreement and
shall not be offset against or reduce any other amounts due under this
Agreement.

9.   POST-TERMINATION OBLIGATIONS
     ----------------------------

     All payments and benefits to Executive under this Agreement shall be
subject to Executive's compliance with this Section 9 and Sections 10 and 11.
Executive shall, upon reasonable notice, furnish such information and assistance
to the Company as may reasonably be required by the  Company in connection with
any litigation in which it or any of its subsidiaries or affiliates is, or may
become, a party.

10.  NON-DISCLOSURE
     --------------

     (a) In consideration of the compensation to be received by the Executive
from the Company, the Executive shall not during the period Executive is
employed by the Company, engage in, or otherwise directly or indirectly be
employed by, or act as a consultant or lender to, or to be a director, officer,
employee or partner of, any business or organization that is or shall then be
competing with the Company .

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     (b) Executive recognizes and acknowledges that the knowledge of the
business activities and plans for business activities of the Company and
affiliates thereof, as it may exist from time to time, is a valuable, special
and unique asset of the business of the Company. Executive will not, during or
after the term of his employment, disclose any knowledge of the past, present,
planned or considered business activities of the Company or affiliates thereof
to any person, firm, Company, or other entity for any reason or purpose
whatsoever. Notwithstanding the foregoing, Executive may disclose information
regarding the business activities of the Company to a State Banking Department,
OTS and the Federal Deposit Insurance Corporation ("FDIC") pursuant to a formal
regulatory request.

     (c) The parties hereto, recognizing that irreparable injury will result to
the Company, its business and property in the event of Executive's breach of
this Section 10 and agree that in the event of any such breach by Executive, the
Company, will be entitled, in addition to any other remedies and damages
available, to an injunction to restrain the violation hereof by Executive,
Executive's partners, agents, servants, employees and all persons acting for or
under the direction of Executive. Nothing herein will be construed as
prohibiting the Company from pursuing any other remedies available to the
Company for such breach or threatened breach, including the recovery of damages
from Executive.

11.  NON-COMPETE AND NON-SOLICITATION
     --------------------------------

     Executive recognizes the highly competitive nature of the mortgage banking
business and agrees that the value and goodwill of the Company would be
substantially impaired if Executive failed to comply with his obligations
hereunder. Accordingly, for a period of two (2) years after Executive's
resignation or Termination for Cause from the Company pursuant to Section 7
hereof, Executive hereby agrees not to compete with the Company in any city,
town or county in which the Bank or Company maintains an office, determined as
of the effective date of such termination, except as agreed to pursuant to a
resolution duly adopted by the Board. Executive agrees that during such period
and within said cities, towns and counties, Executive shall not work for or
advise, consult or otherwise serve with, directly or indirectly, any entity
whose business materially competes with the business of the Company or Bank.

     Furthermore, Executive agrees that for a period of two (2) years after
Executive's resignation or termination from the Company pursuant to either
Section 4 or Section 7 of the Agreement, Executive will: (i) not interfere or
attempt to interfere with any business relationship of the Company and shall not
induce or attempt to induce any supplier, customer, agent, dealer or
representative to cease doing business with the Company from the date hereof
until the second anniversary of his termination with the Company; and (ii)
Executive shall not solicit or induce, or attempt to solicit or induce, directly
or indirectly, any employee or agent of, or consultant to, the Company to
terminate its, his or her relationship therewith, hire any such employee, agent
or consultant, or former employee, agent or consultant, or work in any
enterprise involving investment advisory services with any employee, agent or
consultant, or former employee, agent or consultant of the Company who was
employed by or acted as an agent or consultant to the

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Company at any time during the one year period preceding the termination of
Executive's employment.

     The parties hereto, recognizing that irreparable injury will result to the
Company, its business and property in the event of Executive's breach of this
Section 11 agree that in the event of any such breach by Executive, the Company
will be entitled, in addition to any other remedies and damages available, to an
injunction to restrain the violation hereof by Executive, Executive's partners,
agents, servants, employees and all persons acting for or under the direction of
Executive. Nothing herein will be construed as prohibiting the Company from
pursuing any other remedies available to the Company for such breach or
threatened breach, including the recovery of damages from Executive.

     (b) Executive recognizes and acknowledges that the knowledge of the
business activities and plans for business activities of the Company and
affiliates thereof, as it may exist from time to time, is a valuable, special
and unique asset of the business of the Company. Executive will not, during or
after the term of his employment, disclose any knowledge of the past, present,
planned or considered business activities of the Company or affiliates thereof
to any person, firm, company, or other entity for any reason or purpose
whatsoever. Notwithstanding the foregoing, Executive may disclose any knowledge
of banking, financial and/or economic principles, concepts or ideas which are
not solely and exclusively derived from the business plans and confidential
activities of the Company or Bank. Further, Executive may disclose information
regarding the business activities of the Bank to the OTS and the Federal Deposit
Insurance Corporation ("FDIC") pursuant to a formal regulatory request or
otherwise if compelled to disclose such information by law. In the event of a
breach or threatened breach by Executive of the provisions of this Section, the
Company will be entitled to an injunction restraining Executive from disclosing,
in whole or in part, the knowledge of the past, present, planned or considered
business activities of the Company or affiliates thereof, or from rendering any
services to any person, firm, corporation, other entity to whom such knowledge,
in whole or in part, has been disclosed or is threatened to be disclosed.
Nothing herein will be construed as prohibiting the Company from pursuing any
other remedies available to the Bank for such breach or threatened breach,
including the recovery of damages from Executive.

12.  SOURCE OF PAYMENTS
     ------------------

     All payments provided in this Agreement shall be timely paid in cash or
check from the general funds of the Company, provided, however, such payment and
any benefits due hereunder shall be guaranteed by OceanFirst Financial Corp.,
the parent holding company of the Bank, if not paid or provided by the Company.

13.  EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS
     -------------------------- ---------------------------

     This Agreement contains the entire understanding between the parties hereto
and supersedes any prior employment agreement between the Company or any
predecessor of the Company and Executive, except that this Agreement shall not
affect or operate to reduce any

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benefit or compensation inuring to Executive of a kind elsewhere provided. No
provision of this Agreement shall be interpreted to mean that Executive is
subject to receiving fewer benefits than those available to him without
reference to this Agreement.

14.  NO ATTACHMENT
     -------------

     (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null,
void, and of no effect.

     (b) This Agreement shall be binding upon, and inure to the benefit of,
Executive and the Company and their respective successors and assigns.

15.  MODIFICATION AND WAIVER
     -----------------------

     (a) This Agreement may not be modified or amended except by an instrument
in writing signed by the parties hereto.

     (b) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such
waiver or estoppel. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as
to the specific term or condition waived and shall not constitute a waiver of
such term or condition for the future as to any act other than that specifically
waived.

16.  SEVERABILITY
     ------------

     If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each
such other provision and part thereof shall to the full extent consistent with
law continue in full force and effect.

17.  HEADINGS FOR REFERENCE ONLY
     ---------------------------

     The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement.

18.  GOVERNING LAW
     -------------

     The validity, interpretation, performance and enforcement of this Agreement
shall be governed by the laws of the State of New York, without regard to its
conflict of law principles.

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19.  ARBITRATION
     -----------

     Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators sitting in a location selected by Executive within fifty
(50) miles from the location of the Bank, in accordance with the rules of the
American Arbitration Association then in effect.  Judgment may be entered on the
arbitrator's award in any court having jurisdiction; provided, however, that
Executive shall be entitled to seek specific performance of his right to be paid
until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

     In the event any dispute or controversy arising under or in connection with
Executive's termination is resolved in favor of Executive, whether by judgment,
arbitration or settlement, Executive shall be entitled to the payment of all
back-pay, including salary, bonuses and any other cash compensation, fringe
benefits and any compensation and benefits due Executive under this Agreement.

20.  PAYMENT OF COSTS AND LEGAL FEES
     -------------------------------

     All reasonable costs and legal fees paid or incurred by Executive pursuant
to any dispute or question of interpretation relating to this Agreement shall be
paid or reimbursed by the Company if Executive is successful on the merits
pursuant to a legal judgment, arbitration or settlement.

21.  INDEMNIFICATION
     ---------------

     (a) The Company shall provide Executive (including his heirs, executors and
administrators) with coverage under a standard directors' and officers'
liability insurance policy at its expense, and shall indemnify Executive (and
his heirs, executors and administrators) as permitted under New Jersey law
against all expenses and liabilities reasonably incurred by him in connection
with or arising out of any action, suit or proceeding in which he may be
involved by reason of his having been a director or officer of the Company
(whether or not he continues to be a director or officer at the time of
incurring such expenses or liabilities), such expenses and liabilities to
include, but not be limited to, judgments, court costs and attorneys' fees and
the cost of reasonable settlements.

     (b) Any payments made to Executive pursuant to this Section are subject to
and conditioned upon compliance with 12 C.F.R.' 545.121 and any rules or
regulations promulgated thereunder.

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22.  SUCCESSOR TO THE COMPANY
     ------------------------

     The Company shall require any successor or assignee, whether direct or
indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the Company, expressly and
unconditionally to assume and agree to perform the Company's obligations under
this Agreement, in the same manner and to the same extent that the  the Company
would be required to perform if no such succession or assignment had taken
place.

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                                   SIGNATURES

     IN WITNESS WHEREOF, Columbia Equities, Ltd., a subsidiary of OceanFirst
Bank caused this Agreement to be executed and its seal to be affixed hereunto by
its duly authorized officer and director, and Executive has signed this
Agreement, on the 18th of August, 2000.

ATTEST:                             COLUMBIA EQUITIES, LTD., a
                                    subsidiary of
                                    OCEANFIRST BANK

                                    By: /s/ John R. Garbarino
------------------------            ------------------------------
Secretary                                John R. Garbarino
                                         For the Entire Board of Directors

WITNESS:                            EXECUTIVE

                                      /s/ Robert M. Pardes
------------------------            ------------------------------
                                          Robert M. Pardes

Seal

                                      49<PAGE>
                                                             Exhibit 4.1

                           HOST MARRIOTT CORPORATION

                            ARTICLES SUPPLEMENTARY

     HOST MARRIOTT CORPORATION, a Maryland corporation having its principal
Maryland office in Bethesda, Maryland (the "Corporation"), hereby certifies to
the State Department of Assessments and Taxation of Maryland that:

          FIRST:  Pursuant to authority expressly vested in the board of
          -----
     directors (the "Board of Directors") of the Corporation by the charter of
     the Corporation (the "Charter"), the Board of Directors of the Corporation
     at a duly convened meeting held on February 2, 2001 has duly reclassified
     5,980,000 shares of preferred stock (par value $0.01 per share) ("Preferred
     Stock") of the Corporation into 5,980,000 shares of a series designated as
     10% Class C Cumulative Redeemable Preferred Stock (par value $0.01 per
     share) of the Corporation ("Class C Preferred Stock").

          SECOND:  The reclassification increases the number of shares
          ------
     classified as Class C Preferred Stock from no shares immediately prior to
     the reclassification to 5,980,000 shares immediately after the
     reclassification.  Their classification decreases the number of shares
     classified as Preferred Stock (par value $0.01 per share) from 40,150,000
     shares immediately prior to their classification to 34,170,000 shares
     immediately after the reclassification.

          THIRD:  The following is a description of the preferences, conversion
          -----
     and other rights, powers, restrictions, limitations as to dividends,
     qualifications and terms and conditions of redemption of the Class C
     Preferred Stock of the Corporation:

             10% Class C Cumulative Redeemable Preferred Stock.

     1.  Designation and Amount.  A series of Preferred Stock of the
         -----------------------
Corporation, designated as the "10% Class C Cumulative Redeemable Preferred
Stock" (the "Class C Preferred Stock"), par value $0.01 per share, is hereby
established. The number of authorized shares of Class C Preferred Stock is
5,980,000.

     2.  Ranking.  In respect of rights to the payment of dividends and the
         -------
distribution of assets in the event of any liquidation, dissolution or winding
up of the Corporation, the Class C Preferred Stock ranks (i) senior to the
Corporation's common stock, par value $0.01 per share (the "Common Stock"),
senior to the Corporation's Series A Junior Participating Preferred Stock, par
value $0.01 per share (the "Junior Participating Series A Preferred Stock") and
senior to any other class or series of capital stock of the Corporation other
than capital stock referred to in clauses (ii) and (iii) of this sentence, (ii)
on a parity with the Corporation's 10% Class A Cumulative Redeemable Preferred
Stock, the Corporation's 10% Class B Cumulative Redeemable Preferred Stock and
any other class or series of capital stock of the Corporation the terms of which
specifically provide that such class or series of capital stock ranks on a
parity
<PAGE>

with the Class C Preferred Stock as to the payment of dividends and the
distribution of assets in the event of any liquidation, dissolution or winding
up of the Corporation, and (iii) junior to any class or series of capital stock
of the Corporation the terms of which specifically provide that such class or
series of capital stock ranks senior to the Class C Preferred Stock as to the
payment of dividends and the distribution of assets in the event of any
liquidation, dissolution or winding up of the Corporation. The term "capital
stock" does not include convertible debt securities.

     3.  Dividends.
         ---------

     (a) Subject to the preferential rights of the holders of any class or
series of capital stock of the Corporation ranking senior to the Class C
Preferred Stock as to dividends, the holders of the outstanding shares of Class
C Preferred Stock will be entitled to receive, when, as and if authorized by the
Board of Directors of the Corporation (the "Board of Directors") and declared by
the Corporation, out of funds legally available for the payment of dividends,
cumulative cash dividends at the rate of 10% per annum of the $25.00 per
share liquidation preference of the Class C Preferred Stock (equivalent to an
annual rate of $ $2.50 per share). Such dividends will accrue daily, will accrue
and be cumulative from March 27, 2001 (the "Original Issue Date") and will
be payable quarterly in arrears in cash on January 15, April 15, July 15
and October 15 (each, a "Dividend Payment Date") of each year, commencing April
15, 2001; provided, that if any Dividend Payment Date is not a Business Day (as
hereinafter defined), then the dividend which would otherwise have been payable
on such Dividend Payment Date may be paid on the next succeeding Business Day
with the same force and effect as if paid on such Dividend Payment Date and no
interest or additional dividends or other sum will accrue on the amount so
payable for the period from and after such Dividend Payment Date to such next
succeeding Business Day. The period from and including the Original Issue Date
to but excluding the first Dividend Payment Date, and each subsequent period
from and including a Dividend Payment Date to but excluding the next succeeding
Dividend Payment Date, is hereinafter called a "Dividend Period". Dividends will
be payable to holders of record as they appear in the stock transfer books of
the Corporation at the close of business on the applicable record date (each, a
"Record Date"), which will be the 1st day of the calendar month in which the
applicable Dividend Payment Date falls or such other date designated by the
Board of Directors that is not more than 30 nor less than ten days prior to such
Dividend Payment Date. The amount of any dividend payable for any Dividend
Period, or portion thereof, will be computed on the basis of a 360-day year
consisting of twelve 30-day months (it being understood that the dividend
payable on April 15, 2001 will be for less than a full Dividend Period). The
dividends payable on any Dividend Payment Date or any other date will include
dividends accrued to but excluding such Dividend Payment Date or other date, as
the case may be.

     "Business Day" means any day, other than a Saturday or Sunday, that is not
a day on which banking institutions in The City of New York are authorized or
required by law, regulation or executive order to be closed. All references
herein to "accrued and unpaid" dividends on the Class C Preferred Stock (and all
references of like import) include, unless otherwise expressly stated or the
context otherwise requires, accumulated dividends, if any, on the Class C
Preferred Stock; and all references herein to "accrued and unpaid" dividends on
any other class or series of capital stock of the Corporation include, if (and
only if) such class or

                                       2
<PAGE>

series of capital stock provides for cumulative dividends and unless otherwise
expressly stated or the context otherwise requires, accumulated dividends, if
any, thereon.

     (b) If any shares of Class C Preferred Stock are outstanding, no full
dividends will be authorized or declared or paid or set apart for payment on any
capital stock of the Corporation of any other class or series ranking, as to
dividends, on a parity with or junior to the Class C Preferred Stock for any
period unless full cumulative dividends have been or contemporaneously are
authorized, declared and paid or authorized, declared and a sum sufficient for
the payment thereof set apart for such payment on the Class C Preferred Stock
for all past Dividend Periods (including, without limitation, any Dividend
Period that terminates on any date upon which dividends on such other class or
series of capital stock of the Corporation are authorized or declared or paid or
set apart for payment, as the case may be). When such cumulative dividends are
not paid in full (or a sum sufficient for such full payment is not set apart
therefor) upon the Class C Preferred Stock and the shares of any other class or
series of capital stock of the Corporation ranking on a parity as to dividends
with the Class C Preferred Stock, all dividends authorized and declared upon the
Class C Preferred Stock and any other class or series of capital stock of the
Corporation ranking on a parity as to dividends with the Class C Preferred Stock
will be authorized and declared pro rata so that the amount of dividends
authorized and declared per share of Class C Preferred Stock and such other
class or series of capital stock of the Corporation will in all cases bear to
each other the same ratio that accrued and unpaid dividends per share on the
shares of Class C Preferred Stock and such other class or series of capital
stock of the Corporation bear to each other.

     Except as provided in the immediately preceding paragraph, unless full
cumulative dividends on the Class C Preferred Stock have been or
contemporaneously are authorized, declared and paid or authorized, declared and
a sum sufficient for the payment thereof set apart for such payment on the Class
C Preferred Stock for all past Dividend Periods (including, without limitation,
any Dividend Period that terminates on a date that also is a Subject Date (as
defined below)), no dividends (other than in shares of Common Stock or shares of
any other class or series of capital stock of the Corporation ranking junior to
the Class C Preferred Stock as to dividends and as to the distribution of assets
upon liquidation, dissolution and winding up of the Corporation) will be
authorized or declared or paid or set apart for payment nor will any other
distribution be authorized or declared or made upon the Common Stock of the
Corporation or any other class or series of capital stock of the Corporation
ranking junior to or on a parity with the Class C Preferred Stock as to
dividends or as to the distribution of assets upon liquidation, dissolution or
winding up of the Corporation, and no shares of Common Stock of the Corporation
or shares of any other class or series of capital stock of the Corporation
ranking junior to or on a parity with the Class C Preferred Stock as to
dividends or as to the distribution of assets upon liquidation, dissolution or
winding up of the Corporation will be redeemed, purchased or otherwise acquired
for any consideration (or any monies paid to or made available for a sinking
fund for the redemption of any such shares of junior or parity stock) by the
Corporation (except by conversion into or exchange for shares of any other class
or series of capital stock of the Corporation ranking junior to the Class C
Preferred Stock as to dividends and as to the distribution of assets upon
liquidation, dissolution and winding up of the Corporation and except for the
redemption, purchase or acquisition by the Corporation of capital stock of the
Corporation of any class or series pursuant to Article VIII (or any similar
provisions) of the Charter allowing the Corporation to redeem or repurchase
shares of its capital stock to preserve

                                       3
<PAGE>

its status as a real estate investment trust (a "REIT") for federal income tax
purposes or the status of Host Marriott, L.P., a Delaware limited partnership
(the "Operating Partnership", which term includes any successor thereto), as a
partnership for federal income tax purposes). As used in this paragraph, the
term "Subject Date" means (A) any date on which any dividends are authorized,
declared or paid or set apart for payment or other distribution authorized,
declared or made upon the Common Stock or any other class or series of the
Corporation's capital stock ranking junior to or on a parity with the Class C
Preferred Stock as to dividends or as to the distribution of assets upon
liquidation, dissolution or winding up of the Corporation, and (B) any date on
which any shares of Common Stock or any other class or series of the
Corporation's capital stock ranking junior to or on a parity with the Class C
Preferred Stock as to dividends or as to the distribution of assets upon
liquidation, dissolution or winding up of the Corporation are redeemed,
purchased or otherwise acquired for any consideration or any money paid to or
made available for a sinking fund for the redemption of any such shares of
junior or parity stock by the Corporation.

     (c) No dividends on the Class C Preferred Stock will be authorized or
declared or paid or set apart for payment at such time as any agreement of the
Corporation, including any agreement relating to its indebtedness, prohibits
such declaration, payment or setting apart for payment or provides that such
declaration, payment or setting apart for payment would constitute a breach
thereof or a default thereunder, or if such declaration, payment or setting
apart for payment will be restricted or prohibited by applicable law.

     Anything in these Articles Supplementary to the contrary notwithstanding
(including, without limitation, the provisions set forth in the immediately
preceding paragraph), dividends on the Class C Preferred Stock will accrue and
be cumulative from the Original Issue Date whether or not the Corporation has
earnings, whether or not there are funds legally available for the payment of
such dividends and whether or not such dividends are authorized or declared.

     (d) No interest, or sum of money in lieu of interest, will be payable in
respect of any dividend payment or payments on the Class C Preferred Stock which
may be in arrears, and holders of the Class C Preferred Stock will not be
entitled to any dividends, whether payable in cash, securities or other
property, in excess of the full cumulative dividends described herein.

     (e) Any dividend payment made on the Class C Preferred Stock will first be
credited against the earliest accrued but unpaid dividend due with respect to
the Class C Preferred Stock.

     (f) If, for any taxable year, the Corporation elects to designate as
"capital gain dividends" (as defined in Section 857 of the Internal Revenue Code
of 1986, as amended (the "Code")), any portion (the "Capital Gains Amount") of
the dividends (within the meaning of the Code) paid or made available for the
year to holders of all classes and series of the Corporation's capital stock
(the "Total Dividends"), then the portion of the Capital Gains Amount that is
allocable to the holders of the Class C Preferred Stock will be an amount equal
to (A) the total Capital Gains Amount multiplied by (B) a fraction (1) the
numerator of which is equal to the total dividends (within the meaning of the
Code) paid or made available to the holders of the Class C Preferred Stock for
that year and (2) the denominator of which is the Total Dividends for that year.

                                       4
<PAGE>

     4.  Liquidation Preference.
         ----------------------

     (a) Upon any voluntary or involuntary liquidation, dissolution or winding
up of the Corporation, then, before any distribution or payment is made to the
holders of any Common Stock of the Corporation or shares of any other class or
series of capital stock of the Corporation ranking junior to the Class C
Preferred Stock as to the distribution of assets upon liquidation, dissolution
or winding up of the Corporation, but subject to the preferential rights of the
holders of shares of any class or series of capital stock of the Corporation
ranking senior to the Class C Preferred Stock as to such distribution of assets
upon such liquidation, dissolution or winding up, the holders of the shares of
Class C Preferred Stock then outstanding will be entitled to receive and to be
paid out of the assets of the Corporation legally available for distribution to
its shareholders liquidating distributions in the amount of $25.00 per share,
plus an amount equal to all accrued and unpaid dividends thereon to the date of
payment.

     (b) After payment to the holders of the Class C Preferred Stock of the full
amount of the liquidating distributions (including accrued and unpaid dividends)
to which they are entitled, the holders of Class C Preferred Stock, as such,
will have no right or claim to any of the remaining assets of the Corporation.

     (c) If, upon any voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, the assets of the Corporation legally available
for distribution to its shareholders are insufficient to pay the full amount of
liquidating distributions on all outstanding shares of Class C Preferred Stock
and the full amount of the liquidating distributions payable on all outstanding
shares of any other classes or series of capital stock of the Corporation
ranking on a parity with the Class C Preferred Stock as to the distribution of
assets upon liquidation, dissolution or winding up of the Corporation, then the
holders of the Class C Preferred Stock and all other such classes or series of
capital stock will share ratably in any such distribution of assets in
proportion to the full liquidating distributions (including, if applicable,
accrued and unpaid dividends) to which they would otherwise respectively be
entitled.

     (d) If liquidating distributions are made in full to all holders of Class C
Preferred Stock and any other classes or series of capital stock of the
Corporation ranking on a parity with the Class C Preferred Stock as to the
distribution of assets upon liquidation, dissolution or winding up of the
Corporation, then, the remaining assets of the Corporation will be distributed
among the holders of any other classes or series of capital stock of the
Corporation ranking junior to the Class C Preferred Stock as to the distribution
of assets upon liquidation, dissolution or winding up, according to their
respective rights and preferences.

     (e) For purposes of this Section 4, neither the consolidation or merger of
the Corporation with or into any other corporation, trust or other entity, nor
the sale, lease or conveyance of all or substantially all of the property or
business of the Corporation, will be deemed to constitute a liquidation,
dissolution or winding up of the Corporation.

     5.  Redemption.
         ----------

     (a) The Class C Preferred Stock is not redeemable prior to March 27, 2006,
except that the Corporation will be entitled, pursuant to the provisions of
Article VIII (or any similar

                                       5
<PAGE>

provision) of the Charter, to redeem, purchase or acquire shares of Class C
Preferred Stock in order to preserve the status of the Corporation as a REIT for
federal income tax purposes or the status of the Operating Partnership as a
partnership for federal income tax purposes. Any date fixed for the redemption
of shares of Class C Preferred Stock is hereinafter called a "Redemption Date".

     (b) On and after March 27, 2006, the Corporation may, at its option, upon
not less than 30 nor more than 60 days' prior written notice to the holders of
record of the Class C Preferred Stock to be redeemed, redeem the Class C
Preferred Stock, in whole or from time to time in part, for a cash redemption
price equal to $25.00 per share together with (except as provided in Section
6(f) below) all accrued and unpaid dividends to the date fixed for redemption
(the "Optional Redemption Price").

     (c) In the event of any redemption of Class C Preferred Stock pursuant to
Article VIII (or any similar provision) of the Charter in order to preserve the
status of the Corporation as a REIT for federal income tax purposes or the
status of the Operating Partnership as a partnership for federal income tax
purposes, such redemption shall be made on the terms and subject to the
conditions set forth in Article VIII of the Charter and in accordance with the
further terms and conditions set forth in this Section 5(c) and Section 6 of
these Articles Supplementary. If the Corporation calls for redemption any shares
of Class C Preferred Stock pursuant to and in accordance with such provisions of
Article VIII of the Charter and this Section 5(c), then, anything in the Charter
to the contrary notwithstanding, the redemption price for such shares will be an
amount in cash equal to $25.00 per share together with (except as provided in
Section 6(f) below) all accrued and unpaid dividends to the date fixed for
redemption (the "Charter Redemption Price"). Anything in these Articles
Supplementary to the contrary notwithstanding, the provisions of this Section
5(c) shall apply only to the redemption of Class C Preferred Stock pursuant to
Article VIII (or any similar provisions) of the Charter and not to any other
purchase or acquisition of shares of Class C Preferred Stock pursuant to Article
VIII (or any similar provisions) of the Charter.

     (d) Any redemption of shares of Class C Preferred Stock, whether pursuant
to paragraph (b) or (c) of this Section 5, will be made in accordance with the
applicable provisions set forth in Section 6 below.

     6.  Procedures for Redemption; Limitations on Redemption.
         ----------------------------------------------------

     (a) If fewer than all of the outstanding shares of Class C Preferred Stock
are to be redeemed at the option of the Corporation pursuant to Section 5(b)
above, the number of shares to be redeemed will be determined by the Corporation
and the shares to be so redeemed will be selected by the Corporation pro rata
from the holders of record of such shares in proportion to the number of such
shares held by such holders (as nearly as may be practicable without creating
fractional shares) or by lot or by any other equitable manner determined by the
Corporation that will not result in the transfer of any shares of Class C
Preferred Stock to a trust for the benefit of a charitable beneficiary pursuant
to Article VIII (or any similar provision) of the Charter.

     (b) Notice of redemption will be given by publication in The Wall Street
Journal or, if such newspaper is not then being published, another newspaper of
general circulation in The

                                       6
<PAGE>

City of New York, such publication to be made at least once a week for two
successive weeks commencing not less than 30 nor more than 60 days prior to the
Redemption Date, except that no such notice need be published in the case of a
redemption pursuant to Section 5(c) of these Articles Supplementary. Notice of
any redemption (whether pursuant to Section 5(b) or 5(c) of these Articles
Supplementary, as the case may be) will also be mailed by or on behalf of the
Corporation, first class postage prepaid, not less than 30 nor more than 60 days
prior to the applicable Redemption Date, addressed to each holder of record of
shares of Class C Preferred Stock to be redeemed at the address set forth in the
share transfer records of the Corporation; provided, that if the Corporation
reasonably concludes, based upon the advice of independent tax counsel
experienced in such matters, that any redemption made pursuant to Section 5(c)
must be made on a date (the "Early Redemption Date") which is earlier than 30
days after the date of such mailing in order to preserve the status of the
Corporation as a REIT for federal income tax purposes or the status of the
Operating Partnership as a partnership for federal income tax purposes or to
comply with federal tax laws relating to the Corporation's qualification as a
REIT, then the Corporation may give such shorter notice as is necessary to
effect such redemption on the Early Redemption Date. Any notice which has been
mailed in the manner provided for in the preceding sentence will be conclusively
presumed to have been duly given on the date mailed whether or not the
applicable holder receives such notice. In addition to any information required
by law or by the applicable rules of any exchange upon which Class C Preferred
Stock may be listed or admitted to trading, such notice will state: (1) the
Redemption Date; (2) the Optional Redemption Price or the Charter Redemption
Price, as the case may be (the "Redemption Price"); (3) the number of shares of
Class C Preferred Stock to be redeemed and whether such shares are being
redeemed at the option of the Corporation pursuant to Section 5(b) or in order
to preserve the Corporation's status as a real estate investment trust for
federal income tax purposes pursuant to Section 5(c); (4) the place or places
(which will include a place in the Borough of Manhattan, The City of New York)
where certificates for such shares are to be surrendered for payment of the
Redemption Price; and (5) that dividends on the shares of Class C Preferred
Stock to be redeemed will cease to accrue on such Redemption Date. If fewer than
all of the outstanding shares of Class C Preferred Stock are to be redeemed, the
notice mailed to each holder of shares to be redeemed will also specify the
number of shares of Class C Preferred Stock to be redeemed from such holder. No
failure to mail or defect in such mailed notice or in the mailing thereof will
affect the validity of the proceedings for the redemption of any shares of Class
C Preferred Stock except as to the holder to whom notice was defective or not
given.

     (c) If notice has been published (with respect to a redemption pursuant to
Section 5(b) only) and mailed in accordance with Section 6(b) above and all
funds necessary for such redemption have been irrevocably set aside by the
Corporation on or before the Redemption Date specified in such notice, separate
and apart from its other funds, in trust for the benefit of the holders of the
Class C Preferred Stock so called for redemption, so as to be, and to continue
to be, available therefor, then, from and after the Redemption Date, dividends
on the shares of Class C Preferred Stock so called for redemption will cease to
accrue, such shares will no longer be deemed to be outstanding, and all rights
of the holders thereof as holders of such shares (except the right to receive
the Redemption Price together with, if applicable, accrued and unpaid dividends
thereon to the Redemption Date) will terminate. In the event any Redemption Date
is not a Business Day, then payment of the Redemption Price may be made on the
next succeeding Business Day with the same force and effect as if made on such
Redemption Date and no

                                       7
<PAGE>

interest, additional dividends or other sum will accrue on the amount payable
for the period from and after such Redemption Date to such next succeeding
Business Day.

     (d) Upon surrender, in accordance with such notice, of the certificates for
any shares of Class C Preferred Stock to be so redeemed (properly endorsed or
assigned for transfer, if the Corporation so requires and the redemption notice
so states), such shares of Class C Preferred Stock will be redeemed by the
Corporation at the Redemption Price. In case fewer than all the shares of Class
C Preferred Stock evidenced by any such certificate are redeemed, a new
certificate or certificates will be issued evidencing the unredeemed shares of
Class C Preferred Stock without cost to the holder thereof.

     (e) Any deposit of monies with a bank or trust company for the purpose of
redeeming Class C Preferred Stock will be irrevocable and such monies will be
held in trust for the benefit of the holders of Class C Preferred Stock entitled
thereto, except that (1) the Corporation will be entitled to receive from such
bank or trust company the interest or other earnings, if any, earned on the
monies so deposited in trust; and (2) any balance of the monies so deposited by
the Corporation and unclaimed by the holders of the Class C Preferred Stock
entitled thereto at the expiration of two years from the applicable Redemption
Date will be repaid, together with any interest or other earnings earned
thereon, to the Corporation and, after any such repayment, the holders of the
shares entitled to the funds so repaid to the Corporation will look only to the
Corporation for payment without interest or other earnings thereon.

     (f) Anything in these Articles Supplementary to the contrary
notwithstanding, the holders of record of shares of Class C Preferred Stock at
the close of business on a Record Date will be entitled to receive the dividend
payable with respect to such shares on the corresponding Dividend Payment Date
notwithstanding the redemption of such shares after such Record Date and on or
prior to such Dividend Payment Date or the Corporation's default in the payment
of the dividend due on such Dividend Payment Date, in which case the amount
payable upon redemption of such shares of Class C Preferred Stock will not
include the dividend payable on such Dividend Payment Date and the full amount
of the dividend payable on such Dividend Payment Date will instead be paid on
such Dividend Payment Date to the holders of record at the close of business on
such Record Date as aforesaid. Except as provided in this Section 6(f) and
except to the extent that accrued and unpaid dividends are payable as part of
the Redemption Price pursuant to Section 5, the Corporation will make no payment
or allowance for unpaid dividends, regardless of whether or not in arrears, on
shares of Class C Preferred Stock called for redemption.

     (g) Unless full cumulative dividends on all outstanding shares of Class C
Preferred Stock have been or contemporaneously are authorized, declared and paid
or authorized, declared and a sum sufficient for the payment thereof set apart
for payment for all past Dividend Periods (including, without limitation, any
Dividend Period that terminates on the date of any redemption of shares of Class
C Preferred Stock referred to below or on the date of any direct or indirect
purchase or other acquisition of shares of Class C Preferred Stock referred to
below, as the case may be), (i) no shares of Class C Preferred Stock will be
redeemed unless all outstanding shares of Class C Preferred Stock are
simultaneously redeemed; provided, however, that the foregoing will not prevent
the redemption, repurchase or acquisition of shares of Class C Preferred Stock
pursuant to Article VIII (or any similar provision) of the Charter in order to
preserve the status of

                                       8
<PAGE>

the Corporation as a REIT for federal income tax purposes or the status of the
Operating Partnership as a partnership for federal income tax purposes or
pursuant to a purchase or exchange offer made on the same terms to the holders
of all outstanding shares of Class C Preferred Stock, and (ii) the Corporation
will not purchase or otherwise acquire, directly or indirectly, any shares of
Class C Preferred Stock (except by conversion into or exchange for capital stock
of the Corporation ranking junior to the Class C Preferred Stock as to the
payment of dividends and as to the distribution of assets upon liquidation,
dissolution and winding up of the Corporation); provided, however, that the
foregoing will not prevent the redemption, purchase or acquisition of shares of
Class C Preferred Stock pursuant to Article VIII (or any similar provision) of
the Charter in order to preserve the status of the Corporation as a REIT for
federal income tax purposes or the status of the Operating Partnership as a
partnership for federal income tax purposes or pursuant to a purchase or
exchange offer made on the same terms to holders of all outstanding shares of
Class C Preferred Stock.

     7.  Voting Rights.  Except as required by law and as set forth below in
         -------------
this Section 7, the holders of the Class C Preferred Stock do not have any
voting rights.

          (a) Whenever dividends on any shares of Class C Preferred Stock are in
     arrears for six or more Dividend Periods, whether or not such Dividend
     Periods are consecutive, the number of directors then constituting the
     Board of Directors of the Corporation will be automatically increased by
     two (if not already increased by two by reason of the election of directors
     by the holders of any other class or series of capital stock of the
     Corporation upon which like voting rights have been conferred and are
     exercisable and with which the Class C Preferred Stock is entitled to vote
     as a class with respect to the election of such two directors) and the
     holders of shares of Class C Preferred Stock (voting together as a single
     class with all other classes or series of capital stock of the Corporation
     upon which like voting rights have been conferred and are exercisable and
     which are entitled to vote as a class with the Class C Preferred Stock in
     the election of such two directors) will be entitled to vote for the
     election of a total of two additional directors of the Corporation at a
     special meeting called by an officer of the Corporation at the request of
     the holders of record of at least 10% of the outstanding shares of Class C
     Preferred Stock or by the holders of any other class or series of capital
     stock of the Corporation upon which like voting rights have been conferred
     and are exercisable and which is entitled to vote as a class with the Class
     C Preferred Stock in the election of such two additional directors (unless
     such request is received less than 90 days before the date fixed for the
     next annual or special meeting of shareholders of the Corporation, in which
     case the vote for such two directors will be held at the earlier of the
     next such annual or special meeting of shareholders), and at each
     subsequent annual meeting of shareholders, until all dividends accumulated
     on the Class C Preferred Stock for all past Dividend Periods and the then
     current Dividend Period have been fully paid or authorized and declared and
     a sum sufficient for the payment thereof set aside for payment in full,
     whereupon the right of the holders of Class C Preferred Stock to elect such
     two directors will cease and (unless there are one or more other classes or
     series of capital stock of the Corporation upon which like voting rights
     have been conferred and are exercisable) the term of office of such two
     directors previously so elected will immediately and automatically
     terminate, such directors will no longer be qualified to serve and the
     authorized number of directors of the Corporation will thereupon return to

                                       9
<PAGE>

     the number of authorized directors otherwise in effect, but subject always
     to the same provisions for the reinstatement and divestment of the right to
     elect such two additional directors in the case of any such future dividend
     arrearage.

          In the case of any such request for a special meeting (unless such
     request is received less than 90 days before the date fixed for the next
     annual or special meeting of shareholders), such meeting will be held on
     the earliest practicable date at the place designated by the holders of
     capital stock requesting such meeting or, if none, at a place designated by
     the Corporate Secretary of the Corporation, upon notice similar to that
     required for an annual meeting of shareholders. If such special meeting is
     not called by an officer of the Corporation within 30 days after such
     request, then the holders of record of at least 10% of the outstanding
     shares of Class C Preferred Stock may designate in writing a holder of
     Class C Preferred Stock to call such meeting at the expense of the
     Corporation, and such meeting may be called by the holder so designated
     upon notice similar to that required for an annual meetings of shareholders
     and will be held at the place designated by the holder calling such
     meeting. At all times that the voting rights conferred by this Section 7(a)
     are exercisable, the holders of Class C Preferred Stock will have access to
     the stock transfer records of the Corporation. The Corporation will pay all
     costs and expenses of calling and holding any meeting and of electing
     directors pursuant to this Section 7(a), including, without limitation, the
     cost of preparing, reproducing and mailing the notice of such meeting, the
     cost of renting a room for such meeting to be held, and the cost of
     collecting and tabulating votes.

          The procedures in this Section 7(a) for the calling of meetings and
     the election of directors will, to the extent permitted by law, supersede
     anything inconsistent contained in the Charter or Bylaws of the Corporation
     and, without limitation to the foregoing, the provisions of Sections
     13(a)(2) and 13(b) of Article II of the Bylaws of the Corporation will not
     be applicable to the election of directors by holders of Class C Preferred
     Stock pursuant to this Section 7. Notwithstanding the provisions of Section
     2 of Article III of the Bylaws of the Corporation, subject to the
     limitations on the number of directors set forth in Article VII of the
     Charter, the number of directors constituting the entire Board of Directors
     of the Corporation will be automatically increased to include the directors
     to be elected pursuant to this Section 7(a).

          So long as any shares of Class C Preferred Stock are outstanding, the
     number of directors constituting the entire Board of Directors of the
     Corporation will at all times be such so that the exercise, by the holders
     of the Class C Preferred Stock and the holders of any other classes or
     series of capital stock of the Corporation upon which like voting rights
     have been conferred, of the right to elect directors under the
     circumstances provided above will not contravene any provision of the
     Corporation's Charter or Bylaws restricting the number of directors which
     may constitute the entire Board of Directors of the Corporation.

          If at any time when the voting rights conferred upon the Class C
     Preferred Stock pursuant to this Section 7(a) are exercisable any vacancy
     in the office of a director elected pursuant to this Section 7(a) occurs,
     then such vacancy may be filled only by the remaining such director or by
     vote of the holders of record of the outstanding Class C

                                       10
<PAGE>

     Preferred Stock and any other classes or series of capital stock of the
     Corporation upon which like voting rights have been conferred and are
     exercisable and which are entitled to vote as a class with the Class C
     Preferred Stock in the election of directors pursuant to this Section 7(a).
     Any director elected or appointed pursuant to this Section 7(a) may be
     removed only by the holders of the outstanding Class C Preferred Stock and
     any other classes or series of capital stock of the Corporation upon which
     like voting rights have been conferred and are exercisable and which are
     entitled to vote as a class with the Class C Preferred Stock in the
     election of directors pursuant to this Section 7(a), and may not be removed
     by the holders of the Common Stock.

          (b) So long as any shares of Class C Preferred Stock remain
     outstanding, the Corporation will not, without the affirmative vote or
     consent of the holders of at least two-thirds of the shares of Class C
     Preferred Stock outstanding at the time, given in person or by proxy either
     in writing or at a meeting (with the Class C Preferred Stock voting
     separately as a class), (A) authorize, create or issue, or increase the
     authorized or issued amount of, any class or series of capital stock of the
     Corporation ranking senior to the Class C Preferred Stock as to the payment
     of dividends or the distribution of assets upon liquidation, dissolution or
     winding up of the Corporation or reclassify any authorized capital stock of
     the Corporation into such shares, or create, authorize or issue any
     obligation or security convertible into, exchangeable or exercisable for,
     or evidencing the right to purchase, any such shares, or (B) amend, alter
     or repeal any provisions of the Charter (including, without limitation, any
     provision of these Articles Supplementary), whether by the merger,
     consolidation or otherwise (an "Event"), so as to materially and adversely
     affect any right, preference, privilege or voting power of the Class C
     Preferred Stock or the holders thereof; provided, however, with respect to
     the occurrence of any Event, so long as each share of Class C Preferred
     Stock then outstanding remains outstanding or is converted into like
     securities of the surviving or resulting entity, in each case with the
     preferences, rights, privileges, voting powers and other terms thereof
     materially unchanged, taking into account that upon the occurrence of an
     Event the Corporation may not be the surviving entity and the surviving
     entity may be a non-corporate entity, such as a limited liability company,
     limited partnership or business trust, in which case the Class C Preferred
     Stock would be converted into an equity interest, other than capital stock,
     having preferences, rights, privileges, voting powers and other terms which
     are materially unchanged from those of the Class C Preferred Stock, the
     occurrence of such Event will not be deemed to materially and adversely
     affect such rights, preferences, privileges or voting powers of the Class C
     Preferred Stock or the holders thereof; and provided, further, that (i) any
     increase in the amount of authorized Preferred Stock or Common Stock, (ii)
     any increase in the amount of authorized shares of Class C Preferred Stock,
     or (iii) the creation, issuance or increase in the amount of authorized
     shares of any other class or series of capital stock of the Corporation, in
     each case ranking on a parity with or junior to the Class C Preferred Stock
     as to the payment of dividends and the distribution of assets upon
     liquidation, dissolution or winding up of the Corporation, will not be
     deemed to materially and adversely affect such rights, preferences,
     privileges or voting powers. For purposes of this paragraph, the filing in
     accordance with applicable law of articles supplementary or any similar
     document setting forth or changing the designations, preferences,
     conversion or other rights, voting

                                       11
<PAGE>

     powers, restrictions, limitation as to dividends, qualifications or other
     terms of any class or series of capital stock of the Corporation will be
     deemed an amendment to the Charter.

          (c) The foregoing voting provisions will not apply if, at or prior to
     the time when the act with respect to which such vote would otherwise be
     required is effected, all outstanding shares of Class C Preferred Stock
     have been redeemed or called for redemption and sufficient funds have been
     deposited in trust in accordance with the terms of Section 6 hereof to
     effect such redemption.

          (d) On any matter submitted to a vote of the holders of Class C
     Preferred Stock or on which the Class C Preferred Stock otherwise is
     entitled to vote (as expressly provided in the Charter, including these
     Articles Supplementary, or as may be required by law), including any action
     by written consent, each share of Class C Preferred Stock is entitled to
     one vote, except that when shares of any other class or series of Preferred
     Stock of the Corporation have the right to vote with the Class C Preferred
     Stock as a single class on any matter, the Class C Preferred Stock and the
     shares of each such other class or series will have one vote for each
     $25.00 of liquidation preference (excluding accrued dividends). The
     provisions of this paragraph will supersede any inconsistent provisions of
     the Bylaws of the Corporation.

     8.  Conversion.  The Class C Preferred Stock is not convertible into or
         ----------
exchangeable for any other property or securities of the Corporation.

     9.  Office or Agency in New York City.  The Corporation will at all times
         ---------------------------------
maintain an office or agency in the Borough of Manhattan, The City of New York,
where shares of Class C Preferred Stock may be surrendered for payment
(including upon redemption), registration of transfer or exchange.

     10.  No Preemptive Rights.  The Class C Preferred Stock has no preemptive
          --------------------
rights.

     11.  Status of Redeemed and Reacquired Class C Preferred Stock.  In the
          ---------------------------------------------------------
event any shares of Class C Preferred Stock are redeemed pursuant to Section 5
hereof or otherwise reacquired by the Corporation, the shares so redeemed or
reacquired will become authorized but unissued shares of Class C Preferred
Stock, available for future issuance and reclassification by the Corporation.

     12.  Severability.  If any preference, right, voting power, restriction,
          ------------
limitation as to dividends, qualification, term or condition of redemption or
other term of the Class C Preferred Stock is invalid, unlawful  or incapable of
being enforced by reason of any rule of law or public policy,  then, to the
extent permitted by law, all other preferences, rights, voting  powers,
restrictions, limitations as to dividends, qualifications, terms or  conditions
of redemption and other terms of the Class C Preferred Stock which  can be given
effect without the invalid, unlawful or unenforceable  preference, right, voting
power, restriction, limitation as to dividends,  qualification, term or
condition of redemption or other term of the Class C  Preferred Stock will
remain in full force and effect and will not be deemed  dependent upon any other
such preference, right, voting power, restriction,  limitation as to dividends,
qualification, term or condition of redemption or  other term of the Class C
Preferred Stock unless so expressed herein.

                                       12
<PAGE>

          FOURTH:  These Articles Supplementary have been approved by the Board
          ------
     of Directors in the manner and by the vote required by the law.

          FIFTH:  The undersigned Senior Vice President of the Corporation
          -----
     acknowledges these Articles Supplementary to be the corporate act of the
     Corporation and, as to all matters or facts required to be verified under
     oath, the undersigned Senior Vice President acknowledges that to the best
     of his knowledge, information and belief, these matters and facts are true
     in all material respects and that this statement is made under the
     penalties for perjury.

                                       13
<PAGE>

     IN WITNESS WHEREOF, HOST MARRIOTT CORPORATION has caused these presents to
be signed in its name and on its behalf by its Executive Vice President, and
witnessed by its Assistant Secretary on, March    , 2001.

Witness:    HOST MARRIOTT CORPORATION

By:                                     By:
    ---------------------------             -------------------------------
    Name:  David E. Reichmann               Name:  W. Edward Walter
    Title: Assistant Secretary              Title: Executive Vice President

                                       14

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