Document:

Exhibit 10.1

EXHIBIT 10.1

180 NORTH LASALLE

PURCHASE AND SALE AGREEMENT

BETWEEN

180 N. LASALLE II, L.L.C.,

a Delaware limited liability company

AS SELLER

AND

180 N. LASALLE REALTY LLC,

a Delaware limited liability company

AS BUYER

As of February 22, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	1	 
	1.1 Definitions
	 	 	1	 
	1.2 References: Exhibits and Schedules
	 	 	9	 
	ARTICLE II AGREEMENT OF PURCHASE AND SALE
	 	 	9	 
	2.1 Agreement
	 	 	9	 
	2.2 Indivisible Economic Package
	 	 	9	 
	ARTICLE III CONSIDERATION
	 	 	10	 
	3.1 Purchase Price
	 	 	10	 
	3.2 Assumption of Obligations
	 	 	10	 
	3.3 Method of Payment of Purchase Price
	 	 	10	 
	ARTICLE IV EARNEST MONEY
	 	 	11	 
	4.1 Earnest Money
	 	 	11	 
	4.2 Designation of Certifying Person
	 	 	11	 
	ARTICLE V INSPECTION OF PROPERTY
	 	 	12	 
	5.1 Evaluation of the Property
	 	 	12	 
	5.2 Document Review
	 	 	12	 
	5.3 Entry and Inspection Obligations; Termination of Agreement
	 	 	14	 
	5.4 Estoppel Certificates
	 	 	15	 
	5.5 SALE “AS IS”
	 	 	17	 
	5.6 SNDAs
	 	 	18	 
	ARTICLE VI TITLE AND SURVEY MATTERS
	 	 	18	 
	6.1 Survey and Title Commitment
	 	 	18	 
	6.2 Title Policy
	 	 	18	 
	ARTICLE VII INTERIM OPERATING COVENANTS
	 	 	19	 
	7.1 Interim Operating Covenants
	 	 	19	 
	7.2 Management Agreements
	 	 	21	 
	ARTICLE VIII REPRESENTATIONS AND WARRANTIES
	 	 	21	 
	8.1 General Seller’s Representations and Warranties
	 	 	21	 
	8.2 Representations and Warranties of the Seller as to the Property
	 	 	23	 
	8.3 Buyer’s Representations and Warranties
	 	 	25	 
	8.4 Limitations on Liability and Representations and Warranties
	 	 	26	 

 

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TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 	 
	ARTICLE IX CONDITIONS PRECEDENT TO CLOSING
	 	 	28	 
	9.1 Conditions Precedent to Obligation of Buyer
	 	 	28	 
	9.2 Conditions Precedent to Obligation of Seller
	 	 	29	 
	9.3 Failure of Condition
	 	 	29	 
	ARTICLE X CLOSING
	 	 	30	 
	10.1 Closing
	 	 	30	 
	10.2 Seller’s Closing Obligations
	 	 	31	 
	10.3 Buyer’s Closing Obligations
	 	 	32	 
	10.4 Prorations
	 	 	33	 
	10.5 Closing Costs
	 	 	36	 
	ARTICLE XI CONDEMNATION AND CASUALTY
	 	 	37	 
	11.1 Casualty
	 	 	37	 
	11.2 Condemnation of Property
	 	 	37	 
	ARTICLE XII CONFIDENTIALITY
	 	 	38	 
	12.1 Confidentiality
	 	 	38	 
	12.2 Tax Related Disclosures
	 	 	38	 
	ARTICLE XIII REMEDIES
	 	 	39	 
	13.1 Notice and Cure
	 	 	39	 
	13.2 Default by Seller
	 	 	39	 
	13.3 Default by Buyer
	 	 	40	 
	ARTICLE XIV NOTICES
	 	 	40	 
	14.1 Notices
	 	 	40	 
	ARTICLE XV ASSIGNMENT
	 	 	42	 
	15.1 Assignment
	 	 	42	 
	15.2 Permitted Assignee
	 	 	43	 
	15.3 Assignments Following Defeasance Notice
	 	 	43	 
	ARTICLE XVI BROKERAGE
	 	 	43	 
	16.1 Brokers
	 	 	43	 

 

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TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 	 
	ARTICLE XVII ASSUMPTION OF EXISTING LOAN
	 	 	43	 
	17.1 Financing Consents
	 	 	43	 
	17.2 Buyer Obligations
	 	 	44	 
	17.3 Seller’s Cooperation
	 	 	46	 
	17.4 Loan Terms
	 	 	46	 
	17.5 Closing Credits
	 	 	47	 
	17.6 Option to Defease
	 	 	47	 
	ARTICLE XVIII MISCELLANEOUS
	 	 	47	 
	18.1 Waivers
	 	 	47	 
	18.2 TIME OF THE ESSENCE
	 	 	48	 
	18.3 Recovery of Certain Fees
	 	 	48	 
	18.4 Construction
	 	 	48	 
	18.5 Counterparts
	 	 	48	 
	18.6 Severability
	 	 	48	 
	18.7 Entire Agreement
	 	 	49	 
	18.8 Governing Law
	 	 	49	 
	18.9 No Recording
	 	 	49	 
	18.10 Further Actions
	 	 	49	 
	18.11 Exhibits
	 	 	49	 
	18.12 No Partnership
	 	 	50	 
	18.13 Limitations on Benefits
	 	 	50	 
	18.14 Board Approval
	 	 	50	 
	18.15 Union Matters
	 	 	50	 
	18.16 Limitation of Liability
	 	 	51	 

 

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PURCHASE AND SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of the 22nd
day of February, 2010, by and between 180 N. LASALLE II, L.L.C., a Delaware limited liability
company (“Seller”), and 180 N. LASALLE REALTY LLC, a Delaware limited liability company
(“Buyer”).

BACKGROUND:

A. Seller is the owner of the land, buildings and other improvements commonly known as 180
North LaSalle Street, in the City of Chicago, Illinois, and more particularly described on
Exhibit A attached hereto and made a part hereof (the “Land”).

B. Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, the Property on
the terms and conditions hereinafter set forth.

C. Buyer has requested that Seller permit Buyer to assume the existing financing encumbering
the Land (the “Existing Loan”), and Seller is willing to accommodate Buyer’s request
subject to the terms and conditions contained herein.

ARTICLE I

DEFINITIONS

1.1 Definitions. For purposes of this Agreement, the following capitalized terms have
the meanings set forth in this Section 1.1:

“Acceptable Estoppel” has the meaning ascribed to such term in Section 5.4(a).

“Additional Assumption Information” has the meaning ascribed to such term in
Section 17.2.

“Approved Form” has the meaning ascribed to such term in Section 5.4(a).

“Anti-Money Laundering and Anti-Terrorism Laws” has the meaning ascribed to such term
in Section 8.3(f).

“AR Report” has the meaning ascribed to such term in Section 8.2(b).

“Assignment of Contracts” has the meaning ascribed to such term in Section 10.2(d).

“Assignment of Leases” has the meaning ascribed to such term in Section 10.2(c).

“Assumed Guarantees” means, collectively, the Exceptions to Non-Recourse Guaranty, and
the Environmental Indemnity Agreement, all under the Existing Loan Documents.

“Assumption Approval” has the meaning ascribed to such term in Section 10.1(a).

Agreement of Sale and Purchase

 

 

 

“Authorities” means the various federal, state and local governmental and
quasi-governmental bodies or agencies having jurisdiction over the Real Property and Improvements,
or any portion thereof.

“Bill of Sale” has the meaning ascribed to such term in Section 10.2(b).

“Board Approval Date” has the meaning ascribed to such term in Section 18.14.

“BOMA” has the meaning ascribed to such term in Section 18.15.

“BOMA Agreements” has the meaning ascribed to such term in Section 18.15.

“Business Day” means any day other than a Saturday, Sunday, the first two (2) days of
Passover and the last two (2) days of Passover (which for 2010 are March 29, March 30, April 4 and
April 5)or a day on which national banking associations are authorized or required to close in
Chicago, Illinois.

“Buyer’s Affiliates” means any past, present or future: (i) shareholder, partner,
member, manager or owner of Buyer; (ii) entity that, directly or indirectly, controls, is
controlled by or is under common control with Buyer; and (iii) the heirs, executors,
administrators, personal or legal representatives, successors and assigns of any or all of the
foregoing.

“Buyer’s Costs” has the meaning ascribed to such term in Section 3.3.

“Buyer’s Leasing Agent” has the meaning ascribed to such term in Section 7.1(b)(ii).

“Certificate as to Foreign Status” has the meaning ascribed to such term in
Section 10.2(g).

“Certifying Person” has the meaning ascribed to such term in Section 4.2(a).

“Closing” means the consummation of the purchase and sale of the Property contemplated
by this Agreement, as provided for in Article X.

“Closing Date” means the date on which the Closing of the transaction contemplated
hereby actually occurs.

“Closing Statement” has the meaning ascribed to such term in Section 10.4(a).

“Closing Surviving Obligations” means the rights, liabilities and obligations set
forth in Sections 3.2, 5.3, 5.5, 8.3, 8.4, 10.4, 11.1, 11.2, 16.1, 17.4, 18.3, and 18.15 and
Articles XII and XVI, and any other provisions which pursuant to their terms survive the Closing
hereunder.

“Code” has the meaning ascribed to such term in Section 4.2.

“Confidentiality Agreement” means that certain Confidentiality Agreement dated
June 28, 2008, entered into by the parties with respect to the transaction contemplated by this
Agreement.

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“Conforming New Lease Agreement” has the meaning ascribed to such term in
Section 7.1(b)(i).

“Consent” means any approval, consent or similar authorization.

“Deed” has the meaning ascribed to such term in Section 10.2(a).

“Defeasance Notice” has the meaning ascribed to such term in Section 17.6.

“Delinquent” has the meaning ascribed to such term in Section 10.4(b).

“Diligence Website” has the meaning ascribed to such term in Section 5.2(a).

“Documents” has the meaning ascribed to such term in Section 5.2(a).

“Earnest Money” has the meaning ascribed to such term in Section 4.1.

“Effective Date” shall mean the date indicated on the signature page hereto which is
the date that both Seller and Buyer have executed this Agreement and a fully executed copy of this
Agreement (which may be by facsimile or email) has been delivered to both parties.

“Environmental Laws” means each and every federal, state, county and municipal
statute, ordinance, rule, regulation, code, order, requirement, directive, binding written
interpretation and binding written policy pertaining to Hazardous Substances issued by any
Authorities and in effect as of the date of this Agreement with respect to or which otherwise
pertains to or affects the Real Property or the Improvements, or any portion thereof, the use,
ownership, occupancy or operation of the Real Property or the Improvements, or any portion thereof,
or Buyer, and as same have been amended, modified or supplemented from time to time prior to the
Effective Date, including but not limited to the Comprehensive Environmental Response, Compensation
and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Hazardous Substances Transportation Act
(49 U.S.C. § 1802 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.),
as amended by the Hazardous and Solid Wastes Amendments of 1984, the Water Pollution Control Act
(33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300f et seq.), the Clean Water
Act (33 U.S.C. § 1321 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Solid Waste
Disposal Act (42 U.S.C. § 6901 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et
seq.), the Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C. § 11001 et seq.),
the Radon Gas and Indoor Air Quality Research Act of 1986 (42 U.S.C. § 7401 et seq.), the National
Environmental Policy Act (42 U.S.C. § 4321 et seq.), the Superfund Amendment Reauthorization Act of
1986 (42 U.S.C. § 9601 et seq.), the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.),
and any and all rules and regulations which have become effective prior to the date of this
Agreement under such statutes.

“Escrow Agent” means First American Title Insurance Company, having an address at 30
North LaSalle Street, Suite 310, Chicago, Illinois 60602.

“Estoppel Delivery Date” has the meaning ascribed to such term in Section 5.4(a)

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“Executive Order” has the meaning ascribed to such term in Section 8.3(f).

“Existing Guarantors” means Prime Group Realty, L.P. and Seller.

“Existing Lease Expenses” has the meaning ascribed to such term in Section 10.4(g).

“Existing Loan” has the meaning ascribed to such term in the Recitals hereto.

“Existing Loan Documents” shall mean the documents evidencing, securing or otherwise
governing the Existing Loan, as listed on Exhibit B attached hereto and made a part hereof.

“Existing Survey” has the meaning ascribed to such term in Section 6.1(a).

“Extension Period” has the meaning ascribed to such term in Section 10.1(b).

“Final Organizational Structure” has the meaning ascribed to such term in
Section 17.4.

“Final Submission Date” has the meaning ascribed to such term in Section 17.2(b).

“Financing Consents” means the Consents with respect to the Existing Loan that are
required in order to (i) permit the Buyer to assume the Existing Loan, (ii) cause Seller and the
Existing Guarantors to be released from any and all liability under the Existing Loan Documents and
the Assumed Guarantees except to the extent accruing or arising from or related to events occurring
prior to the Closing, including but not limited to the obligation to repay the Existing Loan at
maturity, and (iii) to have Buyer substituted as the borrower under the Existing Loan Documents and
to have New Guarantor substituted as the guarantor under the Assumed Guaranties.

“Financing Consent Costs” means all costs, fees or other expenses, that are required
to be paid to third parties by Seller or Buyer in connection with the Financing Consents,
including, without limitation, any loan application fees and costs, loan assumption fees and costs
and the legal fees of any Lender, rating agencies and other third parties in connection with the
Existing Loan (but excluding Seller’s legal fees).

“Government List” shall mean any of (i) the two lists maintained by the United States
Department of Commerce (Denied Persons and Entities), (ii) the list maintained by the United States
Department of Treasury (Specially Designated Nationals and Blocked Persons), and (iii) the two
lists maintained by the United States Department of State (Terrorist Organizations and Debarred
Parties).

“Governmental Regulations” means all statutes, ordinances, rules and regulations of
the Authorities applicable to Seller or the use or operation of the Real Property or the
Improvements or any portion thereof.

“Hazardous Substances” means (a) asbestos, radon gas and urea formaldehyde foam
insulation, (b) any solid, liquid, gaseous or thermal contaminant, including smoke vapor, soot,
fumes, acids, alkalis, chemicals, petroleum products or byproducts, polychlorinated biphenyls,
phosphates, lead or other heavy metals and chlorine, (c) any solid or liquid waste (including,
without limitation, hazardous waste), hazardous air pollutant, hazardous substance, hazardous
chemical substance and mixture, toxic substance, pollutant, pollution, regulated substance and
contaminant, and (d) any other chemical, material or substance, the use or presence of which, or
exposure to the use or presence of which, is prohibited, limited or regulated by any Environmental
Laws.

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“Improvements” means all buildings, structures, fixtures, parking areas and other
improvements located on the Real Property.

“Land” has the meaning ascribed to such term in the Recitals hereto.

“Lease Option Exercise” has the meaning ascribed to such term in Section 7.1(b)(i).

“Leases” means all of the leases, licenses for occupancy of space, and other
agreements entered into by Seller (or a predecessor-in-interest) as landlord with respect to the
use and occupancy of the Property, together with all amendments, renewals and modifications
thereof, if any, all guaranties thereof, if any, and any new leases, lease amendments and lease
guaranties entered into after the Effective Date in accordance with the terms of this Agreement.

“Lender” means any lender and/or servicer under the Existing Loan Documents.

“Licensee Parties” has the meaning ascribed to such term in Section 5.1.

“Licenses and Permits” means, collectively, all of Seller’s right, title and interest,
to the extent assignable, in and to licenses, permits, certificates of occupancy, approvals,
dedications, subdivision maps and entitlements now or hereafter issued, approved or granted by the
Authorities exclusively in connection with the Real Property and the Improvements, together with
all renewals and modifications thereof.

“Major Tenants” means, collectively, (i) Accenture, (ii) VivaKi, Inc. (formerly known
as MarketForward), (iii) ABM Janitorial, (iv) Cramer Kopon, (v) Pugh Jones, (vi) Miller Shakman,
and (vii) Chicago Equity Partners.

“Managing Member” means the individual acting as the managing member of 180 N. LaSalle
Member LLC, which is the sole member of 180 N. LaSalle Owner LLC, which is the sole member of
Buyer.

“Minimum Standards” has the meaning ascribed to such term in Section 17.4.

“New Guarantor” means the individual who will replace the Existing Guarantors under
the Existing Loan Documents in the event the Existing Loan is assumed by Buyer.

“New Lease Agreement” has the meaning ascribed to such term in Section 7.1(b)(i).

“New Lease Guidelines” the guidelines attached hereto as Exhibit N and made a
part hereof.

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“Operating Expenses” has the meaning ascribed to such term in Section 10.4(c).

“Other Intangibles” has the meaning ascribed to such term in Section 2.1(h).

“Outside Date” means the date that is one hundred five (105) days after the Board
Approval Date.

“Owner’s Affidavit” has the meaning ascribed to such term in Section 6.2.

“Party Representatives” has the meaning ascribed to such term in Section 12.2.

“Pending Leases” has the meaning ascribed to such term in Section 7.1(b).

“Permitted Assignee” has the meaning ascribed to such term in Section 15.2.

“Permitted Exceptions” shall mean: (a) any exception arising out of an act of Buyer or
its representatives, agents, employees or independent contractors; (b) zoning and subdivision
ordinances and regulations; (c) real estate taxes and assessments not yet due and payable; (d) the
standard pre-printed exclusions from coverage set forth in the Title Policy that Seller is not
required to remove as provided herein; (e) the rights of Tenants under the Leases as tenants only;
(f) any matters deemed to constitute Permitted Exceptions in this Agreement; (g) if the Existing
Loan is assumed, documents evidencing or securing the Existing Loan as listed on Exhibit B;
and (h) the matters listed on Exhibit O attached hereto and made a part hereof.

“Permitted Outside Parties” has the meaning ascribed to such term in Section 5.2(b).

“Person” shall mean any individual, sole proprietorship, partnership, joint venture,
trust, unincorporated association, corporation, limited liability company, entity or government
(whether federal, state, county, city or otherwise, including, but not limited to, any
instrumentality, division, agency or department thereof).

“Personal Property” means all of Seller’s right, title and interest in and to all
equipment, appliances, tools, supplies, machinery, artwork, furnishings and other tangible personal
property attached to, appurtenant to, located in and used exclusively in connection with the
ownership or operation of the Improvements and situated at the Property on the Effective Date
(provided that Seller shall have the right to remove items of Personal Property so long as the
removed item is replaced by an article that is of equivalent suitability and not materially less
value). Notwithstanding the preceding sentence, “Personal Property” shall not include (a) any
proprietary or confidential materials, (b) any property that serves or is used in connection with
any property other than the Property, (c) any property owned by Tenants or others, (d) any property
leased by Seller, and (e) the files or data within any computer which is included as Personal
Property (since the hard drives of such computers will be erased), but to the extent reasonably
practicable, property files for the Property located on such computers will be provided to Buyer on
CDs.

“Posting Deadline” has the meaning ascribed to such term in Section 8.1.

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“Preliminary Submission Date” has the meaning ascribed to such term in
Section 17.2(a).

“Property” has the meaning ascribed to such term in Section 2.1.

“Property Employees” has the meaning ascribed to such term in Section 7.2.

“Property Manager” shall mean those individuals or entities which manage the Property.

“Proprietary Information” has the meaning ascribed to such term in Section 5.2(a).

“Proration Items” has the meaning ascribed to such term in Section 10.4(a).

“Proration Time” has the meaning ascribed to such term in Section 10.4(a).

“Purchase Price” has the meaning ascribed to such term in Section 3.1.

“Real Property” means fee simple title to the Land, together with all of Seller’s
right, title and interest, if any, in and to the appurtenances pertaining thereto, including but
not limited to Seller’s right, title and interest in and to the adjacent streets, alleys and
right-of-ways, and any easement rights, air rights, subsurface development rights and water rights.

“Rejection Notice” has the meaning ascribed to such term in Section 5.4(b).

“Rental” has the meaning ascribed to such term in Section 10.4(b), and same are
“Delinquent” in accordance with the meaning ascribed to such term in Section 10.4(b).

“Rent Roll” has the meaning ascribed to such term in Section 8.2(b).

“Required Changes” has the meaning ascribed to such term in Section 17.4.

“Required Items Checklist” means the checklist attached hereto as Exhibit P
and made a part hereof.

“Required Percentage” has the meaning ascribed to such term in Section 5.4(a).

“Revenue Departments” has the meaning ascribed to such term in Section 10.2(o).

“Scheduled Closing Date” has the meaning ascribed to such term in Section 10.1(a).

“Security Deposits” means all security deposits to the extent paid to and required to
be held by Seller under the Leases, as landlord, whether cash or non-cash (such as a letter of
credit) to the extent attributable to the Property or a portion thereof (together with any interest
which has accrued thereon, but only to the extent such interest has accrued for the account of the
Tenant), less all amounts applied by Seller to Tenant obligations in accordance with the terms of
this Agreement.

“Seller Parties” has the meaning ascribed to such term in Section 5.3(b).

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“Seller’s Affiliates” means any past, present or future: (i) shareholder, partner,
member, manager or owner of Seller; (ii) entity in which Seller or any past, present or future
shareholder, partner, member, manager or owner of Seller has or had an interest; (iii) entity that,
directly or indirectly, controls, is controlled by or is under common control with Seller; and
(iv) the successors and assigns of any or all of the foregoing.

“Seller’s Broker” has the meaning ascribed to such term in Section 16.1.

“Seller’s Share” has the meaning ascribed to such term in Section 17.1.

“Service Contracts” means all of Seller’s right, title and interest, to the extent
assignable, in all service agreements, maintenance contracts, equipment leasing agreements,
warranties, guarantees, bonds, open purchase orders and other contracts for the provision of labor,
services, materials or supplies relating solely to the Real Property, Improvements or Personal
Property and under which Seller is currently paying for services rendered in connection with the
Property, together with all renewals, supplements, amendments and modifications thereof, and any
new such agreements entered into after the Effective Date, to the extent permitted by Section 7.1,
but excluding any leasing and/or management agreements with the Property Manager.

“Service Contract Notice Letters” has the meaning ascribed to such term in
Section 10.2(n).

“Significant Portion” means, for purposes of the casualty and condemnation provisions
set forth in Article XI hereof, damage by fire or other casualty to the Real Property and the
Improvements or a portion thereof, the cost of which to repair would exceed $2,500,000 in the
aggregate.

“SNDA” has the meaning ascribed to such term in Section 5.6.

“Tax Declarations” has the meaning ascribed to such term in Section 10.2(i).

“Tenant Notice Letters” has the meaning ascribed to such term in Section 10.2(e).

“Tenants” means the tenants or users of all or any portion of the Property claiming
rights pursuant to Leases.

“Termination Surviving Obligations” means the rights, liabilities and obligations set
forth in Sections 5.2, 5.3, 5.5, 11.2, 16.1 and 18.3, 18.14, and Articles XII and XIII, and any
other provisions which pursuant to their terms survive any termination of this Agreement without
limitation.

“Title Commitment” has the meaning ascribed to such term in Section 6.1.

“Title Company” means First American Title Insurance Company, having an address at 30
North LaSalle Street, Suite 310, Chicago, Illinois 60602.

“Title Policy” has the meaning ascribed to such term in Section 6.2.

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“Transaction” has the meaning ascribed to such term in Section 12.2.

“Union Personnel” has the meaning ascribed to such term in Section 18.15.

1.2 References: Exhibits and Schedules. Except as otherwise specifically indicated,
all references in this Agreement to Articles or Sections refer to Articles or Sections of this
Agreement, and all references to Exhibits or Schedules refer to Exhibits or Schedules attached
hereto, all of which Exhibits and Schedules are incorporated into, and made a part of, this
Agreement by reference. The words “herein,” “hereof,” “hereinafter” and words and phrases of
similar import refer to this Agreement as a whole and not to any particular Section or Article.

ARTICLE II

AGREEMENT OF PURCHASE AND SALE

2.1 Agreement. Seller hereby agrees to sell, convey and assign to Buyer, and Buyer
hereby agrees to purchase and accept from Seller, on the Closing Date and subject to the terms and
conditions of this Agreement, all of the following (collectively, the “Property”):

(a) the Real Property;

(b) the Improvements;

(c) the Personal Property;

(d) all of Seller’s right, title and interest as lessor in and to the Leases and, subject to
the terms of the respective applicable Leases, the Security Deposits;

(e) to the extent assignable, the Service Contracts;

(f) to the extent assignable, the Licenses and Permits;

(g) all of Seller’s right, title and interest in and to any leasing commission agreements
affecting the Property; and

(h) all of Seller’s right, title and interest, to the extent assignable or transferable, in
and to all other intangible rights, titles, interests, privileges and appurtenances owned by
Seller and related to or used exclusively in connection with the ownership, use or operation
of the Real Property or the Improvements (collectively, the “Other Intangibles”),
but specifically excluding any proprietary or confidential materials and any property to the
extent that it serves or is used in connection with any property other than the Property.

2.2 Indivisible Economic Package. Buyer has no right to purchase, and Seller has no
obligation to sell, less than all of the Property, it being the express agreement and understanding
of Buyer and Seller that, as a material inducement to Seller and Buyer to enter into this
Agreement, Buyer has agreed to purchase, and Seller has agreed to sell, all of the Property,
subject to and in accordance with the terms and conditions hereof.

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ARTICLE III

CONSIDERATION

3.1 Purchase Price. The purchase price for the Property (the “Purchase
Price”) shall be SEVENTY-TWO MILLION TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS
($72,250,000.00) in lawful currency of the United States of America, payable as provided in
Section 3.3, subject to adjustment for all credits, prorations and closing costs provided for in
this Agreement, including a credit for the outstanding principal balance and accrued and unpaid
interest of the Existing Loan. Notwithstanding the foregoing, if Buyer delivers the Defeasance
Notice as provided in Section 17.6 below, there shall be no credit for the outstanding principal
balance and the accrued and unpaid interest of the Existing Loan shall be adjusted at Closing, and
Buyer shall pay the entirety of the Purchase Price, subject to adjustment for all credits,
prorations and closing costs provided for in this Agreement, on an all cash basis. No portion of
the Purchase Price shall be allocated to the Personal Property.

3.2 Assumption of Obligations. As additional consideration for the purchase and sale
of the Property, at Closing Buyer will (a) assume and perform (i) all of the covenants and
obligations of Seller pursuant to the Leases (including covenants and obligations relating to any
Security Deposits which are credited or delivered to Buyer) that arise and accrue (x) on or after
the Closing Date, or (y) to the extent Seller credits Buyer at Closing with the costs of performing
such covenants and obligations, before the Closing Date, and (ii) all obligations under the Leases
relating to the physical and environmental condition of the Property regardless of whether such
obligations arise before, on or after the Closing Date (provided that notice of such obligations is
first given after the Closing Date, or, if notice was given prior to the Closing Date, except to
the extent that any action shall have been or was required to be taken with respect to any such
obligations prior to the Closing Date); and (b) assume and agree to discharge, perform and comply
with each and every liability, duty, covenant, debt or obligation of Seller resulting from, arising
out of, or in any way related to any Service Contracts, Licenses and Permits or Other Intangibles
assigned or transferred to Buyer that arises and accrues (x) on or after the Closing Date, or
(y) to the extent Seller credits Buyer at Closing with the agreed upon costs of performing such
covenants and obligations, before the Closing Date. The provisions of this Section 3.2 shall
survive Closing without limitation.

3.3 Method of Payment of Purchase Price. No later than 1:00 p.m. Central Time on the
Closing Date, Buyer shall deliver to Escrow Agent for payment to Seller in accordance with the
terms of this Agreement, the Purchase Price as adjusted as herein provided (less the Earnest
Money), together with all other costs and amounts to be paid by Buyer to Seller at the Closing
pursuant to the terms of this Agreement (“Buyer’s Costs”), by Federal Reserve wire transfer
of immediately available funds to the account of Escrow Agent. Escrow Agent, following
authorization and instruction by the parties at Closing, shall (a) pay to Seller by Federal Reserve
wire transfer of immediately available funds to an account or accounts designated by Seller, the
Purchase Price, less any costs or other amounts to be paid by Seller at Closing pursuant to the
terms of this Agreement, (b) pay to the appropriate payees out of the proceeds of Closing payable
to Seller all costs and amounts to be paid by Seller at Closing pursuant to the terms of this
Agreement, and (c) pay Buyer’s Costs to the appropriate payees at Closing pursuant to the terms of
this Agreement.

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ARTICLE IV

EARNEST MONEY

4.1 Earnest Money. On or before 5:00 p.m. Central time on the first Business Day
following the Effective Date, Buyer shall deposit with Escrow Agent the sum of $4,000,000.00 (the
“Earnest Money”) in good funds, either by certified bank or cashier’s check or by federal
wire transfer. The Escrow Agent shall hold the Earnest Money in escrow in an interest-bearing
account of the type generally used by Escrow Agent pursuant to standard strict joint order escrow
instructions to be executed by Seller and Buyer. All interest accruing on such sums shall become a
part of the Earnest Money and shall be distributed as Earnest Money in accordance with the terms of
this Agreement. Time is of the essence for the delivery of Earnest Money under this Agreement.

4.2 Designation of Certifying Person. In order to assure compliance with the
requirements of Section 6045 of the Internal Revenue Code of 1986, as amended (the “Code”),
and any related reporting requirements of the Code, the parties hereto agree as follows:

(a) The Escrow Agent agrees to assume all responsibilities for information reporting
required under Section 6045(e) of the Code, and Seller and Buyer hereby designate the Escrow
Agent as the person to be responsible for all information reporting under Section 6045(e) of
the Code (the “Certifying Person”).

(b) Seller and Buyer each hereby agree:

(i) to provide to the Certifying Person all information and certifications regarding
such party, as reasonably requested by the Certifying Person or otherwise required
to be provided by a party to the transaction described herein under Section 6045 of
the Code; and

(ii) to provide to the Certifying Person such party’s taxpayer identification number
and a statement in such form as may be requested by the Certifying Person, signed
under penalties of perjury, stating that the taxpayer identification number supplied
by such party to the Certifying Person is correct.

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ARTICLE V

INSPECTION OF PROPERTY

5.1 Evaluation of the Property. Prior to the Effective Date, Buyer and its authorized
agents and representatives (for purposes of this Article V, the “Licensee Parties”) had the
opportunity, subject to the rights of any Tenants, to enter upon the Real Property at all
reasonable times during normal business hours to perform an inspection of the Property. As a
courtesy to Buyer, Seller shall permit Buyer and the Licensee Parties to have the continued right,
from the Effective Date until the Closing or earlier termination of this Agreement, to enter upon
the Real Property to perform any additional inspections of the Property that Buyer may desire,
subject to and in compliance with the provisions of this Article V, but in no event shall Buyer
have the right to terminate this Agreement as a result of any such additional inspections. Buyer
will provide to Seller notice of the intention of Buyer or the other Licensee Parties to enter the
Real Property at least one full Business Day (or such shorter period of time as may be agreed to by
Seller) prior to such intended entry and specify the intended purpose therefor and the inspections
and examinations contemplated to be made and with whom any Licensee Party will communicate. Buyer
shall not communicate with or contact Lender, any of the Tenants or any of the Authorities without
the prior written consent of Seller, which consent shall not be unreasonably withheld or delayed.
At Seller’s option, Seller may be present for any such entry, inspection examination or
communication. Notwithstanding anything to the contrary contained herein, no physical testing or
sampling shall be conducted during any such entry by Buyer or any Licensee Party upon the Real
Property without Seller’s specific prior written consent. Seller agrees that its consent shall not
be unreasonably withheld with respect to (i) non-invasive physical testing or sampling of the type
customarily required for a Phase I environmental audit, and (ii) invasive physical testing or
sampling if the need for such testing is established by a Phase I audit.

5.2 Document Review.

(a) Seller has previously made available to Buyer, via an internet due diligence website
(the “Diligence Website”), copies of the following (collectively, the
“Documents”): (i) a rent roll statement with respect to the Property prepared by
Seller, in the form and containing such information as customarily maintained by Seller from
time to time, together with copies of all Leases referenced on such rent roll and copies of
any subleases or amendments relating thereto and Tenant correspondence in Seller’s
possession (which may be reviewed at the Property); (ii) the Existing Surveys; (iii) all
Service Contracts; (iv) the Existing Loan Documents; (v) Seller’s existing policies of title
insurance; and (vi) any of the following items pertaining to the Property to the extent they
exist and are in Seller’s possession: copies of real estate tax bills for the current year
and the immediately preceding calendar year; monthly cash flow reports for the current year
to date; copies of the most recent engineering studies and environmental audits prepared for
Seller in connection with the Property; the Licenses and Permits; and any lists of Personal
Property and such other documents reasonably requested by Buyer, to the extent in Seller’s
possession. Notwithstanding anything to the contrary contained herein, Buyer shall not have
the right to review or inspect materials not directly related to the leasing,
maintenance and/or management of the Property, including, without limitation, all of
Seller’s internal memoranda, financial projections, budgets (provided, however, that Seller
has or will deliver copies of the 2009 and 2010 budget and 2009 operating statements for the
Property), information regarding tax and operating escalations, tenant accounts, appraisals,
proposals for work not actually undertaken, accounting and tax records (other than real
estate taxes) and similar proprietary, elective or confidential information (the
“Proprietary Information”).

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(b) Buyer acknowledges the Documents are proprietary and confidential in nature and have
been provided to Buyer solely to assist Buyer in determining the desirability of purchasing
the Property. Subject only to the provisions of Article XII, prior to Closing, Buyer agrees
not to disclose the contents of the Documents or any of the provisions, terms or conditions
contained therein to any party outside of Buyer’s organization other than its attorneys,
partners, accountants, engineers, consultants, proposed lenders or proposed investors
(collectively, the “Permitted Outside Parties”). Buyer further agrees that within
its organization, or as to the Permitted Outside Parties, prior to Closing, the Documents
will be disclosed and exhibited only to those persons within Buyer’s organization or to
those Permitted Outside Parties who are responsible for determining the desirability of
Buyer’s acquisition of the Property and/or their investment therein, and Buyer shall be
responsible for ensuring that such persons and Permitted Outside Parties maintain the
confidentiality of such Documents as required by this Agreement and the Confidentiality
Agreement. Buyer further acknowledges that the Documents and other information relating to
the leasing arrangements between Seller and Tenants are proprietary and confidential in
nature. Buyer agrees not to divulge the contents of such Documents and other information
except in strict accordance with the confidentiality standards set forth in this Section 5.2
and Article XII. In permitting Buyer and the Permitted Outside Parties to review the
Documents and other information to assist Buyer, Seller has not waived any privilege or
claim of confidentiality with respect thereto, and no third party benefits or relationships
of any kind, either express or implied, have been offered, intended or created by Seller,
and any such claims are expressly rejected by Seller and waived by Buyer, and Buyer shall be
responsible for ensuring that the Permitted Outside Parties also agree to such waiver.

(c) Buyer acknowledges that some of the Documents may have been prepared by third parties,
including the property manager, and may have been prepared prior to Seller’s ownership of
the Property. Buyer hereby acknowledges that Seller has not made and does not make any
representation or warranty regarding the truth, accuracy or completeness of the Documents or
the sources thereof except as otherwise specifically set forth in this Agreement. Seller
has not undertaken any independent investigation as to the truth, accuracy or completeness
of the Documents and is providing the Documents solely as an accommodation to Buyer, but
Seller has no knowledge that any of the Documents is false or misleading in any material way
as and when such Documents were prepared.

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5.3 Entry and Inspection Obligations; Termination of Agreement.

(a) Buyer agrees that in entering upon the Real Property and inspecting the Property, Buyer
and the other Licensee Parties will use commercially reasonable efforts to not disturb the
Tenants or interfere with the use of the Property in a manner that violates the terms of the
Leases; unreasonably interfere with the operation and maintenance of the Real Property or
Improvements; damage any part of the Property or any personal property owned or held by
Tenants or any other person or entity; injure or otherwise cause bodily harm to Seller or
any Tenant, or to any of their respective agents, guests, invitees, contractors and
employees, or to any other person or entity; permit any liens to attach to the Real Property
by reason of the exercise of Buyer’s rights under this Article V; or reveal or disclose any
information obtained concerning the Property and the Documents to anyone outside Buyer’s
organization, except in accordance with the confidentiality standards set forth in
Section 5.2(b) and Article XII. Buyer will, and shall cause its contractors who perform
physical testing at the Real Property or Improvements to, maintain commercial general
liability (occurrence) insurance on terms and in amounts reasonably satisfactory to Seller
and Workers’ Compensation insurance in statutory limits, and, if Buyer or any Licensee Party
performs any physical inspection or sampling at the Real Property or Improvements, in
accordance with Section 5.1, Buyer shall maintain (if applicable), and shall cause the
relevant Licensee Parties to maintain, errors and omissions insurance and contractor’s
pollution liability insurance on terms and in amounts acceptable to Seller. In each case
(other than with respect to Worker’s Compensation insurance), such policies shall insure
Seller, Buyer, and such other parties as Seller shall reasonably request, and Buyer shall
deliver to Seller evidence of insurance verifying such coverage prior to entry upon the Real
Property or Improvements to perform testing. Buyer shall also (i) promptly pay when due the
costs of all entry and inspections and examinations done with regard to the Property;
(ii) cause any inspection to be conducted in accordance with standards customarily employed
in the industry and in compliance with all Governmental Regulations; (iii) in the event this
Agreement is terminated, at Seller’s request, furnish to Seller copies of any third-party
studies, reports or test results received by Buyer regarding the Property; and (iv) restore
the Real Property and Improvements to substantially the same condition in which the same
were found before any such entry upon the Real Property and inspection or examination was
undertaken.

(b) Buyer hereby indemnifies, defends and holds Seller, Seller’s Affiliates, and the agents,
directors, partners, members, officers, employees, successors and assigns of each of them
(collectively, the “Seller Parties”) harmless from and against any and all liens,
claims, causes of action, damages, liabilities, demands, suits, and obligations to third
parties, together with all losses, penalties, costs and expenses relating to any of the
foregoing (including but not limited to court costs and reasonable attorneys’ fees), arising
out of any inspections, investigations, examinations, samplings or tests conducted by Buyer
or any of the Licensee Parties, whether prior to or after the date hereof, with respect to
the Property or any violation of the provisions of this Article V, except to the extent that
such losses are attributable to the negligence or willful misconduct of Seller or
the Seller Parties; provided, however, that Buyer will not be liable to Seller Parties
solely as a result of the discovery by Buyer of a pre-existing condition on the Property
except to the extent the activities of Buyer or any of the Licensee Parties exacerbate the
condition, with Buyer’s liability, if any, limited to the extent of any exacerbation caused
by Buyer or the Licensee Parties.

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(c) Buyer acknowledges that it has completed its inspection of the Documents, Real Property
and Improvements, and that Buyer has accepted the same. Buyer further acknowledges and
agrees that there shall be no reduction of or credits against the Purchase Price as a result
of any matters disclosed by such inspections, all of which matters are hereby accepted by
Buyer.

5.4 Estoppel Certificates.

(a) As a condition to Buyer’s obligation to close the transaction contemplated by this
Agreement, Seller shall, on or before four (4) Business Days prior to the Closing Date (the
“Estoppel Delivery Date”), obtain Acceptable Estoppels (as hereinafter defined)
dated no earlier than April 1, 2010, from those Tenants whose Leases will continue after
Closing and which represent at least eighty percent (80%) of the occupied square footage of
the Improvements (the “Required Percentage”), provided, however, that all Major
Tenants shall be included as part of the Required Percentage. Seller shall deliver a
proposed estoppel certificate to each Tenant whose Lease will continue after Closing. Such
estoppel certificates shall be substantially in the form of Exhibit C-1 attached
hereto (the “Approved Form”); provided, however, that if any Tenant is required or
permitted under the terms of its Lease to provide a different form of estoppel, provide less
information or to otherwise make different statements in a certification of such nature than
are set forth on the Approved Form, then Buyer shall accept any such alternate form. An
executed estoppel certificate in the form described in this Section 5.4, provided no
material default or other material qualification is raised therein, is hereinafter referred
to as an “Acceptable Estoppel”. For purposes of this Section 5.4, defaults or
qualifications shall be deemed to be material to the extent they exceed $100,000.00 in the
aggregate for all executed estoppel certificates.

(b) A copy of each executed estoppel certificate received by Seller from a Tenant shall be
delivered by Seller to Buyer promptly after Seller receives such estoppel certificate from
the applicable Tenant. If Buyer reasonably believes that an estoppel certificate received
from a Tenant is not an Acceptable Estoppel, Buyer shall notify Seller in writing (a
“Rejection Notice”) within four (4) business days of receipt of such estoppel
certificate from Seller (and in any event prior to Closing). Failure to so timely notify
Seller shall result in such estoppel certificate being deemed to constitute an Acceptable
Estoppel. If Buyer timely delivers a Rejection Notice, Seller may, at its option but
without any obligation, elect to cure such estoppel deficiencies prior to Closing
(including, but not limited to, giving Buyer a credit against the Purchase Price or
providing Buyer an indemnity relating to any such deficiency). Notwithstanding anything to
the contrary set forth herein, Buyer

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agrees that it shall not be reasonable to
object to any estoppel which is substantially in the Approved Form, which is consistent with
the Leases, the Rent Roll and the AR Report, and which does not allege any “material”
defaults or claims (as defined in Section 5.4(a) above, when aggregated with all other
executed estoppels). Further, in no event shall (i) the insertion by a Tenant of
“knowledge” and similar qualifiers, or (ii) the deletion or modification of paragraph 9 of
the Approved Form, be grounds for Buyer to reject said estoppel as not being an Acceptable
Estoppel in compliance with this Section 5.4. Buyer acknowledges that Seller has provided
Buyer with copies of recent estoppel certificates obtained by Seller from the Tenants, and
Buyer agrees that an estoppel certificate from a given Tenant which is in substantially the
same format as the most recent estoppel delivered by such Tenant (and modified to reflect
updated facts that have changed since the date of the prior estoppels) shall also be an
Acceptable Estoppel.

(c) If Seller has not delivered the Required Percentage of Acceptable Estoppels on or prior
to the Estoppel Delivery Date, Seller shall have the right, but not the obligation,
exercisable in its sole discretion, to provide Buyer with a certificate in the form of
Exhibit C-2 attached hereto, on or prior to the Closing Date, for Tenants occupying,
in the aggregate, no more than five percent (5%) of the occupied square footage of the
Improvements, and such Seller’s certificates shall apply against the Required Percentage;
provided, however, that Seller may not substitute a Seller’s certificate for an estoppel
from a Major Tenant or for a Tenant which has previously delivered an estoppel in connection
with this transaction. In such event, Seller shall have the right, on a post-Closing basis,
to continue to obtain estoppel certificates from Tenants to reach the Required Percentage.
Seller’s liability under such Seller’s certificate(s) (i) shall expire and be of no further
force and effect as of the earlier of (A) twelve (12) months following the Closing Date, and
(B) with respect to each statement covered by such Sellers’ certificate, the date that Buyer
receives an Acceptable Estoppel from such Tenant.

(d) In no event shall Seller incur any liability in connection with failing to obtain the
Required Percentage of estoppel certificates by the Estoppel Delivery Date, provided that
Seller delivered the estoppel certificate forms to the Tenants, requested in good faith that
the Tenants promptly return them, and made at least one additional written request to the
Tenants requesting the return of the estoppel certificates. If Seller has been unable to
obtain the Required Percentage of estoppel certificates by the Estoppel Delivery Date, then
Buyer’s sole remedy is that Buyer may, by giving Seller and Escrow Agent written notice by
the Closing Date (as extended, if applicable), terminate this Agreement in which event the
Earnest Money shall be returned to Buyer and neither Buyer nor Seller shall have any further
liability or obligation hereunder except for the Termination Surviving Obligations.

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5.5 SALE “AS IS”. Except as otherwise expressly set forth in this Agreement or
Seller’s closing documents, neither Seller nor any of Seller’s Affiliates nor any other person is
making, and Seller specifically disclaims, any representation, warranty or assurance whatsoever to
Buyer, either express or implied, with respect to the status of title to or the maintenance,
repair, condition, design or marketability of the Property, or any portion thereof, including but
not limited to (a) any implied or express warranty of merchantability, (b) any implied or express
warranty of fitness for a particular purpose, (c) any implied or express warranty of conformity to
models or samples of materials, (d) any rights of Buyer under appropriate statutes to claim
diminution of consideration, (e) any claim by Buyer for damages because of defects, whether known
or unknown, with respect to the Improvements or the Personal Property, (f) the financial condition
or prospects of the Property and (g) the compliance or lack thereof of the Real Property or the
Improvements with Governmental Regulations, including without limitation Environmental Laws, now
existing or hereafter enacted or promulgated, it being the express intention of Seller and Buyer
that, except as expressly set forth in this Agreement or Seller’s closing documents, the Property
will be conveyed and transferred to Buyer in its present condition and state of repair, “AS IS,
WHERE IS, WITH ALL FAULTS.”

(a) Buyer represents that it is a knowledgeable, experienced and sophisticated buyer of real
estate, and that it is relying solely on its own expertise and that of Buyer’s consultants
in purchasing the Property. Buyer has been given a sufficient opportunity to conduct and
has conducted or will conduct such inspections, investigations and other independent
examinations of the Property and related matters as Buyer deems necessary, including but not
limited to the physical and environmental conditions thereof, and will rely upon same and
not upon any statements of Seller (excluding the matters represented by Seller in
Sections 8.1 and 8.2 hereof or Seller’s closing documents) nor of any officer, director,
employee, agent or attorney of Seller. Upon Closing, Buyer will assume the risk that
adverse matters, including, but not limited to, adverse physical and environmental
conditions, may not have been revealed by Buyer’s inspections and investigations. Seller is
not liable or bound in any manner by any oral or written statements, representations or
information pertaining to the Property furnished by any real estate broker, agent, employee
or other person, unless the same are specifically set forth or referred to herein. Buyer
acknowledges that the Purchase Price reflects the “AS IS, WHERE IS” nature of this sale and
any faults, liabilities, defects or other adverse matters that may be associated with the
Property. Buyer, with Buyer’s counsel, has fully reviewed the disclaimers and waivers set
forth in this Agreement and understands the significance of each and agrees that the
disclaimers and other agreements set forth herein are an integral part of this Agreement,
and that Seller would not have agreed to sell the Property to Buyer for the Purchase Price
without the disclaimers and other agreements set forth in this Agreement.

(b) Buyer and Buyer’s Affiliates further covenant and agree not to sue Seller and the Seller
Parties and release Seller and the Seller Parties of and from and waive any claim or cause
of action, including without limitation any strict liability claim or cause of action, that
Buyer or Buyer’s Affiliates may have against Seller or the Seller Parties under any
Environmental Law, now existing or hereafter enacted or promulgated, relating to
environmental matters or environmental conditions in, on, under, about or migrating from or
onto the Property, including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act, or by virtue of any common law right, now existing or
hereafter created, related to environmental conditions or environmental matters in, on,
under, about or migrating from or onto the Property. The terms and conditions of this
Section 5.5 will expressly survive the termination of this Agreement or
the Closing, as the case may be and will not merge with the provisions of any Closing
documents.

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5.6 SNDAs. Upon the written request of Buyer, Seller agrees to forward, at no cost to
Seller and solely as an accommodation to Buyer, Buyer’s lender’s form of Subordination,
Non-Disturbance and Attornment Agreement (“SNDA”) (with the appropriate blanks completed
for each Tenant by Buyer or Buyer’s lender) to the Major Tenants and to each additional Tenant
(i) for which a memorandum of lease may have been recorded, (ii) whose Lease requires that an SNDA
be delivered, or (iii) whose Lease does not provide for automatic subordination. However, it is
expressly understood and agreed that the receipt of one or more SNDAs in any form executed by any
Tenant shall not be a condition to Buyer’s obligation to proceed with the Closing under this
Agreement. Provided that Buyer coordinates any such communication through Seller, Buyer shall have
the right to communicate with the Tenants to negotiate any comments to the SNDAs that such Tenants
may have. Seller reserves the right to participate in any such discussions with the Tenants.

ARTICLE VI

TITLE AND SURVEY MATTERS

6.1 Survey and Title Commitment. Seller has previously delivered to Buyer, via the
Diligence Website, a copy of the existing survey of the Real Property (the “Existing
Survey”) and a preliminary title commitment from the Title Company to issue an ALTA owner’s
policy of title insurance with respect to the Real Property (collectively, the “Title
Commitment”). On or before Closing, Seller shall deliver to Buyer and the Title Company a copy
of the Existing Survey dated after the Effective Date and certified to Buyer.

6.2 Title Policy. At Closing, the Title Company shall issue to Buyer or be
irrevocably committed to issue to Buyer an extended coverage ALTA owner’s form title policy or
policies (collectively, the “Title Policy”), in the amount of the Purchase Price, insuring
that fee simple title to the Real Property is vested in Buyer subject only to the Permitted
Exceptions. Buyer shall be entitled to request that the Title Company provide such endorsements
(other than an extended coverage endorsement) to the Title Policy as Buyer may reasonably require,
provided that (a) such endorsements shall be at no cost to, and shall impose no additional
liability on, Seller, (b) Buyer’s obligations under this Agreement shall not be conditioned upon
Buyer’s ability to obtain such endorsements and, if Buyer is unable to obtain such endorsements,
Buyer shall nevertheless be obligated to proceed to close the transaction contemplated by this
Agreement without reduction of or set off against the Purchase Price, and (c) the Closing shall not
be delayed as a result of Buyer’s request. Seller shall have no obligation to provide any
affidavits, personal undertakings or title indemnities to the Title Insurer respecting the issuance
of the Title Policy or any endorsements to the Title Policy; provided, that Seller will provide the
Title Insurer with a customary ALTA statement, personal undertaking or owner’s affidavit
(collectively, an “Owner’s Affidavit”), in form and substance reasonably acceptable to
Seller and containing such statements as are customarily required by the Title Insurer, which will
permit the Title Insurer to remove the standard parties in possession, “mechanics lien”, brokers’
lien and
“GAP” exceptions. Seller shall also cause the Property Manager to deliver at Closing a customary
form of property manager’s lien waiver.

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ARTICLE VII

INTERIM OPERATING COVENANTS

7.1 Interim Operating Covenants. Seller covenants to Buyer that Seller will:

(a) Operations. From the Effective Date until Closing or earlier termination of this
Agreement, continue to operate, manage and maintain the Improvements in the ordinary course
of Seller’s business and substantially in accordance with Seller’s present practice, subject
to ordinary wear and tear and further subject to Article XI of this Agreement.

(b) Leases. Seller will keep Buyer apprised of leasing activities involving the
Property. Seller has notified Buyer of the pending New Lease Agreements listed on
Exhibit T attached hereto and made a part hereof (collectively, the “Pending
Leases”), and Buyer has approved such Pending Leases.

(i) From the Effective Date through the Closing Date or earlier termination of this
Agreement, Seller shall notify Buyer in writing prior to entering into any new
Leases and amendments to existing Leases (including, but not limited to, any
renewals or expansions of existing Leases pursuant to existing options exercised
after the Effective Date (a “Lease Option Exercise”)) (any of the foregoing,
a “New Lease Agreement”) relating to the Property. Any New Lease Agreement
that is on Seller’s standard form (with such reasonable negotiated changes as Seller
and the proposed tenant may mutually agree) and that contains terms consistent with
the New Lease Guidelines is hereinafter referred to as a “Conforming New Lease
Agreement”. Buyer shall have five (5) Business Days after receipt of any New
Lease Agreement (which shall be accompanied by copies of the most recent credit
reports and financial statements, if any, for the proposed tenant as may be in
Seller’s possession) within which to notify Seller in writing as to (A) whether
Buyer disputes, in its reasonable discretion, that such New Lease Agreement is a
Conforming New Lease Agreement, (B) to approve or disapprove in its reasonable
discretion a New Lease Agreement that is not a Conforming New Lease Agreement, or
(C) to approve or disapprove in its reasonable discretion the credit of the proposed
tenant, whether or not the New Lease Agreement is a Conforming New Lease Agreement.
Buyer shall have no right to disapprove any Lease Option Exercise; provided,
however, that Buyer shall have the right to approve or disapprove, in its reasonable
discretion, Seller’s determination of the fair market rental rate if applicable to
any such Lease Option Exercise to the extent Seller’s determination is inconsistent
with the New Lease Guidelines. Until Closing or earlier termination of this
Agreement, subject to clause (C) above, Seller shall not enter into any New Lease
Agreement other than Conforming New Lease Agreements without the prior written
consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed.
If Buyer fails
to notify Seller of its disapproval of any New Lease Agreement within five (5)
Business Days after Buyer receives a copy thereof, Buyer shall be deemed to have
approved such New Lease Agreement.

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(ii) Notwithstanding anything to the contrary contained herein, on the Effective
Date, Seller shall permit Buyer’s approved leasing agent (“Buyer’s Leasing
Agent”) to show the available space in the Building to prospective tenants on
terms consistent with the New Lease Guidelines, but any commissions due to Buyer’s
Leasing Agent shall be the sole responsibility of Buyer. Buyer shall first notify
Seller as to the identity of Buyer’s proposed leasing agent for Seller’s approval,
which shall not be unreasonably withheld. Any proposed new leases of space shall be
subject to Seller’s approval, not to be unreasonably withheld or delayed, provided
however it shall be reasonable for Seller to withhold its consent to new leases
which do not meet the New Lease Guidelines. Any such proposed new leases shall be
on Seller’s standard form (with such reasonable negotiated changes as Seller, Buyer
and the proposed tenant may mutually agree and with all negotiations being led by
Seller). If Seller approves a new Lease prior to the Closing Date, Buyer shall
deposit with the Escrow Agent the amount of any commission payable to Buyer’s
Leasing Agent to be disbursed to pay for any amounts payable by Seller to Buyer’s
Leasing Agent prior to the Closing Date relating to such new Lease, other than
commissions, if any, due to Seller’s Property Manager which shall be paid by Seller.
At Closing, any unused portion of such funds deposited by Buyer hereunder shall be
released to Buyer. If Closing does not occur for any reason, any unused portion of
such funds deposited by Buyer hereunder shall be released to Seller. In addition,
Buyer shall reimburse Seller at Closing for any other costs incurred by Seller
associated with such new Lease (including, without limitation, any tenant
improvement allowances and Seller’s attorney’s fees and costs),

(c) Compliance with Governmental Regulations. From the Effective Date until Closing
or earlier termination of this Agreement, not knowingly take any action that would result in
a failure to comply in all material respects with all Governmental Regulations applicable to
the Property, it being understood and agreed that prior to Closing, Seller will have the
right to contest any such Governmental Regulations.

(d) Service Contracts. From the Effective Date until Closing or earlier termination
of this Agreement, Seller shall not enter into any new Service Contracts or amend any
existing Service Contracts without Buyer’s prior written consent, which shall not be
unreasonably withheld, delayed or conditioned and shall be deemed to have been given if
Buyer fails to notify Seller of any objections thereto within five (5) Business Days after
Buyer receives a copy of such new Service Contract or amendment; provided, however, that if
such new Service Contracts or Service Contracts that are being amended will be fully
performed by Seller on or before the Closing Date or are terminable on 30 days notice
without penalty, Buyer’s consent shall not be required.

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(e) Notices. To the extent received by Seller, from the Effective Date until Closing
or earlier termination of this Agreement, promptly deliver to Buyer copies of written
default notices, notices of lawsuits and notices of violations affecting the Property and
the filing of bankruptcy or insolvency proceedings by or against any Tenant of which Seller
has knowledge.

(f) Preservation of the Existing Loan. Seller shall, from and after the Effective
Date up to and including the Closing Date, perform and discharge in all material respects
all of the duties and obligations required to be performed by it, as mortgagor under the
Existing Loan prior to Closing and shall otherwise comply with every material covenant and
agreement of the mortgagor under the Existing Loan, in the manner and within the time limits
required thereunder.

(g) Reports. From the Effective Date through the Closing Date or earlier
termination of this Agreement, at Buyer’s request, Seller shall deliver to Buyer, on or
before the fifteenth day of each month (i) a monthly GAAP basis operating statement for the
immediately preceding month setting forth all revenues and expenses with respect to the
Property, and (ii) a current, updated Rent Roll and AR Report.

(h) Insurance. From the Effective Date until Closing or earlier termination of this
Agreement, Seller shall maintain fire and extended coverage insurance on the Land and
Improvements in amounts and with coverages reasonably selected by Seller so long as such
amounts meet the requirements of the Existing Loan Documents (with such waivers thereof as
the Lender may have approved).

7.2 Management Agreements. Seller shall terminate any leasing and/or management
agreements with the Property Manager effective as of the Closing Date and pay any and all costs and
expenses of termination thereof. Upon the consummation of the transactions contemplated herein,
all on-site employees of Seller or the Property Manager who decide to remain at the Property and
who Buyer elects to retain (collectively, the “Property Employees”) shall become employees
at will of Buyer or its property manager (other than the Union Personnel who shall be employed by
Buyer or its new property manager in accordance with the BOMA Agreements as provided in
Section 18.15 below). The accrued vacation, sick time and benefit contributions of the Property
Employees will be pro rated at Closing and carried over to their new employer. A list of the
Property Employees is attached hereto as Exhibit Q and made a part hereof.

ARTICLE VIII

REPRESENTATIONS AND WARRANTIES

8.1 General Seller’s Representations and Warranties. Subject to the information
disclosed in the Documents on the Diligence Website as of February 18, 2010 (the “Posting
Deadline”), and to the limitations set forth in Section 8.4 of this Agreement, Seller hereby
represents and warrants to the Buyer, as of the date hereof and, except as otherwise limited in,
and/or updated pursuant to the terms, this Agreement (including, but not limited to, Section 8.4
below), as of the Closing Date, as follows:

(a) Organization. Seller is a limited liability company, duly organized and validly
existing under the laws of the State of Delaware and duly registered as a foreign limited
liability company in the State of Illinois.

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(b) Authority. The execution and delivery of this Agreement and the performance of
Seller’s obligations hereunder have been or will be duly authorized by all necessary action
on the part of Seller, and this Agreement constitutes the legal, valid and binding
obligation of Seller.

(c) Non-Contravention. The execution and delivery of this Agreement by Seller and
the consummation by Seller of the transactions contemplated hereby do not violate any
judgment, order, injunction, decree, regulation or ruling of any court or Authority or
conflict with, result in a breach of, or constitute a default under the organizational
documents of Seller, and, subject to receipt of the Financing Consents, any note or other
evidence of indebtedness, any mortgage, deed of trust or indenture, or any lease or other
material agreement or instrument to which Seller is a party or by which it is bound.

(d) Non-Foreign Entity. Seller is not a “foreign person” or “foreign corporation”
as those terms are defined in the Code.

(e) Consents. Other than the Financing Consents, no consent, waiver, approval or
authorization is required from any person or entity (that has not already been obtained or
made) in connection with the execution and delivery of this Agreement by Seller or the
performance by Seller of the transactions contemplated hereby which, if not obtained or
made, would reasonably be expected to prevent or delay in any material respect the
consummation of this Agreement or any of the transactions contemplated by this Agreement or
in the documents contemplated to be executed hereunder, or otherwise prevent Seller from
performing its obligations hereunder in any material respect.

(f) Bankruptcy. Seller has not (i) made a general assignment for the benefit of
creditors, (ii) filed any voluntary in bankruptcy or suffered the filing of any involuntary
petition by the Seller’s creditors (iii) suffered the appointment of a receiver to take
possession of all, or substantially all, of the Seller’s assets, which remains pending, or
(iv) suffered the attachment or other judicial seizure of all, substantially all of the
Seller’s assets, which remains pending.

(g) Anti-Terrorism Law. Seller is not acting, directly or indirectly for, or on
behalf of, any person, group, entity or nation named by any Executive Order of the President
of the United States of America (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism) or the United States Treasury Department, as a terrorist, “Specially
Designated National and Blocked Person,” or other banned or blocked person, entity, or
nation pursuant to any law that is enforced or administered by the United States Office of
Foreign Assets Control, and is not engaging in this transaction, directly or indirectly, on
behalf of, or instigating or facilitating this transaction, directly or indirectly, on
behalf of, any such person, group, entity or nation.

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8.2 Representations and Warranties of the Seller as to the Property. Subject to the
information disclosed in the Documents and matters of public record relating to or in connection
with the Property and subject to the limitations set forth in Section 8.4 of this Agreement, Seller
hereby represents and warrants to the Buyer, as of the date hereof and as of the Closing Date, as
follows:

(a) Service Contracts. The Service Contracts listed on Exhibit D are the
only Service Contracts related to the Property. A true, correct and complete copy of each
of the Service Contracts has been or will be delivered or made available to Buyer. Seller
has received no written claim of default under a Service Contract, and to Seller’s
Knowledge, none of the other parties to any Service Contracts is in default thereunder.

(b) The tenant rent roll attached hereto as Exhibit E, which includes the default
schedule, accounts receivable detail, list of brokerage agreements and list of security
deposits. (the “Rent Roll”) is true, correct and complete in all material respects
as of the Effective Date with respect to the Leases in effect at the Property. Seller has
entered into no agreements with the Tenants other than the Leases. True and complete copies
of all Leases and all amendments and guarantees have been made available to Buyer on the
Diligence Website as of the Posting Deadline (and not including lease correspondence
customarily kept in the lease files). Except as set forth on the Rent Roll or the accounts
receivable aging report (the “AR Report”), as of the Effective Date, no Tenant is in
monetary default, and to Seller’s knowledge, (i) no Tenant is in non-monetary default under
the Leases beyond the expiration of applicable notice and cure periods thereunder, and
(ii) Seller is not in default under the Leases beyond the expiration of applicable notice
and cure periods thereunder. To Seller’s knowledge, except as disclosed on the Rent Roll,
no action or proceeding, voluntary or involuntary, is pending or threatened against any
Tenant under any section or sections of any bankruptcy or insolvency act.

(c) Existing Lease Expenses. The Existing Lease Expenses as of the date of this
Agreement are as listed on Exhibit K attached hereto and made a part hereof.

(d) Brokerage Commissions. There are no unpaid brokerage commissions or finders’
fees payable by the landlord with respect to the current or any renewal term of any of the
Leases other than those set forth in the agreement described on Exhibit E attached
hereto, and Seller has no agreement with any broker with respect to any renewal or extension
term or expansion of any Lease except as set forth on Exhibit E.

(e) Condemnation. Seller has not received any written condemnation notice from any
Authority with respect to all or part of the Property, and to Seller’s knowledge, no such
action is threatened.

(f) Litigation. Except as set forth on Exhibit M, there are no legal
actions, suits or similar proceedings pending and served, or, to Seller’s knowledge,
threatened against Seller or the Property which (i) are not adequately covered by existing
insurance, subject to applicable deductibles, or (ii) if adversely determined, would
adversely affect the value
of the Property, the continued operations thereof, or Seller’s ability to consummate the
transactions contemplated hereby.

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(g) Environmental Matters. Except as may be disclosed in the Documents, Seller has
received no written notice and has no knowledge of existing violations of applicable
Environmental Laws with respect to the ownership, use, condition, or operation of the
Property by Seller.

(h) Employees. Seller has no employees with respect to the Property. Other than
the Property Employees listed on Exhibit Q, there will be no other employees on the
Closing Date except for new Property Employees, if any, hired (at the same or lower pay
grade ) to replace existing Property Employees who are no longer on-site employees of Seller
or the Property Manager. Seller has received no written notice of any pending grievances or
similar type claims made by any of the Property Employees.

(i) Union Contracts. There are no union contracts relating to employees of the
Property Manager other than the BOMA Agreements. Seller has received no written claim of
default under the BOMA Agreements, and to Seller’s Knowledge, none of the other parties to
the BOMA Agreements is in default thereunder. To Seller’s knowledge, Seller has made all
employment benefit contributions due under the BOMA Agreements for which it has been billed.

(j) Existing Loan. Seller has delivered or will deliver true and correct copies of
the Existing Loan Documents and all other instruments and documents in Seller’s possession
evidencing, securing and/or perfecting the Existing Loan to Buyer. To Seller’s knowledge,
(i) no event of default exists and Seller has received no written notice of an event of
default under any of the Existing Loan Documents, and (ii) there is no state of facts which,
with notice or lapse of time, or both, would constitute a default under any of the Existing
Loan Documents. The total unpaid principal balance of the indebtedness secured thereby is
$61,053,599.00 as of the date of this Agreement

(k) Notices. Other than as disclosed to Buyer in writing prior to the Effective
Date, Seller has not received any written notice from any Authority of any zoning, building,
fire, water, use, health, environmental or other statute, ordinance, code or regulatory
violations issued in respect of the Property.

(l) Insurance. Seller has not received any written notice from any insurance
carrier of defects or inadequacies in the Property which if not corrected would result in
termination of insurance coverage or materially increase the cost thereof.

(m) Right to Purchase. Other than this Agreement, Seller is not a party to any
contract, agreement or commitment to sell, convey, assign or transfer the Property, or to
provide rights of first refusal, option rights or any other similar rights relating to the
purchase of the Property by third parties.

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(n) Tax Assessment Proceedings. Except as set forth on Exhibit R attached
hereto and made a part hereof, Seller is not a party to any proceeding seeking to reduce the
real estate tax assessment applicable to the Property.

(o) Pugh Jones. Seller has not been informed in writing or orally that Pugh Jones
intends to exercise the early termination right contained in its Lease.

8.3 Buyer’s Representations and Warranties. Buyer represents and warrants to Seller,
as of the date hereof and as of the Closing Date, the following:

(a) Organization. Buyer is a limited liability company, duly organized and validly
existing under the laws of the State of Delaware.

(b) Authority. The execution and delivery of this Agreement and the performance of
Buyer’s obligations hereunder have been or will be duly authorized by all necessary action
on the part of Buyer, and this Agreement constitutes the legal, valid and binding obligation
of Buyer.

(c) Non-Contravention. The execution and delivery of this Agreement by Buyer and
the consummation by Buyer of the transactions contemplated hereby will not violate any
judgment, order, injunction, decree, regulation or ruling of any court or Authority or
conflict with, result in a breach of or constitute a default under the organizational
documents of Buyer, any note or other evidence of indebtedness, any mortgage, deed of trust
or indenture, or any lease or other material agreement or instrument to which Buyer is a
party or by which it is bound.

(d) Consents. No consent, waiver, approval or authorization is required from any
person or entity (that has not already been obtained) in connection with the execution and
delivery of this Agreement by Buyer or the performance by Buyer of the transactions
contemplated hereby.

(e) Bankruptcy. Buyer has not (i) made a general assignment for the benefit of
creditors, (ii) filed any voluntary in bankruptcy or suffered the filing of any involuntary
petition by the Buyer’s creditors (iii) suffered the appointment of a receiver to take
possession of all, or substantially all, of the Buyer’s assets, which remains pending or
(iv) suffered the attachment or other judicial seizure of all, substantially all of the
Buyer’s assets, which remains pending.

(f) Anti-Terrorism Law.

(i) None of Buyer or, to Buyer’s knowledge, Buyer’s Affiliates, is in violation of
Executive Order No. 13224 (Blocking Property and Prohibiting Transactions with
Persons Who Commit, Threaten to Commit, or Support Terrorism) (the “Executive
Order”) and the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism
Action of 2001, Public Law 107-56 (collectively, the “Anti-Money Laundering and
Anti-Terrorism Laws”).

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(ii) None of Buyer or, to Buyer’s knowledge, Buyer’s Affiliates, is acting, directly
or indirectly, on behalf of terrorists, terrorist organizations or narcotics
traffickers, including those persons or entities that appear on the Annex to the
Executive Order, or are included on any relevant lists maintained by the Office of
Foreign Assets Control of U.S. Department of Treasury, U.S. Department of State, or
other U.S. government agencies, all as may be amended from time to time.

(iii) None of Buyer or, to Buyer’s knowledge, Buyer’s Affiliates or, without
inquiry, any of its brokers or other agents, in any capacity in connection with the
purchase of the Property (A) conducts any business or engages in making or receiving
any contribution of funds, goods or services to or for the benefit of any person
included in the lists set forth in the preceding paragraph, (B) deals in, or
otherwise engages in any transaction relating to, any property or interests in
property blocked pursuant to the Executive Order, or (C) engages in or conspires to
engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in any
Anti-Money Laundering and Anti-Terrorism Laws.

(iv) Buyer understands and acknowledges that Seller may become subject to further
anti-money laundering regulations, and agrees to execute instruments, provide
information, or perform any other acts as may reasonably be requested by Seller, for
the purpose of: (A) carrying out due diligence as may be required by applicable law
to establish Buyer’s identity and source of funds; (B) maintaining records of such
identities and sources of funds, or verifications or certifications as to the same;
and (C) taking any other actions as may be required to comply with and remain in
compliance with anti-money laundering regulations applicable to Buyer.

(v) Neither Buyer, nor any person controlling or controlled by Buyer, is a country,
territory, individual or entity named on a Government List, and the monies used in
connection with this Agreement and amounts committed with respect thereto, were not
and are not derived from any activities that contravene any applicable anti-money
laundering or anti-bribery laws and regulations (including funds being derived from
any person, entity, country or territory on a Government List or engaged in any
unlawful activity defined under Title 18 of the United States Code, Section
1956(c)(7)).

8.4 Limitations on Liability and Representations and Warranties.

(a) The representations and warranties of Seller set forth in Sections 8.1 and 8.2, together
with Seller’s liability for any breach before Closing of any of Seller’s interim operating
covenants under Article VII, will survive the Closing for a period of twelve (12)
months. The Closing Surviving Obligations will survive Closing for twelve (12) months
unless a different period is otherwise provided in this Agreement. All other
representations, warranties, covenants and agreements made or undertaken by Seller under
this Agreement, unless otherwise specifically provided herein, will not survive the Closing
Date but will be merged into the Deed and other Closing documents delivered at the Closing.

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(b) Buyer will not have any right to bring any action against Seller as a result of any
untruth or inaccuracy of such representations and warranties, or any such breach, unless and
until the aggregate amount of all liability and losses arising out of any such untruth or
inaccuracy, or any such breach, exceeds $100,000.00 In addition, in no event will Seller’s
liability for all such breaches exceed, in the aggregate, $2,000,000.00.

(c) Notwithstanding anything to the contrary contained in this Agreement, (i) if at the time
of its execution of this Agreement, Buyer has knowledge that there exists any specific
breach of or inaccuracy of any representation or warranty made by Seller in this Agreement,
then Seller shall have no liability hereunder by reason of that specific breach or
inaccuracy, and that representation or warranty will be considered modified for the purposes
of this Agreement to reflect the facts or circumstances that constitute or give rise to that
specific breach or inaccuracy, and (ii) Seller shall have no liability with respect to any
of its representations, warranties and covenants herein if, prior to the Closing, Buyer has
actual knowledge of any breach of a representation, warranty or covenant of Seller herein,
or Buyer obtains knowledge (from whatever source, including, without limitation, any tenant
estoppel certificates or any of the Documents, as a result of Buyer’s due diligence, the
inclusion of any information in or written disclosure by Seller or Seller’s agents and
employees) that contradicts any of Seller’s representations and warranties herein, and Buyer
nevertheless consummates the transaction contemplated by this Agreement.

(d) For purposes of this Agreement and any document delivered at Closing, whenever the
phrase “to Seller’s knowledge,” or the “knowledge” of Seller or words of similar import are
used, they shall be deemed to refer to facts within the actual knowledge only of Jeffrey A.
Patterson, Paul Del Vecchio, Dennis Lambert and Christina Hale, and no others, at the times
indicated only, without duty of inquiry whatsoever. Seller represents and warrants that the
aforementioned individuals have operational knowledge of and familiarity with the Property
and the management thereof. Buyer acknowledges that the individuals named above are named
solely for the purpose of defining and narrowing the scope of Seller’s knowledge and not for
the purpose of imposing any liability on or creating any duties running from such
individuals to Buyer. Buyer covenants that it will bring no action of any kind against such
individuals, any shareholder, partner or member of Seller, as applicable, or related to or
arising out of these representations and warranties.

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(e) All representations and warranties of Seller contained herein shall be remade at the
time of the Closing pursuant to Seller’s certificate as identified in Section 10.2(k),
except to the extent Seller discloses in such certificate that any such representations and
warranties are not true. In no event shall Seller be liable to Buyer for, or be deemed to
be in default hereunder by reason of, any breach of representation or warranty which results
from any change that (i) occurs between the Effective Date and the date of Closing and
(ii) is expressly permitted under the terms of this Agreement or is beyond the reasonable
control of Seller to prevent; provided, however, and subject to Section 8.4(f) below, that
the occurrence of a change which is not permitted hereunder and is beyond the reasonable
control of Seller to prevent shall, if materially adverse to Buyer, constitute the
non-fulfillment of the condition set forth in Section 9.1(b). For purposes of this
Section 8.4(e), a change having an adverse effect in excess of $100,000 in the aggregate
shall be deemed to be materially adverse to Buyer. If, despite changes or other matters
described in the certificate delivered pursuant to Section 10.2(j), the Closing occurs,
Seller’s representations and warranties set forth in this Agreement shall be deemed to have
been modified by all statements made in such certificate.

(f) If the representations or warranties relating to the Leases set forth in Section 8.2(b)
or the Service Contracts set forth on Exhibit D and the status of the Tenants or
other parties thereunder contained herein were true in all material respects as of the
Effective Date, then, except with respect to Accenture and VivaKi, Inc., no change in
circumstances or status of the Tenants or other parties (e.g., defaults, bankruptcies,
below-market status or other adverse matters relating to such Tenant or other party)
occurring after the Effective Date, shall permit Buyer to terminate this Agreement or
constitute grounds for Buyer’s failure to close.

ARTICLE IX

CONDITIONS PRECEDENT TO CLOSING

9.1 Conditions Precedent to Obligation of Buyer. The obligation of Buyer to
consummate the transaction hereunder shall be subject to the fulfillment on or before the Closing
Date of all of the following conditions, any or all of which may be waived by Buyer in its sole
discretion:

(a) Seller shall have delivered to Escrow Agent all of the items required to be delivered to
Buyer pursuant to the terms of this Agreement, including but not limited to, those provided
for in Section 10.2.

(b) All of the representations and warranties of Seller contained in this Agreement shall be
true and correct in all material respects as of the date of Closing as updated pursuant to
the Seller’s certificate identified in Section 10.2(k) and subject to the terms of
Sections 8.4(e) and 8.4(f) above.

(c) Seller shall have performed and observed, in all material respects, all covenants and
agreements of this Agreement to be performed and observed by Seller as of the Closing Date.

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(d) As of the Closing Date, the Title Company shall be prepared to deliver to Buyer an
initialed mark-up of the Title Commitment consistent with the requirements for the Title
Policy.

(e) The estoppel contingency set forth in Section 5.4 shall have been satisfied.

(f) If Buyer assumes the Existing Loan, Buyer shall have obtained the Financing Consents as
provided in Article XVII.

9.2 Conditions Precedent to Obligation of Seller. The obligation of Seller to
consummate the transaction hereunder shall be subject to the fulfillment on or before the date of
Closing (or as otherwise provided) of all of the following conditions, any or all of which may be
waived by Seller in its sole discretion:

(a) Escrow Agent shall have received the Purchase Price as adjusted pursuant to, and payable
in the manner provided for, in this Agreement, and Buyer shall have provided written
authority to Escrow Agent to release such amount to Seller.

(b) Buyer shall have delivered to Seller all of the items required to be delivered to Seller
pursuant to the terms of this Agreement, including but not limited to, those provided for in
Section 10.3.

(c) All of the representations and warranties of Buyer contained in this Agreement shall be
true and correct in all material respects as of the date of Closing (with appropriate
modifications permitted under this Agreement or not materially adverse to Seller).

(d) Buyer shall have performed and observed, in all material respects, all covenants and
agreements of this Agreement to be performed and observed by Buyer as of the Closing Date.

(e) If Buyer assumes the Existing Loan, Buyer shall have obtained the Financing Consents,
and such Financing Consents shall provide that Seller and the Existing Guarantors are
released from all obligations under the Existing Loan Documents arising from and after the
Closing Date.

9.3 Failure of Condition. Subject to the provisions of Sections 8.4(e) and 8.4(f), if
any condition set forth in Section 9.1 or Section 9.2 is not satisfied or waived on or before the
Closing, then the party to this Agreement whose obligations are conditioned upon the satisfaction
of such condition, so long as such party has acted in good faith and with due diligence in
performing its obligations hereunder and cooperating with the other party in its performance
hereunder, may (a) if such failure of condition constitutes a default under this Agreement, pursue
its remedies under Article XIII, or (b) if such failure of condition does not constitute a default
under this Agreement, terminate this Agreement by written notice delivered at or prior to the
Scheduled Closing Date, in which event the Earnest Money shall be paid to Buyer by Escrow Agent.
Upon termination of this Agreement pursuant to this Section 9.3, except with respect to
the Termination Surviving Obligations, this Agreement shall be null and void and the parties shall
have no further obligation to each other.

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ARTICLE X

CLOSING

10.1 Closing.

(a) Subject to the extension option described in Section 10.1(b) below, the consummation of
the transaction contemplated by this Agreement by delivery of documents and payments of
money shall take place through escrow at the offices of the Escrow Agent on the date (the
“Scheduled Closing Date”) that is ten (10) Business Days after the Lender approves
Buyer’s assumption of the Existing Loan (the “Assumption Approval”), but in no event
earlier than seventy-five (75) days after the Board Approval Date; provided, however, that
if Buyer has not obtained such Assumption Approval by the Outside Date (subject to the
extension option described in Section 10(b) below), notwithstanding Buyer’s diligent and
good faith, commercially reasonable efforts to obtain the same, this Agreement shall
terminate, the Earnest Money shall be returned to Buyer, and the parties shall have no
further obligation to each other except with respect to the Termination Surviving
Obligations. At Closing, the events set forth in this Article X will occur, it being
understood that the performance or tender of performance of all matters set forth in this
Article X are mutually concurrent conditions which may be waived by the party for whose
benefit they are intended. The acceptance of the Deed by Buyer shall be deemed to be full
performance and discharge of each and every agreement and obligation on the part of Seller
to be performed hereunder other than the Closing Surviving Obligations, unless otherwise
specifically provided herein.

(b) Notwithstanding anything to the contrary contained herein, each of Seller and Buyer
shall have the right, at its option, to extend the Scheduled Closing Date for fifteen (15)
days (the “Extension Period”) in order to obtain the Assumption Approval by giving
the other party written notice thereof no later than three (3) Business Days prior to the
original Scheduled Closing Date. If either Seller or Buyer exercises its right to extend
the Scheduled Closing Date for the Extension Period as provided herein, then all references
herein to the “Scheduled Closing Date” shall mean the Scheduled Closing Date as so extended.

(c) Notwithstanding anything to the contrary contained herein, if Buyer delivers the
Defeasance Notice pursuant to Section 17.6 below (or if Buyer is deemed to have delivered
the Defeasance Notice pursuant to Section 17.2(c) below), the Scheduled Closing Date shall
be the Outside Date.

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10.2 Seller’s Closing Obligations. At the Closing, Seller will deliver to Buyer the
following documents:

(a) A special warranty deed in the form attached hereto as Exhibit F, duly executed
and acknowledged by Seller (the “Deed”), conveying to Buyer the Real Property and
the Improvements located thereon, subject only to the Permitted Exceptions;

(b) A blanket assignment and bill of sale in the form attached hereto as Exhibit G
(the “Bill of Sale”), duly executed by Seller, assigning and conveying to Buyer,
without representation or warranty, title to the Personal Property;

(c) A counterpart original of an assignment and assumption of Seller’s interest, as lessor,
in the Leases and Security Deposits in the form attached hereto as Exhibit H (the
“Assignment of Leases”), duly executed by Seller, conveying and assigning to Buyer
all of Seller’s right, title and interest, as lessor, in the Leases and Security Deposits;

(d) A counterpart original of an assignment and assumption of Seller’s interest in the
Service Contracts, any leasing commission agreements affecting the Property and the Licenses
and Permits in the form attached hereto as Exhibit I (the “Assignment of
Contracts”), duly executed by Seller, conveying and assigning to Buyer all of Seller’s
right, title, and interest, if any, in the Service Contracts, the leasing commission
agreements and the Licenses and Permits;

(e) Written notices executed by Seller (to be countersigned by Buyer) and to be addressed
and mailed to the Tenants on the Closing Date by Buyer, (i) acknowledging the sale of the
Property to Buyer, (ii) acknowledging that Buyer has received and that Buyer is responsible
for the Security Deposit to the extent credited to or received by Buyer, and
(iii) indicating that rent should thereafter be paid to Buyer and giving instructions
therefor (the “Tenant Notice Letters”);

(f) Evidence reasonably satisfactory to Buyer and Title Company that the person executing
the documents delivered by Seller pursuant to this Section 10.2 on behalf of Seller has full
right, power, and authority to do so;

(g) A certificate in the form attached hereto as Exhibit J (“Certificate as to
Foreign Status”) certifying that Seller is not a “foreign person” as defined in
Section 1445 of the Internal Revenue Code of 1986, as amended;

(h) All original estoppel certificates in Seller’s possession (or copies where originals are
not available) to the extent not previously delivered to Buyer;

(i) Original copies of the state, county and city real estate transfer tax declarations
executed by Seller (the “Tax Declarations”);

(j) The Owner’s Affidavit referred to in Section 6.2 above;

(k) A certificate, dated as of the date of Closing confirming that the representations and
warranties of Seller contained in this Agreement are true and correct in all material
respects as of the date of Closing (with appropriate modifications to reflect any changes
therein including without limitation any changes described in Section 8.4 hereof) or
identifying any representation or warranty which is not, or no longer is, true and correct
and explaining the state of facts giving rise to the change;

Agreement of Sale and Purchase

 

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(l) A “full payment certificate” from the City of Chicago Department of Water Management;

(m) All keys to the Property and original Leases, lease files located in the Property
Manager’s office, Licenses and Permits, the Service Contracts and any leasing commission
agreements affecting the Property in Seller’s possession (or copies where originals are not
available), all of which may remain on site at the Property and need not be delivered to the
location of the Closing;

(n) Written notices executed by Seller (to be countersigned by Buyer) and to be addressed
and mailed to the vendors under the Service Contracts on the Closing Date by Buyer,
acknowledging the sale of the Property to Buyer and that the applicable Service Contract has
been assigned to Buyer (the “Service Contract Notice Letters”);

(o) A certificate issued by the Illinois Department of Revenue stating that no withholding
of the proceeds from the sale is required in connection with the “bulk sales” provisions of
the Illinois Income Tax Act (35 ILCS 5/902(d)) and the Retailers Occupation Tax Act (35 ILCS
120/5j) and a certificate issued by the Chicago Department of Revenue (collectively with the
Illinois Department of Revenue, the “Revenue Departments”) stating that no
withholding of the proceeds from the sale is required in connection with the Chicago bulk
sales ordinance, or, if such certificates are not available as of the Closing Date, Seller
shall continue to pursue such certificates from the Revenue Departments on a post-closing
basis and shall deliver to Buyer at Closing a certificate issued by Seller whereby Seller
agrees to indemnify, protect, and hold Buyer harmless against and from any and all damages,
losses, liabilities, obligations, penalties, claims, litigation, demands, defenses,
judgments, proceedings, costs, disbursements, or expenses which may be imposed upon or
incurred by or asserted against Buyer and arising from or out of any demand for unpaid taxes
or a claim for lien issued by either of the Revenue Departments pursuant to the Illinois law
against Seller related to the sale of the Property, which indemnity shall survive the
Closing; and

(p) Such other documents and instruments as may be required by any other provision of this
Agreement or as may reasonably be required to carry out the terms and intent of this
Agreement.

10.3 Buyer’s Closing Obligations. On the Closing Date, Buyer, at its sole cost and
expense, will deliver the following items to Seller at Closing as provided herein:

(a) The Purchase Price, after all adjustments are made as herein provided, by Federal
Reserve wire transfer of immediately available funds, in accordance with the timing and
other requirements of Section 3.3;

(b) A counterpart original of the Assignment of Leases, duly executed by Buyer;

Agreement of Sale and Purchase

 

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(c) A counterpart original of the Assignment, duly executed by Buyer;

(d) The Tenant Notice Letters, duly executed by Buyer;

(e) The Service Contract Notice Letters, duly executed by Buyer;

(f) Counterpart originals of the Tax Declarations, duly executed by Buyer;

(g) A counterpart original of the Closing Statement, duly executed by Buyer; and

(h) Such other documents as may be reasonably necessary or appropriate to effect the
consummation of the transaction which is the subject of this Agreement, including, without
limitation, unless Buyer has delivered the Defeasance Notice (or is deemed to have delivered
the Defeasance Notice), documents required to obtain the Financing Consent and to substitute
the New Guarantor for the Existing Guarantor under the Assumed Guarantees and to obtain the
release of Existing Guarantors from any and all liability under the Assumed Guarantees as
provided in Section 17.2.

10.4 Prorations.

(a) Seller and Buyer agree to adjust, as of 11:59 p.m. Central Time on the day preceding the
Closing Date (the “Proration Time”), the following (collectively, the “Proration
Items”):

(i) Rentals, in accordance with Section 10.4(b) below;

(ii) Any prepaid rents;

(iii) Amounts payable under the assigned Service Contracts;

(iv) Pre-paid expenses, if any; and

(v) All ad valorem real estate taxes. Ad valorem real estate taxes with respect to
the Property shall be prorated as of the Proration Time on a cash basis for the
calendar year in which the Closing occurs, regardless of the year for which such
taxes are assessed. Seller and Buyer acknowledge that real estate taxes in Illinois
are payable a year in arrears. Accordingly, for avoidance of doubt, if the Closing
occurs in calendar year 2010, the real estate taxes that shall be prorated at
Closing are the 2009 real estate taxes that are payable in 2010, and there will be
no proration with respect to the 2010 taxes that will not be payable until 2011. An
example of the methodology for the real estate tax proration is attached as
Exhibit L.

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Seller will be charged and credited for the amounts of all of the Proration Items relating
to the period up to and including the Proration Time, and Buyer will be charged and
credited for all of the Proration Items relating to the period after the Proration Time.
The estimated Closing prorations shall be set forth on a preliminary closing statement to be
prepared by Seller and submitted to Buyer prior to the Closing Date (the “Closing
Statement”). The Closing Statement shall be signed by Buyer and Seller at Closing. The
proration shall be paid at Closing by Buyer to Seller (if the prorations result in a net
credit to Seller) or by Seller to Buyer (if the prorations result in a net credit to Buyer)
by increasing or reducing the cash to be delivered by Buyer in payment of the Purchase Price
at the Closing. If the actual amounts of any of the Proration Items are not known as of the
Closing Date, the prorations will be made at Closing on the basis of the best evidence then
available; thereafter, when actual figures are received, re-prorations will be made on the
basis of the actual figures, and a final cash settlement will be made between Seller and
Buyer. No prorations will be made in relation to insurance premiums, and Seller’s insurance
policies will not be assigned to Buyer. The parties will use reasonable efforts to obtain
final readings and final billings for utilities as of the Closing Date, in which event no
proration will be made at the Closing with respect to utility bills; if final readings are
not obtained, prorations shall be based on the utility charges for the immediately preceding
month. Seller will be entitled to all deposits presently in effect with the utility
providers, and Buyer will be obligated to make its own arrangements for any deposits with
the utility providers. The provisions of this Section 10.4(a) will survive the Closing for
twelve (12) months.

(b) Buyer will receive a credit on the Closing Statement for the prorated amount (as of the
Proration Time) of all Rental previously paid to or collected by Seller and attributable to
any period following the Proration Time. After the Closing, Seller will cause to be paid or
turned over to Buyer all Rental, if any, received by Seller after Closing and attributable
to any period following the Proration Time. “Rental” as used herein includes fixed
monthly rentals, additional rentals, escalation rentals (which include each Tenant’s prorata
share of building operation and maintenance costs and expenses as provided for under the
Lease, to the extent the same exceeds any expense stop specified in such Lease), retroactive
rentals, all administrative charges, utility charges, tenant or real property association
dues, storage rentals, special event proceeds, temporary rents, telephone receipts, locker
rentals, vending machine receipts and other sums and charges payable by Tenants under the
Leases or from other occupants or users of the Property. Rental is “Delinquent”
when it was due prior to the Closing Date, and payment thereof has not been made on or
before the Proration Time. Delinquent Rental will not be prorated. With respect to Tenants
still in occupancy, Buyer agrees to use commercially reasonable efforts with respect to the
collection of any Delinquent Rental, but Buyer will have no liability for the failure to
collect any such amounts and will not be required to pursue legal action to enforce
collection of any such amounts owed to Seller by any Tenant. Seller reserves the right to
pursue the collection of Delinquent Rental; provided, however, that so long as Buyer is
using commercially reasonable efforts to collect Delinquent Rental from Tenants still in
occupancy, Seller shall refrain from taking any action to pursue the collection of
Delinquent Rental from such Tenants for a period of twelve (12) months after Closing (except
that Seller may continue to pursue litigation to collect Delinquent Rental from those
Tenants against whom Seller filed suit prior to the
Closing Date, but Seller shall have no right to terminate any such Tenant’s Lease). All
sums collected by Buyer from and after Closing from each Tenant (excluding tenant specific
billings for tenant work orders and other specific services as described in and governed by
Section 10.4(d) below) will be applied, unless designated otherwise by such Tenant, first to
current amounts due to Buyer, and then to delinquencies owed by such Tenant to Seller.
Buyer will promptly remit to Seller any sums due Seller. Notwithstanding anything to the
contrary contained in this Agreement, any additional rentals based upon a percentage of the
Tenant’s business during a specified annual or other period (sometimes referred to as
“percentage rent”) shall be prorated as of the Closing Date on an if, as and when collected
basis.

Agreement of Sale and Purchase

 

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(c) At the Closing, Seller shall deliver to Buyer a list of additional rent, however
characterized, under each Lease, including without limitation, real estate taxes, electrical
charges, utility costs and operating expenses (collectively, “Operating Expenses”)
billed to Tenants for the calendar year in which the Closing occurs (both on a monthly basis
and in the aggregate), the basis on which the monthly amounts are being billed and the
amounts incurred by Seller on account of the components of Operating Expenses for such
calendar year. Upon the reconciliation by Buyer of the Operating Expenses billed to
Tenants, and the amounts actually incurred for such calendar year, Seller and Buyer shall be
liable for overpayments of Operating Expenses, and shall be entitled to payments from
Tenants with respect to underpayments of Operating Expenses, as the case may be, on a
pro-rata basis based upon each party’s period of ownership during such calendar year. Such
reconciliation between Buyer and Seller shall occur no later than one hundred twenty (120)
days after the end of such calendar year. Prior to Closing, Seller shall send the Tenants
billing statements reflecting Landlord’s determination of 2009 Operating Expenses.

(d) With respect to specific tenant billings for work orders, special items performed or
provided at the request of a Tenant or other specific services, which are collected by Buyer
after the Closing Date but relate to the foregoing specific services rendered by Seller
prior to the Proration Time, then notwithstanding anything to the contrary contained herein,
Buyer shall cause the amounts so designated and collected from such Tenant to be paid to
Seller on account thereof.

(e) Buyer will receive a credit on the Closing Statement for the cash Security Deposits (as
opposed to those in the form of a letter of credit), less those that are returned to Tenants
upon the expiration of Leases. The originals of any Security Deposits in form other than
cash (including letters of credit) shall be delivered to Buyer at Closing, together with
appropriate instruments of transfer or assignment executed by Seller. Any applicable fees
and charges imposed by the issuer(s) to effect a transfer of any non-cash Security Deposits
shall be paid by Seller, to the extent not the obligation of the subject Tenant under its
Lease, as a credit on the Closing Statement. Seller and Buyer shall reasonably cooperate
with each other following the Closing so as to complete the transfer of the Letters of
Credit and cause Buyer to be the beneficiary thereunder. Until Buyer is a named beneficiary
thereunder, Buyer may, upon notice to Seller, deliver a Letter of
Credit to Seller, who shall, to the extent permitted under the terms of the relevant Lease
and such Letter of Credit, request a draw upon the same and deliver to Buyer proceeds
received thereon. Buyer hereby indemnifies and holds Seller harmless from any and all
losses, costs, damages, liens, claims, counterclaims. liabilities and expenses (including,
but not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred by
Seller as the result of Seller taking any steps pursuant to a request of Buyer, including
drawing, or seeking to draw, on any Tenant’s Security Deposit. Notwithstanding anything to
the contrary contained herein, Seller shall have the right to apply the cash Security
Deposits against lease obligations of defaulting Tenants prior to Closing, and, in such
event, Buyer shall receive a credit on the Closing Statement for the amount so applied by
Seller.

Agreement of Sale and Purchase

 

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(f) If Buyer assumes the Existing Loan, at Closing, Buyer will pay Seller the amount of all
escrows held by the Lender under the Existing Loan as provided in Section 17.4, and Seller
will assign to Buyer the funds being held in such escrows. Alternatively, at Seller’s
option, Buyer will deposit with Lender amounts equal to the amounts being held in such
escrows, and Lender will release the existing escrows directly to Seller. Attached hereto
as Exhibit S is a list of the escrows being held by Lender, together with amounts
held therein as of the Effective Date.

(g) Notwithstanding any provision of this Section 10.4 to the contrary, Buyer shall be
responsible for all leasing commissions, tenant improvement costs, legal costs and other
expenditures whether incurred by Seller before Closing or due after Closing with respect to
the Pending Leases (but only to the extent such costs are indicated as Buyer’s
responsibility on Exhibit T) and any New Lease Agreements entered into after the
Effective Date in accordance with the provisions of Section 7.1(b). Buyer shall receive a
credit at Closing for the unpaid leasing commissions, tenant improvement costs, rent
abatements and other similar obligations due with respect to any existing Leases (but not
with respect to any New Lease Agreements) as listed on Exhibit K attached hereto and
made a part hereof (the “Existing Lease Expenses”).

10.5 Closing Costs. Costs of the Title Company and other costs incurred in connection
with the Closing will be allocated as follows:

(a) Seller shall pay (i) Seller’s attorney’s fees; (ii) one-half (1/2) of escrow fees, if
any; (iii) 100% of the State of Illinois and Cook County real estate transfer taxes;
(iii) the premium for the Title Policy (but excluding the cost of any endorsements and the
cost of any re-insurance that may be required or desired by Buyer or any lender of Buyer);
and (iv) Seller’s Share of the loan assumption fee.

(b) Buyer shall pay (i) all costs of any additional coverage under the Title Policy or
endorsements or deletions to the Title Policy that are desired by Buyer and the cost of any
re-insurance required or desired by Buyer or any Lender; (ii) all premiums and other costs
for any mortgagee policy of title insurance, if any, including but not limited to any
endorsements or deletions; (iii) the costs of recording the Deed to the Property; (iv) 100%
of the City of Chicago real estate transfer taxes; (v) the cost of the Updated Survey;

Agreement of Sale and Purchase

 

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(vi) Buyer’s attorney’s fees; (vii) one-half (1/2) of escrow fees, if any; and (viii) all
Financing Consent Costs other than Seller’s Share of the loan assumption fee, if applicable.

(c) Any other costs and expenses of Closing not provided for in this Section 10.5 shall be
allocated between Buyer and Seller in accordance with the custom in the area in which the
Property is located.

ARTICLE XI

CONDEMNATION AND CASUALTY

11.1 Casualty. If, prior to the Closing Date, all or a Significant Portion of any of
the Real Property and Improvements is destroyed or damaged by fire or other casualty, Seller will
notify Buyer in writing of such casualty. Buyer will have the option to terminate this Agreement
upon advance written notice to Seller given not later than fifteen (15) days after receipt of
Seller’s notice. If this Agreement is terminated, the Earnest Money and all interest accrued
thereon will be returned to Buyer and thereafter neither Seller nor Buyer will have any further
rights or obligations to the other hereunder except with respect to the Termination Surviving
Obligations. If Buyer does not elect to terminate this Agreement, or less than a Significant
Portion of the Real Property and Improvements is destroyed or damaged as aforesaid, Seller will not
be obligated to repair such damage or destruction but (a) Seller will assign and turn over to Buyer
the insurance proceeds for the repair of such damage or destruction net of any sums expended by
Seller toward the restoration or repair of the Property and reasonable collection costs (or if such
have not been awarded, all of its right, title and interest therein) payable with respect to such
fire or other casualty up to the amount of the Purchase Price and (b) the parties will proceed to
Closing pursuant to the terms hereof without abatement of the Purchase Price, except that Buyer
will receive a credit for any insurance deductible amount. In the event Seller elects to perform
any repairs as a result of a casualty, Seller will be entitled to deduct its costs and expenses
from any amount to which Buyer is entitled under this Section 11.1, which right shall survive the
Closing.

11.2 Condemnation of Property. In the event of (a) any condemnation or sale in lieu
of condemnation of all of the Property; or b) any condemnation or sale in lieu of condemnation of
any Significant Portion of any of the Real Property and Improvements; or (c) any condemnation which
would permit any Major Tenant to terminate its lease and such Major Tenant does in fact terminate
its Lease, Buyer will have the option, to be exercised within fifteen (15) days after receipt of
notice of such condemnation or sale, of terminating Buyer’s obligations under this Agreement, or
electing to have this Agreement remain in full force and effect. In the event that either (i) any
condemnation or sale in lieu of condemnation of the Property is not a Significant Portion of any of
the Real Property and Improvements, or (ii) Buyer does not terminate this Agreement pursuant to the
preceding sentence, Seller will assign to Buyer any and all claims for the proceeds of such
condemnation or sale to the extent the same are applicable to the Property, net of any sums
expended by Seller toward the restoration or repair of the Property, and Buyer will take title to
the Property with the assignment of such proceeds and subject to such
condemnation and without reduction of the Purchase Price. Should Buyer elect to terminate Buyer’s
obligations under this Agreement under the provisions of this Section 11.2, the Earnest Money and
any interest thereon will be returned to Buyer and neither Seller nor Buyer will have any further
obligation under this Agreement, except for the Termination Surviving Obligations.

Agreement of Sale and Purchase

 

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ARTICLE XII

CONFIDENTIALITY

12.1 Confidentiality. Except as hereinafter permitted, Seller and Buyer each
expressly acknowledge and agree that the transactions contemplated by this Agreement and the terms,
conditions, and negotiations concerning the same will be held in the strictest confidence by each
of them and will not be disclosed by either of them except to their respective Party
Representatives and other Licensee Parties, and except and only to the extent that such disclosure
may be necessary for their respective performances hereunder. Except as expressly provided in this
Agreement, Buyer further acknowledges and agrees that, unless and until the Closing occurs, all
information obtained by Buyer in connection with the Property will not be disclosed by Buyer to any
third persons without the prior written consent of Seller. Nothing contained in this Article XII
will preclude or limit either party to this Agreement from issuing a press release or making other
disclosures with respect to any information otherwise deemed confidential under this Article XII
(a) in response to lawful process or subpoena or other valid or enforceable order of a court of
competent jurisdiction (provided that the party receiving any such subpoena shall promptly notify
the other party and cooperate with the other party in good faith and to the extent permitted by law
in any attempt such other party may desire to make to contest such subpoena or to obtain a
protective order), (b) required by law or (c) required by rule or regulation of the Securities and
Exchange Commission or the New York Stock Exchange, including without limitation in any filings
required by any Authorities; provided, however, that in the event of any such required disclosure,
the disclosing party shall to the extent practicable, use good faith efforts to provide the other
party with copies of the material being disclosed in advance of such disclosure and in good faith
consider any comments the other party may have on such disclosure. In determining whether a
disclosure contemplated in the preceding sentence is required by law or by rule or regulation of
the Securities and Exchange Commission or the New York Stock Exchange, the disclosing party is
entitled to rely upon the written advice of counsel. The provisions of this Article XII will
survive the termination of this Agreement. Notwithstanding anything in this Article XII to the
contrary, after Closing, Seller and Buyer shall be permitted to issue press releases as to the
occurrence of the transaction and the parties involved, provided that the form and content of such
press release shall be subject to the approval of the other party, not to be unreasonably withheld
or delayed.

12.2 Tax Related Disclosures. Notwithstanding anything set forth in this Agreement to
the contrary or in any other agreement to which Buyer, the Seller Parties or their respective legal
counsel, accountants, consultants, officers, partners, member, directors, shareholders, brokers,
lenders, consultants or other Licensee Parties (collectively the “Party Representatives”)
are bound, each of the foregoing parties is expressly authorized to disclose the “tax treatment”
and “tax structure” (as those terms are defined in Treas. Reg. §§ 1.6011-4(c)(8) and (9),
respectively)
of the transaction contemplated by this Agreement (the “Transaction”) and all materials of
any kind (including opinions or other tax analysis) relating to such “tax treatment” or “tax
structure” of the Transaction; provided, however, (i) the foregoing authorization applies only to
the extent necessary to prevent the Transaction from constituting a “confidential transaction”
within the meaning of Treas. Reg. § 1.6011-4(b)(3), and (ii) in no event will the names or
identities of the Party Representatives, or any amounts invested by any of the foregoing in the
Transaction, be disclosed.

Agreement of Sale and Purchase

 

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ARTICLE XIII

REMEDIES

13.1 Notice and Cure. No party shall be deemed to be in default hereunder unless such
party fails to cure an alleged default within five (5) Business Days after receipt from the other
party of written notice of the alleged default; provided, however, that if such alleged default is
not susceptible of being cured within said five (5) Business Day period, such party shall not be
deemed in default hereunder so long as such party commences to cure the alleged default within said
five (5) Business Day period and diligently prosecutes the same to completion within twenty (20)
days. Notwithstanding the foregoing, the failure of Buyer to deposit the Purchase Price in
accordance with the timing and other requirements of Section 3.3, the failure of Buyer to deliver
the items on the Required Items Checklist or any Additional Assumption Information in accordance
with the timing requirements of Section 17.2, or the willful failure by a party to timely submit
its respective closing documents pursuant to Article X shall be an immediate default that shall not
be subject to the foregoing notice and cure periods.

13.2 Default by Seller. In the event the Closing and the transactions contemplated
hereby do not occur as herein provided by reason of any default of Seller, Buyer may, as Buyer’s
sole and exclusive remedy under this Agreement, at law and in equity, elect by notice to Seller
within thirty (30) days following the Scheduled Closing Date, either of the following: (a) to
terminate this Agreement, in which event Buyer will receive from the Escrow Agent the Earnest
Money, together with all interest accrued thereon, and Seller shall reimburse Buyer for all
application costs paid to the Lender in connection with the Financing Consents, whereupon Seller
and Buyer will have no further rights or obligations under this Agreement, except with respect to
the Termination Surviving Obligations, or (b) to seek to enforce specific performance of Seller’s
obligation to execute the documents required to convey the Property to Buyer as contemplated
herein, it being understood and agreed that the remedy of specific performance shall not be
available to enforce any other obligation of Seller hereunder. Notwithstanding anything contained
herein to the contrary, if Seller shall have intentionally taken an action which precludes the
ability of Buyer to maintain an action for specific performance, then, in addition to receiving a
return of Earnest Money pursuant to clause (a) above, Buyer shall be entitled to seek damages for
Seller’s default, which damages shall not to exceed Four Million and No/100 Dollars
($4,000,000.00). Except as set forth above, Buyer expressly waives its rights to seek damages in
the event of Seller’s default hereunder. Buyer shall be deemed to have elected to terminate this
Agreement and receive back the Earnest Money if Buyer fails to file suit for specific performance
against Seller in a court having jurisdiction in the county and state in which
the Property is located on or before thirty (30) Business Days following the Scheduled Closing
Date. Notwithstanding the foregoing, nothing contained herein (other than Section 8.4 hereof) will
limit Buyer’s remedies at law, in equity or as herein provided in the event of a breach by Seller
of any of the Termination Surviving Obligations.

Agreement of Sale and Purchase

 

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13.3 Default by Buyer. In the event the Closing and the consummation of the
transactions contemplated herein do not occur as provided herein by reason of any default of Buyer,
Buyer and Seller agree it would be impractical and extremely difficult to fix the damages which
Seller may suffer. Buyer and Seller hereby agree that (a) an amount equal to the Earnest Money,
together with all interest accrued thereon, is a reasonable estimate of the total net detriment
Seller would suffer in the event Buyer defaults and fails to complete the purchase of the Property,
and (b) such amount will be the full, agreed and liquidated damages for Buyer’s default and failure
to complete the purchase of the Property, and will be Seller’s sole and exclusive remedy (whether
at law or in equity) for any default of Buyer resulting in the failure of consummation of the
Closing, whereupon this Agreement will terminate, and Seller expressly waives its rights to seek
damages in the event of Buyer’s default except as otherwise provided hereunder. In such event, at
Seller’s request, Buyer shall immediately direct the Escrow Agent to release the Earnest Money to
Seller. Buyer will have no further rights or obligations hereunder, except with respect to the
Termination Surviving Obligations. The payment of such amount as liquidated damages is not
intended as a forfeiture or penalty but is intended to constitute liquidated damages to Seller.
Notwithstanding the foregoing, nothing contained herein will limit Seller’s remedies at law, in
equity or as herein provided in the event of a breach by Buyer of any of the Termination Surviving
Obligations.

ARTICLE XIV

NOTICES

14.1 Notices. All notices or other communications required or permitted hereunder
shall be in writing, and shall be given by any nationally recognized overnight delivery service
with proof of delivery, or by facsimile or email transmission (provided that such facsimile or
email is confirmed on the same day by the sender sending such notice by expedited delivery service
in the manner previously described), sent to the intended addressee at the address set forth below,
or to such other address or to the attention of such other person as the addressee will have
designated by written notice sent in accordance herewith. Unless changed in accordance with the
preceding sentence, the addresses for notices given pursuant to this Agreement will be as follows:

	 	 	 	 	 
	 

	 	If to Buyer:
	 	180 N. LaSalle Realty LLC
	 

	 	 	 	c/o Gerstein Strauss & Rinaldi, LLP
	 

	 	 	 	57 West 38th Street
	 

	 	 	 	New York, New York 10018
	 

	 	 	 	Attn: Mr. Victor Gerstein
	 

	 	 	 	Phone: 212-398-7900
	 

	 	 	 	Fax: 212-575-2387
	 

	 	 	 	email: vgerstein@gsrlaw.com

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	 	and to:
	 	Mr. Michael Silberberg
	 

	 	 	 	55 Old Nyack Turnpike
	 

	 	 	 	Suite 210
	 

	 	 	 	Nanuet, New York 10954
	 

	 	 	 	Phone: 845-623-5290
	 

	 	 	 	Fax: 845-623-5291
	 

	 	 	 	email: ms@berkleyllc.com
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Levy Holm Pellegrino & Drath LLP
	 

	 	 	 	950 Third Avenue, Suite 3101
	 

	 	 	 	New York, New York 10022
	 

	 	 	 	Attn: Steven I. Holm, Esq.
	 

	 	 	 	Phone: 212-980-4200
	 

	 	 	 	Fax: 212-759-9390
	 

	 	 	 	email: sholm@lhpdlaw.com
	 
	 	 	 	 
	 

	 	If to Seller:
	 	180 N. LaSalle II, L.L.C.
	 

	 	 	 	c/o Prime Group Realty Trust
	 

	 	 	 	330 North Wabash Avenue
	 

	 	 	 	Suite 2800
	 

	 	 	 	Chicago, Illinois 60611
	 

	 	 	 	Attn.: Mr. Jeffrey A. Patterson
	 

	 	 	 	          President and Chief Executive Officer
	 

	 	 	 	Phone: (312) 917-4230
	 

	 	 	 	Fax: (312) 917-1597
	 

	 	 	 	email: jpatterson@pgrt.com
	 
	 	 	 	 
	 

	 	and to:
	 	Prime Group Realty Trust
	 

	 	 	 	330 North Wabash Avenue
	 

	 	 	 	Suite 2800
	 

	 	 	 	Chicago, Illinois 60611
	 

	 	 	 	Attn.: James F. Hoffman, Esq.
	 

	 	 	 	Phone: (312) 917-4237
	 

	 	 	 	Fax: (312) 917-3937
	 

	 	 	 	email: jhoffman@pgrt.com
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Jones Day
	 

	 	 	 	77 West Wacker
	 

	 	 	 	Chicago, Illinois 60601-1692
	 

	 	 	 	Attn: Susan I. Matejcak, Esq.
	 

	 	 	 	Phone: (312) 782-3939
	 

	 	 	 	Fax: (312) 782-8585
	 

	 	 	 	email: simatejcak@jonesday.com

Agreement of Sale and Purchase

 

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	 	If to Escrow Agent or
	 	First American Title Insurance Company
	 

	 	Title Company:
	 	30 North LaSalle Street, Suite 310
	 

	 	 	 	Chicago, Illinois 60602
	 

	 	 	 	Attn: Joyce Lance
	 

	 	 	 	Phone: (312) 917-7238
	 

	 	 	 	Fax: (866) 578-7587
	 

	 	 	 	email: jlance@firstam.com

Notices given by (i) overnight delivery service as aforesaid shall be deemed received and
effective on the first Business Day following such dispatch and (ii) facsimile or email
transmission as aforesaid shall be deemed given at the time and on the date of machine transmittal
provided same is sent and confirmation of receipt is received (or in the event of email a
notification of non-receipt is not received) by the sender prior to 5:00 p.m. Central Time on a
Business Day (if sent later, then notice shall be deemed given on the next Business Day). Notices
may be given by counsel for the parties described above, and such notices shall be deemed given by
said party, for all purposes hereunder.

ARTICLE XV

ASSIGNMENT

15.1 Assignment. Subject to the provisions of Section 17.4 below, Buyer may not
assign its rights under this Agreement to anyone other than a Permitted Assignee (as hereinafter
defined) without first obtaining Seller’s written approval which may be given or withheld in
Seller’s sole discretion. The transfer (whether direct or indirect) of all or a majority of the
transfer of all or any managing member’s interest in Buyer or the transfer of any other controlling
interest in Buyer, shall be considered an assignment of this Agreement. Subject to the conditions
set forth in this Article XV, Buyer may assign its rights under this Agreement to a Permitted
Assignee without the prior written consent of Seller. In the event that Buyer desires to assign
its rights under this Agreement to a Permitted Assignee, Buyer shall send written notice to Seller
at least five (5) Business Days prior to the effective date of such assignment stating the name
and, if applicable, the constituent persons or entities of the Permitted Assignee and providing the
signature block of the Permitted Assignee. Such assignment shall not become effective until such
Permitted Assignee executes an instrument reasonably satisfactory to Seller in form and substance
whereby the Permitted Assignee expressly assumes each of the obligations of Buyer under this
Agreement, including specifically, without limitation, all obligations concerning the Earnest
Money. No assignment shall release or otherwise relieve Buyer from any obligations hereunder.

Agreement of Sale and Purchase

 

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15.2 Permitted Assignee. For purposes of this Article XV, the term “Permitted
Assignee” shall mean (a) a corporation in which Buyer owns or controls at least 51% of the
stock entitled to vote for directors, (b) a general partnership in which Buyer is a general partner
owning at least 51% of the total partnership interests therein, (c) a limited partnership in which
Buyer is the sole general partner owning at least 51% of the total partnership interests therein,
or
(d) a limited liability company in which Buyer is the managing or sole member owning at least 51%
of the total membership interests therein. Notwithstanding anything to the contrary contained
herein, Buyer shall not have the right to assign this Agreement to any assignee which, in the
reasonable judgment of Seller, will (i) cause the transaction contemplated hereby or any party
thereto to violate the requirements of ERISA or any other law, or (ii) re-start or delay the
process of obtaining the Financing Consents. In order to enable Seller to make such determination,
Buyer shall notify Seller in writing and cause to be delivered to Seller prior to any such
assignment such information as is requested by Seller with respect to a proposed assignee and the
constituent persons or entities of any proposed assignee, including specifically, without
limitation, any pension or profit sharing plans related thereto.

15.3 Assignments Following Defeasance Notice. Notwithstanding anything to the
contrary contained herein, if Buyer has delivered the Defeasance Notice pursuant to Section 17.6
below, then Buyer may assign its rights under this Agreement without the need to obtain Seller’s
consent so long as the Managing Member (i) owns at least fifteen (15%) percent of the total
membership interests in Buyer, and (ii) maintains, directly or indirectly, the power to direct or
cause the direction of the management and policies of Buyer, whether through the ownership of
voting securities, by contract or otherwise. In order to enable Seller to make the determination
that the foregoing conditions will be satisfied, Buyer shall notify Seller in writing and cause to
be delivered to Seller prior to any such assignment such information as is requested by Seller with
respect to a proposed assignee and the constituent persons or entities of any proposed assignee.

ARTICLE XVI

BROKERAGE

16.1 Brokers. Seller agrees to pay to Holliday Fenoglio Fowler, L.P. (“Seller’s
Broker”) a brokerage commission pursuant to a separate agreement by and between Seller and
Seller’s Broker. Buyer and Seller represent that they have not dealt with any brokers, finders or
salesmen in connection with this transaction other than the Seller’s Broker, and agree to
indemnify, defend and hold each other harmless from and against any and all loss, cost, damage,
liability or expense, including reasonable attorneys’ fees, which either party may sustain, incur
or be exposed to by reason of any claim for fees or commissions made through the other party. The
provisions of this Article XVI will survive any Closing or termination of this Agreement.

ARTICLE XVII

ASSUMPTION OF EXISTING LOAN

17.1 Financing Consents. Buyer shall have the right and obligation, subject to the
terms of this Agreement, to diligently and in good faith pursue the Financing Consents necessary to
permit the Existing Loan to remain in place after the Closing. The form and substance of the
documents evidencing the Financing Consents shall be reasonably satisfactory to Seller and Buyer.
It shall be a condition precedent to Buyer’s obligation to execute the documents evidencing the
Financing Consents that there shall be no uncured event of default under the terms of the Existing
Loan Documents and neither Buyer nor New Guarantor shall either (A) be
required to assume any obligations to the Lender more onerous, (B) be subject to restrictions or
conditions less favorable, in either case, than those set forth in the Existing Loan Documents, or
(C) be obligated for or required to assume obligations that

Agreement of Sale and Purchase

 

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accrued and were due prior to the Closing Date (except to the extent Seller credits Buyer at Closing with the cost of performing the
same and subject to the provisions of Section 5.5 hereof), it being understood that additional
obligations, restrictions or conditions (i) required to address Buyer’s organizational structure
(such as the need to provide additional formation documents, qualification certificates or similar
documents), or (ii) that are customarily required by lenders in similar assumption transactions,
shall not cause the foregoing condition to be unsatisfied. Buyer shall be solely responsible for
all Financing Consent Costs; provided, however, that Seller shall pay that portion of the 1% loan
assumption fee (as set forth in Section 11.3(vi) of the Loan Agreement (as defined on
Exhibit B)) above $450,000.00 (“Seller’s Share”), which $4500,000 shall be paid by
Buyer, by giving Buyer a credit against the Purchase Price in such amount at Closing. Buyer shall
not contact the Lender without the prior written approval of Seller, not to be unreasonably
withheld or delayed. At Seller’s option, Seller may be present at any meetings and participate in
any calls between Buyer and Lender.

17.2 Buyer Obligations. Buyer shall use diligent and good faith commercially
reasonable efforts to promptly take, or cause to be taken, all reasonable actions, and to do, or
cause to be done, all things reasonably necessary, proper or advisable to obtain the Financing
Consents on or before the Scheduled Closing Date. In connection with such efforts, Buyer shall use
good faith commercially reasonable efforts to take, or cause to be taken, all actions, and to do,
or cause to be done, all things reasonably necessary, proper or advisable to (i) make its
employees, officers, directors and other representatives available when requested by Seller or
Lender to meet with any of (1) the Lenders, trustees, issuing agencies and holders of the Existing
Loan, or (2) such other parties necessary or desirable in connection obtaining such Financing
Consents; (ii) promptly provide to such parties (1) all assumption application materials reasonably
required by any of the Lenders, and (2) any and all information required to be delivered in
accordance with the Existing Loan Documents or as may be reasonably required by the Lender,
including, financial information, management agreements, biographical or similar information
regarding the interest holders, owners, principals or senior management of Buyer and of New
Guarantor and the managers that Buyer will utilize after the Closing (including information
regarding experience in owning and managing real estate assets) (the items in this clause (ii)(2)
being referred to collectively as “Additional Assumption Information”). Subject to the
provisions of clauses (A), (B) and (C) of Section 17.1 above, in connection with Buyer’s efforts to
obtain the Financing Consents, Buyer shall provide or deliver such documents as may be reasonably
required by the consenting Person or required to obtain the Financing Consent, including but not
limited to, substitute promissory note(s), guarantees, environmental indemnity agreements,
financial statements, organizational documents, opinion(s) of counsel, and assumption agreement(s).
Buyer shall also substitute New Guarantor for the Existing Guarantors under the Assumed Guarantees
and obtain the release of Existing Guarantors from any and all liability under the Assumed
Guarantees. Buyer will keep Seller informed of Buyer’s progress in obtaining the Financing
Consents and shall advise Seller promptly of any material communication received from any Lender
regarding the Financing Consents.

(a) Without limiting the generality of the foregoing, on or before March 5, 2010 (the
“Preliminary Submission Date”), Buyer shall submit to Lender substantially all of
the materials required by the items listed on the Required Items Checklist that are marked
with an asterisk. Buyer shall also submit to Seller, on or before the Preliminary
Submission Date, the names and background information of the Managing Member and the New
Guarantor.

Agreement of Sale and Purchase

 

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(b) On or before March 15, 2010 (the “Final Submission Date”), Buyer shall submit to
Lender (i) the Final Organizational Structure, (ii) the Required Changes, and (iii) all
remaining items listed on the Required Items Checklist (other than Items 22 and 24 thereof
which shall be provided by Seller and provided that any items which make reference to an
“[enclosed form]” which Buyer has not received shall be provided by Buyer on the later of
(i) two (2) Business Days after Lender has provided the referenced form), or (ii) the Final
Submission Date.

(c) If Buyer shall fail to submit the items described in Section 17.2(b) above by the later
of (i) two Business Days after Lender has provided the referenced form, or (ii) the Final
Submission Date, and if such failure continues for two (2) Business Days after written
notice from Seller (which may be via e-mail) that any such items remains undelivered, then
Buyer shall be deemed to have irrevocably delivered the Defeasance Notice and the provisions
of Section 17.6 below shall thereafter apply.

(d) From and after the Final Submission Date (unless Buyer has delivered, or is deemed to
have delivered, the Defeasance Notice), if Buyer fails to deliver to Lender any Additional
Assumption Information within three (3) Business Days after written notice from Lender or
from Seller (which may be via e-mail) that any such Additional Assumption Information has
been requested by Lender and remains undelivered, and if such failure continues for one (1)
Business Day after a second notice from Seller (which may also be via e-mail) that such
Additional Assumption Information remains undelivered, Buyer shall be in default hereunder.

(e) Buyer shall keep Seller apprised of its communications with and submissions to the
Lender and shall deliver to Seller, at the same time as Buyer makes any submissions to the
Lender, copies of all cover letters, emails and other correspondence under which Buyer
submits any deliveries to Lender pursuant to this Agreement, which cover letters, emails and
other correspondence shall enumerate with reasonable specificity the items being submitted
to the Lender (with investor names redacted) so that Seller can confirm Buyer’s compliance
with the requirements of this Article XVII.

(f) Seller shall have the right to communicate with the Lender to, among other things, work
on the loan assumption, including, but not limited to, confirming that the Lender has
received Buyer’s submissions, ascertaining whether such submissions are complete and
ascertaining the Lender’s view on the timing and likelihood of Buyer’s obtaining the
Financing Consents. If the Lender notifies Seller in writing (which may be via e-mail) that
(i) based on Buyer’s submissions, the Financing Consents are not likely to be obtained by
the Outside Date, (as the same may be extended pursuant to Section 10.1(b)
hereof) or (ii) that Buyer’s submissions are missing or incomplete and such missing or
incomplete submissions are not delivered to the Lender within three (3) Business Days after
written notice from Lender or from Seller (which may be via e-mail), Seller shall have the
right to terminate this Agreement by written notice to Buyer; provided, however, that if
Buyer shall, within three (3) Business Days after such notice of termination, either
(i) deliver the Defeasance Notice, or (ii) elect to waive the receipt of the Financing
Consents as a condition to Closing, then this Agreement shall not be terminated. If this
Agreement is terminated by Seller as aforesaid, the Earnest Money shall be returned to Buyer
and thereafter neither party shall have any further liability to the other, except the
parties will continue to be liable for those obligations that expressly survive cancellation
or termination of this Agreement.

Agreement of Sale and Purchase

 

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17.3 Seller’s Cooperation. Subject to Buyer’s obligation to pay for all Financing
Consent Costs (other than Seller’s Share), Seller shall diligently and reasonably cooperate with
Buyer in Buyer’s efforts to obtain the Financing Consents, including, without limitation,
providing, upon request, current Property information to the Lender on a timely basis. Under no
circumstances shall Seller or any of the Existing Guarantors be required to provide any new
guarantee(s) to the Lender or any other Person in connection with the Financing Consents or
otherwise assume or be required to perform any obligations after the Closing Date with the
exception of its continuing liability under the Existing Loan Documents for events occurring prior
to the Closing Date. From and after the Closing Date, Seller agrees to cooperate with Buyer in
providing to Buyer, upon Buyer’s written request, information concerning Seller or the Property
which may be required under the Loan Documents to the extent such information relates to Seller’s
period of ownership of the Property.

17.4 Loan Terms. The parties acknowledge that Buyer’s proposed organizational
structure has not yet been finalized. Buyer acknowledges that rating agency approval cannot be
sought, and the Financing Consents obtained, until all of the direct or indirect members or
partners owning such percentage of the ownership interests in Buyer as the Lender and the rating
agencies may require have been identified and that no changes to Buyer’s organizational structure
can thereafter be made without requiring new rating agency approvals. On or before the Final
Submission Date, Buyer shall provide to Seller, and Seller agrees to submit to the Lender, an
organizational and capital structure for Buyer, and all other submissions required pursuant to
Section 17.2, which Buyer reasonably believes in good faith will be sufficient for the Lender to
approve (the “Final Organizational Structure”), together with (i) any changes required to
the transfer provisions contained in Section 11.2 of the Loan Agreement (as defined on
Exhibit B) due to the Final Organizational Structure of Buyer, and (ii) any changes to the
First Amendment of Loan Agreement (as defined on Exhibit B) needed to omit provisions that
are specific to Seller’s affiliates and the “Fleet Mezzanine Loan” (collectively, the “Required
Changes”). If the Lender rejects the Final Organizational Structure and/or any of the Required
Changes, Seller may terminate this Agreement by written notice to Buyer; provided, however, that if
Buyer shall, within two (2) Business Days after such notice of termination, either (A) deliver the
Defeasance Notice, or (B) agree in writing to withdraw such Required Change(s) or modify the Final
Organizational Structure in a way the Lender and rating agencies indicate they will accept, then
this Agreement shall not be terminated. If this Agreement is terminated by
Seller as aforesaid, the Earnest Money shall be returned to Buyer and thereafter neither party
shall have any further liability to the other, except the parties will continue to be liable for
those obligations that expressly survive cancellation or termination of this Agreement. Buyer
agrees that it will not modify the Final Organizational Structure or the identity of the Managing
Member or the New Guarantor in any manner which will delay or interfere with obtaining the
Financing Consents.

Agreement of Sale and Purchase

 

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17.5 Closing Credits. If Buyer is successful in obtaining the Financing Consents,
then at Closing, Buyer shall receive a credit against the Purchase Price in the amount of the
existing outstanding principal balance and accrued and unpaid interest of the Existing Loan and in
the amount of Seller’s Share, and Seller shall receive a credit for the amount of any escrow
balances held by the Lender.

17.6 Option to Defease. Notwithstanding anything to the contrary contained herein, at
any time prior to April 22, 2010, Buyer shall have the right, at Buyer’s option, to elect to
defease the Existing Loan in lieu of obtaining the Financing Consent. If Buyer elects to exercise
the right to defease the Existing Loan, Buyer shall so notify Seller in writing (the Defeasance
Notice”) on or before April 22, 2010. If Buyer delivers the Defeasance Notice (or if Buyer is
deemed to have delivered the Defeasance Notice pursuant to Section 17.2(c) above), then (i) Buyer
and Seller shall cease all efforts to obtain the Financing Consents, (ii) receipt of the Financing
Consent shall no longer be a condition to Closing, (iii) Seller shall promptly commence the
defeasance process under the Existing Loan Documents, (iv) the documents evidencing or securing the
Existing Loan will no longer constitute Permitted Exceptions, and (v) the Scheduled Closing Date
shall be on the Outside Date. In addition, Buyer acknowledges that, if Buyer delivers the
Defeasance Notice (or is deemed to have delivered the Defeasance Notice pursuant to Section 17.2(c)
above), then notwithstanding the provisions of Section 3.3 or Section 10.3 hereof, Buyer shall
deliver the Purchase Price to Escrow Agent at least two (2) Business Days prior to the Closing Date
(or such fewer days as the Lender or defeasance agent may permit without resulting in any
additional liability to Seller) in order to enable Seller to complete the defeasance of the
Existing Loan; provided that Seller shall have also delivered to Escrow Agent all of the documents
executed by Seller which are required to be delivered pursuant to Section 10.2 hereof (subject to
the right to update the Closing Statement and the certificate described in Section 10.2(k) hereof).
All costs associated with the defeasance of the Existing Loan, including, but not limited to, the
Lender’s attorneys’ fees and costs, shall be paid by Buyer (other than any outstanding principal
balance and accrued and unpaid interest through the Closing Date and Seller’s attorneys’ fees
associated with the defeasance which shall be paid by Seller).

ARTICLE XVIII

MISCELLANEOUS

18.1 Waivers. No waiver of any breach of any covenant or provisions contained herein
will be deemed a waiver of any preceding or succeeding breach thereof, or of any other covenant
or provision contained herein. No extension of time for performance of any obligation or act will
be deemed an extension of the time for performance of any other obligation or act.

Agreement of Sale and Purchase

 

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18.2 TIME OF THE ESSENCE. TIME IS OF THE ESSENCE WITH RESPECT TO ALL TIME PERIODS AND
DATES FOR PERFORMANCE SET FORTH IN THIS AGREEMENT.

18.3 Recovery of Certain Fees. In the event a party hereto files any action or suit
against another party hereto by reason of any breach of any of the covenants, agreements or
provisions contained in this Agreement, then in that event the prevailing party will be entitled to
have and recover certain fees from the other party including all reasonable attorneys’
fees and costs resulting therefrom. The foregoing right to recover fees is in addition to
any other remedy of Seller herein, including, without limitation, the right to retain the Earnest
Money. For purposes of this Agreement, the term “attorneys’ fees” or “attorneys’ fees and costs”
shall mean the fees and expenses of counsel to the parties hereto, which may include printing,
photocopying, duplicating and other expenses, air freight charges, and fees billed for law clerks,
paralegals and other persons not admitted to the bar but performing services under the supervision
of an attorney, and the costs and fees incurred in connection with the enforcement or collection of
any judgment obtained in any such proceeding. The provisions of this Section 18.3 shall survive
the entry of any judgment, and shall not merge, or be deemed to have merged, into any judgment.

18.4 Construction. Headings at the beginning of each Article and Section are solely
for the convenience of the parties and are not a part of this Agreement. Whenever required by the
context of this Agreement, the singular will include the plural and the masculine will include the
feminine and vice versa. This Agreement will not be construed as if it had been prepared by one of
the parties, but rather as if both parties had prepared the same. All exhibits and schedules
referred to in this Agreement are attached and incorporated by this reference, and any capitalized
term used in any exhibit or schedule which is not defined in such exhibit or schedule will have the
meaning attributable to such term in the body of this Agreement. In the event the date on which
Buyer or Seller are required to take any action under the terms of this Agreement is not a Business
Day, the action will be taken on the next succeeding Business Day.

18.5 Counterparts. This Agreement may be executed in multiple counterparts, each of
which, when assembled to include an original signature for each party contemplated to sign this
Agreement, will constitute a complete and fully executed original. All such fully executed
original counterparts will collectively constitute a single agreement.

18.6 Severability. If any term or other provision of this Agreement is invalid,
illegal, or incapable of being enforced by any rule of law or public policy, all of the other
conditions and provisions of this Agreement will nevertheless remain in full force and effect, so
long as the economic or legal substance of the transactions contemplated hereby is not affected in
any adverse manner to either party. Upon such determination that any term or other provision is
invalid, illegal, or incapable of being enforced, the parties hereto will negotiate in good faith
to modify this Agreement so as to reflect the original intent of the parties as closely as possible
in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the
extent possible.

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18.7 Entire Agreement. This Agreement is the final expression of, and contains the
entire agreement between, the parties with respect to the subject matter hereof, and supersedes all
prior understandings with respect thereto. This Agreement may not be modified, changed,
supplemented or terminated, nor may any obligations hereunder be waived, except by written
instrument, signed by the party to be charged or by its agent duly authorized in writing, or as
otherwise expressly permitted herein.

18.8 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Illinois applicable to a contract executed and performed in the State
of Illinois, without giving effect to the conflicts of law principles thereof. Any action arising
out of this Agreement must be commenced by Buyer or Seller in the state courts of the State of
Illinois in Cook County or in United States District Court for the Northern District of Illinois
and each party hereby consents to the jurisdiction of such courts in any such action and to the
laying of venue therein. Any process in any action will be duly served if sent by registered mail,
postage prepaid, to the applicable party at its respective address set forth in Section 14.1(a)
hereof.

18.9 No Recording. The parties hereto agree that neither this Agreement nor any
affidavit or memorandum concerning it will be recorded and any recording of this Agreement or any
such affidavit or memorandum by Buyer will be deemed a default by Buyer hereunder.

18.10 Further Actions. The parties agree to execute such instructions to the Title
Company and such other instruments and to do such further acts as may be reasonably necessary to
carry out the provisions of this Agreement.

18.11 Exhibits. The following sets forth a list of Exhibits to the Agreement:

	 	 	 
	Exhibit A

	 	Legal Description of the Land
	Exhibit B

	 	List of Existing Loan Documents
	Exhibit C-1

	 	Form of Estoppel Certificate
	Exhibit C-2

	 	Form of Seller Estoppel
	Exhibit D

	 	List of Service Contracts
	Exhibit E

	 	Rent Roll
	Exhibit F

	 	Form of Deed
	Exhibit G

	 	Form of Bill of Sale
	Exhibit H

	 	Form of Assignment of Leases
	Exhibit I

	 	Form of Assignment of Contracts
	Exhibit J

	 	Form of Certificate as to Foreign Status
	Exhibit K

	 	Unpaid Commissions, Allowances and Concessions
	Exhibit L

	 	Example of Real Estate Tax Proration Methodology
	Exhibit M

	 	Litigation
	Exhibit N

	 	New Lease Guidelines
	Exhibit O

	 	Permitted Exceptions
	Exhibit P

	 	Required Items Checklist
	Exhibit Q

	 	Property Employees
	Exhibit R

	 	Pending Tax Assessment Proceedings
	Exhibit S

	 	Existing Loan Escrows
	Exhibit T

	 	Pending Leases

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18.12 No Partnership. Notwithstanding anything to the contrary contained herein, this
Agreement shall not be deemed or construed to make the parties hereto partners or joint venturers,
it being the intention of the parties to merely create the relationship of Seller and Buyer with
respect to the Property to be conveyed as contemplated hereby.

18.13 Limitations on Benefits. It is the explicit intention of Buyer and Seller that
no person or entity other than Buyer and Seller and their permitted successors and assigns is or
shall be entitled to bring any action to enforce any provision of this Agreement against any of the
parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be
solely for the benefit of, and shall be enforceable only by, Buyer and Seller or their respective
successors and assigns as permitted hereunder. Except as set forth in this Section 18.13, nothing
contained in this Agreement shall under any circumstances whatsoever be deemed or construed, or be
interpreted, as making any third party (including, without limitation, Seller’s Broker) a
beneficiary of any term or provision of this Agreement or any instrument or document delivered
pursuant hereto, and Buyer and Seller expressly reject any such intent, construction or
interpretation of this Agreement.

18.14 Board Approval. Seller’s execution of this Agreement is contingent on receipt
of approval by the Board of Trustees of Prime Group Realty Trust by 5:00 Central Time on the date
that is three (3) Business Days after the Effective Date (the “Board Approval Date”).
Seller will notify Buyer by email on, or before 5:00 Central Time on the Board Approval Date,
whether such board approval has been obtained. If Seller notifies Buyer that such board approval
has not been obtained by the Board Approval Date, this Agreement shall be terminated, the Earnest
Money shall be paid to Buyer by Escrow Agent, and the parties shall have no further obligation to
each other except for Termination Surviving Obligations.

18.15 Union Matters.

(a) Buyer acknowledges that certain of the employees of Seller’s Affiliates at the Property
(the “Union Personnel”) are covered by the terms of certain agreements between the
Building Owners and Managers Association of Chicago (“BOMA”) and International Union
of Operating Engineers Local 399, AFL-CIO (collectively, the “BOMA Agreements”).
Buyer acknowledges and agrees that upon Closing, Buyer will, or will cause a successor
manager to, assume and be responsible for all of the obligations under the BOMA Agreements
with respect to the Union Personnel at the Property arising from and after the Closing Date,
and Buyer shall cause the Union Personnel to become employees of Buyer or Buyer’s successor
manager of the Property. Seller shall be responsible for any obligations under the BOMA
Agreements with respect to Union Personnel at the Property arising prior to the Closing
Date, except to the extent Buyer has received a credit for such amounts at Closing.

Agreement of Sale and Purchase

 

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(b) As of the Closing Date, Buyer agrees to comply with any applicable requirements of Cook
County Ordinance 06-O, The Displaced Building Service Workers Protection Ordinance.

(c) The provisions of this Section 18.15 shall survive the Closing.

18.16 Limitation of Liability. Notwithstanding anything to the contrary in this
Agreement or in any document delivered by Seller in connection with the consummation of the
transaction contemplated hereby, it is expressly understood and agreed that Seller’s liability
shall be, and is, limited to, and payable and collectible only out of, the Property or the net cash
proceeds of the Property actually received by Seller in the event of a sale of the Property, and no
other property or asset of Seller or of any of Seller’s directors, officers, employees,
shareholders, members or partners shall be subject to any lien, levy, execution, setoff, or other
enforcement procedure for satisfaction of any right or remedy of Buyer in connection with the
transaction contemplated hereby.

[The remainder of this page is intentionally left blank.]

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IN WITNESS WHEREOF, Seller and Buyer have respectively executed this Agreement as of the
Effective Date.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BUYER:
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	180 N. LASALLE REALTY LLC,

a Delaware limited liability company
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Steven I. Holm
	 	 	 	 	 
	 	 	 	 	Name: Steven I. Holm
	 	 	 	 	Title:   Authorized Signatory
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	180 N. LASALLE II, L.L.C.,

a Delaware limited liability company
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,

a Delaware limited liability company,

its sole member
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited

liability company, its administrative member
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,

a Delaware limited partnership,

its sole member
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	Prime Group Realty Trust, a

Maryland real estate investment

trust, its sole general partner
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:
	 	/s/ Jeffrey A. Patterson
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Name: Jeffrey A. Patterson
	 

	 	 	 	 	 	 	 	 	 	 	 	Title:   President and Chief Executive Officer

EFFECTIVE DATE: February 22, 2010

Agreement of Sale and Purchase

 

52

 

EXHIBIT A

LEGAL DESCRIPTION OF THE LAND

LOT 1 (EXCEPT THAT PART THEREOF LYING BETWEEN THE WEST LINE OF NORTH LASALLE STREET AND A LINE 20
FEET WEST OF AND PARALLEL WITH THE WEST LINE OF NORTH LASALLE STREET TAKEN FOR WIDENING NORTH
LASALLE STREET), LOT 2 AND THE EAST HALF OF LOT 3 IN BLOCK 33 IN ORIGINAL TOWN OF CHICAGO, IN
SECTION 9, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY,
ILLINOIS.

Agreement of Sale and Purchase

 

A-1

 

EXHIBIT B

LIST OF EXISTING LOAN DOCUMENTS

	1.	 	Loan and Security Agreement from Greenwich Capital Financial Products, Inc. (“Lender”) to 180
N. LaSalle II, LLC (“Borrower”), dated January 15, 2004.

	2.	 	First Amendment of Loan Agreement between Borrower, Prime Group Realty, LP (“Guarantor”), 180
N. LaSalle Holdings, LLC and Lender, dated April 15, 2004.

	3.	 	Promissory Note of Borrower to Lender, dated January 15, 2004.

	4.	 	Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing by Borrower
to Lender, dated January 15, 2004.

	5.	 	Assignment of Leases and Rents by Borrower to Lender, dated January 15, 2004.

	6.	 	UCC Financing Statement pertaining to the Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing, to be a filed in Cook County, Illinois.

	7.	 	UCC Financing Statement pertaining to the Mortgage, Assignment of Leases and Rents, Security
Agreement and Fixture Filing, to be a filed in Delaware Secretary of State.

	8.	 	Environmental Indemnity Agreement between Borrower, Guarantor and Lender, dated January 15,
2004.

	9.	 	Borrower’s Certificate, dated January 15, 2004.

	10.	 	Conditional Assignment of Management Agreement between Borrower and Lender with Prime Group
Realty, LP (“Agent”) acknowledging and consenting, dated January 15, 2004.

	11.	 	Exceptions to Non-Recourse Guaranty by Guarantor for the benefit of Lender, dated January 15,
2004.

	12.	 	Central Account Agreement among LaSalle Bank National Association (“Central Account Bank”),
Borrower, and Lender, dated January 15, 2004.

	13.	 	[Indemnity Agreement by Guarantor for the benefit of Lender, dated January 15,
2004.]1

	14.	 	Side Letter regarding securitization cooperation and certain post-closing obligations among
Borrower, Guarantor, and Lender, dated January 15, 2004.

	15.	 	Conditional Assignment of Management Agreement by Borrower in favor of Lender, acknowledged
and consented to by Prime Group Realty, LP, dated January 15, 2004.

 

	 	 	 
	1	 	Not to be assumed by Buyer; litigation to which it
relates was dismissed with prejudice.

Agreement of Sale and Purchase

 

B-1

 

EXHIBIT C-1

FORM OF ESTOPPEL CERTIFICATE

	 	 	 
	TO:

	 	180 N. LaSalle II, L.L.C. (“Landlord”) 
	 

	 	[Address]
	 
	 

	 	[Purchaser] (“Purchaser”)
	 

	 	[Address]
	 
	 

	 	[Lender] (“Lender”)
	 

	 	[Address]

	 	 	 
	RE:

	 	180 North LaSalle Street, Chicago, IL (the “Property”)

THIS IS TO CERTIFY THAT:

1. The undersigned is the “Tenant” under that certain Lease, dated
 _________,
 _____ 
(the
“Lease”) between Tenant (or Tenant’s predecessor in interest) and Landlord (or Landlord’s
predecessor in interest), covering the premises described above (the “Premises”). A true and
correct copy of the Lease is attached hereto as Exhibit A.

2. The Lease constitutes the entire agreement between Landlord and Tenant and has not been
modified, assigned, supplemented, or amended in any respect, except as indicated below (insert
dates of all modifications, assignments, supplements, or amendments; if none, state “none”), and
the Lease is valid and in full force and effect on the date hereof. Tenant has not given Landlord
any notice of termination under the Lease.

 

 

3. Tenant has accepted and now occupies [modify as appropriate] the Premises. The Lease term
commenced on
 _____,
 _____ 
and is scheduled to expire on
 _____,
 _____. Any
improvements to be constructed on the Premises by Landlord have been completed and accepted by
Tenant and any tenant construction allowances payable by Landlord have been paid, except, in each
case, any relating to future options for renewal or expansion of the Lease. Tenant has
 _____ 

options to renew the initial term of the Lease, each for a period of
 _____ 
years.

4. The
base rent payable by Tenant presently is $___ per month. No such rent has been
paid more than one (1) month in advance of its due date except as follows (if none, state “none”):
 _____. Tenant’s security deposit is $_____. Tenant pays monthly its pro rata share
of excess operating expenses (including taxes and insurance) in the current amount of
$_____ [, based on an expense stop of $_____]. [Revise as appropriate per the
Lease] Tenant’s Proportionate Share is
 _____%. Tenant has paid
in full all additional rent, Tenant’s proportionate share of real estate taxes and insurance
and all other sums or charges presently due and payable under the Lease by Tenant. There are no
free rent periods or other concessions under the Lease except as described below (if none, state
“none”):                                                                            
     

Agreement of Sale and Purchase

 

C-1-1

 

5. No default exists on the part of Tenant under the Lease (and no facts or circumstances
exist that, with the passage of time or giving of notice, will or could constitute a default under
the Lease). No default by Landlord exists under the Lease, and no facts or circumstances exist
that, with the passage of time or giving of notice, will or could constitute a default by Landlord
under the Lease. Tenant has made no claim against Landlord alleging Landlord’s default under the
Lease. Tenant has no offset, defense, deduction or claim against Landlord.

6. Tenant has not assigned, sublet or transferred its interest in the Lease and/or the Demised
Premises, or any part thereof, except as follows (if none, state none):                                                                   
                                                                          
                                                  
                         .

7. Tenant has no right or option whatsoever to purchase or otherwise acquire the Premises or
any portion thereof.

8. There are no voluntary actions, and to Tenant’s knowledge no involuntary actions, pending
against Tenant under the bankruptcy or insolvency laws of the United States or of any state or
territory of the United States.

9. We will deliver to Lender a copy of all notices we serve on or receive from Landlord to
Lender at the address on the first page of this Tenant Estoppel Certificate.

The undersigned is authorized to execute this Tenant Estoppel Certificate on behalf of Tenant.
Tenant understands and acknowledges that this Estoppel Certificate is delivered to, and shall be
relied on by Landlord, Purchaser in connection with its potential acquisition of the Property, and
Lender in connection with the origination, or assumption by Purchaser, of a loan financing the
Purchaser’s acquisition of the Property, and any lender making a loan secured by the ownership
interests in Purchaser (collectively with Lender, a “Lender”) and may be relied upon by any and all
past, current and/or future landlords, purchasers and/or lenders of the Property.

	 	 	 	 	 	 	 	 	 
	 	 	«TENANT LEGAL NAME»	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	Dated:                                         , 2010
	 	 	 	 	 	 	 	 

Agreement of Sale and Purchase

 

C-1-2

 

EXHIBIT C-2

FORM OF SELLER ESTOPPEL CERTIFICATE

	 	 	 
	TO:

	 	[Purchaser] (“Purchaser”)
	 

	 	[Address]
	 
	 
	 

	 	[Lender] (“Lender”)
	 

	 	[Address]

	 	 	 
	RE:

	 	180 North LaSalle Street, Chicago, IL (the “Property”)

180 N. LaSalle II, L.L.C. (“Landlord”) hereby states the following, to its actual knowledge:

1. The undersigned is the “Tenant” under that certain Lease, dated
 _____,
 _____ 
(the
“Lease”) between Tenant (or Tenant’s predecessor in interest) and Landlord (or Landlord’s
predecessor in interest), covering the premises described above (the “Premises”).

2. The Lease constitutes the entire agreement between Landlord and Tenant and has not been
modified, assigned, supplemented, or amended in any respect, except as indicated below (insert
dates of all modifications, assignments, supplements, or amendments; if none, state “none”), and
the Lease is valid and in full force and effect on the date hereof. Tenant has not given Landlord
any notice of termination under the Lease.

 

 

3. Tenant has accepted and now occupies [modify as appropriate] the Premises. The Lease term
commenced on
 _____,
 _____ 
and is scheduled to expire on
 _____,
 _____. Any
improvements to be constructed on the Premises by Landlord have been completed and accepted by
Tenant and any tenant construction allowances payable by Landlord have been paid, except, in each
case, any relating to future options for renewal or expansion of the Lease. Tenant has
 _____ 

options to renew the initial term of the Lease, each for a period of
 _____ 
years.

4. The
base rent payable by Tenant presently is $___ per month. No such rent has been
paid more than one (1) month in advance of its due date except as follows (if none, state “none”):
 _____. Tenant’s security deposit is $_____. Tenant pays monthly its pro rata share
of excess operating expenses (including taxes and insurance) in the current amount of
$_____ [, based on an expense stop of $_____]. [Revise as appropriate per the
Lease] Tenant’s Proportionate Share is
 _____%. Tenant has paid in full all additional rent,
Tenant’s proportionate share of real estate taxes and insurance and all other sums or charges
presently due and payable under the Lease by Tenant. There are no free
rent periods or other concessions under the Lease except as described below (if none, state
“none”):                                                                            
     

Agreement of Sale and Purchase

 

C-2-1

 

5. No default exists on the part of Tenant under the Lease (and no facts or circumstances
exist that, with the passage of time or giving of notice, will or could constitute a default under
the Lease). No default by Landlord exists under the Lease, and no facts or circumstances exist
that, with the passage of time or giving of notice, will or could constitute a default by Landlord
under the Lease. Tenant has made no claim against Landlord alleging Landlord’s default under the
Lease. Tenant has no offset, defense, deduction or claim against Landlord.

6. Tenant has not assigned, sublet or transferred its interest in the Lease and/or the Demised
Premises, or any part thereof, except as follows (if none, state none):                                                                   
                                                                          
                                                  
                         .

7. Tenant has no right or option whatsoever to purchase or otherwise acquire the Premises or
any portion thereof.

8. There are no voluntary actions, and to Tenant’s knowledge no involuntary actions, pending
against Tenant under the bankruptcy or insolvency laws of the United States or of any state or
territory of the United States.

The undersigned is authorized to execute this Estoppel Certificate and understands and
acknowledges that this Estoppel Certificate is delivered to, and shall be relied on by Purchaser in
connection with its acquisition of the Property, and Lender in connection with the origination or
assumption by Purchaser of a loan financing the Purchaser’s acquisition of the Property and any
lender making a loan secured by the ownership interests in Purchaser and their respective
successors and assigns.

Landlord’s liability under this Estoppel Certificate(s) (i) shall expire and be of no further
force and effect as of the earlier of (A) twelve (12) months following the Closing Date (as defined
in the Purchase Agreement), and (B) the date that Buyer receives an Acceptable Estoppel (as defined
in the Purchase Agreement), and (ii) shall be limited by Section 8.4 of the Purchase Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	180 N. LASALLE II, L.L.C.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

Dated:                                                   , 2010

Agreement of Sale and Purchase

 

C-2-2

 

EXHIBIT D

LIST OF SERVICE CONTRACTS

[Intentionally Omitted]

Agreement of Sale and Purchase

 

D-1

 

EXHIBIT E

RENT ROLL

See attached.

[Intentionally Omitted]

Agreement of Sale and Purchase

 

E-1

 

EXHIBIT F

FORM OF DEED

THIS DOCUMENT WAS PREPARED BY:

Susan I. Matejcak

Jones Day

77 W. Wacker Drive

Chicago, Illinois 60601-1692

UPON RECORDING RETURN TO:

SPECIAL WARRANTY DEED

THIS SPECIAL WARRANTY DEED is made as of
 _____, 2010, by 180 N. LASALLE II, L.L.C., a
Delaware limited liability company having an address at c/o Prime Group Realty Trust, 330 North
Wabash Avenue, Suite 2800, Chicago, Illinois 60611 (“Grantor”) in favor of
 _____ 

having an address at
 _____ 
(“Grantee”).

W I T N E S S E T H:

That Grantor, for and in consideration of the sum of $10.00 and other good and valuable
considerations, the receipt of which is hereby acknowledged, does hereby grant, bargain, sell, and
convey unto Grantee and Grantee’s heirs, successors and assigns, in and to the following described
land (the “Land”) in Cook County, Illinois:

See Exhibit A attached hereto and incorporated herein by
reference for the description of the Land conveyed herein.

TOGETHER with all the tenements, hereditaments, and appurtenances thereto.

TO HAVE AND TO HOLD the same unto Grantee and Grantee’s heirs, successors and assigns in fee
simple forever.

This conveyance is made subject to those matters described on Exhibit B attached
hereto and to applicable zoning ordinances, matters appearing on any recorded plat of the Land, and
taxes for the current year.

And Grantor does hereby covenant with Grantee that, except as noted above, title to the Land
is free from all encumbrances made by Grantor, and that Grantor will warrant and defend the same
against the lawful claims and demands of all persons claiming by, through or under Grantor (except
as noted above), but against none other.

Agreement of Sale and Purchase

 

F-1

 

IN WITNESS WHEREOF, Grantor has executed this deed the day and year first above-written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	180 N. LASALLE II, L.L.C.,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,	 	 
	 	 	 	 	a Delaware limited liability company,	 	 
	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited	 	 
	 	 	 	 	 	 	liability company, its administrative member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,	 	 
	 	 	 	 	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	 	 	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	Prime Group Realty Trust, a	 	 
	 	 	 	 	 	 	 	 	 	 	Maryland real estate investment	 	 
	 	 	 	 	 	 	 	 	 	 	trust, its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 

	 	 	 
	STATE OF ILLINOIS

	 	}
	 

	 	} SS.
	COUNTY OF COOK

	 	}

I, the undersigned a Notary Public in and for the County and State aforesaid, DO HEREBY
CERTIFY, that the above named
 _____, being the
 _____ 
of

 _____, personally known to me to be the same person whose name is subscribed to the
foregoing instrument as such
 _____, appeared before me this day in person and
acknowledged that he/she signed and delivered the said instrument as his/her own free and voluntary
act and as the free and voluntary act of said corporation for the uses and purposes therein set
forth.

Given under my hand and Notary Seal, this
 _____ 
day of
 _____, 2010.

	 	 	 
	 

Notary Public

	 	 
	My Commission Expires:
	 	 
	 
	 	 
	 

	 	 

Agreement of Sale and Purchase

 

F-2

 

EXHIBIT G

FORM OF BILL OF SALE

For good and valuable consideration, the receipt of which is hereby acknowledged, 180 N.
LASALLE II, L.L.C., a Delaware limited liability company (“Seller”), does hereby sell, transfer,
and convey to
 _____, a(n)
 _____ 
(“Buyer”) any and all Personal Property
(as defined in the Purchase Agreement (as hereinafter defined)).

Seller has executed this Bill of Sale and bargained, sold, transferred, conveyed and assigned
the Personal Property and Buyer has accepted this Bill of Sale and purchased the Personal Property
AS IS AND WHEREVER LOCATED, WITH ALL FAULTS and without any representations or warranties or
whatsoever nature, express, implied, or statutory, except as expressly set forth in the Purchase
and Sale Agreement between Seller and Buyer, dated as of February
 _____, 2010 (the “Purchase
Agreement”) and the warranties set forth herein, it being the intention of Seller and Buyer to
expressly negate and exclude all warranties whatsoever, including but not limited to the implied
warranties of merchantability and fitness for any particular purpose, any implied or express
warranty of conformity to models or samples of materials, any rights of Buyer under appropriate
statutes to claim diminution of consideration, any claim by Buyer for damages because of defects,
whether known or unknown with respect to the Personal Property, warranties created by affirmation
of fact or promise and any other warranties contained in or created by the Uniform Commercial Code
as now or hereafter in effect in the State in which the Personal Property is located, or contained
in or created by any other law.

Dated this _______ day of ____________________, 2010.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SELLER:	 	180 N. LASALLE II, L.L.C.,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,	 	 
	 	 	 	 	a Delaware limited liability company,	 	 
	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited	 	 
	 	 	 	 	 	 	liability company, its administrative member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,	 	 
	 	 	 	 	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	 	 	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	Prime Group Realty Trust, a	 	 
	 	 	 	 	 	 	 	 	 	 	Maryland real estate investment	 	 
	 	 	 	 	 	 	 	 	 	 	trust, its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 

Agreement of Sale and Purchase

 

G-1

 

EXHIBIT H

FORM OF ASSIGNMENT OF LEASES

THIS ASSIGNMENT AND ASSUMPTION OF LEASES (this “Assignment”) is made as of
 _____, 2010,
between 180 N. LASALLE II, L.L.C., a Delaware limited liability company, having an address at c/o
Prime Group Realty Trust, 330 North Wabash Avenue, Suite 2800, Chicago, Illinois 60611
(“Assignor”), and
 _____, a
 _____, having an address at

 _____ 
(“Assignee”).

W I T N E S S E T H:

WHEREAS, the property commonly known as 180 North LaSalle Street, Chicago, Illinois, more
particularly described on Exhibit A attached hereto (the “Property”), is affected by the
leases listed on Exhibit B attached hereto (collectively, the “Leases”);

WHEREAS, Assignor and Assignee have entered into that certain Purchase and Sale Agreement
dated as of February
 _____, 2010 (the “Agreement”), wherein Assignor has agreed to assign and
transfer to Assignee all of Assignor’s right, title and interest in and to the Leases and all
Security Deposits;

WHEREAS, Assignor desires to assign to Assignee all of Assignor’s right, title and interest in
and to the Leases and the Security Deposits, and Assignee desires to accept the assignment of such
right, title and interest in and to the Leases and the Security Deposits and to assume all of
Assignor’s rights and obligations under the Leases and with respect to the Security Deposits.

NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained and
for other good and valuable consideration, the parties, intending to be legally bound, do hereby
agree as follows:

1. Assignor hereby assigns, sells, transfers, sets over and conveys to Assignee, its
successors and assigns, all of Assignor’s right, title and interest in and to the Leases and the
Security Deposits. Assignee hereby accepts this assignment and transfer and agrees to assume,
fulfill, perform and discharge all of the various commitments, obligations and liabilities of
Assignor under and by virtue of the Leases that arise and are to be performed (a) on and after the
date hereof, including the return of the Security Deposits in accordance with the terms of the
Leases, but only to the extent credited by Assignor to Assignee, and (b) before the date hereof to
the extent Assignor credited Assignee with the cost of performing any such commitments, obligations
and liabilities. Notwithstanding anything to the contrary set forth above, Assignee hereby assumes
all obligations under the Leases relating to the physical and environmental condition of the
Property regardless of whether such obligations arise before, on or after the date hereof (provided
that notice of such obligations is first given after the Closing Date, or, if notice was given
prior to the Closing Date, except to the extent that any action have been or was required to be
taken with respect to any such obligations prior to the Closing Date) and without
obligation of Assignor to have credited Assignee with the cost of performing any such
obligations.

Agreement of Sale and Purchase

 

H-1

 

2. Notwithstanding anything in this Assignment to the contrary, Assignor’s liability hereunder
is subject to the limitations set forth in Section 8.4 of the Agreement.

3. This Assignment is made without representation, warranty (express or implied) or recourse
of any kind, except as may be expressly provided herein or in the Agreement.

4. This Assignment shall inure to the benefit of and be binding upon the parties hereto and
their respective successors and assigns. This Assignment shall be governed by, and construed
under, the laws of the State of Illinois.

5. All capitalized terms used but not defined herein have the meaning assigned to them in the
Agreement.

6. This Assignment may be executed in one or more counterparts, each of which shall be deemed
to be an original Assignment, but all of which shall constitute but one and the same Assignment.

[The remainder of this page is intentionally left blank.]

Agreement of Sale and Purchase

 

H-2

 

IN WITNESS WHEREOF, Assignor and Assignee hereby execute and deliver this Assignment to be
effective as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ASSIGNOR:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	180 N. LASALLE II, L.L.C.,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,	 	 
	 	 	 	 	a Delaware limited liability company,	 	 
	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited	 	 
	 	 	 	 	 	 	liability company, its administrative member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,	 	 
	 	 	 	 	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	 	 	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	Prime Group Realty Trust, a	 	 
	 	 	 	 	 	 	 	 	 	 	Maryland real estate investment	 	 
	 	 	 	 	 	 	 	 	 	 	trust, its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 
	 	 	 	 	ASSIGNEE:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	,	 
	 	 	 	 	 	 	 
	 

	 	 	 	a(n)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

Agreement of Sale and Purchase

 

H-3

 

EXHIBIT I

FORM OF ASSIGNMENT OF CONTRACTS

THIS ASSIGNMENT AND ASSUMPTION (this “Assignment”) dated as of
 _____, 2010, is
between 180 N. LASALLE II, L.L.C., a Delaware limited liability company (“Assignor”), and

 _____, a(n)
 _____ 
(“Assignee”).

A. Assignor owns certain real property and certain improvements thereon known as 180 North
LaSalle Street, Chicago, Illinois, and more particularly described in Exhibit A attached
hereto (the “Property”).

B. Assignor has entered into certain contracts which are more particularly described in
Schedule l attached hereto (the “Service Contracts”), which affect the Property.

C. Assignor and Assignee entered into a Purchase and Sale Agreement dated as of February
 _____,
2010 (the “Purchase Agreement”), pursuant to which Assignee agreed to purchase the Property from
Assignor and Assignor agreed to sell the Property to Assignee, on the terms and conditions
contained therein.

D. Assignor desires to assign to Assignee its interest, if any, and to the extent assignable,
in (a) the Service Contracts, (b) certain warranties, guaranties, and intangible personal property
with respect to the Property, and (c) all Licenses and Permits (as defined in the Purchase
Agreement), and Assignee desires to accept the assignment thereof, on the terms and conditions
below.

ACCORDINGLY, the parties hereby agree as follows:

1. Assignor hereby assigns to Assignee all of Assignor’s right, title, and interest, if any,
in and to the following, from and after the date hereof, to the extent the same are assignable:

(a) the Service Contracts;

(b) any warranties and guaranties (“Warranties and Guaranties”) made by or received from any
third party with respect to any improvements owned by Assignor on the Property; and

(d) the Licenses and Permits.

2. Assignee hereby accepts the foregoing assignment by Assignor and assumes all of the
Assignor’s obligations under the Contracts, the Warranties and Guaranties and the Licenses and
Permits arising on or after the date hereof.

3. Notwithstanding anything in this Assignment to the contrary, Assignor’s liability hereunder
is subject to the limitations set forth in Section 8.4 of the Agreement.

Agreement of Sale and Purchase

 

I-1

 

4. This Assignment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

5. This Assignment shall be governed and construed in accordance with the laws of the State of
Illinois.

6. This Assignment may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement the day and year first
above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ASSIGNOR:	 	180 N. LASALLE II, L.L.C.,	 	 
	 	 	a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	180 N. LaSalle Holdings, L.L.C.,	 	 
	 	 	 	 	a Delaware limited liability company,	 	 
	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PGRT Equity II LLC, a Delaware limited	 	 
	 	 	 	 	 	 	liability company, its administrative member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	Prime Group Realty, L.P.,	 	 
	 	 	 	 	 	 	 	 	a Delaware limited partnership,	 	 
	 	 	 	 	 	 	 	 	its sole member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	Prime Group Realty Trust, a	 	 
	 	 	 	 	 	 	 	 	 	 	Maryland real estate investment
	 	 
	 	 	 	 	 	 	 	 	 	 	trust, its sole general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 
	 	 	 	 	 	 	 
	ASSIGNEE:

	 	 	 	a(n)	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 

Agreement of Sale and Purchase

 

I-2

 

EXHIBIT J

FORM OF CERTIFICATE AS TO FOREIGN STATUS

Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), provides
that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform [          ] (“Transferee”) that withholding of tax is not required upon
disposition of a U.S. real property interest by 180 N. LASALLE II, L.L.C., a Delaware limited
liability company (“Transferor”), the undersigned hereby certifies the following on behalf
of Transferor:

(a) Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign
estate (as those terms are defined in the Code and Income Tax Regulations);

(b) Transferor is not a disregarded entity as defined in Treasury Regulations Section
1.14452(b)(2)(iii)(c). The U.S. employer identification number of Transferor is 20-0587707;

	 	 	 	 	 
	 

	 	(c) Transferor has an address at:
	 	c/o Prime Group Realty Trust
	 

	 	 	 	330 North Wabash Avenue 
	 

	 	 	 	Suite 2800
	 

	 	 	 	Chicago, Illinois 60611

(d) The address of the subject property is 180 North LaSalle Street, Chicago, Illinois.

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

_______________ ___, 2010

	 	 	 
	 

	 	180 N. LASALLE II, L.L.C.,
	 

	 	a Delaware limited liability company
	 
	 	 
	 

	 	[Correct signature block to be inserted]

Agreement of Sale and Purchase

 

J-1

 

EXHIBIT K

UNPAID COMMISSIONS, ALLOWANCES AND CONCESSIONS

[Intentionally Omitted]

Agreement of Sale and Purchase

 

K-1

 

EXHIBIT L

EXAMPLE OF REAL ESTATE TAX PRORATION METHODOLOGY

[Intentionally Omitted]

Agreement of Sale and Purchase

 

L-1

 

EXHIBIT M

LITIGATION

[Intentionally Omitted]

Agreement of Sale and Purchase

 

M-1

 

EXHIBIT N

NEW LEASE GUIDELINES

[Intentionally Omitted]

Agreement of Sale and Purchase

 

N-1

 

EXHIBIT O

PERMITTED EXCEPTIONS

[Intentionally Omitted]

Agreement of Sale and Purchase

 

O-1

 

EXHIBIT P

REQUIRED ITEMS CHECKLIST

	1.	 	* Return of complete and signed ASSUMPTION APPLICATION.

	2.	 	Borrower Information Forms (enclosed) fully completed in accordance with the
instructions. New Borrower must be a legally formed entity satisfying Lender’s current
underwriting guidelines. Please refer to the enclosed section of the Mortgage/Deed of Trust
relating to borrower covenants for further information on the nature and operation of the
new borrowing entity including Single Purpose Entity requirements, as applicable. Please
note the following.

	 	A.	 	If the current borrower is a Single Purpose Entity, then the New
Borrower must be a Single Purpose Entity.

	 	B.	 	If the New Borrower is a single member entity, it must be formed in
Delaware whether or not the single member is a person or another business entity.

	 	C.	 	If the new borrowing structure involves Tenants-In-Common (TIC), please
note the following requirements:

	 	•	 	The maximum number of TICs is 3 for loans with an unpaid principal balance
less than or equal to $5 MM. The maximum number of TICs is 4 for loans with an
unpaid principal balance over $5MM;

	 	•	 	Each TIC must be a Special Purpose Entity;

	 	•	 	Each TIC must make a minimum equity contribution of $500,000;

	 	•	 	Each TIC must provide an individual as the carve-out guarantor;

	 	•	 	The sponsor of each TIC must otherwise qualify for the loan, based on
lender’s underwriting practice, on a “stand-alone” basis, independent of the
other TICs;

	 	•	 	Each TIC will provide non-consolidation opinions as may be required by
Lender;

	 	•	 	In most cases Lender will require a TIC “roll-up” into a single borrowing
entity within a specific time period as proscribed by Lender;

	 	•	 	Lender may require additional conditions to compel the TIC roll-up,
including but not limited to deposits, springing recourse, and other
conditions;

	 	•	 	Each incremental TIC will be charged an additional $1,000 processing fee;

	 	•	 	Legal retainers will be increased to accommodate the additional review and
structuring associated with a TIC borrowing entity.

	 	•	 	Reverse 1031 exchanges are not permitted.

Agreement of Sale and Purchase

 

P-1

 

	3.	 	Contact sheet [enclosed form] completed and returned with application.

	4.	 	* Copies of New Borrower’s formation documents, including all exhibits and
amendments.2

	5.	 	* An outline of New Borrower, including all members, partners, shareholders and
principals.3

	6.	 	If New Borrower consists of multiple entities, an organizational chart which clearly
identifies the relationship of the entities and the principals thereof, including ownership
percentages.

	7.	 	* A résumé for each of the Key Principals of New Borrower. [Key Principal is defined as
1) for loans with an unpaid principal balance of $4.0MM or less, any entity owning 50% or
more in the New Borrower or any intermediate entity, the proposed guarantor, any general
partner of New Borrower or any intermediate entity and any managing member of New Borrower
or any intermediate entity and 2) for loans with an unpaid principal balance over $4.0MM,
any entity owning 20% or more in the New Borrower or any intermediate entity, the proposed
guarantor, any general partner of New Borrower or any intermediate entity and any managing
member of New Borrower or any intermediate entity.]

	8.	 	* A list of all persons who are being proposed to sign as replacement guarantors or
indemnitors.

	9.	 	* A list of all principals who will control the management of New Borrower.

	10.	 	A copy of any management contract for the property and a resume of the manager. If New
Borrower does not plan to enter into a property management contract for the property, New
Borrower must provide WFB with a proposal for the management of the property.

	11.	 	* A copy of the fully executed sales contract for the proposed sale of the property,
with all addendums and extensions attached and, if New Borrower is not the entity that
executed the sales contract as purchaser there under, evidence of the assignment of the
purchaser’s interest to New Borrower.

	12.	 	* A current preliminary title report for the Property with copies of any items
recorded after the original closing of the loan

	13.	 	A W-9 Tax Form for New Borrower [enclosed form].

 

	 	 	 
	2	 	Note: Copies of any operating agreements will be
provided by the Final Submission Date.

	 
	3	 	Note: Outline for Key Principals will be provided by
the Preliminary Submission Date; outline for all other members to be provided
by the Final Submission Date.

Agreement of Sale and Purchase

 

P-2

 

	14.	 	A copy of the 1031 Exchange documentation, that clearly states the 180-day Exchange
Completion Date. (See section D of this application). Please note: Lender does not offer
any tax advice or assume any responsibility for any completion date deadlines for 1031
Exchanges. The federal, state and local tax treatment of the loan assumption and any
conditions related thereto are the sole and complete responsibility of the Applicant.

	15.	 	Current (within three months) financial statements for New Borrower, all intermediate
legal entities, and all Key Principals. [Enclosed forms: Financial Statement and
Schedules].

	16.	 	Current bank and investment account statements for New Borrower, all intermediate
entities and all Key Principals for those accounts containing the bulk of their liquid
assets.

	17.	 	Schedule of Real Estate owned [enclosed form], fully completed for New Borrower, all
intermediate entities, all Key Principals and all their affiliates.

	18.	 	Most recent income tax returns, (last 3 years) with all schedules and attachments, for
New Borrower, all intermediate entities, and all Key Principals.

	19.	 	Most recent fiscal year-end cash flow statements, (signed and dated), identifying the
actual recurring and non-recurring cash flow for each property listed on the Schedule of
Real Estate Owned. Also a year-to-date cash flow statement should be provided.

	20.	 	Credit Check Authorizations [enclosed form], fully completed signed and dated by Key
Principals.

	21.	 	Return of three (3) Lender Reference Forms completed and signed by both the New
Borrower and Lender.

	22.	 	Cash flow statements and operating statements for the Property for the most
recent fiscal year-end and the current year to date. The cash flow statement should be
presented on a quarterly basis. An authorized principal of Borrower must certify (sign and
date) all cash flow and operating statements.

	23.	 	Twelve-month projected cash flow and operating statements for the Property.

	24.	 	A current rent roll listing all the tenants leasing space in the Property, the
square footage leased per tenant, monthly base rent, rent per square foot, lease expiration
for each lease, percentage of space leased, occupied and total vacant.

	25.	 	Three recent sales transactions in the local area real estate market comparable to the
subject property.

	26.	 	Three recent leasing transactions in the local area real estate market comparable to
the subject property.

Agreement of Sale and Purchase

 

P-3

 

EXHIBIT Q

PROPERTY EMPLOYEES

[Intentionally Omitted]

 

Q-1

 

EXHIBIT R

PENDING TAX ASSESSMENT PROCEEDINGS

[Intentionally Omitted]

 

R-1

 

EXHIBIT S

EXISTING LOAN ESCROWS

[Intentionally Omitted]

 

S-1

 

EXHIBIT T

PENDING LEASES

[Intentionally Omitted]

 

T-1Exhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

The Employment Agreement (the “Agreement”) is effective as of the 13th day of May, 2011 and is
made by and between PREMIER EXHIBITIONS, INC., a Florida corporation (the “Company”), and Kris Hart
(the “Executive”).

WITNESSETH:

WHEREAS, the Company desires to employ the Executive in accordance with the terms and
conditions contained in the Agreement; and

WHEREAS, the Executive desires to accept such employment and to render her services in
accordance with the terms and conditions contained in the Agreement; and

NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth in this
Agreement, and intending to be legally bound, the Company and the Executive agree as follows:

1. Term of Employment

(a) Offer/Acceptance/Effective Date. The Company hereby offers employment to the
Executive, and the Executive hereby accepts employment with the Company, subject to the terms and
conditions set forth in this Agreement.

(b) Term. The term of the Agreement shall commence as of the date referenced above
(the “Effective Date”) and shall remain in effect until the date that is one (1) year after the
Effective Date (the “Initial Term”). Unless either party notifies the other party, at least 45
days prior to the end of the Initial Term that it does not wish to renew the employment term beyond
the end of the Initial Term, the term of the Executive’s employment will automatically renew for
successive one-year “Renewal Terms” unless and until either party, at least 45 days prior to the
end of the then current Renewal Term, elects not to renew the employment term beyond the end of the
then current Renewal Term. Notwithstanding the foregoing, Section 5 of the Agreement discusses
circumstances under which the Executive’s employment may be terminated either by the Executive
herself or by the Company other than for non-renewal of the employment term as provided in this
Section 1(b). As used in the Agreement, “Term” refers to the entire term of the Executive’s
employment under the Agreement.

2. Duties.

(a) General Duties. The Executive shall serve as the Company’s Chief Marketing
Officer and a Vice President, reporting directly to the Chief Executive Officer. The Executive
shall perform duties that are customary for a Chief Marketing Officer in the Company’s industry and
shall perform any additional duties that are assigned to her by The Company’s Chief Executive
Officer and Board of Directors (the “Board”) from time to time.
Without limiting the generality of the foregoing, the Executive shall be responsible for
managing and overseeing the Company’s marketing and public relations affairs.

 

 

 

(b) Best Efforts. The Executive shall: (a) conduct herself at all times with
integrity and in an ethical manner; (b) devote substantially all of her effort, working time,
energy, and skill (vacations and absences due to illness excepted) to the duties of her employment;
(c) perform her duties faithfully, loyally, and industriously, and in a manner that accords with
the fiduciary relationship that a senior executive officer owes to her employer, and (d) follow and
implement diligently all lawful management policies and decisions of the Company.

(c) Location of Employment. The Executive shall work at the Company’s headquarters
located at 3340 Peachtree Road, NE, Suite 900, Atlanta, GA 30326, or wherever the Company’s
headquarters shall move from time to time.

3. Compensation and Expenses.

(a) Base Salary. For the services of the Executive to be rendered by her under this
Agreement, the Company will pay the Executive an annual base salary of two hundred and twenty five
thousand dollars ($225,000) (the “Base Salary”). The Company shall pay the Executive her Base
Salary in equal installments no less than semi-monthly.

(b) Performance Bonus. The Executive shall be eligible to be considered for annual
performance awards consistent with incentive compensation programs established by the Board for
senior executives. Such awards may take the form of cash bonuses, stock option grants or grants of
restricted stock at the discretion of the Board. Nothing in this Agreement shall be interpreted to
convey that a performance bonus or other award of cash, option or stock is guaranteed to the
Executive under the terms of this Agreement; all such awards shall be made in the sole discretion
of the Board.

(c) Expenses. In addition to any compensation received pursuant to this Section 3,
the Company shall reimburse the Executive for all reasonable, ordinary and necessary travel,
entertainment and approved office expenses incurred in connection with the performance of her
duties under this Agreement, provided that the Executive properly accounts for such expenses to the
Company in accordance with the Company’s policies and practices.

(d) Restricted Stock. As of the Effective Date, the Company shall grant the Executive
seventy-five thousand (75,000) shares of the common stock of the Company, which shares shall be
restricted (the “Restricted Stock”). The Restricted Stock shall vest, subject to the Executive’s
continued employment in good-standing with the Company through the applicable vesting date, as
follows: one-third on the first year anniversary date of the start of the Term; one-third on the
second year anniversary date of the start of the Term; and one-third on the third year anniversary
date of the start of the Term. The Restricted Stock shall be represented by a restricted stock
agreement, the terms of which shall be consistent with this subsection, and shall contain such
other terms as are consistent with the Company’s award of restricted stock to other senior
executives of the Company.

 

2

 

4. Benefits.

(a) Personal Days. For each calendar year during the Term, the Executive shall be
entitled to six paid personal days. Unused paid personal days will not carryover from calendar
year to calendar year. Accrued but unused paid personal days will not be paid upon termination of
this Agreement.

(b) Vacation. For each calendar year during the Term, the Executive shall be entitled
to three weeks of vacation without loss of compensation or other benefits to which he is entitled
under this Agreement. The Executive shall take her vacation at such times as the Executive may
select and as the affairs of the Company may permit. Unused vacation time will not carryover from
calendar year to calendar year. Accrued but unused vacation time will be paid upon termination of
this Agreement.

(c) Employee Benefit Programs. In addition to the compensation to which the Executive
is eligible pursuant to the provisions of Section 3 above, during the Term the Executive will be
entitled to participate in any stock option plan, stock purchase plan, pension or retirement plan,
and insurance or other employee benefit plan that is maintained at that time by the Company for its
senior executive employees, including programs of life, disability, basic medical and dental, and
supplemental medical and dental insurance. Executive’s coverage under all such medical and dental
insurance shall be in effect as of the Effective Date. Any such participation is subject in all
respect to the terms and conditions of such plans and programs.

5. Termination.

(a) Termination for Cause. The Company may terminate the Executive’s employment
pursuant to this Agreement for “Cause” upon the occurrence of any of the following events: (i)
Executive’s failure to substantially perform Executive’s employment duties and/or the duties and
obligations outlined in this Agreement (other than any such failure resulting from Executive’s
incapacity due to physical or mental illness) which are demonstrably willful and deliberate on
Executive’s part and which are not remedied in a reasonable period of time after receipt of written
notice from the Company; or (ii) conviction of, or a plea of guilty or no contest by, Executive to
a crime that constitutes a felony involving moral turpitude. No act or failure to act on the part
of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive
in bad faith or without reasonable belief that Executive’s action or omission was in the best
interests of the Company.

In the event the Company intends to terminate the Executive’s employment for Cause, the
Company shall provide the Executive with written notice specifying the particular act or acts, or
failure to act, which is or are the basis for the Company’s decision to so terminate the
Executive’s employment for Cause. Except in the case of a violation of Section 6 of this
Agreement, the Company shall give Executive 30 days after such notice to correct such act or
failure to act. Upon failure of the Executive, within such 30 day period, to correct such act or
failure to act to the Company’s satisfaction, the Company may proceed to terminate her employment.

 

3

 

Upon any termination for Cause, the Executive shall have no right to compensation, bonus,
severance, or other reimbursement pursuant to this Agreement or otherwise, except that the
Executive shall be entitled to all compensation and benefits that have accrued, except for accrued
but unused personal time, and all restricted stock that has vested as of the effective date of
termination.

(b) Death. This Agreement and the Company’s obligations hereunder will terminate upon
the death of the Executive. Upon the termination of this Agreement due to the death of the
Executive, the Company will pay the Executive’s legal representative the Base Salary (which may
include any accrued but unused vacation time) at such time pursuant to Section 3(a) through the
date of such termination of employment, plus any other compensation that may be due and unpaid.

(c) Disability. This Agreement and the Company’s obligations hereunder will terminate
upon the disability of the Executive. For purposes of this Section 5(c), “disability” shall mean
that for a period of six months in any 12-month period, the Executive is incapable of substantially
fulfilling the duties set forth in this Agreement because of physical, mental or emotional
incapacity resulting from injury, sickness or disease as determined by an independent physician
mutually acceptable to the Company and the Executive. Upon the termination of this Agreement due
to the disability of the Executive, the Company will pay the Executive or her legal representative,
as the case may be, the Base Salary (which may include any accrued but unused vacation time) at
such time pursuant to Section 3(a) through the date of such termination of employment (or, if the
Company has a disability policy in effect at the time of termination, until the date upon which
such disability policy begins payment of benefits, subject to Section 12(e) below), plus any other
compensation that may be due and unpaid.

(d) Termination without Cause or by the Executive for Good Reason. Upon 30 days prior
written notice to the Executive, the Company may terminate the Executive’s employment hereunder for
any reason other than “for Cause”. Upon 30 days prior written notice to the Company, the Executive
may terminate her employment hereunder with the Company for “Good Reason” (as defined below in (e)
and subject to the Company’s right to cure as also provided in (e)). In either such event, the
following terms and conditions shall apply: Executive shall receive six (6) months of her Base
Salary paid in accordance with the Company’s standard payroll practices; (ii) if Executive is
terminated before the first anniversary date of the Term, one-third of her Restricted Stock shall
vest immediately; (iii) if Executive is terminated after the first anniversary date of the Term but
before the second anniversary date of the term, one-third of her Restricted Stock that was
scheduled to vest on the second anniversary date of the Term shall vest immediately; (iv) if
Executive is terminated after the second anniversary date of the Term but before the third
anniversary date of the term, one-third of her Restricted Stock that was scheduled to vest on the
third anniversary date of the Term shall vest immediately. To the extent required by Section 409A
of the Internal Revenue Code, any lump sum payment payable to Executive under this section shall be
made on the date that is six months following the date of the termination, or as soon as
administratively practicable thereafter, but in no event later than 90 days thereafter.

 

4

 

(e) “Good Reason” means and shall be deemed to exist if, without the Executive’s prior
consent, (a) the Executive suffers a material diminution in the duties, responsibilities or
effective authority associated with her titles and positions; (b) a reduction by the Company of the
Executive’s Base Salary below the amount set in Section 3(a); or (c) the Company without just cause
fails to pay the Executive’s accrued compensation or to provide for the Executive’s accrued
benefits when due. The Executive is required to provide notice of the Good Reason within 90 days of
its occurrence. In the event the Executive intends to terminate her employment with the Company for
Good Reason, her prior written notice shall specify the particular act or acts, or failure to act,
which is or are the basis for the Executive’s decision to so terminate her employment for Good
Reason. The Company shall be given 30 days after such notice to correct such act or failure to
act. Upon failure of the Company, within such 30 day period, to correct such act or failure to
act, the Executive may proceed to terminate her employment with the Company. However, in no event
shall the Executive be entitled to terminate this Agreement under this subsection (e) during the
Initial Term.

(f) Termination Without Good Reason. Upon 30 days prior written notice to the
Company, the Executive shall have the right to terminate her employment hereunder without Good
Reason or any reason at all. In such event, the Executive shall be entitled to: (a) any Base
Salary earned but unpaid through the date of termination; (b) payment of any unpaid expense
reimbursements and unused accrued vacation days through the date of termination; and (c) any other
vested payments and/or benefits, including the restricted stock, to which the Executive is entitled
to receive under this Agreement or otherwise in accordance with the terms of any applicable benefit
plan or arrangement.

(g) Expiration of Term. Expiration of the Term because one or the other party elects not to
renew the employment relationship beyond the Initial Term or the then-current Renewal Term does not
constitute an early termination of the employment relationship for severance purposes. In such an
event, the Executive shall have no right to compensation, bonus, severance, or other reimbursement
pursuant to this Agreement or otherwise, except that the Executive shall be entitled to all
compensation and benefits that have accrued, except for accrued but unused personal time, and all
restricted stock that has vested as of the effective date of termination.

6. Restrictive Covenants.

(a) Acknowledgments. The Executive and the Company agree that the Executive is being
employed in an important fiduciary capacity with the Company and that the Company is engaged in a
highly competitive business. The Executive and the Company further agree that it is appropriate to
place reasonable limits as set forth herein on her ability to compete with the Company to protect
and preserve the legitimate business interests and goodwill of the Company.

 

5

 

(b) General Restrictions.

(i) For purposes of this Agreement, “Restricted Period” shall mean the Term together with a
period of twelve (12) months after the effective date the Executive’s
employment with the Company ends, regardless of the reason. A business shall be considered
“Competitive with the Company” if it offers products or services that are substantially similar to
those being provided by the Company as of the Effective Date of the Agreement, or if it offers
products or services that are otherwise directly competitive with or substitutable for the
Company’s products and services as of the Effective Date.

(ii) During the Restricted Period, the Executive will not engage or participate in or finance
(or take active steps to prepare to engage or participate in or finance, or to accept an offer of
employment or a contractual relationship to engage or participate in or finance), directly or
indirectly, as principal, agent, employee, employer, consultant, investor or partner, or assist in
the management of, or own any stock or any other ownership interest in, any business that is
Competitive with the Company. After the end of the Term, the covenant in this Section shall
restrict the Executive’s conduct only within a fifty (50) mile radius of Atlanta, Georgia (the
“Restricted Territory”). Notwithstanding the foregoing, the ownership of not more than five
percent (5%) of the outstanding securities of any company listed on any public exchange or
regularly traded in the over-the-counter market, assuming the Executive’s involvement with any such
company is solely that of a security holder, shall not constitute a violation of this Section.

(c) Non-Solicitation Covenants.

(i) During the Restricted Period, the Executive will not directly or indirectly, for herself
or on behalf of another, solicit, or attempt to solicit, any officer, member, manager, contractor,
consultant, executive or employee of the Company to leave, terminate or minimize her engagement or
relationship with the Company or to accept employment or an engagement or relationship elsewhere if
so accepting would involve leaving, terminating or minimizing her or her employment, engagement or
contractual relationship with the Company.

(ii) During the Restricted Period, the Executive will not directly or indirectly, for herself
or on behalf of another, solicit, or attempt to solicit, any of the Company’s customers or clients,
or any of the Company’s prospective customers or clients that the Executive knew were being
targeted by the Company during the Term. Notwithstanding the foregoing, after the end of the Term
the restriction in this Section shall apply only to customers or suppliers or prospects with whom
the Executive had material contact during the Term and nothing in the subparagraph (ii) shall be
deemed to prohibit the Executive from calling upon or soliciting a customer or supplier if such
action relates solely to a business which is not Competitive with the Company. For purposes of the
Section, “material contact” with a customer, supplier or prospect includes (A) direct personal
contact with such parties, (B) direct supervision of other employees or personnel of the Company
who have direct personal contact with such parties, or (C) substantial knowledge of non-public
information about the Company’s business relationship with or business strategies with respect to
such parties.

 

6

 

(d) Notice to Future Employers. If the Executive leaves the employ of the Company
for any reason, (i) the Executive shall, during the Restricted Period, inform any subsequent
employers or business partners of the existence and provisions of Section of the Agreement and, if
requested, provide a copy of such section to such employer or business
partner, and (ii) the Company may, during the Restricted Period, notify any future employer or
business partner of the Executive of the existence and provisions of such section of this
Agreement.

(e) THE EXECUTIVE REPRESENTS AND WARRANTS THAT THE KNOWLEDGE, SKILLS AND ABILITIES SHE
POSSESSES AT THE TIME OF COMMENCEMENT OF HER EMPLOYMENT HEREUNDER ARE SUFFICIENT TO PERMIT HER, IN
THE EVENT OF TERMINATION OF HER EMPLOYMENT HEREUNDER, TO EARN A LIVELIHOOD SATISFACTORY TO HERSELF
WITHOUT VIOLATING ANY PROVISION OF THE AGREEMENT, FOR EXAMPLE, BY USING SUCH KNOWLEDGE, SKILLS AND
ABILITIES, OR SOME OF THEM, IN THE SERVICE OF A NON-COMPETITOR.

(f) Disclosure of Confidential Information. The Executive acknowledges that during
her employment with the Company he will gain and have access to confidential information regarding
the Company and its subsidiaries and affiliates. The Executive acknowledges that such confidential
information as acquired and used by the Company or any of its subsidiaries or affiliates
constitutes a special, valuable and unique asset in which the Company or any of its subsidiaries or
affiliates, as the case may be, holds a legitimate business interest. All records, files,
materials, methods of operation, trade secrets, customer information, personnel information and
other confidential information (the “Confidential Information”) obtained by the Executive in the
course of her employment with the Company shall be deemed confidential and proprietary and shall
remain the exclusive property of the Company or any of its subsidiaries or affiliates, as the case
may be. The Executive will not, except in connection with and as required by her performance of
her duties under the Agreement (or as required by law or by legal process such as subpoena, etc.),
for any reason use for her own benefit or the benefit of any person or entity with which he may be
associated, disclose any Confidential Information to any person, firm, corporation, association or
other entity for any reason or purpose whatsoever without the prior consent of the Board of
Directors of the Company, unless such information previously shall have become public knowledge
through no action by or omission of the Executive. All tangible Confidential Information must be
returned to the Company upon the termination of the Agreement. Confidential Information shall not
be deemed to include any contract, draft or other template legal form in the Executive’s possession
prior to having been employed by the Company. Except as to trade secrets, the restrictive covenant
will survive for two (2) years following the termination of the Agreement. The restrictive
covenant has no time limit as it relates to trade secrets.

(g) Enforcement of Restrictions. The parties hereby agree that any violation by the
Executive of the covenants contained in the Section will likely cause irreparable damage to the
Company or its subsidiaries and affiliates and may, as a matter of course, be restrained by process
issued out of a court of competent jurisdiction, in addition to any other remedies provided by law.

 

7

 

(h) Special Severability. The terms and provisions of the Section are intended to be
separate and divisible provisions and if, for any reason, any one or more of them is held to be
invalid or unenforceable, neither the validity nor the enforceability of any other provision of the
Agreement shall thereby be affected. It is the intention of the parties to the Agreement that the
potential restrictions on the Executive’s future employment imposed by the Section be reasonable in
both duration and geographic scope and in all other respects. If for any reason any court of
competent jurisdiction shall find any provisions of the Section unreasonable in duration or
geographic scope or otherwise, the Executive and the Company agree that the restrictions and
prohibitions contained herein shall be effective to the fullest extent allowed under applicable law
in such jurisdiction.

7. Assignability. The rights and obligations of the Company under this Agreement
shall inure to the benefit of and be binding upon the successors and assigns of the Company,
provided that such successor or assign shall acquire all or substantially all of the assets and
business of the Company.

8. Indemnification and Insurance

(a) Indemnification. The Company shall indemnify and hold harmless Executive from,
against and in respect of any and all losses arising out of or relating to the performance of the
Executive’s services (including, without limitation, attorneys’ fees and expenses);
provided, however, the Company shall have no obligation under the Section 8 to
indemnify Executive for any losses to the extent that such losses (i) are determined by a court of
competent jurisdiction in a final judgment or (ii) are determined by arbitration, pursuant to
Section 11 of the Agreement, to have resulted from (A) the gross negligence or willful misconduct
of Executive in the performance of Executive’s employment duties and/or the duties and obligations
outlined in the Agreement, (B) any violation of law by Executive in the performance of Executive’s
employment duties and/or the duties and obligations outlined in the Agreement, or (C) breach of the
terms of the Agreement by Executive.

(b) Insurance. The Company shall cause Executive to be covered under the Company’s
directors and officers liability insurance policy upon a basis consistent with the Company’s
similarly situated executive officers, subject to and on a basis consistent with the terms and
conditions of such directors and officers liability insurance policy.

9. Severability. If any provision of the Agreement is deemed to be invalid or
unenforceable or is prohibited by the laws of the state or jurisdiction where it is to be
performed, the Agreement shall be considered divisible as to such provision and such provision
shall be inoperative in such state or jurisdiction and shall not be part of the consideration
moving from either of the parties to the other. The remaining provisions of the Agreement shall be
valid and binding.

 

8

 

10. Notice. Notices given pursuant to the provisions of the Agreement shall be sent
by certified mail, postage prepaid, or by overnight courier, or telecopier to the following
addresses:

	 	 	 	 	 
	 

	 	To the Company:
	 	Chris Davino

3340 Peachtree Road, NE

Suite 2250

Atlanta, GA 30326
	 
	 	 	 	 
	 

	 	To the Executive:
	 	Kris Hart

1705 Johnson Road

Atlanta, GA 30306

Either party may, from time to time, designate any other address to which any such notice to
it or her shall be sent. Any such notice shall be deemed to have been delivered upon the earlier
of actual receipt or four days after deposit in the mail, if by certified mail.

11. Arbitration.

(a) Any dispute between the parties under the Agreement, or any dispute between the parties
relating to the breach of the Agreement, the Executive’s employment with Company, or the
termination thereof, will be resolved (except as provided below) through informal arbitration by an
arbitrator, who is licensed to practice law in some jurisdiction in the United States of America,
and who is selected under the rules of the American Arbitration Association. The arbitration will
be conducted under the rules of said Association which are applicable to employment disputes, to
the extent they do not conflict with the Agreement.

(b) The arbitrator will have the right only to interpret and apply the provisions of the
Agreement and may not change any of its provisions. The determination of the arbitrator will be
conclusive and binding upon the parties and judgment upon the same may be entered in any court
having jurisdiction thereof. The arbitrator will give written notice to the parties stating her,
her or its determination, and will furnish to each party a signed copy of such determination.

(c) The expenses of arbitration will be borne equally by the Executive and the Company, and
each party will bear its own costs, including attorneys’ fees; provided, however, that the
arbitrator shall have the power to award such expenses and costs, including attorneys’ fees, to the
prevailing party in accordance with applicable law. The arbitrator shall also have the power to
require the Company, at the beginning of the proceedings, to fully or partially reimburse (or
provide an advance to) the Executive for the expenses of arbitration (but not for costs, including
attorneys’ fees) in the event the Executive can demonstrate that the amount of the expenses of
arbitration is an unreasonable impediment to adjudication of her claims in arbitration. If the
arbitrator awards a monetary amount to either party in excess of $1,000,000, the party against whom
the award was made may seek judicial resolution of the dispute under a de novo standard before any
court with appropriate jurisdiction over the matter.

(d) Notwithstanding the foregoing, the Company will not be required to seek or participate in
arbitration regarding any breach by the Executive of her obligations under Section 6 hereof, but
may pursue its remedies for such breach in a court of competent jurisdiction in state or federal
courts located in the State of Georgia. Any arbitration or action pursuant to the Section 11 will
be governed by and construed in accordance with the substantive
laws of the State of Georgia, without giving effect to the principles of conflict of laws of
such State.

 

9

 

12. Miscellaneous.

(a) Governing Law, Venue. The provisions of the Agreement will be governed by and
construed in accordance with the laws of the State of Georgia without giving effect to the
principles of conflict of laws of such State.. The Executive agrees that the state and federal
courts located in the State of Georgia shall have jurisdiction in any action, suit, or proceeding
against the Executive based on or arising out of the Agreement and the Executive hereby: (a)
submits to the personal jurisdiction of such courts; (b) consents to service of process in
connection with any action, suit or proceeding against the Executive; and (c) waives any other
requirement (whether imposed by statute, rule of court or otherwise) with respect to personal
jurisdiction, venue, or service of process.

(b) Waiver/Amendment. The waiver by any party to the Agreement of a breach of any
provision hereof by any other party shall not be construed as a waiver of any subsequent breach by
any party. No provision of the Agreement may be terminated, amended, supplemented, waived or
modified other than by an instrument in writing signed by the party against whom the enforcement of
the termination, amendment, supplement, waiver or modification is sought.

(c) Entire Agreement. The Agreement represents the entire agreement between the
parties with respect to the subject matter hereof and replaces and supersedes any prior agreements
or understandings.

(d) Facsimiles/PDF’s/Counterparts. The Agreement may be executed in counterparts, all
of which shall constitute one and the same instrument. Facsimile copies and electronic Portable
Document Format files of executed signature pages transmitted by electronic mail will be deemed
original for all purposes.

(e) Section 409A of the Code. The Agreement and the benefits provided hereunder are
intended to be exempt from or to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, and Treasury regulations and other applicable guidance issued by
the Treasury Department or Internal Revenue Service thereunder (collectively, “Section 409A”), and
shall be interpreted and administered consistent with such intent. To the extent required for
compliance with the requirements of Section 409A, references in the Agreement to a termination of
employment shall mean a “separation of service” with the meaning of Section 409A. Notwithstanding
the terms of Section 3, Section 4 or Section 5 of the Agreement, to the extent the Executive is a
“specified employee” (as defined by Section 409A) at the time of termination of employment and a
payment or provision of a benefit is required to be delayed by six months pursuant to Section 409A,
distribution shall be made no earlier than the six-month anniversary of termination of employment.

 

10

 

(f) Withholding. The Company may withhold from any amounts payable under the
Agreement such federal, state or local income taxes to the extent the same are required to be
withheld pursuant to any applicable law or regulation.

(g) Captions. The captions of the Agreement are not part of the provisions hereof and
shall have no force or effect.

(h) Survivorship. The respective rights and obligations of the parties hereunder
shall survive any termination of the Agreement or the Executive’s Term hereunder for any reason to
the extent necessary to the intended provision of such rights and the intended performance of such
obligations.

IN WITNESS WHEREOF, the Company and the Executive have duly executed the Agreement as of the
date first above written.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	PREMIER EXHIBITIONS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Christopher Davino	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Kris Hart	 	 
	 	 	 	 	 
	 	 	Kris Hart	 	 

 

11

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